12 claims so far Thursday, February 19, 2015 ‘Me-too’ seek to get paid A total of 12 of the more than 50 so-called “me-too” holdouts have joined a claim to get paid as much as the “vulture” funds, according to new documents on the case.

12 claims so far

Thursday, February 19, 2015

‘Me-too’ seek to get paid

A total of 12 of the more than 50 so-called “me-too” holdouts have joined a claim to get paid as much as the “vulture” funds, according to new documents on the case.

Griesa is giving holders of Argentina’s defaulted bonds who did not agree to restructure but have also not filed lawsuits in New York court to get paid until March 2 to issue a petition to join his final ruling on the issue.

So far, Bracebridge, Blue Angel, EM Limited, Pérez, Lightwater, Old Castle, Aurelius, NML, Settin, Capital Ventures, Adami and FFI Fund have already filed motions and will be included in the ruling.

Argentina has time until March 17 and the “vulture” funds until April 7 to file their arguments over the situation of the “me-too” bondholders.

The “me-too” bondholders mean a new risk for Argentina as they are estimated to hold US$4.8 billion in debt. Considering the previous claims against the country, there is at least US$5.7 billion in play — without counting the inevitable interest.

EM Limited and NML Capital have already sent memorandums to Griesa asking him to move forward with the case through a partial summary judgement — a procedure to get a ruling on a case without a trial. Such procedure can only be applied when there’s a similar case that has already been solved, which in this case would be Griesa’s ruling on the “vulture” funds.

“The Court has held that Argentina has repeatedly violated — and continues to violate — the pari passu clause. Specifically, in thirteen cases concerning bonds on which Argentina defaulted,” NML said on the memorandum. “The bonds at issue in this case (of the ‘me-too’ creditors) are subject to the same pari passu obligations. Therefore, the Court should grant plaintiff’s motion for partial summary judgment.”

Frozen funds

The New York Appeals Court asked the Bank of New York (BoNY) yesterday to file a briefing before March 23 over the situation of the US$539 million Argentina had originally deposited to pay its creditors, now in a legal-limbo due to Griesa’s orders.

Herald staff