 Bloomberg) -- Argentina lost a bid at the UK Supreme Court to hear its appeal on a ruling that would force the South American nation to pay $1.5 billion in damages to holders of the country's growth-linked bonds. In an order signed Monday, the UK's top court refused to hear an appeal over payments to hedge funds including Palladian Partners LP. The holders of those notes argued the losses were a result of a change by a previous Argentine government in how it calculated gross domestic product.The court's decision puts pressure on the country's buffer of foreign currency reserves, money that Argentina needs for bond payments and to eventually lift capital controls. Lawyers for Argentina argued in May that it would struggle to service some of its debt if it had to pay damages stemming from the GDP-linked bonds.UK courts established Argentina now has 45 days to pay the GDP bondholders. The Milei administration would be subject to enforcement action if it misses that deadline and it would also lose $334 million already paid to UK authorities."During the course of this case, Argentina has repeatedly said to the court that if a final decision is made in favor of the warrant holders that the money to pay its creditors will need to be found," said Aidan O'Rourke, partner at Quinn Emanuel acting for the hedge funds. "That time has now come."President Javier Milei's administration needs to make some $9.45 billion in hard-currency bond payments in 2025, according to data compiled by Bloomberg. While there's consensus among Wall Street analysts about the country's willingness to pay, funding sources remain tight.Milei's finance secretary Pablo Quirno last week said that monetary authorities were working on a repurchase loan agreement, or repo, to secure some cash ahead of its next debt payment in January.Lawyers for Argentina declined to comment. A spokesperson for the Milei administration didn't immediately respond to requests for comment. |
Incredible admission !! |
Milei tweeting about the "illegal expropriation of YPF". Rather undermines the legal case... |
IKBR very good but no advice intended …….just go to Copilot or GPT and phrase your question or follow up questions….you should get links to comparison sites and I don’t mean compare the meerkat.com |
Trading .... Can I ask? What platform do you use for trading? I think the people in this board are on the more discerning side of the investment spectrum and I would be interested to know who you feel are appropriate companies to use. Long, non-derivative on the stock side, with good access to liquid government bond markets is a plus.Thank you. |
Thanks a lot for taking the time to write this very informative answer, much appreciated. |
Sundance Resources (Oz), Congo-Brazzaville, awaiting compromise settlement, quantum unknown.
Sundance is delisted, but may be tradeable on grey market...
NAI, DYOR etc etc |
Let just the interest cumulate.
Something else, I have written on the other board also. If you can tell me some stock connected to the field of litigation, arbitration cases, and can br bought on any stock exchange pls let me know. I have already have some knowledge of the cases vs Venezuela, and CITGO auction, know Greenx, miners against Tanzania (IND, MON), and rhe one not far from the starting point but due to that still at exteremely low levels rel to potential claim (PAT). Someone recommended greenland resources altough I could find enough info of that . Do you know others, especially with strong litigation finance background (egz Burford or LCM) ? |
Would be kind if someone could summarise what to expect from the appeal. so the judge goes over all the already discovered material and i guess Argentina will try and bring new material and try other arguments to get the judgement overturned? And Bur will defend/ also try and bring new material to the case? Why does it take so long to kick off? Thanks in advance |
A decision in the YPF appeal will not be released until late 2Q25. Hearings have not been scheduled yet. |
I think Argentina are waiting for the outcome of the Appeal which hasn't taken place yet. |
I think it's much more likely that LIT will get the money out of Poland than BUR will get anything at all from Argentina.... At least today's share movements seem to show that the market believes that. |
it seems the current argentinian government keeps on with the same strategy as the previous peronist government: delaying trials/arbitrages/payments.
Yesterday it was released that an argentinian court has blocked the international arbitration bought by Abertis, a spanish company that was running toll motorways in Argentina and whose contracts were unilaterally voided by the government:
"A National Court of Argentina, at the request of the Government of Javier Milei, has suspended the arbitration initiated by Abertis against the State of Argentina before the Court of Arbitration of the International Chamber of Commerce for disputes related to the continuity of the concession contract of its two highways in that country, valued at 750 million euros." |
From Seb I find it very difficult to understand why the Government does not realize how quickly the night is coming on the issue of international trials. Kicking the ball is costing us dearly (money and reputation). Yesterday, three very bad news. Soon the most annoying of all this year is coming: PBI London Coupon. Then YPF. Respecting the Rule of Law is one of the pillars to show the world that we have changed and that we are a serious country. But we are not doing it. Let's hope sooner rather than later 4 weeks to US election |
It's a falling chart it's on a support level. If it breaks below then the next support is at 9.06 from July 23. We can just hope they have won significantly more cases in last 3 months than Q3 LY. Up against Q3 368m with Q4 292m. It could be painful until Q1 LFL next year when figures very soft. With all the investment at some stage this has to pay back, maybe it won't but it should. YPF as ever keeps getting kicked down the road |
Down ~25% from the previous results, I think it would merit an update, or something to hang your hat on (or are we to expect another quarter of rubbish cash flow; hope not). Otherwise, it's just a plaything for the shorts, and blows on the wind with sentiment on YPF, deterring investors in the process. |
Seb's latest updates :
"Aurelius Capital and 13 other holders of dollar-denominated GDP-Linked Warrants on Wednesday filed a new complaint following this year’s judgment in favor of the Republic dismissing their claims without ruling on the merits. With this new lawsuit, Aurelius and the other Warrant holders claim that since the dismissal of the prior actions, filed between 2019 and 2020, they have complied with the “No-Action Clause” and are now seeking to recover a $1.3 billion payment with respect to the GDP Securities for Reference Year 2013..."
followed by
"Next week marks the beginning of October, when we will hear the ruling from the Supreme Court of the United Kingdom (UKSC) in the case of the GDP-linked Warrants. At stake are:
1. A Letter of Credit for $345 million issued by Santander in favor of the Bank of New York, which will be automatically executable with the UKSC ruling or with an order from the Court of Appeals. This LOC was pledged by Argentina as a condition for the appeal.
2. The payment of $1.1 billion plus interest to judgment creditors..."
It's all happening.....
GLA |
GrowCFO, Episode 202 How Does Corporate Legal Finance Work? with Jordan Licht, CFO, Burford Capital |
Ashmore latest
..Argentina: Last week, Argentine President Javier Milei announced the 2025 budget on television. The punchline is that still, “no hay plata” (“there is no money”). Milei outlined his intention to “shackle the state” and launched a fierce attack on opposition lawmakers, whom he described as “miserable rats” betting against the country.
His budget is ambitious,including significant public service cuts and targeting a primary surplus of 1.3% of GDP. The budget forecasts a dramatic economic turnaround with 5% GDP growth and inflation at 18% in in 2025, a stark contrast to the current projections of a 3.8% GDP contraction and 123% inflation for the same year. Inflation is currently running at 4.2% month-on-month, translating to an annualised rate of around 64% year-on-year. Milei also called on provincial administrations to implement an additional USD 60bn in spending cuts. He stated that any excess revenues compared with the budget’s projections would be used to lower taxes.
GLA |
Another article from 'Seeking Alpha': |
Seb on form...
With the arrival of President Milei, Argentina has put the country on a path that many of us applaud. However, there are specific issues, such as trials abroad, where Argentina continues to make mistakes despite this change.
Last night:
“As this Court (Second Circuit Court of Appeals) has noted, through Argentina's relentless attempts to evade its financial commitments, the country has made many contributions to foreign insolvency law and has pioneered default diplomacy.”
GLA |
That's another significant hire,Travis Lenkner was one of the three principals of Gerchen Keller Capital. |
TNT99,When do you think the share price will reach £20.Q3 2025 perhaps ? |
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