It's a huge statement though that US judgements against foreign states have no extra territorial reach. Quite the change |
In a way not surprising they want to look to be on Argentinian on side. This is not saying money has gone just wait a while longer which is nothing new I guess.Judge P may comply, even if she did enforce they can still keep going down road with the can. Update against tough LFL later. |
I wish BUR would become a normal company and not a soap opera. |
wow - even cynical me did not expect this outreach |
Thanks Extrader.Perhaps if you hear any of Seb's tweets,you might post them up.
On first consideration, this seems to strengthen Argentina's case.It seems to me to back up their original position that they are immune from outside interference. Have I missed something? Burford's case,which they have already won,is that,as these were commercial matters,no sovereign immunity exits,all the more so as shares were sold on the NYSE,under NYSE rules to US and other investors.
Where does this leave us? |
This, per Seb.
🔴The Statement of Interest that the U.S. Government will file today through the Department of Justice in the case YPF expropriation case will reflect an opinion from the Biden/Harris White House. Donald Trump does not assume office until January 20.
Judge Preska’s ruling on the turnover motions is expected before the end of the year.
I wonder how definitive that suggested timeline is.
GLA |
US futures up 2%. Like him or not he has been given a strong mandate by the US people, well enough of what he needs. He could speed up dollarisation of Argentina as it looks like he will hold all houses. Let's see what happens next. |
My thanks to you for the extra 'colour' ! |
Most interesting, thank you for posting Extrader.Of course the hard yards were done by Burford,winning the original award/ decision.They sold on the award to the Titan Consortium for a little over $100 million,if I remember correctly,investing the proceeds in further cases and diversifying the overall portfolio. |
From seb, an hour ago
🔴The Republic of Argentina and Titan Consortium have entered discussions on potentially agreeing to the entry of judgment on mutually acceptable terms, according to court documents filed on Monday.
- This does not mean that Argentina will settle the case or will start negotiation talks for a potential settlement.
- However, just a few weeks ago, the Republic opposed to the very same judgment that it is now agreeing to enter with beneficiaries of a $325 million award.
First crack in the ice...?
GLA |
 Delayed resolution of the Congo arbitration. May still get resolved in the coming days before the hearing in Paris on Nov 14th.
Sundance Resources Ltd (“SundanceR21; or “Company”;) wishes to provide an update regarding the
proceedings between Sundance and the Republic of Congo (“Congo”).
On 1 July 2024 the Company announced the execution of a binding but confidential and conditional
settlement agreement (“Conditional Settlement”) between Sundance, Sundance’s subsidiary
Congo Iron SA and Congo (“the Parties”), which was meant to settle the ongoing and previously
announced dispute between the Parties before the International Court of Arbitration of the ICC
(“ICC”). If successful, the Conditional Settlement was intended to occur by no later than 30
September 2024.
The cash funds, as required by the Conditional Settlement, were not received by the deadline and
as announced by Sundance on 30 September 2024, it was agreed that the end date of the
Conditional Settlement be extended to 31 October 2024.
Even though there appears to have been progress by Congo with regards to raising the required
funds to achieve the Conditional Settlement, the funds to date have not been received by Sundance.
The Conditional Settlement has now been terminated. The Congo arbitration before the ICC will
continue undisturbed, as previously flagged by Sundance, and the hearing will go ahead as
scheduled on 14 November 2024 in Paris.
Sundance remains open to achieving a settlement with Congo in short order for the benefit of all
parties.
The settlement discussions with Congo were independent of, and had no effect on, the Company’s
ICC arbitration against the Republic of Cameroon. |
Only a gentle rise into Q3 results roll on next Thursday. GLA |
Ashmore's latest :
The Autumn IMF meetings present an opportunity for investors to engage with IMF authorities, central bankers, finance ministers, technocrats, political consultants, economist and peers. The state of the global economy and the main risks and opportunities across global markets is the primary focus.
This report summarises the main findings of four and a half days and 35-meetings organised by seven different partners in nine different venues. with IMF Chief representatives, Central Bank Governors and Directors, Ministers of Finance, and political consultants.
Despite the political challenges, both Angola and Argentina pledged to maintain an overall surplus.
Angola’s reforms started some 6-7 years ago, while Argentina’s are more recent, but both countries remain on the right track. The IMF was surprised by the underperformance of its Angolan Eurobonds and re-iterated they would be ready to support the country, should they request the fund’s assistance.
In Argentina, there is a consensus that the economy is at important cross-roads.
One path sees inflation continuing to decline and economic activity recovering enough for the population to reward President Javier Milei’s party in next year’s mid-term elections, and reforms persisting.
On the second path, inflation remains elevated and/or the economy recovery is too shallow, leading to a poor election result and then significant political challenges for reforms.
We think Milei’s reforms are already paying dividends in terms of a better investment environment and lower inflation and believe the first path to now be more likely.
GLA |
They are predictable let's hope for a Q3 that recovers the poor Q1 and Q2. |
Burford Capital Limited (“Burford̶1;), the leading global finance and asset management firm focused on
law, today announces that it will release its financial results for the three and nine months ended
September 30, 2024 (“3Q24”) on Thursday, November 7, 2024, at 7.00am EST / 12.00pm GMT. |
There's also the small (related) matter of the outcome of the US election : it appears that Trump, Musk et al are more likely to do business with a country and a politician that takes its obligations seriously.....which would give it the wherewithal to meet those obligations....
Two shorthand characterisations of delinquent borrowers from my banking days:
(1) 'Honest, but unfortunate'; and
(2) 'Can't pay'...or 'won't pay'?
Jes' sayin'.
GLA |
An interesting ten days ahead for Burford: announcing Q3 results presumably this week; Sundance resources settlement with the Congo update due end Oct after the rollover at the end of Sept; US DOJ Nov 6th deadline for input to the YPF shares turnover motion… |
When Milei decides to pay these judgments, he will also need to make sure that Argentines know who is to blame. That's why Seb says "politically charged" bond. |
MoreNon-appealable and not yet paid sentences with "high political content":1. London GDP Coupon (INDEC): EUR 1.33 billion plus interest.2. Master Attestor (Holdouts): USD 450 million plus interest.3. Titan Consortium (Aerolineas Argentinas): USD 340 million plus interest.4. Bainbridge Fund (Holdouts): USD 95 million plus interest.I suggest issuing a USD bond under Argentine Law with "high political content" and using the USD to pay the lawsuits. |
?The Southern District Court of New York orders the Province of Buenos Aires to pay USD 124.8 million to the Glacial Capital (Aurelius) and TRSE Holdings (Paloma) funds in a dispute related to the default debt.From Seb |
The FT article has 2 x good write-ups on the potential for (a) copper (cf Chile potential); and (b) shale oil at Vaca Muerta.
In both cases, experts praise Milei for steps taken so far, but say 'legal clarity' is an important precondition for significant investment....
Milei, pls note!
Incidentally, article also suggests that the lithium hype may be just that, somewhat over-rated in significance.
Don't tell Musk - or Trump- that....
GLA |
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