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More from Sebastian marils twitter account now. His own thoughts.
Surly in the interest of basic common sense and American law for American listings corporate governance around protection for investors is already established and signed up to before any foreign company list it's shares in America.
America and Argentina have already signed up to investors RE-nationalization protection clauses in those trade agreements they both freely signed, they are plainly there in black and white for all to see.
Whatever Argentine bylaws that exist must only be reasonably reserved for its own country and it's own citizens or investors, Argentina must adhere to other countries listing IPO bylaws if they wish to avail of other capital raising markets, there can be no reasonable questions or doubts around Argentina's failure to comp!y with not to fully compensate all renationalised American shareholders. As we've seen documented when the compensation amounts were discussed in the Argentine Senate , they just verbally behaved with a outrageous cavalier attitude towards American or foreign corporate listing laws, and as usual the chickens have come home to roost here, and at the expense of the poor long suffering Argentine people, how often have they done that, " NUMEROUS TIMES NOW.
and now at the 11th hour so to speak ,the Argentine side have instigated and pushed this Amicus C into judge Preskas hands to slow the case down, or for this to cause this case to go off into another unplanned direction, it may not, though what's really so important about this 100 companies signed AC to do with our case, yes I know the implications ok, though why now, and how could judge Preska allow it to even interfere with her judgement around the central issue of foreign countries re- nationalization without proper and full compensation to innocent investors. The American laws clearly say investors should be compensated here, also America has the signed trade agreement with Argentina that shows that actual signed commitment, so no matter what the Argentine state say about their home internal laws, they don't apply to foreign investors, the American, Argentina trade agreement signed that right away from Argentina. So there can be no defence to not compensate American shareholders here at all.
Judge Preska can only deliver one verdict here ,and that's a comprehensive win for Burford Capital.
GLA DYOR.
Looks like Judge Preska is bending over backwards to give YPF absolutely no further room to appeal, if, after hearing their AC represenations andand ruling, the decision goes against YPF anyways.
Erm!
A late start for me so only just read Sebastian's twitter account.
I particularly like the defendant's comment "which YPF views as erroneous - would have profoundly negative consequences for Argentine companies (and their shareholders) more generally, and for the Argentine capital markets".
Wakey, wakey Argentina. It's a tough world out there. You pays your money and you takes your chances. List a company on the US stock market and you play by their rules and not your own, regardless of the consequences. Costs or no costs.
More amicus briefs information from Sebastian Maril on his twitter account. Well Worth reading, this does seem to me last minute stalling tactics coming from the Argentine state, as members of the CS / 100 companies did not know about it's submission into this case, and would have preferred to stay out of the case itself. Interesting material.
GLA
It's unfortunate that the courts are not set up to reward BUR shareholders. Preska is overthinking and should immediately award us a large settlement.
I totally agree with the mantra 'slow justice is no justice' and this has taken too long ... But will it delay things further? One would hope she and her team would already have preempted the complications of who carries the can for the expropriation, and that 49% of YPF is not owned by the government; that granting the amicus curiae is covering ground already considered, and grating it makes the final ruling even more incontestable. At the very least, Burford at the plaintiffs should have their sorely tested patience even more amply rewarded in the end!
This further delay is very very frustrating. J Preska could easily have issued her decision before now and pre-empted this Amicus Curiae thing. If there is a clear breach of contract (as a lot of us here believe) and the facts are not contested, why does the judge have to keep spinning the wheels. Slow justice is no justice. Its 10 years since the breach of contract occurred. She must have read the briefs for the various hearings, and heard all the arguments or was she having a good snooze? For f***s sake just get on with it.
Argentina's economy always seems to be collapsing, though to be fair now would be painful for its people, and also most other countries are feeling the pain.
I agreed renegade judge preska must make it be seen that the American courts are giving this YPF case it's full and proper hearing, because the Argentine state can be given no justifiable reason to refuse it's USA judgement, if Argentina refuses the judgement then burford can possibly instigate proceedings to stop Argentine companies from listing on the American markets and raising billions of dollars to fund expansion, thus the 100 Argentine companies panicking with that new court submission to distance themselves from any judicial fallout here. and these Argentine companies saying it's because of the extra legal fees they will all have to pay , balony/ rubbish, it's because they won't get billions of dollars in New financing to expand, That's the logical conclusion if Argentina doesn't compensate everyone during a essentially re-nationalization of independently listed companies,
So judge Preska must hold the court door open for as long as possible to let it be seen that true justice has been served.
Please DYOR GLA
It looks like Judge Preska is leaving all the doors wide open for the Argentinian Government, YPF and the Amicus Curiae. In doing so she is showing the American judicial system to be very open and understanding and fair. On reflection, this may be a good ploy by her in that all the information and positions of all concerned parties can now be considered - legally that is. As a result and on the outcome of the SJ, any possible appeals may find that with all the relevant information out there, that the American judicial system will be less than accommodating in the future and take less time to address those same appeals.
Argentina in the news, economy looks close to collapse. They'll be desperate to avoid a settlement.
https://www.bbc.co.uk/news/business-62514970
The YPF oil company made $751 million this year.
YPF intends to increase it's investments and spend $4 billion dollars in New investments in 2022, now I'm sure they are using the American money markets to raise all that money and not it's sovereign indebted government, thus the panic to separate itself from this lawsuit which could scupper it's plans to raise all that extra funding money, and now that it has excellent profits , then Burford can easily and quickly freeze its assets to collect on any judgement or settlement amount, or in part, that obvious YPF target for burford would put more pressure on Argentina to comply with any American court judgement, the Argentine state is the majority owner of the YPF oil company, so they the Argentine state must have potentially orchestrated Those 100 Argentine companies to sign that last minute Amicus Curiae briefing to judge Preska, or not ?, I don't know. The result might be that this in itself might create more court room clashes or the holding up of the original case / our case, what if preska throws out this last minute submission and they the 100 companies have the right to several appeals through the different low and higher courts, stalling tactics because the Argentine state knows that this is their only defence, as they are sitting on a monumental looser here. Why else would they stall at every stage of their defence and right up to near the end.
We've won this bar the actual judgement and settlement amount.
GLA
thanks t.w.t
IMHO, Judge Preska has no option, "the law is the law" and she will have no other option but to follow the law. Hence, award damages to Burford on the grounds that the law has been broken. What seems to be going on right now is who's to blame for braking that law - indeed, who has been extremely incompetent. Obviously the latest gambit is a face saving and time delaying tactic which is being deployed to confuse all and ......... probably explains why much of this case information has not been made available in the public domain. Understand one thing, that big Argentinian political careers and reputations are at stake here. Some might say that "the money is just a distraction for these people" but obviously not a distraction for Burford.
https://www.lanacion.com.ar/economia/juicio-por-la-expropiacion-de-ypf-100-empresas-argentinas-presentaron-un-escrito-en-la-corte-de-nid10082022/
this is a good ready clarifying this situation, if you open up on a Desktop via google chrome, it will interpret for you.
She had accepted it, but now as BUR rejected it, she has retraced her decision and allowed both parties to present further information, they have 1 week.
so sorry has Preska accepted or rejected the Amicus Curiae ?
It is all quite complexing, or is it some kind of last minute manoeuvre that’s been orchestrated by the Argentine state to complicate and stall judge preska’s normal decision on this case, those 100 Argentine companies had numerous years to raise their concerns around well essentially confiscation of companies assets by their own government or state, Or is it a independent decision by these companies to protect themselves, ??? or were they encouraged by the Argentine government to intervene and make it look like a innocent intervention ??? I’m suspicious now, to many questions to few answers. and Burford is rejecting it now, Or do we have another stalling tactic on our hands? and more appealing by all parties? Preska has her hands full with this case, funny so do I .
I just hope Preska can see through the BS and make a good legally airtight and respectful decision and
soon .
GLA
From what I understand from Seb's tweets, our objection is based on Appellate Rule 29 whereby the the Amicus Brief should have been presented shortly after the Summary Judgement pleadings ended and not 3+ months later.
Petersen, Eton ask Judge Preska to reject the Amicus Curiae filed on Tuesday by 100 Argentine companies.
- The judge accepted the AC about two hours before plaintiffs filed the rejection letter.
- Ruling is imminent.
https://twitter.com/SebastianMaril/status/1557461346266095616?cxt=HHwWgIC9-fa1m50rAAAA
All a-bit strange. Judge says she will wait for BUR to approve, but then accepts it anyway, now BUR look annoyed at the decision and that they don’t approve, now asking her to revoke her decision as it’s not normal practice, citing other cases it’s been rejected.
So YPF oil company is trying to protect itself from a direct or even split preska decision against it, if it’s a split decision then I’m guessing Burford can go after half the total loss and then the rest from the arginine state, sure wouldn’t that be better than squeezing Argentina for all the money owed, only because Burford can quickly and easily freeze the YPF oil assets much more quickly, or maybe not , I don’t know for sure, though how can the YPF oil company stop its national government from doing whatever it wants, / renationalisation , preska must cut through the legalities in fairness and responsibly to address the victims of Financial loss, and that’s Burfords absolute legal right to this actual financial loss, and set a high bar and protective standard for investors that follow this landmark ruling and huge case.
No more smash and grab from any country.
GLA
Update on Maril Twitter. Preska has accepted, didn’t wait. To do with YPF supporting summary judgment accordingly to him.
Well Burford have two days to accept it or not. Sure if it’s no advantage to them …