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Just in ………

🔴Here are the three most likely scenarios once the Second Circuit rules on Argentina’s motion to stay Judge Loretta Preska’s turnover order:

1. Second Circuit Says Argentina Must Pledge Guarantee but not YPF shares. Remands decision to lower court for further proceedings.

2. Second Circuit Says Argentina Must Transfer YPF Shares.

3. Second Circuit Says Argentina Can Proceed With Turnover Appeal Without Pledging YPF Shares.

Any of these scenarios could be paired with a signal from the three-judge panel that they intend to expedite rulings on both the turnover appeal and the primary $16.1 billion judgment appeal.

My view is that Argentina will not hand over the shares.

Milei will play this one out until elections are over in mid October.

They will most likely play every legal route they can to delay this. What options does Lady Preska have, might end up in contempt of court for Argentina. Are they bothered ?

From Seb on X

To all those who today criticized the absence of my posts on X after the news about the Court of Appeals regarding the Argentine request, let me tell you two things:

1) It wasn’t news that deserved such a fuss. YESTERDAY I explained it in the attached post, and @TommyBarbanBA, former Deputy Treasury Prosecutor whom I recommend following, also explained it.

2) The most important news is the one expected next week (or the following one) when the Court of Appeals grants or denies the Republic of Argentina’s request.

Always double-check if what you read is correct.

I hope I’ve helped

FFC,

These must be sold shares as the price is dropping

🔴District Judge Loretta Preska rejected Bainbridge Fund’s motion seeking priority over other judgment creditors with respect to the remaining collateral tied to Argentina’s Brady bonds. The dispute centers on approximately $100 million in funds still held at the Federal Reserve Bank of New York.

🔴The Republic of Argentina has informed the Court of Appeals that the YPF and Bainbridge judgment creditors will file their opposition to the request for a stay of Judge Preska’s ruling on Thursday, July 17, and that Argentina will reply on July 22. If the judges approve this schedule, the Court of Appeals will not decide whether to grant the stay until at least July 23.

🔴Next steps in the YPF Expropriation Case:

1. Tuesday meeting between counsel for Petersen/Eton, Bainbridge, and Argentina. It’s unclear whether YPF will participate.

2. Decision by the Court of Appeals on Argentina’s request to stay Judge Preska’s ruling (date uncertain).

3. July 17: deadline to hand over YPF shares. If Argentina fails to comply, a contempt motion may be filed (though this is not confirmed yet).

🔴Judge Preska denies motion to stay turnover rulings.

Interesting article for those who are interested in the Argentine financial and political scene, including reference to Burford. Todays article.

https://estrategia.la/2025/07/13/argentina-falta-de-dolares-dependencia-y-subordinacion/

In Spanish so will need translating unless you speak the language

🔴The Republic anticipates that Judge Preska may authorize a stay of her ruling on Monday, allowing the country to proceed with its appeal without triggering additional enforcement actions. However, it understands that such a stay could come with “conditions,” such as posting a guarantee or similar requirement. If that’s the case, Argentina suggests that all parties involved in three of the four parallel appeals meet on Tuesday, July 15, to discuss next steps.

🔴The Court of Appeals has ordered that the two rulings issued by Judge Preska (Petersen/Eton and Bainbridge) regarding the turnover of YPF shares will proceed through parallel—but not consolidated—appeals. Following this order, Argentina now faces four (4) simultaneous appeals in the YPF case

Extrader 51% of YPF is worth about 6.2B. We need at least another 10B from Argentina.

Preska is asking for further information on other seizable assets.

But wha exactly does he mean in point 5.

5. Market participants should be prepared for unexpected developments

Just now ….

🔴 Summary: This morning, Argentina formally appealed both of Judge Preska’s turnover rulings (Petersen/Eton and Bainbridge). As of today, the following developments are expected:

1.Judge Preska is now expected to rule on Argentina’s request to stay enforcement of the judgments.

2. Any stay granted will likely come with conditions—most notably, the requirement to post a guarantee.

3. Argentina is not expected to offer any assets as collateral. Instead, it will likely escalate the request to the Second Circuit Court of Appeals, seeking a stay from a panel of judges there.

4. The response strategy from judgment creditors in both cases remains uncertain at this stage.

5. Market participants should be prepared for unexpected developments.

6. Let's not forget about the "me toos" led by Attestor Master

I feel the mood has changed significantly in the last week or so. The share price will clearly react to one of the points raised by Mr. Marc in his posting on this board. Keep your eyes peeled as they say.

Do you have the link to the news source ?

My opinion on the YPF issue:

The National Congress must pass a law empowering Milei to negotiate with Bulford Capital on a less onerous agreement for the country.

Congress is also responsible for this problem of the Republic.

Negotiating in the US is well-regarded by judges and the parties and could help find a better solution than a final judgment.

My humble contribution.

🛑Judge Preska Orders Argentina to Transfer YPF Shares to Bainbridge Fund

In a second ruling issued on the same day, U.S. District Judge Loretta Preska ordered the Republic of Argentina to transfer its YPF shares to the Bainbridge fund as partial payment of a separate judgment related to defaulted sovereign debt. This marks the second adverse decision in a single day involving Argentina’s stake in the national oil company

Well folks,

The uncertainty over the pond with the reconciliation bill has been dampened a little with this incoming news.

Will be interesting to see the action / response from

Argentina.

Hoping to see us re rate on the share price over the coming days.

Anyone have an idea what 51% of YPF is worth ?

Just in from Sebastian Maril.

🔴New York Judge Orders Argentina To Turnover its 51% Stake in YPF to judgment creditors.