RE: Time to switch off and let it all unravel10 Sep 2023 11:53
courtesy of threeblackcrows
https://tn.com.ar/economia/2023/09/09/por-los-intereses-la-apelacion-de-la-argentina-al-fallo-sobre-ypf-puede-costar-us1440-mil-millones-anuales/?outputtype=amp
for interest, argentina's appeal to ypf ruling may cost us$1440 billion annually
until an agreement is negotiated with burford capital and the rest of the creditors, a rate of 9% would apply.
09 september 2023
argentina's appeal of the ypf ruling may cost us$1500 million more per year. (photo: ypf)
after the ruling of judge loretta preska, of the new york court, which ordered the state to pay us $ 16,000 million to the burford capital fund for the nationalization of the oil company in 2012, a range of alternatives opens up that the lawyers in charge of the argentine defense must approach with extreme caution to avoid further increasing the final sum to be paid.
the next step in the legal field, after friday's ruling, concerns the specificities of the american legal system. in this context, both burford and argentina are obliged to present to the judge the document containing the resolution that she must ratify. this is because the drafting of the judgement does not lie with the judge, but is the joint responsibility of the parties involved in the litigation.
read also: expropriation of ypf: 5 keys to the harsh ruling of the justice of new york
once the ruling is duly signed, argentina will have the option to appeal the decision, or both parties could request the suspension of the legal process due to the change of government in the country. this scenario was already experienced in 2015, when judge preska paused the lawsuit to evaluate whether the new administration had a different judicial strategy.
"with a firm ruling (it is not yet) for us $ 16,000 million, argentina will be adding interest at 9% per year until it negotiates an agreement with burford and the rest of the beneficiaries. we are talking about us $ 1440 million annually. thus, the next government must evaluate a new legal strategy," the director of latam advisors and specialist in this cause, sebastián maril, wrote on his twitter account.
read also: alfonso prat ***: "kicillof's papers have already cost argentina us $ 50,000 million"
in addition to the trial for the expropriation of ypf, for which argentina was sentenced this friday by a new york court to pay us $ 16,000 million in compensation for economic damages, the country has litigation abroad for almost us $ 7000 million.
ciadi: us$3840 millones
the most significant demands are concentrated in the international centre for settlement of investment disputes (icsid), which depends on the world bank. before that court, there are lawsuits against argentina for us$3840 million. that includes those of beneficiaries of judgments that have not yet been collected, others who are in litigation and without resolution and others who are negotiating the payment, explained debt analyst sebastián maril to tn.
co
Sign In
Follow the stocks
