Copied from ADVFN5 Jun 2021 08:26
Spain stops Argentina's latest attempt to avoid trial for the expropriation of Repsol
The world's largest fund in litigation financing promotes a millionaire lawsuit in the United States against YPF
The Constitutional Court has denied the appeals for protection presented by Argentina, and also by the country's oil company, YPF, in which they requested to suspend the development of the bankruptcy of the Spanish companies Petersen Energía and Petersen Energía Inversora.
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The expropriation of YPF by Argentina is still alive nine years later in New York
The expropriation of YPF by Argentina is still alive nine years later in New York
The return of Kirchner shakes the millionaire war for YPF in Madrid and New York
Thus, the last opportunity for Argentina to overturn the claims that have been filed in the United States against the expropriation of YPF from Repsol is paralyzed, and that possibly will become, in 2022, one of the litigations of the year, with up to 10,500 million euros at stake.
Through the bankrupt Spanish companies, the Argentine bankers Eskenazi acquired 25% of YPF from Repsol between 2008 and 2011.
Repsol agreed with Argentina to receive compensation of 5,000 million for the expropriation of YPF
The Spanish firms of the Argentine family filed for bankruptcy when YPF was expropriated from Repsol in 2012. The Spanish multinational obtained a compensation of 5,000 million euros for its participation in the capital of the Argentine oil company, but in that The agreement was set aside for the Eskenazi family societies.
The bankruptcy administrator appointed in Spain by the Commercial Court number 3 of Madrid, Armando Betancor, in the liquidation process of Petersen Energía and Petersen Energía Inversora, promoted the filing of a lawsuit in New York against Argentina and YPF, in April 2015, to claim, like Repsol, compensation.
Since YPF is a company listed in the United States, the lawsuit had to be filed in that country, and the bankruptcy administration of the Eskenazi companies succeeded in getting Burford Capital, the world's largest fund in litigation financing, to finance the judicial process in USA.
The Constitutional Court denied an appeal to YPF last March, and in April to Argentina
Argentina and YPF have tried to overturn the lawsuit, arguing that the transfer of the dispute to the US fund "masks a transfer of the disputed credit." But so far both the commercial court, as the court of first instance, and also the Provincial Court of Madrid, have rejected their claims, so they only had the protection of the Constitutional Court.
However, as YPF reports in the presentation of its latest quarterly results, on March 17, 2021, the Constitutional Court denied the constitutional appeal filed by the company on September 3, 2020.
The oil company adds that on April 12, 2021, Argentina also presented an appeal for constitutional protection, but that this has also been denied. YPF "will continue to reevaluate the ca
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