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Just a wild guess based on Chris Bogart holding a call for global retail shareholders on Wednesday, June 21, 2023 at 10.00am EDT / 3.00pm BST, we'll probably have to wait until Friday 16th or Monday 19th June to get Q1 2023 results. Just me thinking out aloud.
So if I was a betting man (Lol), right now it looks (to me) like Judge Preska will order the trial to start on or after 24 Jul 2023. In doing so she will both appease the Argentinian Government and abide by the previously agreed date which was set by both parties. How long the trial will last is anyone's guess. Either or, not long to wait now.
Moving on, hopefully we will have Q1 2023 results next week.
And for those who are not already aware, this is why the Argentinian expropriation (operative notice) date and the determined prejudgment interest rate are so important. They are the foundation for setting the damages to be awarded (including interest) and for determining an appropriate amount for an appeal bond should Argentina wish to explore that route.
IMHO, Argentina can kick and scream all they like but they are way down the one way alley now with no way to turn. In essence Judge Preska has them by the genitals, post a substantial bond now (to be able to appeal) or face the consequences. Either or and from what I've read so far, Argentina must cover the whole judgement plus interest to be able to appeal or there must be exceptional circumstances set by the court. If Argentina is permitted to cover only part of the judgement, some may say that it will undermine the whole USA judicial system as it stands and allow Argentina further delaying tactics with a view towards withholding full payment.
Not long to to wait now. Bogart may even comment on the matter in Q1 results due early/mid June.
And this:
https://www.suretybondprofessionals.com/new-york-appeal-bonds/
Gtx1, I think that this might help:
https://www.investopedia.com/terms/a/appeal-bond.asp
Gtx1, it's also ex-dividend day today:
"As previously announced, declared interim dividend of 6.25¢ per ordinary share payable on June 16, 2023 to shareholders of record on May 26, 2023, with an ex-dividend date of May 25, 2023".
Oops! Try this:
https://www.burfordcapital.com/media-room/media-room-container/burford-capital-statement-on-ypf-summary-judgment-ruling/
Dagoberia:
Damages.
The Court set out its ruling on damages at pages 53-63 of the Ruling and we refer readers to the actual text of the Ruling. The Court reserved two issues necessary for the calculation of damages for a hearing, but it provided significant guidance on how it intends to approach those matters.
First, the damages to be awarded will consist of the tender offer price under Formula D of the bylaws calculated in US dollars (rejecting the argument that damages should be expressed in Argentine pesos) as of a constructive notice date that is 40 days prior to Argentina taking control and triggering the tender offer obligation. The Court said it must decide as a factual matter whether the operative notice date for the calculation is 40 days before April 16, 2012, when the Presidential intervention decree was implemented, or 40 days before May 7, 2012, when the Argentine legislature took follow up action.
The calculation of damages using a notice date that is 40 days before the April 16, 2012 takeover was included in Plaintiffs' publicly filed summary judgment brief and would imply tender offer consideration of approximately $7.5 billion for Petersen and $900 million for Eton Park, before interest. There is no publicly-filed evidence performing the same computation for 40 days before May 7, 2012, but public data would imply tender offer consideration of approximately $4.5 billion for Petersen and $550 million for Eton Park, before interest, although further expert analysis will be required to arrive at precise numbers. Inevitably, there will be differences between these hypothetical scenarios and the ultimate reality. Moreover, for the reasons expressed previously, including the likelihood of a substantial discount if the Case resolves through negotiated resolution, we do not endorse these as potential outcomes but present them solely for investor information based on currently available information - and disclaim any obligation to update them over time.
Second, the Court reserved for future determination the prejudgment interest rate that would run from the date of the breach in 2012 through the issuance of a final judgment in 2023, which under any rate would result in a very substantial amount of interest. The Court accepted that "the commercial rate applied by the Argentine courts is the appropriate measure" and noted that Plaintiffs had pleaded that that rate was "between 6% and 8%", but "the Court reserves judgment on the precise rate it will utilize". The interest rate ultimately selected by the Court will then be applied from the date of the breach until the date of the judgment, and thereafter interest will accrue at the applicable US federal rate until payment.
Moreover, the Court did not resolve claims relating to promissory estoppel and consequential damages and further consideration will need to be given to those claims.
https://www.lse.co.uk/rns/BUR/statement-on-ypf-summary-judgment-ruling-37ndmojqu9txdmh.h
"I’ve been asked why is Judge Preska delaying her response to Argentina’s motion for reconsideration of the MAR 31 ruling.
Argentina’s motion was long so was Burford’s reply. The judge is obligated to address all issues in these filings. It takes time.
17 days and counting".
9 August 2022 RNS:
https://www.lse.co.uk/rns/BUR/interim-results-for-six-months-ended-30-june-2022-jpu518koja0lyw8.html
"Notably, we saw a positive development in a matter in July - not reflected in our first half numbers - that should generate more than $50 million in consolidated profit in the second half of 2022".
That's was carried over before we even started the second half of 2022.
Https://twitter.com/SebastianMaril/status/1655969783563649025/photo/1
Argentina presents a new letter to Judge Preska refuting the letter that Burford Capital presented over the weekend.
https://twitter.com/SebastianMaril/status/1655969783563649025/photo/1
Really!
It's all in the title of that link, "Global-Contract-Laws-Argentina (2).pdf". Unfortunately for Argentina, this case is not being held in Argentina but in the New York Southern District Court where all is being considered and decided - btw, don't you think that Judge Preska (and her team) would not have already considered all aspects of "breach of contract" in both USA and Argentinian Law before she gave her decision?
They really are clutching at very slim almost nonexistent straws.
Https://twitter.com/SebastianMaril/status/1655396955160301570/photo/2
YPF Burford presents a brief against Argentina's repeated requests to overturn Judge Preska's ruling. Burford on Sunday filed an extraordinary letter replying to Argentina's latest attempt to overturn Judge Preska's ruling.
https://twitter.com/SebastianMaril/status/1655396955160301570/photo/1