After the ruling in the judge’s court Loretta Preska In the southern district of Manhattan, a new round emerged between the plaintiff, the winner of the lawsuit, the English law firm Burford Capital, and the Argentine State.
A brief presented by the Kellogg, Hansen, Todd, Figel and Frederick firm, which represents the Burford fund, states that “unfortunately, Argentina has refused to consult with the plaintiffs in good faith to prepare a joint presentation.”
Instead, he said that Argentina has turned a simple exercise in reading the ruling into a collateral attack on this Court’s order with its intention to re-litigate already resolved matters.
According to Sebastián Maril, from Latin Advisor, this refusal to negotiate would put the State before an imminent final condemnation.
“If Argentina does not agree before this Friday to sit down with the plaintiff to draft the ruling for the trial for the expropriation of YPF, I suspect that Judge Loretta Preska will agree to make the ruling final with the damages proposed by the plaintiffs,” he indicated.
Furthermore, the expert assured that the value of the sentence, according to the calculation of the American court, is US$16,097 million.
“Today it was confirmed that the post-judgment interest rate is variable and is adjusted weekly. This week it is at 5.4%,” he explained.
Preska did not set deadlines in last Friday’s ruling, but told the parties to get together to write the ruling with their guidelines, a common procedure in US courts.
“There is nothing more to discuss and the plaintiffs asked to meet. According to Burford, Argentina did not agree to negotiate. I understand that this happens because they are going to appeal, because the ruling is already in place and is not going to change. Argentina should not want to be close. nothing that means negotiation because it would be, in some way, accepting Preska’s ruling, but the risk of that is that it leaves the ruling final only with Burford’s writing,” Maril explained.
Argentina could work on a reconsideration of the ruling (low probability), request a suspension of the case until the arrival of the new Government (something the complainant could also agree with), or fight.
“If he does, I think Burford is going to appeal the March ruling to try to get YPF back into the case and thus put more pressure on the impact that this situation would have on the oil company’s shares,” said Maril.
Source: Ambito
