Argentine creditors ask U.S. judge to wait on lifting injunctions
Tue Mar 1, 2016 5:11pm EST
Argentine creditors ask U.S. judge to wait on lifting injunctions
A group of Argentine bondholders who reached a $4.65 billion settlement resolving litigation over defaulted bonds urged a U.S. judge on Tuesday to wait longer before lifting injunctions that restrict the country from paying off some debts.
Hedge funds including Elliott Management's NML Capital asked U.S. District Judge Thomas Griesa in Manhattan to wait 30 days to formally order the injunctions vacated, to allow the remaining plaintiffs to reach settlements.
Theodore Olson, NML's lawyer, said that firm and three other hedge funds that agreed to Monday's settlement considered it a "monumental achievement" that would resolve the bulk of the decade-plus litigation.
He said the deal could fall apart if the remaining plaintiffs, holding 15 percent of the claims in the litigation, are not given a chance to also settle, as they likely would appeal a decision lifting the injunctions.
"The agreement is just on the edge of being successful," Olson said.
More:
http://www.reuters.com/article/argentina-debt-judge-idUSL2N1691JE?rpc=401
OMG. Ted Olson is the person who represented George W. Bush in the 2000 Presidential Election dump on the human race in Bush vs. Gore. This is so offensive. [/center]
