34. In the US statement of interests, it was stressed that “[a] novel reading of the pari passu clause, however, that would prohibit sovereign debtors from making payments to third party creditors or require sovereign debtors to make simultaneous, ratable payments to all creditors would undermine [a] well understood established framework .. .” (see Statement of Interest of the United States at 14; Macrotecnic Int’l Corp. v. Republic of Argentina, No. 02 CV 5932 (TPG) (S.D.N.Y. Jan. 12, 2004); EM Ltd. v. Republic of Argentina, No. 03 CV 2507 (TPG) (S.D.N.Y. Jan.
12, 2004).
35. The Federal Reserve Bank of New York urged the court to interpret the pari passu clause narrowly “so as to discourage the terrorism of payments and settlement systems, and to encourage parties to compromise in sovereign debt restructurings” (see Memorandum of Law of Amicus Curiae Federal Reserve Bank of New York in Support of Defendant’s Motion for an Order Pursuant to CPLR § 5240 Denying Plaintiffs the Use of Injunctive Relief to Prevent Payments to Other Creditors at
13, Macrotecnic Int’l Corp. v. Republic of Argentina, No. 02 CV 5932 (TPG) (S.D.N.Y. Jan. 12, 2004); EM Ltd. v. Republic of Argentina, No. 03 CV 2507 (TPG) (S.D.N.Y. Jan. 12, 2004).
36. The New York Clearing House Association L.L.C. stated that its members “have long understood [the pari passu] clause . . .to prohibit a debtor from creating unsecured debt that ranks senior in legal rights of payment to the payment obligations the debtor has.” See Memorandum of Amicus Curiae the New York Clearing House Association L.L.C. in Support of Motion Pursuant to CPLR § 5240 to Preclude Plaintiff Judgment Creditors from Interfering with Payments to Other Creditors at page 2, Macrotecnic Int’l Corp. v. Republic of Argentina, No. 02 CV 5932 (TPG) (S.D.N.Y. Jan. 12, 2004); EM Ltd. v. Republic of Argentina, No. 03 CV 2507 (TPG) (S.D.N.Y. Jan. 12, 2004).
S 753 / 2009 zitiert nach:
To Rank PARI PASSU or not to Rank PARI PASSU: That is the Question in Sovereign Bonds after the Latest Episode of the Argentine Saga
Dr. Rodrigo Olivares-Caminal
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