Inhaltsverzeichnis der Berufungsschrift von Argentinien

TABLE OF CONTENTS
Page
TABLE OF AUTHORITIES ................................................................................... iii􀀃
PRELIMINARY STATEMENT ............................................................................... 1􀀃
JURISDICTIONAL STATEMENT .......................................................................... 5􀀃
ISSUES PRESENTED ............................................................................................... 6􀀃
STATEMENT OF THE CASE .................................................................................. 8􀀃
STATEMENT OF FACTS ........................................................................................ 9􀀃
A.􀀃 The Pari Passu Clause ................................................................. 9􀀃
B.􀀃 NML’s Previous Attempt To Create A New Meaning For
The Pari Passu Clause ............................................................... 12􀀃
C.􀀃 After Six-Year Delay, NML Moves For Injunctive Relief
Pursuant To The Pari Passu Clause .......................................... 16􀀃
D.􀀃 The District Court Enters The Permanent Injunctions
Requiring Full Payment To Plaintiffs And Purporting To
Restrain Payments To Other Bondholders ................................ 20􀀃
E.􀀃 The “Me Too” Plaintiffs ........................................................... 23􀀃
STANDARD OF REVIEW ..................................................................................... 24􀀃
SUMMARY OF ARGUMENT ............................................................................... 25􀀃
ARGUMENT ........................................................................................................... 29􀀃
I.􀀃 THE ORDERS BELOW MUST BE VACATED BECAUSE
NML’S READING OF THE PARI PASSU CLAUSE IS
WRONG .............................................................................................. 30􀀃
A.􀀃 The Pari Passu Clause Does Not Require Simultaneous “Pro
Rata” Payments Or Proportional Distribution Of Payment
Amounts .................................................................................... 31􀀃
1.􀀃 The Plain Meaning Of The Pari Passu Clause Deals
With The Formal Ranking Of Creditor Claims .............. 31􀀃
2.􀀃 The Impropriety Of NML’s Interpretation Of The
Pari Passu Clause Is Further Demonstrated By
Canons Of Contract Interpretation And The Fact That
It Leads To Absurd Results ............................................ 37􀀃
ii
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B.􀀃 The 2005 “Lock Law” And Law 26,547 Did Not Violate
The Pari Passu Clause ............................................................... 45􀀃
C.􀀃 The Remedy For Breach Of The Pari Passu Clause Is
Acceleration .............................................................................. 48􀀃
II.􀀃 THE PERMANENT INJUNCTIONS VIOLATE THE FSIA ............ 49􀀃
III.􀀃 THE PERMANENT INJUNCTIONS PURPORT TO RESTRAIN
PROPERTY IN WHICH NEITHER PLAINTIFFS NOR THE
REPUBLIC HAVE ANY INTEREST ................................................ 53􀀃
IV.􀀃 PLAINTIFFS HAVE NOT SUFFERED IRREPARABLE HARM ... 56􀀃
V.􀀃 THE PERMANENT INJUNCTIONS ARE CONTRARY TO
THE PUBLIC INTEREST AND THE BALANCE OF
HARDSHIPS MILITATES TOWARDS THEIR DENIAL ............... 60􀀃
VI.􀀃 PLAINTIFFS’ PARI PASSU CLAIMS ARE BARRED BY
LACHES ............................................................................................. 65􀀃
A.􀀃 Plaintiffs Knew Of The Alleged Pari Passu “Breach” Years
Before Bringing Their Claims, And Inexcusably Delayed In
Bringing Them .......................................................................... 65􀀃
B.􀀃 The Republic, Its Citizens And Third Party Creditors Will
Suffer Prejudice As A Result Of Plaintiffs’ Inexcusable
Delay ......................................................................................... 68􀀃
VII.􀀃 THE PRELIMINARY INJUNCTION MUST BE VACATED ......... 70􀀃
CONCLUSION ........................................................................................................ 72􀀃