ein wenig Pfingstlektüre....SOVEREIGN DEBT RESTRUCTURING:

 HARVARD LAW SCHOOL
International Finance Seminar
Professor Hal Scott and Professor Howell Jackson
SOVEREIGN DEBT RESTRUCTURING:
SHOULD WE BE WORRIED ABOUT ELLIOTT?
EDUARDO LUIS LOPEZ SANDOVAL
Cambridge - Massachussets
May 2002

One of the most important cases of the last decade, in the sovereign debt arena,
was that involving the New York-based hedge fund named Elliott Associates, LP
(hereinafter referred to as Elliott) against the Republic of Peru1 (hereinafter referred to as
Peru). After several years of litigation, the final decision favored Elliott and confirmed
various substantive issues relating to sovereign debt litigation. First, it was held that
buying distressed debt and suing the sovereign to make good on its obligations is not
against New York Champerty Law, therefore eliminating one of the few legal defenses
available to sovereigns against holdout creditors. Second, the Court clarified the
application of the US Foreign Sovereign Immunities Act with regard to which assets are
subject to being attached in execution of the Court’s decision, stating clearly that all
assets, located in the jurisdiction where the suit is brought, are subject to attachment, if
they belong to an entity that (i) was somehow involved in the matter; (ii) is an agency or
instrumentality2 of the defaulting sovereign; and (iii) is engaged in commercial activity in
the US.

http://www.law.harvard.edu/programs/about/pifs/llm/sp44.pdf