It is difficult to predict when the Court of Appeals will rule, but we think a decision will come in or before September

ref.: LEGAL ACTION UPDATE - Hearing held in New York on July 23, 2012
Argentina appealed the injunction entered by Judge Griesa on the "equal treatment" provision, which we mentioned in March 2012 in our previous Memo. The appeal hearing took place on July 23 before the U.S. Court of Appeals for the Second Circuit.
To begin with, Argentina never thought it would have such a bad time. The three judges of the Court of Appeals were extremely critical of Argentina’s resistance to the court judgments we have obtained, throughout this long process since the default.
If it is possible to tell the outcome based on the judge's questions at the hearing, we might foresee that there are real chances that our "equal treatment" argument may have a satisfactory outcome.
Then we will see whether Argentina tries to evade the injunction, or attempts some other end-run, or uses this as a good excuse to finally settle.
It is difficult to predict when the Court of Appeals will rule, but we think a decision will come in or before September

it was posted by "Wufi" with the source " from a letter from my lawyer in new york"