ref.: LEGAL ACTION UPDATE - Hearing held in New York on July 23, 2012
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
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
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"