{"id":39520,"date":"2023-11-30T17:02:02","date_gmt":"2023-11-30T23:02:02","guid":{"rendered":"https:\/\/huewhite.com\/umb\/?p=39520"},"modified":"2023-11-30T17:02:02","modified_gmt":"2023-11-30T23:02:02","slug":"uh-that-seems-odd","status":"publish","type":"post","link":"https:\/\/huewhite.com\/umb\/2023\/11\/30\/uh-that-seems-odd\/","title":{"rendered":"Uh, That Seems Odd"},"content":{"rendered":"

I’ve read most of the Lawfare<\/em><\/strong> article<\/a> explaining what’s going on here, but it still rings false to me:<\/p>\n

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In September, a Southern District of New York (SDNY)\u00a0judge ordered Argentina<\/a>\u00a0to pay $16 billion in damages to two minority shareholders of YPF, a state-controlled Argentinian oil company. The judgment was the result of a breach of contract related to Argentina\u2019s 2012 nationalization of a controlling stake in the firm, and it is the largest-ever judgment against a sovereign country in a U.S. court. For perspective, it dwarfs the\u00a0$2.4 billion settlement<\/a>\u00a0that hedge fund Elliot Management won, also in SDNY, in its (in)famous attempt to collect on Argentina\u2019s defaulted public debts.<\/p>\n<\/blockquote>\n

It’s not just the size of the penalty, which seems out of scale, but the fact that a Federal court can order a sovereign state to pay a penalty.<\/p>\n

I wonder if it’ll ever be paid:<\/p>\n

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Although the district court has issued its final judgment, this does not mark the end of the case. Argentina has\u00a0filed an appeal<\/a>\u00a0with the Second Circuit and has obtained a temporary suspension of\u00a0the start of payments<\/a>\u00a0pending that appeal. Argentina\u2019s president-elect, Javier Milei, has not yet commented on his administration\u2019s proposed strategy in the case but has suggested that\u00a0YPF will be reprivatized<\/a>. For plaintiffs, the focus now shifts to collecting this unprecedented payment.<\/p>\n<\/blockquote>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

I’ve read most of the Lawfare article explaining what’s going on here, but it still rings false to me: In September, a Southern District of New York (SDNY)\u00a0judge ordered Argentina\u00a0to pay $16 billion in damages to two minority shareholders of YPF, a state-controlled Argentinian oil company. The judgment was the \u2026 Continue reading → <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-39520","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts\/39520","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/comments?post=39520"}],"version-history":[{"count":1,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts\/39520\/revisions"}],"predecessor-version":[{"id":39521,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts\/39520\/revisions\/39521"}],"wp:attachment":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/media?parent=39520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/categories?post=39520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/tags?post=39520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}