Promote Your Attorney Profile on Law.net - Get Found / Earn More!
Work/Life Balance is Difficult for Attorneys to Achieve
Work/Life Balance is Difficult for Attorneys to Achieve
Gay Marriage: Where Do We Stand?
Gay Marriage: Where Do We Stand?
Uighur Scholar Given Life Sentence in China
Uighur Scholar Given Life Sentence in China
Texas Court Rules Law Allowing “Upskirting” Is Legal
Texas Court Rules Law Allowing “Upskirting” Is Legal
Your profile matches an open legal position. Apply now!
Job Listings

Cleary Gottlieb Blamed for Argentine Default on Bonds

argentina-peso-peron-2012

Summary: The country of Argentina is blaming the law firm of Cleary Gottlieb for the default on its bonds from last month, the second default for the country in 13 years. 

Last month, Argentina defaulted for the second time in 13 years. Many international banks and local institutions have attempted to end the default since then, but to no avail, according to The Guardian.

President Cristina Fernandez de Kirchner and finance minister Axel Kicillof are now battling with Elliott Associates over the default.

What

 job title, keywords

Where

 city, state, zip



Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!


Argentina followed the advice laid out by a memo written on May 2 by its law firm, Cleary Gottlieb. Hedge funds from the U.S., including Elliott Capital Management, are looking for repayment of the country’s bonds on original terms.

The issue was taken to U.S. court, where judge Thomas Griesa ordered the country to pay the holdouts.

Cleary Gottlieb advised Argentina on May 2 to intentionally default on the bonds so a renegotiations could be forced and the case could be moved out of U.S. judge’s hands.

If Argentina were to fire Cleary Gottlieb it could then ask Judge Griesa for a stay in his ruling.

Argentina has said that it cannot pay the holdouts because of a clause in the 2005 and 2010 negotiations. The clause says that the country must pay all of its bondholders an equal amount of money. This is the Right on Future Offers, or Rufo clause. Argentina claims that if it follows the clause and makes the payments, it could cost the country some $120 billion.

Argentina Blaming Cleary Gottlieb for Defaulting on Bonds by

Tagged: , , , ,

Posted by on August 21, 2014. Filed under Legal News,World News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
Litigation Paralegal
USA-NY-Syracuse

McGivney & Kluger, PC is a national litigation defense firm with approximately 100 skilled litigation attorneys in 10 offices located across the United States. The diverse skills of our staff enable u...