Promote Your Attorney Profile on Law.net - Get Found / Earn More!
2014 U.S. News Job Rankings Says Better to be Nail Technician than Lawyer
2014 U.S. News Job Rankings Says Better to be Nail Technician than Law...
Germany Charges One of Last Nazis for 300,000 Murders
Germany Charges One of Last Nazis for 300,000 Murders
Los Angeles Attorney Faces Suspension Due to Photoshopped Pictures
Los Angeles Attorney Faces Suspension Due to Photoshopped Pictures
Copy and Paste Leads to Inclusion of Incorrect Law in Court Opinion
Copy and Paste Leads to Inclusion of Incorrect Law in Court Opinion
Your profile matches an open legal position. Apply now!
Job Listings

Argentina Blaming Cleary Gottlieb for Defaulting 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
Assistant Counsel
USA-CA-El Centro

The Imperial Irrigation District a public utility located in southeastern CA is seeking an Assistant Counsel, Energy to assist in the administration of District legal matters and provide legal advice ...