Burford Capital, Elliott Management & Collecting vs Argentina
CEO of Latam Advisors LLC
inpractise.com/articles/burford-capital-elliott-management-and-collecting-vs-argentina
Burford Capital, Elliott Management & Collecting vs Argentina(September 21, 2023)
Sebastian Maril
CEO of Latam Advisors LLC
Sebastian is the CEO of LATAM Advisors, an Argentina-based capital markets and politics advisory business. He has been following litigation against Argentina for decades, including the expropriation of YPF of which Burford Capital has over 40% of its book value invested in.
Interview Transcript
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So where do we currently stand in this case?
Argentina currently has four options. Let's start with the simplest one. Ask Judge Preska for reconsideration of a ruling. It's not going to happen. I mean, if Argentina does that, it will be wasting taxpayers money, my taxpayers money because, most likely, you will pay lawyers by filing some documents that the judge will obviously reject because of what we just discussed.
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In the case, it was stated that there was sovereign immunity. Then it was said that you can't attach assets that are in the Bank of Argentina in the US, etc.
Embassies and other such entities cannot be attached. For instance, if Burford Capital wants to seize Aerolineas Argentina planes that fly to Miami and New York, it can't, because those planes are leased from an Irish company. If you want to seize Argentine sovereign assets, you have to seize the planes we own that fly domestically, not internationally. There aren't many of those. If you want to seize our battleships, even though Elliott Management was initially successful in seizing those assets, an international court later overruled their achievement. So, if you try to do that again, you will fail. We don't have many overseas assets to seize. Elliott Management's attempts to find assets prolonged this litigation. Argentina also prolonged this litigation because they found assets. This process extended the legal proceedings for over a decade until it was finalized by the new government in 2016. The YPF case has also been ongoing for eight years. Why eight years? Because when the Supreme Court said in 2020 that they wouldn't take the case, Argentina asked Judge Preska to reconsider her forum non conveniens ruling based on new evidence. To everyone's surprise, Judge Preska agreed. That took another year in court to be ruled on. When Argentina lost the forum non conveniens issue, the pretrial procedures began
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