Daily Archives: August 30, 2014

Argentina to present debt restructuring regulation project before UN

Economy Minister Axel Kicillof and Foreign Minister Héctor Timerman have announced Argentina will present on September 9 a project before the United Nations aimed at regulating international debt restructurings and avoiding “vulture funds’ attack on sovereign nations.”

The project was proposed by Argentina and backed by nations gathered in the G77 group and China, among others. It states that if two thirds of bondholders accept restructuring terms, the rest of bondholders must accept them as well.

“The UN will discuss a project proposed by Argentina to regulate vulture funds,” Timerman announced from the Government’s House Conference Room.

“Argentina has become what is called a ‘leading case’ in the matter of how vulture funds can attack a country’s finance. Three billionaires and a judge are trying to bring down a whole country’s debt restructuring,” Kicillof explained.

Read on.

Goldman, JPMorgan, Others Dodge Aluminum Warehouse MDL

Law360, Los Angeles (August 29, 2014, 8:39 PM ET) — A New York federal judge on Friday freed Goldman Sachs Group Inc., JPMorgan Chase & Co. and others from multidistrict litigation alleging they conspired to manipulate the supply of aluminum to inflate its value, ruling that the plaintiffs lack antitrust standing and haven’t sufficiently pled the existence of a conspiracy.

U.S. District Judge Katherine B. Forrest granted a slew of motions to dismiss antitrust and state law claims brought against the defendants by buyers of aluminum and aluminum products. She allowed some of the plaintiffs leave…


EXCLUSIVE: SEC Mistakenly Reveals Whistleblower’s Employer

Law360, New York (August 29, 2014, 7:04 PM ET) — In trumpeting its first-ever whistleblower award to a compliance and audit professional, the U.S. Securities and Exchange Commission on Friday also inadvertently disclosed information that could be used to determine the identity of a person who faced an enforcement action because of the whistleblower’s tip.

In an order published on the SEC’s website, the agency said it was granting a whistleblower award to one person who had provided the agency with original information that led to an enforcement action. The order also denied an award to…

Source: Law360

Fraudulent Transfer: A Case Where Strong Arm Powers Were “An Inch Too Short”


Casey v. Rotenberg (In re Kenny G Enterprises, LLC), 512 B.R. 628 (C.D. Cal. 2014)

A Chapter 11 trustee sought to avoid a transfer of property under Section 544 of the Bankruptcy Code that occurred after (1) the bankruptcy petition was filed and (2) a chapter 11 plan of reorganization was confirmed. The defendants moved to dismiss on the basis that Section 544 applies only to prepetition transfers. The bankruptcy court denied the motion, and the defendants appealed.

View original post 575 more words

Citigroup : U.S. judge sets hearing in Argentina bond case over Citi subpoena

A U.S. judge overseeing litigation by Argentina and creditors who did not participate in the country’s past debt restructurings on Friday scheduled a hearing to assess whether Citigroup Inc should be forced to comply with a subpoena.

U.S. District Judge Thomas Griesa in New York scheduled a hearing for Sept. 10 at 2:30 p.m. EDT following a request by a lawyer for Elliott Management’s NML Capital Ltd, a creditor suing over Argentine bonds that have been in default since 2002.

Source: 4-traders

Bank of New York Mellon : Argentina to appeal U.S. judge’s order on bond payment

Argentina said on Friday it would appeal a U.S. judge’s decision declaring illegal a $539 million (324.69 million pounds) payment the country deposited with Bank of New York Mellon Corp for its restructured bondholders.

BNY Mellon in June obeyed a U.S. court ruling to block the $539 million interest payment on debt that was restructured following Argentina’s record 2002 debt default, paving the way for the country’s second default in 12 years in July.

Argentina said on Tuesday it had stripped Bank of New York Mellon’s authorization to operate in the South American country.

Read on.