Argentina, Elliott Management Fight Goes To The Supreme Court

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Argentina, Elliott Management Fight Goes To The Supreme Court

Argentina is talking its case against creditors including Elliott Management and Aurelius Capital Management to the US Supreme Court, essentially asking a foreign judicial system to acknowledge its sovereign rights.

The case started in 2001 when Argentina defaulted on $80 million in sovereign bonds and told bondholders they could either accept a haircut of 70% or more, or they could keep their worthless old bonds and get nothing. Most took the hard bargain, but a group of US hedge funds (and some others) held tight and waited for Argentina to recover. Now they are trying to get paid back, and Argentina is attempting to refuse, but Federal courts have thrown a wrench in the process.

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US courts have ruled that all bondholders must be repaid

While Argentina has sovereign immunity, and its assets can be seized to pay back Elliott Management and others, the old bondholders have argued that US courts have the authority to direct payments that pass through the US to treat all bondholders equally, rerouting payments that Argentina intends for one group of creditors for