Overview

• The appeals court imposed a temporary stay of Judge Loretta Preska’s order to transfer Argentina’s 51% YPF stake through July 17.
• Plaintiffs must file their opposition by July 17 and Argentina must submit its reply by July 22 under the expedited schedule.
• Argentina argues that seizing its YPF shares violates the U.S. Foreign Sovereign Immunities Act and domestic law requiring congressional authorization.
• The $16.1 billion judgment against Argentina accrues interest at about $2 million per day, and litigation funder Burford Capital could collect up to 75% of any payout.
• Retaining control of YPF is pivotal to Argentina’s development of the Vaca Muerta shale basin and its strategy to bolster foreign-currency reserves.