Overview

• Argentina submitted a formal brief to the U.S. Second Circuit seeking to block Judge Loretta Preska’s order to satisfy a roughly US$16.1 billion judgment by transferring the state’s controlling stake in YPF.
• The appeal advances four pillars: sovereign immunity under the FSIA, misapplication of New York’s turnover statute (CPLR §5225), inapplicability of FSIA because the shares are not in the United States or tied to U.S. commercial activity, and conflict with Argentine law and comity/act‑of‑state doctrines.
• The U.S. government filed as amicus supporting limits on executing foreign state assets and cautioned about foreign‑policy and reciprocity risks, warning of irreparable harm if shares were transferred before appellate review concludes.
• Procedurally, plaintiffs’ briefs are due November 14 and Argentina’s reply is due December 12, with an October 29 oral argument scheduled on the underlying judgment, while the turnover order remains administratively stayed during the appeals.
• Related district‑court proceedings continue, including Preska’s order that YPF produce internal communications to probe alter‑ego claims and potential enforcement avenues.