Overview

• Argentina filed its brief in the Second Circuit seeking to overturn Judge Loretta Preska’s directive to satisfy a roughly US$16 billion judgment by transferring the state’s YPF shares.
• The appeal advances four pillars: sovereign immunity under the FSIA, misapplication of New York’s CPLR §5225 turnover rule, the shares’ location and use placing them outside FSIA exceptions, and conflicts with Argentine law along with comity and act‑of‑state doctrines.
• An existing stay keeps any transfer on hold as the court sets filings for November 14 by the plaintiffs and December 12 for Argentina’s reply, with a separate October 29 hearing on the underlying judgment.
• The U.S. government, as amicus curiae, calls the turnover order unprecedented, warns of risks to U.S. assets abroad, and flags potential irreparable harm if shares were transferred before appeals conclude.
• The judgment stems from the 2012 expropriation of YPF and totals about US$16.1 billion plus accruing interest, with Burford Capital‑backed Petersen/Eton Park and Bainbridge pressing to enforce collection.