Overview

• Argentina submitted detailed written arguments in the Second Circuit to prevent transfer of its 51% stake in YPF pending appeal
• The filing argues Judge Loretta Preska’s US$16.1 billion judgment enforcement via share turnover violates the Foreign Sovereign Immunities Act and international comity
• Argentina warns executing the transfer during appeal would cause irreparable harm by stripping the state of its principal energy asset
• The Second Circuit is expected to designate a three-judge panel and rule on extending the administrative stay in the coming days
• Holdout creditors led by Burford Capital are pressing for guarantees instead of shares and Argentina plans to seek Supreme Court review if the stay is denied