Overview
- The New York-based appeals court, which on Monday suspended every pending appeal and canceled Thursday’s hearing, moved to keep the case on hold while its March reversal runs its course.
- The suspension also covers Argentina’s own challenge to Judge Loretta Preska’s order that the state hand over YPF shares as collateral.
- Burford Capital and the Petersen entities won extra time until May 8 to file a rehearing request before the full court, with a later U.S. Supreme Court petition still possible but seen as unlikely.
- The three-judge panel in March threw out Preska’s $16.1 billion award after ruling that YPF’s bylaws do not create a contract claim under Argentine law and that Argentina’s expropriation law bars third-party suits.
- The appellate reversal eased immediate pressure on Argentina’s finances and hit Burford’s stock hard, with shares dropping about 40% in New York and 46% in London after the decision.