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2mo ago

U.S. Judge to Weigh Stay on YPF Share Transfer

The ruling will determine whether Argentina can pause enforcement of a $16 billion expropriation award requiring transfer of 51% of state-owned YPF shares until its appeals are resolved.

Télam Buenos Aires 23/02/2012 El representante del Estado en YPF, el subsecretario de Coordinación del Ministerio de Planificación, Roberto Baratta, vio impedida este mediodía su participación en la reunión de Directorio de la empresa. Baratta, acompañado por los secretarios de Política Económica, Axel Kiciloff, y de Energía, Daniel Cameron. Foto: Tito La Penna/Télam/cb Buenos Aires Roberto Baratta Axel Kiciloff Daniel Cameron subsecretario de Coordinacion del Ministerio de reunion de Directorio de la empresa representante gobierno participan reunion empresa
Loretta Preska, la jueza a cargo de la causa de YPF en Estados Unidos
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Loretta Preska, titular del juzgado de Nueva York a cargo de la causa.

Overview

  • Judge Loretta Preska will decide on July 14 whether to grant Argentina’s request to suspend execution of her June 30 order directing the transfer of 51% of YPF shares to holdout creditors.
  • Argentina has filed parallel appeals in the Second Circuit and indicated it could seek U.S. Supreme Court review if it suffers further adverse decisions.
  • The Second Circuit split Preska’s rulings into four separate appeals, a development Argentina welcomed as a means to delay enforcement.
  • Preska has scheduled a conference for July 15–16 between Argentina and creditors to address disputes over disclosure of assets held by Aerolíneas Argentinas, ARSAT, ENARSA and the central bank.
  • The Argentine government argues that any share transfer would breach its 2012 expropriation law and must obtain approval by two-thirds of Congress.