Overview

• On July 18, a Second Circuit panel granted a temporary administrative stay of Judge Preska’s June 30 turnover order requiring Argentina to hand over 51% of YPF shares to satisfy a US$16.1 billion judgment
• The US Department of Justice filed an amicus curiae brief under President Trump echoing a Biden-era intervention, arguing that seizing shares registered in Argentina would breach the Foreign Sovereign Immunities Act Creditor funds Burford Capital and Eton Park told the appeals court they intend to hold YPF shares only as an appellate guarantee and will return them if Argentina wins its appeal
• Argentina must submit its final stay reply by July 22 after Burford and Eton Park filed opposing motions on July 17 seeking to lift the hold absent a security deposit
• The case will test US sovereign immunity protections and shape future enforcement of cross-border expropriation awards and Argentina’s access to international credit