Over the last few days Argentina’s leaders have publicly stated on television and on Twitter that they have no intention of abiding by a U.S. injunction that upended the country’s plan for repaying its many U.S. creditors. Argentina’s lawyers at Clearly Gottlieb Steen & Hamilton, who are in the awkward position of having to explain Argentina’s intransigence to U.S. judges, are pressing an appeals court to undo the injunction.
In a petition for an en banc rehearing filed on Nov. 13, Cleary attorneys urged the U.S. Court of Appeals for the Second Circuit to set aside an injunction ordering the country to cease paying back any creditors until it starts repaying a group of U.S. hedge funds led by NML Capital Ltd. that hold defaulted Argentine bonds. Southern District Judge Thomas Griesa (See Profile) issued the injunction in February in order to give the funds more leverage over Argentina. A Second Circuit panel affirmed on Oct. 26, accepting the arguments of NML appellate counsel Theodore Olson of Gibson, Dunn & Crutcher.
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