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Second Circuit Opinion 12-105_opn

Second Circuit Opinion 12-105_opn

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Published by: New York Post on Oct 29, 2012
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11/15/2012

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1
12-105(L) NML Capital, Ltd. v. Republic of Argentina
UNITED
 
STATES
 
COURT
 
OF
 
APPEALS
1
FOR THE
S
ECOND
C
IRCUIT
2 _____________________ 34August Term, 201156(Argued: July 23, 2012 Decided: October 26, 2012)78Docket Nos. 12-105(L), 12-109(CON), 12-111(CON), 12-157(CON), 12-158(CON),912-163(CON), 12-164 (CON), 12-170(CON), 12-176 (CON), 12-185 (CON), 12-189 (CON),1012-214 (CON), 12-909 (CON), 12-914 (CON), 12-916 (CON), 12-919 (CON), 12-920 (CON),1112-923 (CON), 12-924 (CON), 12-926 (CON), 12-939 (CON), 12-943 (CON), 12-951 (CON),1212-968 (CON), 12-971 (CON)1314 _____________________ 1516 NML
 
C
APITAL
,
 
L
TD
.,
 
A
URELIUS
C
APITAL
M
ASTER 
,
 
L
TD
.,
 
ACP
 
M
ASTER 
,
 
L
TD
.,
 
B
LUE
A
 NGEL
17C
APITAL
I
 
LLC,
 
A
URELIUS
O
PPORTUNITIES
F
UND
II,
 
LLC,
 
P
ABLO
A
LBERTO
V
ARELA
,
 
L
ILA
I
 NES
18B
URGUENO
,
 
M
IRTA
S
USANA
D
IEGUEZ
,
 
M
ARIA
E
VANGELINA
C
ARBALLO
,
 
L
EANDRO
D
ANIEL
19P
OMILIO
,
 
S
USANA
A
QUERRETA
,
 
M
ARIA
E
LENA
C
ORRAL
,
 
T
ERESA
M
UNOZ
D
E
C
ORRAL
,
 
 N
ORMA
20E
LSA
L
AVORATO
,
 
C
ARMEN
I
RMA
L
AVORATO
,
 
C
ESAR 
UBEN
V
AZQUEZ
,
 
 N
ORMA
H
AYDEE
G
INES
,21M
ARTA
A
ZUCENA
V
AZQUEZ
,
 
O
LIFANT
F
UND
,
 
L
TD
.,2223
 Plaintiffs-Appellees
,2425v.2627T
HE
EPUBLIC OF
A
RGENTINA
,2829
 Defendant-Appellant 
.3031Before: P
OOLER 
,
 
B.D.
 
P
ARKER 
and
 
AGGI
,
Circuit Judges
.3233 ___________________ 3435Plaintiffs appeal from permanent injunctions entered by the United States District Court36for the Southern District of New York (Griesa,
 J.
) designed to remedy Argentina’s breach of its37 promise to pay bondholders after a 2001 default on its sovereign debt. We hold that Argentina38 breached its promise and, accordingly, affirm the underlying judgments of the district court.39Further, we find no abuse of discretion in the injunctive relief fashioned by the district court.40However, given the need for clarity as to how the injunctions are to function, the case is41remanded to the district court for such proceedings as are necessary to address this matter.4243
AFFIRMED
 
in part
and
REMANDED in part
.44
 
2 ___________________ 12T
HEODORE
B.
 
O
LSON
(Matthew D. McGill, Jason J.3Mendro,
on the briefs
), Gibson, Dunn & Crutcher 4LLP, Washington, D.C.; Robert A. Cohen, Charles5I. Poret, Eric C. Kirsch, Dechert LLP, New York,6 N.Y.,
 for Plaintiff-Appellee NML Capital, Ltd.
78Stephen D. Poss, Robert D. Carroll, Goodwin Procter 9LLP, Boston, Mass.,
 for Plaintiff-Appellee NML
10
Olifant Fund, Ltd.
1112Michael C. Spencer, Milberg LLP, New York, N.Y.,
 for 
13
 Plaintiffs-Appellees Pablo Alberto Varela, et al.
1415Edward A. Friedman, Daniel B. Rapport, Friedman16Kaplan Seiler & Adelman LLP, New York, N.Y.;17Jeffrey A. Lamken, MoloLamken LLP,18Washington, D.C.,
 for Plaintiffs-Appellees Aurelius
19
Capital Master, Ltd., ACP Master, Ltd., Blue Angel 
20
Capital I LLC,
and
 Aurelius Opportunities Master 
21
 Fund II, LLC 
.2223J
ONATHAN
I.
 
B
LACKMAN
(Carmine D. Boccuzzi, Sara24A. Sanchez, Michael M. Brennan,
on the brief 
),25Cleary Gottlieb Steen & Hamilton LLP, New York,26 N.Y.,
 for Defendant-Appellant The Republic of 
27
 Argentina
.
 
2829David W. Rivkin, Suzanne M. Grosso, Debevoise &30Plimpton LLP, New York, N.Y.; Ronald Mann,31Esq.,
 pro se
, New York, N.Y.,
 for Amici Curiae
32
 Prof. Ronald Mann and EM Ltd., in support of 
33
 Plaintiffs-Appellees
.3435Walter Rieman, Andrew W. Amend, Paul, Weiss,36Rifkind, Wharton & Garrison LLP, New York,37 N.Y.,
 for Amici Curiae Montreux Partners, L.P.
38
and Wilton Capital, in support of Plaintiffs-
39
 Appellees
.4041Richard A. Samp, Washington Legal Foundation,42Washington, D.C.,
 for Amicus Curiae the
43
Washington Legal Foundation, in support of 
44
 Plaintiffs-Appellees
.4546
 
3Kevin S. Reed, Quinn Emanuel Urquhart & Sullivan,1LLP, New York, N.Y.,
 for Amicus Curiae Prof.
2
 Kenneth W. Dam, in support of Plaintiffs-Appellees
.34J
OHN
D.
 
C
LOPPER 
(Jeannette A. Vargas, Sarah S.5 Norman,
on the brief 
), Assistant United States6Attorneys,
 for 
Preet Bharara, United States7Attorney for the Southern District of New York,8 N.Y.; Stuart F. Delery, Acting Assistant Attorney9General, Mark B. Stern, Sharon Swingle, Attorneys,10Appellate Staff, Civil Division, Department of 11Justice, Washington, D.C.; George W. Madison,12General Counsel, Department of the Treasury,13Washington, D.C.; Harold Hongju Koh, Legal14Advisor, Department of State, Washington, D.C.,15
 for Amicus Curiae the United States of America, in
16
 support of Defendant-Appellant 
.1718Paul Saltzman, Joseph R. Alexander, H. Rodgin Cohen,19Michael Wiseman, The Clearing House Association20L.L.C., New York, N.Y.; Sergio J. Galvis, Joseph F.21 Neuhaus, Michael J. Ushkown, Sullivan &22Cromwell LLP, New York, N.Y.,
 for Amicus
23
Curiae the Clearing House Association L.L.C., in
24
 support of Defendant-Appellant 
.25 ______________________________________________________________________________ 2627B
ARRINGTON
D.
 
P
ARKER 
,
 
Circuit Judge
:28The Republic of Argentina appeals from permanent injunctions entered by the29United States District Court for the Southern District of New York (Griesa,
 J.
) designed to30remedy Argentina’s failure to pay bondholders after a default in 2001on its sovereign debt. The31district court granted plaintiffs summary judgment and enjoined Argentina from making32 payments on debt issued pursuant to its 2005 and 2010 restructurings without making33comparable payments on the defaulted debt. We hold that an equal treatment provision in the34 bonds bars Argentina from discriminating against plaintiffs’ bonds in favor of bonds issued in35connection with the restructurings and that Argentina violated that provision by ranking its36

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