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230364490 Version Taquigrafica Audiencia Griesa Buitres Argentina

230364490 Version Taquigrafica Audiencia Griesa Buitres Argentina

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Published by: INFOnews on Jun 19, 2014
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06/24/2014

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 1 E6I3NMLC 1 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK 2 ------------------------------x 3 NML CAPITAL, LTD., 4 Plaintiff, 5 v. 08 Civ. 6978 (TPG) 6 THE REPUBLIC OF ARGENTINA, 7 Defendant. 8 ------------------------------x 9 June 18, 2014 2:00 p.m. 10 Before: 11 HON. THOMAS P. GRIESA, 12 District Judge 13 14 15 16 17 18 19 20 21 22 23 24 25 SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300
 
 2 E6I3NMLC 1 APPEARANCES 2 DECHERT, LLP (NYC) 3 Attorneys for Plaintiff BY: ROBERT A. COHEN 4 DENNIS H. HRANITZKY ERIC C. KIRSCH 5 -and- GIBSON DUNN & CRUTCHER 6 Attorneys for Plaintiff BY: MATTHEW D. McGILL 7 FRIEDMAN KAPLAN SEILER & ADELMAN LLP 8 Counsel for Interested Parties Aurelius and Blue Angel 9 BY: DANIEL B. RAPPORT EDWARD A. FRIEDMAN 10 GOODWIN PROCTER LLP 11 Attorneys for Plaintiff Olifank Fund Ltd 12 BY: ROBERT D. CARROLL 13 DAVIS POLK & WARDWELL Attorneys for Citibank 14 BY: JAMES L. KERR KAREN E. WAGNER 15 CLEARY GOTTLIEB 16 Attorneys for Defendant BY: CARMINE D. BOCCUZZI, JR. 17 JONATHAN I. BLACKMAN 18 19 THE DEPUTY CLERK: In the case of NML Capital Ltd. v. 20 The Republic of Argentina. 21 THE COURT: Good afternoon. Thank you all for coming 22 on short notice. Mr. Cohen asked for this meeting, so I'll let 23 Mr. Cohen start. And since these microphones are awkward, 24 you'll all understand that you keep seated so that I can hear 25 you. SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300
 
 3 E6I3NMLC 1 Go ahead. 2 MR. COHEN: Thank you, your Honor. Robert Cohen from 3 Dechert for NML Capital. 4 Your Honor, we're here this afternoon to request an 5 order to deal with what we think are extraordinary developments 6 in this case over the last two days. Your Honor knows that on 7 Monday, the Supreme Court denied certiorari. And your orders 8 and the Second Circuit's affirmance became effective. 9 That night, the president of Argentina went on 10 national television and announced a plan to directly evade this 11 Court's orders. Yesterday, the economy minister made an 12 extended speech in which he confirmed that those plans were 13 being implemented. 14 Today before Congress in Argentina a proposal is being 15 discussed to exchange what we've called the exchange bonds, the 16 performing bonds, for bonds issued under Argentine law and 17 payable in Argentina, explicitly to avoid the jurisdiction of 18 this Court and the ability of this Court to enforce the equal 19 treatment orders. 20 THE COURT: Let me interrupt you. It is my 21 understanding, and you correct me if I'm wrong, that if the 22 Republic arranges for another exchange, and if the exchange is 23 to be carried out in Argentina or Switzerland or wherever, if 24 there is an exchange, and if payments are made on that 25 exchange, the pari passu clause is still invoked. Am I right? SOUTHERN DISTRICT REPORTERS, P.C. (212) 805-0300

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