CreditSlips

News of the Obvious: NML et al. Oppose the Stay

06/24/14

Yesterday's post noted that, by asking Judge Griesa to re-impose a stay of the injunction, Argentina was effectively asking for permission to pay exchange bondholders on June 30 without making any payment whatsoever to NML and the other plaintiffs. Not surprisingly, plaintiffs oppose the motion.

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Let the Negotiations Begin

06/23/14

Argentina will negotiate with NML. Or maybe it won't.

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Can Argentina Not Pay Yet Not Default? Perhaps. And Maybe There's Still a Route to NY State Court...

06/19/14
A footnote to Mark's recent post on Argentina's remaining options got me thinking about what an Event of Default actually is under the exchange bond indenture. From a reasonably quick look at the (lengthy) documents, I think there might be a non-default route open to Argentina, and possibly also a procedural route to getting the pari passu clause interpretation in front of a New York State court.

The exchange bond indenture para.

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Consumer Finance Movie: Spent: Looking for Change

06/18/14
I just saw Spent: Looking for Change, a documentary about the financial challenges of the unbanked. The film was funded by American Express, but there is no marketing of Amex products in the film. (Amex does offer one of the best non-DDA account options for the unbanked, however.) You can watch the movie for free on YouTube.

The movie really puts a human face on the problems of the unbanked.

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Turning Away From the Dark Side!

06/18/14

Just a quick note to follow up on previous posts (here and here) and report that the First Circuit reversed In re Traverse.  Thanks to

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About That June 30 Payment...

06/17/14

So, Argentina lost its bid to have the Supreme Court overturn the injunction. It also has a payment due exchange bondholders on June 30. Recall that the Second Circuit stayed enforcement of the injunction so that the Supreme Court could consider Argentina's petition for certiorari. Is that stay still in place? Can Argentina get more time (until after June 30) by asking the Supreme Court to reconsider the denial of certiorari?

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Being Unbanked, Part 1

06/17/14

Note from Katie Porter: This guest post is from Jennifer Song, senior staff attorney at the California Monitor Program. Jennifer pitched in and attended this workshop, and I hope Credit Slips readers will enjoy hearing about her experiences in a short series of posts. 

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