CreditSlips

Just a few additional thoughts about reports that Argentina might allow exchange bondholders to swap into Argentine-law bonds.

Even the President has now weighed in about the cost of legal education, thus elevating the profile of the debate about the "dual crises" of legal education:  costs and job placement.

Steve raises a good point. Contract interpretation is typically a matter of state, not federal, law although this primarily means that state law (1) assigns a default meaning to contract language and (2) supplies rules for courts to apply in determining whether parties to a particular contract meant something different.

The opinion is out, and I'm happy to be asked back to Credit Slips to talk about it. The Second Circuit affirmed the injunction against Argentina... full stop. No changes to the list of third parties potentially subject to contempt sanctions, no changes to the payment formula, just a straight-up affirmance.*