Sovereign Debt

Holiday Reading Recommendation and a Research Question on the 1MDB Case

11/25/18

The 1MDB case has been on the front pages of the financial papers on a number of occasions recently. The reason: The US justice system is investigating the scam and senior executives from everyone’s favorite ethical investment back, Goldman Sachs, including Lloyd Blankfein, have been caught up in it.

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Ukraine Wins Appeal in Russian Bond Case

09/14/18

Ukraine and Russia have been battling it out in English courts over whether Ukraine must repay a $3 billion Russian loan from 2013. The loan was unusual both in structure and in substance.

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Timing and Process in Crystallex v. PDVSA

09/03/18

In an earlier post, I noted some open questions that had to be answered before Crystallex could execute on PDVSA’s 100% ownership stake in PDV Holding (PDV-H).

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Some Thoughts on the Alter Ego Ruling in Crystallex

08/11/18

I have had a bit of time to digest the district court’s ruling that PDVSA is Venezuela’s alter ego, and here are some preliminary thoughts. The opinion is 75 pages and covers a lot of ground, but I’ll focus on perhaps the most important and least technical question: Is the case a one-off or a harbinger?

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Court Lets Crystallex Attach Equity in CITGO Parent

08/10/18

Just a quick post for now, as the court is keeping its opinion under seal for the time being. Crystallex, a creditor of Venezuela, has been trying to enforce its claims by attaching PDVSA's equity interest in PDV Holding, the ultimate U.S. parent of CITGO.

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Keeping up with the Contracts Clause: the Supreme Court's decision in Sveen v. Melin

07/11/18

In June 2018, the U.S. Supreme Court decided Sveen v. Melin, a case applying Contracts Clause* jurisprudence to a state revocation-on-divorce statute and preexisting insurance contract. It isn't like the Supreme Court hears a Contracts Clause case every week, every term, or even every decade.

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Approaching the Middle of the Beginning of the End in Venezuela

05/18/18

Though none of it is earth-shaking, there has been a lot of news out of Venezuela recently, so it seemed an appropriate time for an update. The election looms.

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A Series of Proposals to Restructure Venezuelan Debt

04/16/18

Mitu Gulati and Mark Weidemaier

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Venezuelan Debt: Further Thoughts on “Why Not Accelerate and Sue Venezuela Now?”

03/12/18

Mitu Gulati and Mark Weidemaier

Earlier, we posted about whether holders of Venezuelan bonds would be better off accelerating and obtaining judgments sooner rather than later. In a nutshell, here was the point:

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Why Not Accelerate and Sue Venezuela Now?

02/28/18

Mark Weidemaier and Mitu Gulati

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