Sovereign Debt

Tribal Bankruptcy

08/15/12

The Wall Street Journal reported last week about a challenge to a bankruptcy filing by the Santa Ysabel Resort and Casino. The casino, located on a reservation outside San Diego, filed a chapter 11 case, listing debts of about $40 million. The bankruptcy filing is being contested by the debtor's lender on the grounds that Native American tribes are sovereign nations and they are cannot use chapter 11.

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Exit Consents Killed in England?

07/27/12

The English High Court just ruled in Assenagon Asset Management S.A. v. Irish Bank Resolution Corporation Limited (formerly Anglo Irish Bank) that a popular technique used to pressure bondholders to participate in a debt restructuring, as deployed by Anglo Irish in late 2010, violated English law and the terms of the Trust Deed.

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Sovereign Debt

07/27/12

From the the second volumn of J.F. Molloy, Court Life Below Stairs (rev ed. 1885), regarding events after the death of George III's spouse, Queen Charlotte:

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The Awesome Pari Passu Hearing

07/24/12

The Second Circuit argument in NML v. Argentina was awesome--I was at the edge of my seat the whole time. My takeaway after the hearing is that even though Argentina got the brunt of the yelling, it would be relatively straightforward for the court to rule in its favor (after yelling some more).

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Pari Passu Argument Moved to July 18

06/20/12

Alas, we must slog through another month to find out how it ends. The NML v. Argentina argument in the Second Circuit was postponed at the eleventh hour. In other news, one of the panel members recused himself, also at the eleventh hour.

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L&L In D.C.

06/06/12

Tomorrow two Slips members -- Adam and I -- journey to the House of Representatives. Ok, for Adam this is a journey to the crosswalk, but nonetheless ...

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Edge of Reason: Paripassupalooza on Capitol Hill

06/05/12

Like the rest of us, the U.S. Congress cannot wait until the Second Circuit argument on pari passu, now scheduled for June 20th. Unlike the rest of us, the U.S. Congress can do something about it -- and it is.

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