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LIGHTWATER CORPORATION LIMITED v. REPUBLIC OF ARGENTINA

United States District Court, Southern District of New York


May 7, 2003

LIGHTWATER CORPORATION LIMITED, PLAINTIFF, AGAINST THE REPUBLIC OF ARGENTINA, DEFENDANT. OLD CASTLE HOLDINGS, LTD., PLAINTIFF, AGAINST THE REPUBLIC OF ARGENTINA, DEFENDANT. MACROTECNIC INTERNATIONAL CORPORATION, PLAINTIFF, AGAINST THE REPUBLIC OF ARGENTINA, DEFENDANT.

The opinion of the court was delivered by: Thomas P. Griesa, United States District Judge

MEMORANDUM

This memorandum concerns the issue of what judgment or judgments should be entered following the court's opinion of April 14, 2003.

A single judgment was entered by the Clerk of Court on April 16, 2003, covering all three actions. That judgment should be replaced.

There should be a separate judgment entered in each of the three actions. The judgments should cover all principal and interest due and unpaid, and prejudgment interest on these unpaid amounts. The court agrees with counsel for the Republic that there should not be any compounding or "interest on interest." See Mr. Bocuzzi's letter of May 6, 2003. However, the court does not agree that the entry of the judgments should be contingent on plaintiffs' surrendering their bonds for cancellation.

Each of the plaintiffs should submit a proposed amended judgment on notice to defendant. Defendant can submit any objections, and the court will enter the appropriate amended judgments.

20030507

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