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MACROTECNIC INTERNATIONAL CORP. v. REPUBLIC OF ARGENTINA

March 12, 2004.

MACROTECNIC INTERNATIONAL CORPORATION, Plaintiff, -against- THE REPUBLIC OF ARGENTINA, Defendant LATINBURG S.A., Plaintiff, -against- THE RFPITRI 1C OF ARGENTINA, Defendant HERNAN LOPEZ FONTANA and MARIA A MORI DE LOPEZ, Plaintiffs, -against- THE REPUBLIC OF ARGENTINA, Defendant MILLION AIR CORP., Plaintiff, -against- THE REPUBLIC OF ARGENTINA, Defendant DENCHU INVESTMENT CORP., Plaintiff, -against- THE REPUBLIC OF ARGENTINA, Defendant GUILLERMO FRANCO et al., Plaintiffs, -against- THE REPUBLIC OF ARGENTINA, Defendant


The opinion of the court was delivered by: THOMAS GRIESA, Senior District Judge

ORDER

WHEREAS plaintiff Macrotecnic International Corporation ("Macrotecnic") has a judgment against the Republic of Argentina; and

WHEREAS on February 12, 2004, Macrotecnic moved for an ex parte writ of execution against bank accounts in the name of Correo Argentine, S.A. ("Correo") maintained in the New York branches of Lehman Brothers and BNP Paribas (the "Banks"); and

  WHEREAS on February 13, 2004 the Court issued an order permitting Macrotecnic to serve restraining notices pursuant to CPLR § 5 222 against Correo's accounts at the Banks (the "Accounts"), and directing the Republic to show cause why a writ of execution should not be granted; and, Page 3 WHEREAS on February 17, 2004 plaintiffs Latinburg, S.A., Denchu Investment Corporation, Guillermo Franco, Rafael Franco, and Luisa Franco, and Panamel S.A., Hernan Lopez Fontana and Mariana Mori de Lopez, and Million Air Corp. (the "pre-judgment plaintiffs"), moved for a temporary restraining order and order of pre-judgment attachment against the Accounts; and,

  WHEREAS on February 17, 2004 the Court issued a temporary restraining order permitting the pre-judgment plaintiffs to restrain the Accounts and directing the Republic to show cause why an Order of Attachment should not be issued; and,

  WHEREAS a court hearing was held on February 17, 2004 concerning all of plaintiffs' restraints on the Accounts (the "Restraining Notices") at which the Court ordered (i) the temporary extension of the Restraining Notices and (ii) that plaintiffs file an expedited motion to confirm the Restraining Notices; and,

  WHEREAS on February 19, 2004, plaintiffs filed a motion to confirm the Restraining Notices; and,

  WHEREAS on February 24, 2004, upon motion by plaintiffs, the Court issued an order (i) authorizing service upon Correo and the Trustee in the insolvency proceedings of Correo in Argentina (the "Trustee"), so that either or both of them may appear and state their position with respect to the Accounts, (ii) continuing the February 17, 2004 temporary restraining order with respect to the Lehman account; and (iii) scheduling a hearing on March 5, 2004;and,

  WHEREAS on March 3, 2004 the Republic filed a brief in opposition to the motion to confirm the Restraining Notices; and, Page 4

  WHEREAS on March 3, 2004 Correo and the Trustee filed the declaration of Julio C. Rivera, legal advisor to the Trustee; and,

  WHEREAS a hearing was held on March 5, 2004 at which the Court heard oral argument from counsel for the parties and for Correo and the Trustee on plaintiffs' motion to confirm the Restraining Notices: and,

  WHEREAS following the March 5, 2004 hearing the parties made further submissions; and,

  WHEREAS based on the submissions of the parties and by Correo and the Trustee, this Court finds that plaintiffs have not met their burden of establishing that the ...


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