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NML Capital, LTD. v. Republic of Argentina

United States Court of Appeals, Second Circuit

August 23, 2013

NML Capital, Ltd., Aurelius Capital Master, Ltd., ACP Master, Ltd., Blue Angel Capital I LLC, Aurelius Opportunities Fund II, LLC, Pablo Alberto Varela, Lila Ines Burgueno, Mirta Susana Dieguez, Maria Evangelina Carballo, Leandro Daniel Pomilio, Susana Aquerreta, Maria Elena Corral, Teresa Munoz De Corral, Norma Elsa Lavorato, Carmen Irma Lavorato, Cesar Ruben Vazquez, Norma Haydee Gines, Marta Azucena Vazquez, Olifant Fund, Ltd., Plaintiffs-Appellees,
v.
The Republic of Argentina, Defendant-Appellant, The Bank of New York Mellon, as Indenture Trustee, Exchange Bondholder Group, Fintech Advisory Inc., Non-Party Appellants,

Argued: February 27, 2013

Defendant-Appellant the Republic of Argentina, Non-Party Appellants, and Intervenors appeal from amended orders issued by the United States District Court for the Southern District of New York (Griesa, J.). The amendments explain certain aspects of those orders which were designed to remedy Argentina's breach of a promise to pay bondholders after a 2001 default on its sovereign debt. We hold that the district court did not abuse its discretion in issuing the orders.

Theodore B. Olson (Matthew D. McGill, Jason J. Mendro, on the brief), Gibson, Dunn & Crutcher LLP, Washington, D.C.; Robert A. Cohen, Eric C. Kirsch, Dechert LLP, New York, N.Y., for Plaintiff-Appellee NML Capital, Ltd.

Leonard F. Lesser, Simon Lesser, P.C., New York, N.Y., for Plaintiff-Appellee Olifant Fund, Ltd.

Michael C. Spencer, Milberg LLP, New York, N.Y., for Plaintiffs-Appellees Pablo Alberto Varela, et al.

Edward A. Friedman, Daniel B. Rapport, Friedman Kaplan Seiler & Adelman LLP, New York, N.Y.; Roy T. Englert, Jr., Mark T. Stancil, Robbins, Russell, Englert, Orseck, Untereiner & Sauber LLP, Washington, D.C., for Plaintiffs-Appellees Aurelius Capital Master, Ltd., ACP Master, Ltd., Blue Angel Capital I LLC, and Aurelius Opportunities Master Fund II, LLC.

Jonathan I. Blackman (Carmine D. Boccuzzi, Ezequiel Sanchez-Herrera, Sara A. Sanchez, Michael M. Brennan, on the brief), Cleary Gottlieb Steen & Hamilton LLP, New York, N.Y., for Defendant-Appellant the Republic of Argentina.

James C. Martin (Colin E. Wrabley, on the brief), Reed Smith LLP, Pittsburg, Penn.; Eric A Schaffer, Reed Smith LLP, New York, N.Y., for Non-Party Appellant The Bank of New York Mellon, as Indenture Trustee.

David Boies (David A. Barrett, Nicholas A. Gravante, Jr., Steven I. Froot, on the brief), Boies, Schiller & Flexner LLP, New York, N.Y.; Sean F. O'Shea, Michael E. Petrella, Daniel M. Hibshoosh, O'Shea Partners LLP, New York, N.Y., for Non-Party Appellants the Exchange Bondholder Group.

William F. Dahill, Wollmuth Maher & Deutsch LLP, New York, N.Y., for Non-Party Appellant Fintech Advisory Inc.

Christopher J. Clark, Craig A. Batchelor, Michael E. Bern, Latham & Watkins, LLP, New York, N.Y., for Intervenors Euro Bondholders.

Bruce Bennett, James O. Johnston, Beong-Soo Kim, Jones Day, Los Angeles, Cal.; Meir Feder, Jones Day, New York, N.Y., for Intervenor ICE Canyon LLC.

David W. Rivkin, Suzanne M. Grosso, Debevoise & Plimpton LLP, New York, N.Y., for Amicus Curiae EM Ltd., in support of Plaintiffs-Appellees.

Ronald Mann, Esq., New York, N.Y., Amicus Curiae pro se, in support of Plaintiffs-Appellees.

Jack L. Goldsmith III, Cambridge, Mass.; Judd B. Grossman, Grossman LLP, New York, N.Y., for Amici Curiae Montreux Partners, L.P. and Wilton Capital, in support of Plaintiffs-Appellees.

Richard A. Samp, Cory L. Andrews, Washington Legal Foundation, Washington, D.C., for Amicus Curiae the Washington Legal Foundation, in support of Plaintiffs-Appellees.

Kevin S. Reed, Quinn Emanuel Urquhart & Sullivan, LLP, New York, N.Y., for Amicus Curiae Prof. Kenneth W. Dam, in support of Plaintiffs-Appellees.

Anthony J. Costantini, Rudolph J. Di Massa, Jr., Suzan Jo, Mary C. Pennisi, Duane Morris LLP, New York, N.Y., for Duane Morris Individual Plaintiffs-Appellees.

Paul Saltzman, Joseph R. Alexander, The Clearing House Association L.L.C., New York, N.Y.; H. Rodgin Cohen, Michael M. Wiseman, Sergio J. Galvis, Joseph E. Neuhaus, Michael J. Ushkow, Jared P. Roscoe, Sullivan & Cromwell LLP, New York, N.Y., for Amicus Curiae The Clearing House Association L.L.C., in support of Defendant-Appellant.

Eugenio A. Bruno, Estudio Garrido, Buenos Aires, Argentina; M. Darren Traub, Akerman Senterfitt, LLP, New York, N.Y. for Amicus Curiae Alfonso Prat-Gay, in support of Defendant-Appellant.

Edward Scarvalone, Doar Rieck Kaley & Mack, New York, N.Y., for Amicus Curiae Prof. Anne Krueger, in support of Defendant-Appellant.

Paul T. Shoemaker, Greenfield Stein & Senior LLP, New York, N.Y., for Amicus Curiae Euroclear Bank SA/NV, in support of Defendant-Appellant.

Marco E. Schnabl, Timothy G. Nelson, Skadden, Arps, Slate, Meagher & Flom LLP, New York, N.Y., for Amicus Curiae Puente Hnos. Sociedad de Bolsa S.A., in ...


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