Argentina Asks Court to Delay Asset Seizure for $16.1 Billion Award
The $16.1 billion award in the Argentina YPF case stands out as one of the biggest events in the litigation finance world in recent memory. However, the process of actually recovering the award is proving predictably difficult, with Argentina continuing to seek court ordered holds on any asset seizure. Reporting by Reuters provides an update on the latest developments in the ongoing efforts by Burford Capital to enforce and collect on the $16.1 billion judgement in the YPF case, whilst Argentine explores every avenue to delay the process. The article details Argentina’s filing this Monday in a New York federal court, asking the judge to delay asset seizure efforts which Burford had planned to begin on Wednesday. In its filing, Argentina argued that, as the judgement was only handed down four months ago and their appeal is still underway, the planned asset seizure was “unnecessary and premature”. The filing also cited the “extraordinary and unique circumstances” of the multi-billion dollar award, with the Argentine government having already stressed the challenge of paying such a large sum. As LFJ recently reported, Argentina's new president, Javier Milei has suggested that the government could create a perpetual bond to cover the cost. The Reuters article highlights that Judge Preska has ‘agreed not to enforce her Sept. 15, 2023, judgement until the earlier of Argentina's failure to pledge assets by Jan. 10 or seek an expedited appeal by Jan. 30.’ However, as recently as last week, Burford Capital reemphasized that it was intent on pursuing collection immediately, stating that Argentina “made clear that it does not intend to post the minimal security required to continue the (stay) pending appeal, much less pay the judgement.”