You can stop holding your breath now. Two months after Argentina announced the results of its exchange offer, the Second Circuit Court of Appeals in New York finally allowed it to go ahead, unencumbered by attachment proceedings from vulture funds.
The court’s decision came in the wake of hundreds of pages of dense legal argument from any number of interested parties. Among them were the Republic of Argentina; bondholders seeking the money they’re contractually entitled to; other bondholders seeking the bonds they expected from the exchange; and third parties such as the Clearing House Association.
The final judgment was just three pages long.
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