Mendoza defeated a vulture fund in a New York court

The good news came from the United States in the province of Mendoza. According to the prosecution, the Court of Appeals of the Second Circuit (Federal) ruled today in the case of Moshe Ajdler and endorsed the position of the representatives of Mendoza.

Specifically, he believes that "once the time period for the claim for capital due has expired, there is no longer any legal basis for claiming interest." In this way, a precedent is created that could benefit the Argentine Republic in the future in response to claims similar to those of Mendoza.

To understand the cause, it is necessary to go back to 2016. In August and November 2016, the province received two letters from Moshe's lawyer, Marcel Ajdler, stating that his client was a holder of bonds issued by the province in 1997 (eg Aconcagua Bonus 2007) that were not delivered in exchange for a principal amount of USD 7,050,000. In addition, he stated that he has the right to recover all the capital (capital) and interest accrued on the bonds. He also argued that he had at least the right to recover interest on the bonds over the past four years.

At first instance, the New York South District Court dismissed the claim as it was time-barred and could not claim any capital or interest for the obligations it owns. Specifically, they argued that the time to file the application had expired. Faced with this situation, the bondholder insisted on his claim, appealing the decision to the New York Court of Appeal.

More on this topic

To defend this international complaint, the Public Prosecutor, Fernando Simón, and the government ministers, Lisandro Nieri and Dalmiro Garay (now member of the Supreme Court) collaborated. Finally, on Thursday, the New York State Court of Appeals was informed of the province's decision that again gave way to Mendoza's motion and ended up burying the case. complaint of Ajdler.

In 1997, the Province issued $ 250 million in international debt ("Aconcagua Bond 2007"), with a single 10-year term, maturing in 2007, with interest payable on a half-yearly basis until the expiry date. In 2004, these securities were restructured through a swap transaction consisting mainly of a write-off of the bonds issued under the name "Bono Aconcagua 2007", in exchange for debt securities denominated "Bono Mendoza 2018".

The swap transaction peaked in 2008. However, there remains a remainder of unchanged securities corresponding to "Aconcagua Bono 2007" for an approximate amount of $ 10 million. It appeared Moshe Marcel Ajdler who in 2016 claimed his money plus interest. This Thursday, the Court specified that the deadlines for submitting the application were already due.

The decision is signed by Circuit Judges Rosmary Pooler, Reena Raggi and Christopher Droney, Chief Justice Robert Katzmann and Court Clerk Catherine O. Hagan Wolfe.