Press
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2020-06-18
Garrido helps Space AI create Blockchain-based energy network
Estudio Garrido has advised Space AI on the creation of a Blockchain-based network providing renewable energy and energy services in California. -
2020-02-19
Garrido advises GeneSeas on Tropical Aquaculture acquisition
Argentinian law firm Estudio Garrido has advised Brazilian fish producer GeneSeas Holdings on its purchase of Tropical Aquaculture Products, a US fish distributor. -
2019-10-05
Estudio Garrido advised Taringa! in its sale to IOV Labs
IOVLabs, the creator of the RSK Bitcoin platform and the RIF token, executed the acquisition of Taringa, the argentine social network with 30 million users. -
2019-05-24
Garrido counsels Alef Biotechnology on Ingens acquisition
Estudio Garrido has advised Alef Biotechnology Argentina on its acquisition of Laboratorio Ingens, as Alef seeks to expand its business in the South American Country. -
2019-05-23
Estudio Garrido advised L Catterton in its investment in Luigi Bosca
Bodega Luigi Bosca, one of the oldest and most renowned wineries in Argentina, has received a significant strategic investment from L Catterton, the largest and most global consumer-focused private equity firm.2019-05-13
Estudio Garrido advises B2B platform Extendeal on $1m investment round
Argentinian law firm Estudio Garrido has advised B2B platform Extendeal on the closing of a $1 million bridge investment round.2019-04-17
Estudio Garrido advised L Catterton in its investment in Susana Balbo
Estudio Garrido advised L Catterton in its investment in the well known winery Susana Balbo.
2019-04-02
Estudio Garrido advised New American Oil S.A. in the acquisition of Medanito S.A.’s Pump stations in Challaco
2019-02-21
Orange Equity Partners’ Acquisition of 5% stake in Argentina’s Rofex exchange
Estudio Garrido advised Orange Equity Partners in the acquisition of a 5% stake in Argentine futures exchange Rofex SA for about $10 million.2018-12-03
Estudio Garrido advises CryoHoldco on Biocells purchase
Argentinian law firm Estudio Garrido has advised CryoHoldco de Latinoamérica on the purchase of 100 per cent of local stem cell bank Biocells.At the US Supreme Court, hedge funds stepped forward
After the face to face meeting between Argentina and the hedge funds at the US Supreme Court, the big question is what could happen from now on.
During the hearing on Monday there was no clear winner. And it is expected that the decision of the Court will agree in part with the hedge funds and in part with Argentina. But the hedge funds are in a better position than Argentina, ¿why?
The judges made clear that they are open to what NML, a hedge fund leading the case against Argentina, could require to the National Argentine Bank and to Bank of America regarding the location of assets that Argentina has in foreign countries. This means that the hedge funds went forward in their efforts to obtain argentine assets for other court decisions beneficial for them.
However, our country obtained that the judges do not disregard the establishment of restrictions. Military and diplomatic assets as well as assets related with national security would be excluded from the "discovery". It is not clear also whether the Court will authorize the hedge funds to search for information about argentine assets worldwide or only in the US.
During the hearing, the U.S. support for Argentina s position did not help much. The representative of the Attorney General Edwin Kneedler was not well prepared for the interrogation to which he was subjected. It will be the first time a court rules against the opinion of the United States. In the case of Argentina it would be the third time.
The Supreme Court should announce its decision in June, before the summer recess. That would end a chapter of the long fight between Argentina and the hedge funds although it is possible for the Court to send the case to the Court of Appeals which would delay the outcome.
The hearing did not give many clues as to whether the Court will give rise to the main issue, the so called pari passu, ie equal treatment to creditors, which is still pending. But judging by the way they prepared for the hearing on Monday and the questions they asked the lawyer, it appears that the judges are interested in the subject.
The Supreme Court should announce what it will do with the case of pari passu also in June. There are three options: it takes the case, does not take the case or asks the opinion of the United States Government and kicks the decision for later. If the US Court asks for the opinion of U.S. Attorney General Donald Verrilli can take up to six months to respond. This would delay the final outcome for 2015.
Given that the clause Rufo (acronym in English) expires at the end of 2014, Argentina may decide to agree with the hedge funds out of court. There are still several proposals in play. While Gramercy and Manzano were discarded by the hedge funds, there is one that still stands. It is the one from Estudio Garrido and a foreign bank.
Source: www.clarin.com
