Skip to main content

NML v. Argentina: Some Links

That graph comes from nine years ago, a Brad DeLong post on Argentina's interest rate spreads from four to six years before that. It's a neat reminder of how long the controversy over these bonds has been simmering along.

Here is the recent Supreme Court decision on the litigation/discovery question.

slip opinion

Noah Freeman, of Bloomberg, offers his opinion that the near-simultaneous decision of the Supreme Court to refuse to hear opinions on the merits of the lower court orders  is "legally surprising, financially worrisome, and internationally questionable."

Lyle Denniston of SCOTUSblog has this to say: No relief for Argentina.

JURIST of the Un. of Pittsburgh School of Law, offered a simple two-paragraph statement.

THE NEW YORK TIMES goes further, emphasizing for example the Republic of Argentina's statements that it would :"try to comply but that another default would be a possibility given the overall sums at stake for all holdout bondholders." Byline to Adam Liptak.

Here is Bloomberg News' full dossier on Paul Singer, the man behind NML.

Adam Levitin of the indispensable blog Credit Slips, discusses where matters might go from here.

He's working in part from language in the Prospectus Supplement, which you can read for yourself here. [Warning, it's 374 pages of legalese.]

The BBC has posted this.


Popular posts from this blog

England as a Raft?

In a lecture delivered in 1880, William James asked rhetorically, "Would England ... be the drifting raft she is now in European affairs if a Frederic the Great had inherited her throne instead of a Victoria, and if Messrs Bentham, Mill, Cobden, and Bright had all been born in Prussia?"

Beneath that, in a collection of such lectures later published under James' direction, was placed the footnote, "The reader will remember when this was written."

The suggestion of the bit about Bentham, Mill, etc. is that the utilitarians as a school helped render England ineffective as a European power, a drifting raft.

The footnote was added in 1897. So either James is suggesting that the baleful influence of Bentham, Mill etc wore off in the meantime or that he had over-estimated it.

Let's unpack this a bit.  What was happening in the period before 1880 that made England seem a drifting raft in European affairs, to a friendly though foreign observer (to the older brother…

Cancer Breakthrough

Hopeful news in recent days about an old and dear desideratum: a cure for cancer. Or at least for a cancer, and a nasty one at that.

The news comes about because investors in GlaxoSmithKline are greedy for profits, and has already inspired a bit of deregulation to boot. 

The FDA has paved the road for a speedy review of a new BCMA drug for multiple myeloma, essentially cancer of the bone marrow. This means that the US govt has removed some of the hurdles that would otherwise (by decision of the same govt) face a company trying to proceed with these trials expeditiously. 

This has been done because the Phase I clinical trial results have been very promising. The report I've seen indicates that details of these results will be shared with the world on Dec. 11 at the annual meeting of the American Society of Hematology. 

The European Medicines Agency has also given priority treatment to the drug in question. 

GSK's website identifies the drug at issue as "GSK2857916," althou…

Francesco Orsi

I thought briefly that I had found a contemporary philosopher whose views on ethics and meta-ethics checked all four key boxes. An ally all down the line.

The four, as regular readers of this blog may remember, are: cognitivism, intuitionism, consequentialism, pluralism. These represent the views that, respectively: some ethical judgments constitute knowledge; one important source for this knowledge consists of quasi-sensory non-inferential primary recognitions ("intuitions"); the right is logically dependent upon the good; and there exists an irreducible plurality of good.

Francesco Orsi seemed to believe all of these propositions. Here's his website and a link to one relevant paper:

What was better: Orsi is a young man. Born in 1980. A damned child! Has no memories of the age of disco!

So I emailed him asking if I was right that he believed all of those things. His answer: three out of …