Simpson Thacher Achieves Favorable Ruling for Aurelius Capital Master, Aurelius Capital Partners and Blue Angel Capital
On December 11, 2008, Judge Thomas P. Griesa of the U.S. District Court for the Southern District of New York issued a groundbreaking opinion in favor of Firm clients Aurelius Capital Master, Aurelius Capital Partners, and Blue Angel Capital, holding that Argentine pension assets held in the United States that the Republic recently passed legislation to nationalize and transfer from private management to government control can be executed upon to satisfy outstanding judgments held by STB's clients against the Republic. STB's clients hold judgments in excess of $550 million based on Argentina's defaulted bond obligations. Restraining notices had been issued in favor of STB's clients pending passage of the Argentine legislation which recently transferred the pension assets from private fund managers to Argentina's national social security administration. In its 40-page opinion, the Court rejected the Republic's arguments under the Foreign Sovereign Immunities Act that the pension assets were immune from judgment enforcement in the United States.
The Simpson Thacher team consists of Barry Ostrager, Tyler Robinson, David Elbaum, Laura Murphy, Kim Hamm, Emily Kimball, Chantale Fiebig, Erin Bradrick, and Jennifer Gomez, with valuable assistance from paralegal Cyrena Terricone.
The opinion can be found by clicking link below.