Melconian vs Rep Arg

7/25/2019 Melconian vs Rep Arg

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Case 1:07-cv-10656-TPG Document 47 Filed 02/06/09 Page 1 of 18

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Marc

S.

Dreier MD-9713)

Joel

A.

Chernov JC-8789

ReginaM. Alter RA-7014

DREIER

LLP

499 Park Avenue

New

York, NewYork 10022

212

328-6100

SDCSDNY

DOCUMENI

ELECIEE.t3aE*1{3zfi; ,LY

FILED

DOC

M

1

DATE

FILED:

la

II0rney.s _

for 1lc1inIi[f

UNITEDSTATES

DISTRICT COURT

SOUTHERNDISTRICTOF

NEWYORK

______________________________________________________________________ __X

MICHAEL IIEEB, et al.,

07 CV 10656

TPG

against

IIE REPUBLICOF ARGENTINA,


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to the

plaintiffs

in

Lightwater

CgporationLtd. v.

e public ofArgentina, No.

02Civ.

3804,

2003

WL 1878420

.D.N.Y.

Apr.

14,

2003).

Section 22 of

the

1994 FAA, Section

6.07

of

the FRB

Agreement, Section 16 of the DPB FAA and Section 20 of the 1993 FAA,

state

that the Republic

waives sovereign immunity and consents to jurisdiction in any state or federal court

in the

borough of

Manhattan in

theCity of

NewYork.

All four

agreements

provide that the

Republics

obligations on the bonds areunconditional and that failure tomake any

payment

of principal

or

interest for

30

days after the applicable

payment

date

constitutes

an event of default. A

declaration by

the

Republic

of

a moratoriumon

the

payment

of

principal or interest

on its

public

external indebtedness is an event of default as well. Paragraph 12 of the 1994 FAA provides for

acceleration of principal if there is

a

failure

to

pay interest or a moratorium. If either of these


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Further, in or about February 13, 2007, pursuant to Section 10 e)

of

the Form

of

Discount Bond

and Par Bond

which

is

annexed

as Exhibit

to

the Collateralized Discount

Bond

and Par Bond

Exchange Agreement, dated as of December 6, 1992 the

1992

Bond Form), the Fiscal Agent

communicated

to the

holders

of

the DPB Bonds that

the

Fiscal Agent received written

communication from

the

holders of more than 25 of

the

principal amount outstanding of

the

DPB Bonds

and have

declared all

oftheDPB

Bonds

to

be immediately

due and

payable.

The bonds that are

the

subject of this action are listed hereafter. Also listed are the

amounts of the

beneficial

interests owned

by

each plaintiffl

The

following tables contain

the

necessary identifying

information

regarding each

plaintiff s

beneficial interests in bonds.


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Table

l.

\\

Plaintiff Bond Holder or MICHAEL

HEEB

Beneficial

Owner:

Face

Value: US. 20,000

C U S IP N o lS lN N o

|

l S l N N o

U S O 4 0 1 l 4 A H 3 4

__|

Date

Oflssuance: December

20, 1993

-4

Date

OfMaturitx: December 20,

2003

Interest Rate/Payable: 8.375

Date

OfPurchase:

Before

December

31, 2001

__p


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Table2.

P l a i n t i f f

B o n d H o ld e r

o r i f

R O B E R T O C L U D I O

P I T R O N C I

E L L E

Beneficial Owner:

Face

Value:

US. 15,000

CUS lP

N o lSlN

No

B B

_ i

lSlN N o US040114AR16

: _|

DateOflssuance: January

30, 1997

DateOfMaturity:

January

30 2017

__l

lnterest Rate/Payable:

11.375

Date

OfPurchase:

Before

December 31,

2001


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Table 3.

P l a i n t i f f B o n d

H o l d e r o r A L B E R T O G U I L L E R M O

H l L L C O A T

a n d E L E N A _

Beneficial

Owner:

GRAClELA MARTINEZ

F a c e V a l u e :

U . S .

1 30 000

T

C U S I P

N 0 . l 1 S 1 N N o . B B l I S I N N o . U S 0 4 0 1 1 4 A R 1 6

I

D a t e O f l s s u a n c e z

J a n u a r y

3 0 1 9 9 7 _ l

DateOfMaturity: January 30 2017

Interest Rate/Payable:

1

1.375

DateOfPurchasc:

Before

December

31,

2001


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Table 4.

PlaintiffBond Holder or ENRIQUE SEBASTIANPALACIOMINETTI,

Beneficial

Owner: Sl:BASdlAN

JOl{Gl:

PALACIO and MARIA

ES

l Il:R l


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Table

5.

P l a i n t i f f

B o n d H o l d e r

o r |

E N R IQ U E S E B A S T lA N P A L A C I O M I N E T T I

Beneficial Owner: SEBASTIAN JORGE PALACIO

and

MARIA

ESTHERFERRER

F a c e

V a l u e : T U S 25 000

C U S I P

N o I S I N N o B B I S I N N o U S 4 l

l 4 B E 9 3

4 l

DateOflssuance: April 7

1999

DateOfMaturity:

April

7

2009

InterestRate/Payable:

l l

.750

Date

Of

Purchase: BetweenDecember

2001 and

May2002


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able 6

P l a i n t i f f B o n d

H o l d e r o r T I T E N R I Q U E S E B A S T I A N P A L A C I O M I N E T T I

Beneficial

Owner:

SEBASTIANJORGEPALACIO

and

MARIA

ESTHER

F

ERRER

FaceValue:

l

U.S. 275,000

CUSIPNo. ISINNo. BB

ISIN

No. US040114AR16

D a t e O 1

I s s u a n c e :

J a n u a r y 3 0 1 9 9 7

Date

OfMaturity: January 30,

2017

I n t e r e s t R a t e / P a y a b l e :

T

1 1 . 3 7 5

D a t e O f

P u r c h a s e :

jl

B e t w e e n

D e c e m b e r

2 1

a n d

M a y 2 2


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Table 7.

P l a i n t i f f

B o n d

H o l d e r o r

E N R I Q U E S E B A S T I A N P A L A C I O M I N E T T I

SEBASTIANJORGE

PALACIOand

MARIA

B f

1 :

S TH E R F ER RE R

FaceValue: U.S.

130,000

C U S I P N o ISlN N o lSlN N o X S 4 3 1

1 9 1 4 7

:1

N13

DateOf lssuance: March 31, 1993

Date

Of

Maturity: March

31, 2023

InterestRate/Payable: 6

*

1

Date

Of

Purchase:

Between

December 2001 andMay 2002


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Table

8

Pla in t if lBond Holder or A JU SA

_|

Beneficial

Owner:

O

F a c e

V a l u e : 4 l U S

1 , 1 9 7 , 0 0 0

r e m a i n i n g v a l u e 6 7 0 , 3 2 0 )

CUSIPNo.. ISINNo.. BB ISINNo. XS0043120236

DateOf Issuance: March 31,

1993

Date

O1Maturity: March

31, 2005

Interest

Rate/Payable: FloatingInterest

Rate

DateOfPurchase: June

2001


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Table

9.

[

... r 1

laintiff Bond

1-lolder

or

LASIMIRO

KORNAS

Bene fi cia l Ow ne r:

Face

Value: U.S.

169,000

CUSlPNo..1SlNNo. BB ISIN

No.

US040114AR16

.

Date

Oi lssuanee: January

30,

1997

DateOfMaturity: January

30,

2017

Interest Rate/Payable:

1.375

Date

OfPurchase: BeforeDecember

31, 2001


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Table 10

Plaintiff

B o n d

H o l d e r o r M I G U E L A L B E R T O

B A L E S T R I N I

a n d B I B I A N A A l

Beneficial Owner: DELLA

FLORA

:

FaceValue:

U.S.

300,000

CUS IP

N o I S IN N o

B B

TIS IN

N o

US 4 4AR 6

Date

Of

Issuance:

January

30, 1997

r

Date

Of

Maturity: January

30, 2017

InterestRate/Payable: 11 375

Date

Of

Purchase:

July

20,

1999


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Table 11

\ _

Plaintiff Bond Holder or CARLOSALBERTO

MELCONIAN

BeneficialOwner:

F a c e

V a l u e :

U . S .

1 2 5 0 0 0

C U S I P N o I S 1 N

N o B B _ i 1 S 1 N N o . U S 0 4 0 1 1 4 A R 1 6

Ne

DateOflssuance: January

30, 1997

DateOf

Maturity: January

30, 2017

InterestRate/Payable: 1 1 375

Date

OfPurchase:

Before

December 31, 2001


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Table

12

_|

laintiff Bond Holder or CARLOSALBERTOMBLCONIAN

Beneficial

Owner:

Face

Value: U.S.

647,268

l

CUSIPNo., ISINNo., BB ISIN

No.

US040114GF14

1 1

.1

Date

Of Issuance: June

19, 2001

DateOfMaturity:

December

19 2008

Interest Rate/Pavable:

7

/

15.5

_J _l

Date

Of

Purchase: BeforeDecember 31,

2001


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Table 13.

V

Plaintiff

Bond Holder or LIDIA FLORINDAPIOLI, ANALIDIA LEIVAS and

Beneficial

Owner:

JUAN DOMINGO BALFS lRELLl

___|

FaceValue: U.S. 140,000

CUSIPNo.,

lSlN No. BB

[SIN

No.

US0401l4GF14

NA:

:1

Date

Of Issuance: June 19,

2001

Date

Of

Maturity:

December 19, 2008

Interest Rate/Payable: 7 15.5

Date

OfPurchase:

November 28, 2001


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DISCUSSION

This Court

has already

granted

summary judgment in other

cases

to plaintiffs seeking to

collect

on the Repub1ics

defaulted bonds

issued under the

1994

FAA the 1993 FAA the FRB

Agreement and the DPB FAA. This has occurred in Lightwate_r_ supra_ Mazzini

v. Republic

of

Argentina, No. 03 Civ. 8120,

2005

W1 743090 S.D.NY. Mar. 31, 2005 , and other cases. Only

certainspecific

issues

need

to

bediscussed in connection with thepresentmotion.

Standing

and ProofofOwnership

the

two opinions in Fontana v. Republic

of

/ggentina, 415 F.3d 238

2d

Cir. 2005 ,

and

Applestein

v.

Provinceof BuenosAires, 415 F.3d

242 2d

Cir. 2005 , the Second Circuit has

held

that

an

owner of

a

beneficial interest, such

as

plaintiffs

here,

must receive authorization

from the re istered holder of the bond before it ma sue. but that such authorization ma be


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CONCLUSION

The motion for

summary

judgment is granted Judgmentwill be entered for the principal

amount of the bonds issued under the 1994 FAA the 1993 FAA the FRB Agreement and

the

DPB FAA plus accrued interest.

The parties

shall

consult with one another concerning the

form

of the judgment and the

amounts

of

interest that should

be

awarded

in the judgment. If the parties are able to

reach

agreement, they shall jointly submit an agreed

proposed

judgment tothe

Court

to be

entered

on

a

dateagreed to by the partiesupon consultation with Chambers. If the

parties

areunable to reach

agreement

on

those subjects, plaintiff

shall

submit a

proposed

judgment to

the Court, and the

Documents

Melconian vs Rep Arg