“The rights of the plaintiffs cannot be suspended pending geopolitical developments that may or may not happen, and for which the courts do not have the tools to evaluate,” US District Judge Analisa Torres ruled on Wednesday 30th of September in favor of Pharo Management and Casa Express Corp. Venezuela would have to pay $390.7m to the two holders of its defaulted bonds, these are the first cases where bondholders got granted motion for summary judgement. Contrarian should also get its motion granted soon on the same grounds (it filed in the same court with the same judge) and by summing those three cases we should be close to circa $1bn award for bondholders. Main arguments from Judge Analisa Torres are: 1/OFAC doesn’t bar from entering judgement 2/Even if the Guaido’s interim government doesn’t have the financial resources to settle its debt that’s not a reason to stay the case 3/We don’t know if a restructuring will happen, if it does we don’t know when, we don’t know how etc… Too many unknowns to justify a stay.
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