Opinion
03 Civ. 4693 (TPG).
August 29, 2006
OPINION
Plaintiffs are the beneficial owners of certain bond indebtedness issued by defendant The Republic of Argentina. The Republic defaulted on such indebtedness in December 2001 during a profound fiscal crisis. Plaintiffs are suing to recover amounts due to them as a result of the default and have moved for summary judgment.
The motions are granted.
FACTS
The bond indebtedness at issue is governed by one of three agreements: (1) a Fiscal Agency Agreement dated October 19, 1994 (the "1994 FAA"), (2) a Fiscal Agency Agreement dated December 10, 1993 (the "1993 FAA"), and (3) a Floating Rate and Bond Exchange Agreement dated December 6, 1992 (the "FRB Agreement"). The 1994 FAA is the same agreement that governed the bond indebtedness on which this court granted summary judgment to the plaintiffs in Lightwater Corporation Ltd. v. Republic of Argentina, No. 02 Civ. 3804, 2003 WL 1878420 (S.D.N.Y. Apr. 14, 2003). Section 22 of the 1994 FAA, Section 20 of the 1993 FAA, and Section 6.07 of the FRB Agreement state that the Republic waives sovereign immunity and consents to jurisdiction in any state or federal court in the borough of Manhattan in the City of New York. All three agreements provide that the Republic's obligations on the bonds are unconditional and that failure to make 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 moratorium on 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 events occurs,
each holder of Securities and such Series may by such notice in writing declare the principal amount of Securities of such Series held by it to be due and payable immediately. . . .
The 1993 FAA contains similar language.
The FRB Agreement permits acceleration of principal only by holders of at least 25% in aggregate of the outstanding principal amount of the bonds under each agreement.
On December 24, 2001 the Republic declared a moratorium on payments of principal and interest on the external debt of the Republic. The court refers to its previous opinions for a description of the circumstances of these defaults. Lightwater, 2003 WL 1878420, at *2; Applestein v. Republic of Argentina, No. 02 Civ. 1773, 2003 WL 1990206, at *1 (S.D.N.Y. Apr. 29, 2003). On June 10, 2003, plaintiffs sent notices to Bankers Trust Company, the Fiscal Agent of The Republic of Argentina, declaring the principal amounts of the debt securities governed by the 1994 FAA and 1993 FAA held by plaintiff 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 plaintiff.
The court notes the distinction between bonds and beneficial interests. In some previous opinions, the court has simply referred to the plaintiffs as owners of "bonds," when in fact plaintiffs are technically owners of "beneficial interests in bonds." The Republic actually issues "a bond" to a depository. The depository, in some form, issues "participations" to brokers, who sell "beneficial interests" to purchasers. These beneficial interests are identified by reference to the underlying bond (CUSIP or ISIN number or both; date of issuance and maturity; rate of interest) and the principal amount of the beneficial interest. This distinction is discussed more fully in Million Air Corp. v. Republic of Argentina, No. 04 Civ. 1048, 2005 U.S. Dist. LEXIS 23904 (S.D.N.Y. Oct. 17, 2005).
The following tables contain the necessary identifying information regarding each plaintiff's beneficial interests in bonds.
Table 1.
Plaintiff Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: : Bradford Promotions, S.A. U.S. $ 453,000.00 CUSIP No. 040114AR1; ISIN No. US040114AR16 January 30, 1997. January 30, 2017. 11.375 % Prior to April 29, 2003. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement from Bear Stearns Securities Corp. dated June 30, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 2.
Plaintiff Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: : Bradford Promotions, S.A. U.S. $ 110,000.00 CUSIP No. 040114AN0; ISIN No. US040114AN02 September 10, 1996. September 10, 2006. 11 % Prior to April 29, 2003. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement from Bear Stearns Securities Corp. dated June 30, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 3.
Plaintiff Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: : Bradford Promotions, S.A. U.S. $ 105,000.00 CUSIP No. P04981CE7; ISIN No. XS0043120582 March 31, 1993 March 29, 2005. Floating Interest Rate. Prior to April 29, 2003. N/A. FRB Agreement dated December 6, 1992. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement from Bear Stearns Securities Corp. dated June 30, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 4.
Plaintiff Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: : Hamburg Consulting Inc. U.S. $ 350,000.00 CUSIP No. P04981CE7; ISIN No. XS0043120582 March 31, 1993 March 29, 2005. Floating Interest Rate. Prior to April 18, 2003. N/A. FRB Agreement dated December 6, 1992. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement from Bear Stearns Securities Corp. dated June 30, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 5.
Plaintiff Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: : Hamburg Consulting Inc. U.S. $ 250,000.00 CUSIP No. 040114AN0; ISIN No. US040114AN02 September 10, 1996. September 10, 2006. 11 % Prior to April 18, 2003. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement from Bear Stearns Securities Corp. dated June 30, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 6.
Plaintiff Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: : Hamburg Consulting Inc. U.S. $ 30,000.00 CUSIP No. 040114GF1; ISIN No. US040114GF14 December 19, 2001. December 19, 2008 7 % Prior to April 18, 2003. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement from Bear Stearns Securities Corp. dated June 30, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 7.
Plaintiff Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: : Hamburg Consulting Inc. U.S. $ 348,000.00 CUSIP No. 040114AR1; ISIN No. US040114AR16 January 30, 1997. January 30, 2017 11.375 % Prior to April 18, 2003. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement from Bear Stearns Securities Corp. dated June 30, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 8.
Plaintiff Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: : Hamburg Consulting Inc. U.S. $ 110,000.00 CUSIP No. 040114AV2; ISIN No. US040114AV28 September 19, 1997. September 19, 2027 9.75 % Prior to April 18, 2003. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement from Bear Stearns Securities Corp. dated June 30, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 9.
Plaintiff Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: : Raimondo Iallonardo U.S. $ 300,000.00 CUSIP No. 040114AZ3; ISIN No. US04114AZ32 December 4, 1998. December 4, 2005. 11% On or about March 25, 2003 and April 16, 2003. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement from Credit Suisse Private Banking dated November 1, 2003. (Account Statements; Letters; Notarized Statements, etc.)Table 10.
Plaintiff Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: : Raimondo Iallonardo U.S. $ 90,000.00 CUSIP No. 040114AH3; ISIN No. US040114AH34 December 20, 1993. December 20, 2003. 8.375% On or about September 11, 1997 and July 21, 2000. Notice sent June 10, 2003. FAA dated December 10, 1993. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement from Credit Suisse Private Banking dated November 1, 2003. (Account Statements; Letters; Notarized Statements, etc.)Table 11.
Plaintiff Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: : Giovanni Carlotta U.S. $ 100,000.00 CUSIP No. 040114FC9; ISIN No. US040114FC91 None given. March 15, 2010. 11.375% On or about March 14, 2003. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement from Banca di Roma dated March 22, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 12.
Plaintiff Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: : Giovanni Carlotta U.S. $ 55,000.00 CUSIP No. 040114AZ3; ISIN No. US04114AZ32 December 4, 1998. December 4, 2005. 11% On or about March 14, 2003. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement from Banca di Roma dated March 22, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 13.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: Pierino Gustavo Garrafa : U.S. $ 592,000.00 CUSIP No. 040114AR1; ISIN No. US040114AR16 January 30, 1997. January 30, 2017. 11.375% Between March 11, 1999 and December 18, 2001. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Letter from Banco de la Provincia de Buenos Aires dated April 1, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 14.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: Carlos Jesus Sendin and Paola Signori de Sendin : U.S. $ 123,000.00 CUSIP No. 040114AR1; ISIN No. US040114AR16 January 30, 1997. January 30, 2017. 11.375% Between September 9, 1998 and December 1, 2000. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statements from ABN Amro dated November 7, 2003. (Account Statements; Letters; Notarized Statements, etc.)Table 15.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: Eduardo Gibson : U.S. $ 140,000.00 CUSIP No. 040114AR1; ISIN No. US040114AR16 January 30, 1997. January 30, 2017. 11.375% On or about December 10, 2001. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Certification from Wachovia Securities dated November 5, 2003. (Account Statements; Letters; Notarized Statements, etc.)Table 16.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: Francisco Oscar Basso : U.S. $ 220,000.00 CUSIP No. 040114AR1; ISIN No. US040114AR16 January 30, 1997. January 30, 2017. 11.375% On or about June 16, 1999. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement from Caja de Valores dated September 30, 2003. (Account Statements; Letters; Notarized Statements, etc.)Table 17.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: Franca M. Antonione and Carla Esperanza : Antonione U.S. $ 78,000.00 CUSIP No. 040114AN0; ISIN No. US040114AN02 September 10, 1996. September 10, 2006. 11% On or about November 14, 2000. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Certification from Caja de Valores dated November 14, 2003. (Account Statements; Letters; Notarized Statements, etc.)Table 18.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: : Florencio Perez and Ana Elvira Chovan : U.S. $ 67,000.00 CUSIP No. 040114GD6; ISIN No. US040114GD65 February 21, 2001 February 21, 2012 12.375% On or about June 22, 2001. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Certification from Caja de Valores dated May 3, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 19.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: Juan Carlos Vincente Greco and Cecilia del : Carmen Calderone U.S. $ 78,000.00 CUSIP No. 040114AR1; ISIN No. US040114AR16 January 30, 1997. January 30, 2017. 11.375% Between July 14, 2000 and March 12, 2001. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Certification from Caja de Valores dated April 30, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 20.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: Myrian Cleriz Martin : U.S. $ 23,000.00 CUSIP No. 040114FC9; ISIN No. US040114FC91 None given. March 15, 2010. 11.375% On or about September 13, 2000 Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement from Caja de Valores dated September 30, 2003. (Account Statements; Letters; Notarized Statements, etc.)Table 21.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: Myrian Cleriz Martin : U.S. $ 25,000.00 CUSIP No. 040114GA2; ISIN No. US040114GA27 June 15, 2000 June 15, 2015 11.75 % On or about September 13, 2000 Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement from Caja de Valores dated September 30, 2003. (Account Statements; Letters; Notarized Statements, etc.)Table 22.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: Myrian Cleriz Martin : U.S. $ 23,000.00 CUSIP No. 040114AR1; ISIN No. US040114AR16 January 30, 1997. January 30, 2017 11.375 % On or about September 13, 2000 Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement from Caja de Valores dated September 30, 2003. (Account Statements; Letters; Notarized Statements, etc.)Table 23.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: Ramon Oscar Zubielqui, Hernan Ramiro Zubielqui : and Maria Florencia Zubielqui U.S. $ 55,000.00 CUSIP No. 040114AN0; ISIN No. US040114AN02 September 10, 1996. September 10, 2006. 11 % Between January 5, 2001 and July 20, 2001. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Certificate from Caja de Valores dated May 5, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 24.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: Eduardo Andres Franceschi : U.S. $ 11,000.00 CUSIP No. 040114AR1; ISIN No. US040114AR16 January 30, 1997. January 30, 2017. 11.375 % On or about August 24, 2000. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement from Caja de Valores dated September 30, 2003. (Account Statements; Letters; Notarized Statements, etc.)Table 25.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: Gellxon Corp. S.A. : U.S. $ 400,000.00 CUSIP No. 040114AH3; ISIN No. US040114AH34 December 20, 1993. December 20, 2003. 8.375 % On or about June 8, 1999. Notice sent on June 10, 2003. FAA dated December 10, 1993. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement from Banca Bibao Vizcaya Argentaria dated May 31, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 26.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: Enrique Cohen and Sara Noemi Cohen : U.S. $ 105,000.00 CUSIP No. 040114GF1; ISIN No. US040114GF14 December 19, 2001. December 19, 2008 7 % On or about September 28, 1999. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement from Citicorp Financial Services Corp. dated May 20, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 27.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: Maria Isabel Berraondo : U.S. $ 65,000.00 CUSIP No. 040114AR1; ISIN No. US040114AR16 January 30, 1997. January 30, 2017 11.375% Between June 11, 2002 and July 3, 2002. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Certification from Caja de Velores dated May 26, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 28.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: Graciela M. Zubasti : U.S. $ 110,000.00 CUSIP No. 040114FC9; ISIN No. US040114FC91 March 15, 2000. March 15, 2010. 11.375% Between March 1, 2000 and March 30, 2000. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement Citicorp Financial Services Corporation dated March 31, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 29.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: Marcelo Hernan Beloqui : U.S. $ 55,000.00 CUSIP No. 040114AZ3; ISIN No. US04114AZ32 December 4, 1998. December 4, 2005. 11% On or about June 21, 2001. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement from Smith Barney Citigroup dated March 28, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 30.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: Marcelo Hernan Beloqui : U.S. $ 70,000.00 CUSIP No. 040114GF1; ISIN No. US040114GF14 December 19, 2001. December 19, 2008. 7 % On or about June 21, 2001. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Account statement from Smith Barney Citigroup dated March 28, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 31.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: Adolfo Sanchez Blanco and Liliana Calvo : U.S. $ 40,000.00 CUSIP No. 040114AH3; ISIN No. US040114AH34 December 20, 1993. December 20, 2003. 8.375 % On or about November 15, 2000. Notice sent June 10, 2003. FAA dated December 10, 1993. (FAA; Indenture; Offering Prospectus; Certifications, etc.) — Letter from BankBoston dated November 5, 2003. (Account Statements; Letters; Notarized Statements, etc.)Table 32.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: Rafael Antonio Salamanca and Silvina Maria del : Valle Marchiori U.S. $ 130,000.00 CUSIP No. P04981CF4; ISIN No. XS0043120236 March 31, 1993 March 29, 2005. Floating Interest Rate. On or about October 7 and 8, 1999. N/A. FRB Agreement dated December 6, 1992. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Certification from Caja de Valores dated May 5, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 33.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: Livio Ramon Mazzola : U.S. $ 110,000.00 CUSIP No. 040114BC3; ISIN No. US040114BC38 Not provided. February 25, 2019. 12.125% Not provided. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Caja de Valores dated March 31, 2004. (Account Statements; Letters; Notarized Statements, etc.)Table 34.
Plaintiff Bond Holder or Beneficial Owner Face Value: CUSIP No., ISIN No., BB No.: Date Of Issuance: Date Of Maturity: Interest Rate/Payable: Date Of Purchase: Acceleration: Contract Documents: Evidence of Ownership Proffered: Livio Ramon Mazzola : U.S. $ 176,000.00 CUSIP No. 040114GA2; ISIN No. US040114GA27 June 15, 2000 June 15, 2015 11.75% Not provided. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Caja de Valores dated March 31, 2004. (Account Statements; Letters; Notarized Statements, etc.)DISCUSSION
This Court has already granted summary judgment in other cases to plaintiffs seeking to collect on the Republic's defaulted bonds issued under the 1994 FAA, the 1993 FAA and the FRB Agreement. This has occurred in Lightwater, supra, Mazzini v. Republic of Argentina, No. 03 Civ. 8120, 2005 U.S. Dist. LEXIS 5692 (S.D.N.Y. Mar. 31, 2005), and other cases. Only certain specific issues need to be discussed in connection with the present motion.Standing and Proof of Ownership
In the two opinions in Fontana v. Republic of Argentina, 415 F.3d 238 (2d Cir. 2005), and Applestein v. Province of Buenos Aires, 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 registered holder of the bond before it may sue, but that such authorization may be granted subsequent to the filing of a lawsuit. Alternatively, the Republic may waive the authorization requirement.
The Republic has agreed to waive objections based on lack of authorization where the court makes a finding of current ownership. See Transcript, March 28, 2006, Cilli v. Republic of Argentina (04 Civ. 6594).
Here, plaintiffs have adequately demonstrated through their account statements that owned the beneficial interests as of various dates in 2003 and 2004. There is no evidence of any change of ownership thereafter.
CONCLUSION
The motions for summary judgment are granted. Judgment will be entered for the principal amount of the bonds issued under the 1993 FAA and 1994 FAA plus accrued interest. With respect to the bonds issued under the FRB Agreement, judgment will be entered for any payments on those bonds that are due and unpaid as of the time of judgment.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 on those subjects, they shall jointly submit an agreed proposed judgment to the court. If the Republic and any plaintiff are unable to reach agreement on those subjects, that plaintiff shall submit a proposed judgment to the court, and the Republic shall submit any objections to that plaintiff's proposed judgment within five business days thereafter. The court will then resolve any remaining disagreements.
SO ORDERED.