Etevob v. Republic of Argentina

Full title: SUSAN ETEVOB et al., Plaintiffs, v. THE REPUBLIC OF ARGENTINA and THE…

Court: United States District Court, S.D. New York

Date published: Jan 16, 2007

471 F. Supp. 2d 432 (S.D.N.Y. 2007)

Opinion

03 Civ. 1680 (TPG).

January 16, 2007.

Joel A. Chernov, Marc S. Dreier, Drier Baritz L.L.P., New York, NY, for plaintiffs.

Carmine D. Boccuzzi, JR., Jonathan I. Blackman, Cleary Gottlieb Steen Hamilton, LLP(NYC), New York, NY, for Republic of Argentina.

Jonathan I. Blackman, Geary Gottlieb Steen Hamilton, LLP(NYC), New York, NY, for Province of Buenos Aires.

AMENDED OPINION

GRIESA, District Judge.

Plaintiffs are the beneficial owners of certain bond indebtedness issued by defendants The Republic of Argentina and The Province of Buenos Aires (hereinafter referred to jointly as the "Republic"). 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 four 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"), (3) a Floating Rate and Bond Exchange Agreement dated December 6, 1992 (the "FRB Agreement"), and (4) an Indenture dated July 8, 1998 (the "1998 Indenture"). 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, Section 6.07 of the FRB Agreement and Section 113(c) of the Indenture 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 four 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 and the 1998 Indenture both permit 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 each 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.¹

1 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 plaintiffs beneficial interests in bonds. Table 1. 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: Table 2. 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: Table 3. 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: Table 4. 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: Table 5. 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: Table 6. 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: Table 7. 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: Table 8. 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: Table 9. 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: Table 10. 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: Table 11. 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: Table 12. 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: ² Contract Documents: Evidence of Ownership Proffered: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: Table 35. 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: Table 36. 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: Table 37. 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: Table 38. 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:

2 This beneficial interest was properly accelerated notwithstanding a typographical error in the notice of acceleration.

Marland International, S.A. U.S. $45,000.00 CUSIP No. 040114AZ3; ISIN No. US04114AZ32 December 4, 1998. December 4, 2005. 11% On or about November 14, 2002. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; FRB; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Wachovia Securities dated October 31, 2003. (Account Statements; Letters; Notarized Statements, etc.) Marland International, S.A. U.S. $400,000.00 CUSIP No. 040114AN0; ISIN No. US040114AN02 September 10, 1996. September 10, 2006. 11% On or about November 14, 2002. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; FRB; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Wachovia Securities dated October 31, 2003. (Account Statements; Letters; Notarized Statements, etc.) Marland International, S.A. U.S. $250,000.00 CUSIP No. 040114GD6; ISIN No. US040114GD65 February 21, 2001 February 21, 2012 12.375% On or about November 14, 2002. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; FRB; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Wachovia Securities dated October 31, 2003. (Account Statements; Letters; Notarized Statements, etc.) Marland International, S.A. U.S. $243,000.00 CUSIP No. 040114GA2; ISIN No. US040114GA27 June 15, 2000 June 15, 2015 11.75% On or about November 14, 2002. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; FRB; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Wachovia Securities dated October 31, 2003. (Account Statements; Letters; Notarized Statements, etc.) Marland International, S.A. U.S. $102,000.00 CUSIP No. P04981CE7R; ISIN No. XS0043120582 March 31, 1993 March 29, 2005. Floating Interest Rate. On or about November 14, 2002. N/A. FRB Agreement dated December 6, 1992. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Wachovia Securities dated October 31, 2003. (Account Statements; Letters; Notarized Statements, etc.) Susan Etevob U.S. $30,000.00 CUSIP No. 040114AV2; ISIN No. US040114AV28 September 19, 1997. September 19, 2027 9.75% Between January 20, 1998 and March 20, 2000. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Caja de Valores dated December 31, 2003. (Account Statements; Letters; Notarized Statements, etc.) Lis Carina Medina U.S. $51,000.00 CUSIP No. 040114AR1; ISIN No. US040114AR16 January 30, 1997. January 30, 2017 11.375% Between August 9, 2001 and October 12, 2001. 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.) Lis Carina Medina U.S. $95,000.00 CUSIP No. 040114GF1; ISIN No. US040114GF14 December 19, 2001. December 19, 2008 7% Between August 9, 2001 and October 12, 2001. 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.) Lis Carina Medina U.S. $30,000.00 CUSIP No. 040114GG9; ISIN No. US040114GG96 June 19, 2001. June 19, 2018. 12.25% Between August 9, 2001 and October 12, 2001. 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.) Lis Carina Medina U.S. $110,000.00 CUSIP No. 040114GH7; ISIN No. US040114GH79 None given. June 19, 2031. 12% Between August 9, 2001 and October 12, 2001. 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.) Juan Jose Rizzo and Claudia Aurora Sabatini Bartra U.S. $60,000.00 CUSIP No. P04981CF4; ISIN No. XS0043120236; BB No. 040998AD8 Not provided. March 31, 2005. Floating Interest Rate. On or about May 23, 2000. N/A. FRB Agreement dated December 6, 1992. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Citicorp Financial Services Corporation dated April 30, 2004. (Account Statements; Letters; Notarized Statements, etc.) Maria Alejandra Terra Risso U.S. $220,000.00 CUSIP No. 040114GF1; ISIN No. US040114GF14 December 19, 2001. December 19, 2008 7% Between August 1 and October 30, 2001. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Certicication from Caja de Valores dated May 17, 2004. (Account Statements; Letters; Notarized Statements, etc.) Golsun, S.A. U.S. $100,000.00 CUSIP No. 040114AH3; ISIN No. US040114AH34 December 20, 1993. December 20, 2003. 8.375% On or about November 10, 2000. Notice sent on June 10, 2003. FAA dated December 10, 1993. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Clariden Bank dated May 28, 2004. (Account Statements; Letters; Notarized Statements, etc.) Golsun, S.A. U.S. $100,000.00 CUSIP No. 040114AZ3; ISIN No. US04114AZ32 December 4, 1998. December 4, 2005. 11% On or about November 10, 2000. Notice sent on June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Clariden Bank dated May 28, 2004. (Account Statements; Letters; Notarized Statements, etc.) Golsun, S.A. U.S. $50,000.00 CUSIP No. 040114GF1; ISIN No. US04114GF14 December 19, 2001. December 19, 2008. 7% On or about August 2, 2001. Notice sent on June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Clariden Bank dated May 28, 2004. (Account Statements; Letters; Notarized Statements, etc.) Golsun, S.A. U.S. $100,000.00 CUSIP No. 11942XAA3; ISIN No. US11942XAA37 March 15, 1999. March 15, 2002. 12.5% On or about June 2000. Notice sent June 10, 2003. Indenture dated July 8, 1998. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Clariden Bank dated May 28, 2004. (Account Statements; Letters; Notarized Statements, etc.) Golsun, S.A. U.S. $100,000.00 CUSIP No. 11942XAP0; ISIN No. US11942XAP06 August 1, 2000. August 1, 2003. 12.5% On or about June 2000. Notice sent June 10, 2003. Indenture dated July 8, 1998. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Clariden Bank dated May 28, 2004. (Account Statements; Letters; Notarized Statements, etc.) Hector Anibal Perez, Nelida Guarnieri, and Laura Perez U.S. $79,000.00 CUSIP No. 040114BE9; ISIN No. US040114BE93 April 7, 1999. April 7, 2009. 11.75% On or about October 24, 2000. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Letter from Citicorp Financial Services Corporation dated October 30, 2003. (Account Statements; Letters; Notarized Statements, etc.) Juan Alberto Jose and Patricia G. Dalla Verde U.S. $70,000.00 CUSIP No. 040114AN0; ISIN No. US040114AN02 September 10, 1996. September 10, 2006. 11% Between April 20, 1999 and April 20, 2000. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Citicorp Financial Services Corporation dated September 30, 2003. (Account Statements; Letters; Notarized Statements, etc.) Juan Alberto Jose and Patricia G. Dalla Verde U.S. $27,000.00 CUSIP No. 040114AR1; ISIN No. US040114AR16 January 30, 1997. January 30, 2017. 11.375% Between April 20, 1999 and April 20, 2000. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Citicorp Financial Services Corporation dated September 30, 2003. (Account Statements; Letters; Notarized Statements, etc.) Jose Luis Quatrini U.S. $61,000.00 CUSIP No. 040114AN0; ISIN No. US040114AN02 September 10, 1996. September 10, 2006. 11% Between April 20, 1999 and April 20, 2000. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Citicorp Financial Services Corporation dated March 31, 2004. (Account Statements; Letters; Notarized Statements, etc.) Mario Alberto Ruiz U.S. $40,000.00 CUSIP No. 040114AR1; ISIN No. US040114AR16 January 30, 1997. January 30, 2017. 11.375% Between November 27, 2000 and August 14, 2001. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Caja de Valores dated December 31, 2003. (Account Statements; Letters; Notarized Statements, etc.) Grenfield International U.S. $100,000.00 CUSIP No. 040114AN0; ISIN No. US040114AN02 September 10, 1996. September 10, 2006. 11% On or about June 15, 1999. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from HSBC Republic dated November 4, 2003. (Account Statements; Letters; Notarized Statements, etc.) Grenfield International U.S. $100,000.00 CUSIP No. 040114GD6; ISIN No. US040114GD65 February 21, 2001 February 21, 2012 12.375% On or about February 23, 2001. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from HSBC Republic dated November 4, 2003. (Account Statements; Letters; Notarized Statements, etc.) Farigold Trade S.A. U.S. $410,000.00 CUSIP No. 040114GF1; ISIN No. US040114GF14 December 19, 2001. December 19, 2008 7% On or about February 2003. Notice sent on June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Wachovia Securities dated October 31, 2003. (Account Statements; Letters; Notarized Statements, etc.) Farigold Trade S.A. U.S. $190,000.00 CUSIP No. 040114AR1; ISIN No. US040114AR16 January 30, 1997. January 30, 2017 11.375% On or about February 2003. Notice sent on June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Wachovia Securities dated October 31, 2003. (Account Statements; Letters; Notarized Statements, etc.) Farigold Trade S.A. U.S. $105,000.00 CUSIP No. 040114AV2; ISIN No. US040114AV28 September 19, 1997. September 19, 2027 9.75% On or about February 2003. Notice sent on June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Wachovia Securities dated October 31, 2003. (Account Statements; Letters; Notarized Statements, etc.) Claudio Martinez and Liliana Graciela Doval U.S. $50,000.00 CUSIP No. 040114FC9; ISIN No. US040114 FC91 None given. March 15, 2010. 11.375% On or about January 16, 2001 and February 13, 2001. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Letter from Banca Nazionale del Lavoro dated November 17, 2003. (Account Statements; Letters; Notarized Statements, etc.) Claudio Martinez and Liliana Graciela Doval U.S. $48,000.00 CUSIP No. 040114AR1; ISIN No. US040114AR16 January 30, 1997. January 30, 2017. 11.375% On or about June 12, 2001. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Letter from Banca Nazionale del Lavoro dated November 17, 2003. (Account Statements; Letters; Notarized Statements, etc.) Claudio Martinez and Liliana Graciela Doval U.S. $22,000.00 CUSIP No. 040114GD6; ISIN No. US040114GD65 February 21, 2001 February 21, 2012 12.375% On or about June 6 and August 1, 2001. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Letter from Banca Nazionale del Lavoro dated November 17, 2003. (Account Statements; Letters; Notarized Statements, etc.) Francisco de Gamboa, Rafael de Gamboa, Ignacio de Gamboa, Javier I de Gambo and Cecilia C. Peluffo U.S. $1,025,000.00 CUSIP No. 040114AH3; ISIN No. US040114AH34 December 20, 1993. December 20, 2003. 8.375% Between May 1997 and May 2000. Notice sent June 10, 2003. FAA dated December 10, 1993. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account confirmations from Banco Bilbao Vizcaya Argentaria dated November 18, 2003. (Account Statements; Letters; Notarized Statements, etc.) Francisco de Gamboa, Rafael de Gamboa, Ignacio de Gamboa, Javier I de Gambo and Cecilia C. Peluffo U.S. $1,080,000.00 CUSIP No. 040114AN0; ISIN No. US040114AN02 September 10, 1996. September 10, 2006. 11% Between May 1997 and May 2000. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account confirmations from Banco Bilbao Vizcaya Argentaria dated November 18, 2003. (Account Statements; Letters; Notarized Statements, etc.) Francisco de Gamboa, Rafael de Gamboa, Ignacio de Gamboa, Javier I de Gambo and Cecilia C. Peluffo U.S. $310,000.00 CUSIP No. 040114BE9; ISIN No. US040114BE93 April 7, 1999. April 7, 2009 11.75% Between May 1997 and May 2000. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account confirmations from Banco Bilbao Vizcaya Argentaria dated November 18, 2003. (Account Statements; Letters; Notarized Statements, etc.) Witkron S.A. U.S. $355,000.00 CUSIP No. P04981CF4; ISIN No. XS0043120236 Not provided. March 31, 2005. Floating Interest Rate. On or about October 23, 2000. N/A. FRB Agreement dated December 6, 1992. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from BankBoston dated June 11, 2004. (Account Statements; Letters; Notarized Statements, etc.) Silvia Alcira Murillo de Gebert and Enrique Antonio Julio Gebert U.S. $187,000.00 CUSIP No. 040114AZ3; ISIN No. US04114AZ32 December 4, 1998. December 4, 2005. 11% Between October and December 1999. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Certification from Caja de Valores dated April 7, 2004. (Account Statements; Letters; Notarized Statements, etc.) Laynel Corporation U.S. $200,000.00 CUSIP No. 040114BE9; ISIN No. US040114BE93 April 7, 1999. April 7, 2009. 11.75% Between October and November 2001. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Wachovia Securities dated October 31, 2003. (Account Statements; Letters; Notarized Statements, etc.) Laynel Corporation U.S. $40,000.00 CUSIP No. 040114AZ3; ISIN No. US04114AZ32 December 4, 1998. December 4, 2005. 11% Between November 2000 and March 2001. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Wachovia Securities dated October 31, 2003. (Account Statements; Letters; Notarized Statements, etc.) Laynel Corporation U.S. $100,000.00 CUSIP No. 040114BC3; ISIN No. US040114BC38 Not provided. February 25, 2019. 12.125% On or about May 2000. Notice sent June 10, 2003. FAA dated October 19, 1994. (FAA; Indenture; Offering Prospectus; Certificates, etc.) — Account statement from Wachovia Securities dated October 31, 2003. (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, the FRB Agreement and the 1998 Indenture. This has occurred in Lightwater, supra,Applestein, 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 plus accrued interest. With respect to the bonds issued under the FRB Agreement and the 1998 Indenture, 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 unable 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.