Latest news with #EtonPark
Reuters
3 days ago
- Business
- Reuters
US appeals court grants Argentina request to put YPF share turnover on hold
NEW YORK, Aug 15 (Reuters) - A U.S. appeals court on Friday granted Argentina's request to put on temporary hold a judge's order that it turn over its 51% stake in oil and gas company YPF ( opens new tab to partially satisfy a $16.1 billion judgment won by two investors. The 2nd U.S. Circuit Court of Appeals in Manhattan stayed U.S. District Judge Loretta Preska's June 30 turnover order while Argentina appeals. Argentina has warned that it would suffer irreparable harm and its economy could be destabilized if it gave up its stake in YPF, the country's largest energy company. The appeals court did not provide reasons for its order. Preska had awarded the $16.1 billion in September 2023 to Petersen Energia Inversora and Eton Park Capital Management. They sued over Argentina's 2012 decision to seize the YPF stake from Spain's Repsol ( opens new tab without making a tender offer to minority shareholders. Lawyers for Petersen and Eton Park did not immediately respond to requests for comment. A spokesperson for Argentina's government said it was confident the $16.1 billion judgment would be overturned in the appeal.
Reuters
15-07-2025
- Business
- Reuters
US appeals court puts Argentina's 51% YPF stake turnover on temporary hold
NEW YORK, July 15 (Reuters) - A U.S. appeals court on Tuesday put on temporary hold a judge's order that Argentina turn over its 51% stake in oil and gas company YPF ( opens new tab to partially satisfy a $16.1 billion judgment. The 2nd U.S. Circuit Court of Appeals in Manhattan gave Petersen Energia Inversora and Eton Park Capital Management, which won the judgment, until July 17 to oppose Argentina's bid for a longer stay while the country appeals the turnover. Argentina has until July 22 to reply, and the matter will be reviewed by "the next available" three-judge panel, the appeals court said. The dispute stemmed from Argentina's 2012 seizure of the YPF stake from Spain's Repsol ( opens new tab without making a tender offer to Petersen and Eton Park, which had been minority shareholders. Those shareholders are represented by litigation funder Burford Capital (BURF.L), opens new tab, which has said it expected to receive 35% and 73% of Petersen's and Eton Park's respective damages. Argentina has warned its economy could be destabilized if it gave up its controlling stake in YPF, the country's largest energy company. The country had faced a July 14 deadline for the turnover, but U.S. District Judge Loretta Preska in Manhattan agreed to delay enforcement so Argentina could seek relief from the appeals court.
Yahoo
03-07-2025
- Business
- Yahoo
Burford Capital (BUR) Falls 7.8% as Traders Take Profits
Burford Capital Limited (NYSE:BUR) is one of . Burford Capital dropped its share prices by 7.85 percent on Tuesday to close at $13.14 apiece as investors resorted to profit-taking following a 22-percent surge in the previous day, thanks to a US court ruling in relation to its litigation case against Argentina. In the Court order, US District Judge Loretta Preska told Argentina to transfer its YPF shares to BNY Mellon within 14 days and within one business day to the plaintiffs. Argentinian President Javier Milei, however, vowed to appeal to 'defend national interests.' The case stemmed from Argentina's 2012 seizure of the 51-percent stake in YPF held by Spain-based Repsol without tendering for shares held by minority investors Petersen Energia Inversora and Eton Park Capital Management. An accountant meticulously going over documents in her office, exemplifying the company's commitment to accuracy and detail. The plaintiffs were represented by litigation funder Burford Capital Limited (NYSE:BUR), which had expected to receive 35 percent and 73 percent of Petersen and Eton Park's respective damages. While we acknowledge the potential of BUR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
01-07-2025
- Business
- Yahoo
YPF turnover ruling casts shadow over Argentina shale hopes, FX
By Eliana Raszewski, Leila Miller and Jorge Otaola BUENOS AIRES (Reuters) -A dramatic ruling by a U.S. court ordering Argentina to hand over the 51% stake it holds in state energy firm YPF has cast a shadow over the country's plans for its huge Vaca Muerta shale formation and hopes to return to global markets. U.S. District Judge Loretta Preska said on Monday that Argentina must transfer its YPF shares within 14 days to partially satisfy an earlier $16.1 billion court judgment against the country over its 2012 nationalization of the firm. The government of pro-market libertarian Javier Milei said it would appeal the ruling to "defend national interests." The judgment adds uncertainty to Argentina's plans to turn Vaca Muerta, the world's No. 2 shale gas reserve and No. 4 for shale oil, into a key global energy producing region that would help bring in foreign currency needed to prop up the economy. YPF leads development of Vaca Muerta, often partnering with other local and international firms including Shell and Chevron. Vaca Muerta has hit production of over 400,000 barrels per day of oil and some 70 million cubic meters of gas per day. "Control of YPF is important for Milei; that's why an appeal is the only option for him," said Marcelo García, director for the Americas at New York-based risk consultancy Horizon Engage. "YPF leadership in Vaca Muerta is crucial for the medium- to long-term sustainability of his economic program, because it should bring the U.S. dollars the economy lacks." The legal dispute arose from Argentina's 2012 seizure of the 51% YPF stake held by Spain's Repsol, without tendering for shares held by minority investors Petersen Energia Inversora and Eton Park Capital Management. In 2023, Preska awarded $14.4 billion to Petersen and $1.7 billion to Eton Park in the same case, which Argentina is also appealing. The plaintiffs are represented by litigation funder Burford Capital, which expects to receive some 35% and 73% of Petersen's and Eton Park's respective damages. The legal ruling could also dent Argentina's ability to tap global markets, something the country is keen to do to bolster its depleted reserves after years of currency crises, regular fiscal deficits draining state coffers and high inflation. "These unresolved disputes could hinder, or even block, Argentina's return to the international capital markets," BancTrust & Co said in a note on Tuesday. García added that surrendering the shares in YPF would constitutionally need the approval of Argentina's Congress, which was unlikely to happen, adding a more realistic outcome was that it would force Milei to negotiate. "Surrendering YPF is politically not viable in Argentina today. But the ruling does force the administration to the negotiating table and gets Milei's attention on the case." Argentina's government must urgently build up foreign currency reserves to pay its debts and meet targets as part of a $20 billion loan program agreed with the International Monetary Fund in April, the indebted country's 23rd IMF program. YPF's U.S.-listed shares slumped more than 5% on Monday, while Burford's stock price jumped. Both steadied on Tuesday. YPF's current market capitalization is around $12.5 billion. (Reporting Eliana Raszewski, Leila Miller and Jorge Otaola; Writing by Adam Jourdan; Editing by Marguerita Choy)
Yahoo
01-07-2025
- Business
- Yahoo
Argentina seeks to halt $16bn YPF judgement enforcement in UK court
Argentina has approached London's High Court to request a suspension on the enforcement of a judgement valued at more than $16bn, concerning its nationalisation of oil and gas company YPF. According to a report in Reuters, the legal move is part of Argentina's broader strategy to appeal the decision in the US, where a New York court in 2023 had ruled in favour of Petersen Energia Inversora and Eton Park Capital Management. Supported by litigation funder Burford Capital, these entities have claimed they are owed an amount exceeding $17bn, including interest accruing at an estimated rate of $2.5m per day. The origins of this legal dispute trace back to 2012 when Argentina took control of a 51% stake in YPF from Spanish company Repsol. This action was undertaken without extending an offer to purchase shares held by minority investors, prompting the current legal claims. Argentina has contested the ruling from the US court and is also challenging its enforcement in the UK. During proceedings at London's High Court, Argentina's legal representative David Railton advocated for pausing the case until the appeal process concludes in the US. He argued that investors would face no disadvantage since "there are no assets here against which the judgement can be enforced". In contrast, Petersen Energia Inversora and Eton Park Capital Management have alleged that Argentina is attempting to postpone enforcement. Their legal counsel, Paul McGrath, argued that if the court considers a pause, then Argentina should be required to provide security estimated at $2.5bn. Originally established as a state-owned enterprise in 1922, YPF underwent privatisation in 1993 via a public offering on the New York Stock Exchange (NYSE). As part of this transition, bylaws were updated to stipulate that should government control exceed 49%, minority shareholders must be offered buyouts at an established price. This process included specific notification requirements through New York's financial channels and filings with relevant authorities. The Argentinean Government under then-President Cristina Fernández de Kirchner did not adhere to these requirements during the 2012 nationalisation. At that time, Petersen Energía Inversora and Eton Park Capital Management collectively owned more than 25% of YPF's shares. Petersen's inability to manage its debts due to halted dividend revenue from YPF led to its bankruptcy and subsequent 2015 lawsuit against Argentina for breach of contract; Eton Park filed a similar lawsuit in 2016. "Argentina seeks to halt $16bn YPF judgement enforcement in UK court" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
