Latest news with #LorettaPreska
Bloomberg
3 days ago
- Business
- Bloomberg
US Judge Extends Argentina's YPF Handover Deadline by Three Days
The New York federal judge who gave Argentina until Monday to cede its controlling stake in YPF SA to holders of a $16 billion judgment granted the South American nation a three-day extension to seek a longer delay from an appeals court. US District Judge Loretta Preska's Monday ruling put her June 30 order on a brief hold. The appeals court could grant President Javier Milei's government even more time to argue that Preska exceeded her authority by ordering the turnover.
Bloomberg
7 days ago
- Business
- Bloomberg
Argentina Moves to Appeal US Judge's Order to Give Up YPF Stake
Argentina filed notice that it was appealing a US judge's ruling requiring the South American nation to hand over its controlling stake in energy company YPF SA by next week to help satisfy a $16 billion judgment. The government of Argentine President Javier Milei is challenging a June 30 order by US District Judge Loretta Preska. The judge, who ruled in 2023 that Argentina owed billions to shareholders affected by a 2012 nationalization of YPF, found last month that the country's 51% stake wasn't shielded by foreign sovereign immunity.
Yahoo
02-07-2025
- Business
- Yahoo
Burford Capital (BUR) Soars 22% on Litigation Case vs Argentina
We recently published . Burford Capital Limited (NYSE:BUR) is one of last week's top performers. Burford Capital Limited (NYSE:BUR) soared by 21.98 percent on Monday to finish at $14.26 apiece following a US Court ruling that ordered Argentina to give up its 51 percent stake in oil and gas company YPF to partially satisfy a $16.1-billion court judgment. In her ruling, US District Judge Loretta Preska ordered Argentina to transfer its YPF shares to BNY Mellon within 14 days, and instructed it to transfer the shares 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 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-07-2025
- Business
- Yahoo
YPF (YPF) Falls Hard on New Legal Case Ruling
YPF Sociedad Anónima (NYSE:YPF) is one of the . YPF Sociedad Anónima (NYSE:YPF) dropped by 5.64 percent on Monday to end at $31.45 apiece as investors sold off positions to mitigate risks from the revival of a legal case between Argentina and companies in which it was involved. On Monday, a US Judge ordered Argentina to relinquish its controlling stake in YPF Sociedad Anónima (NYSE:YPF) as partial payment for the $16-billion judgment to minority shareholders over the country's 2012 nationalization of the group. Argentina was given 14 days to transfer its ownership to a global custody account as partial payment. According to Judge Loretta Preska of the Southern District of New York, Argentina was found liable for $16 billion in damages, saying that the country violated the rights of minority shareholders when it took away the controlling stake without making a tender offer. An oil platform in the North Sea, standing tall and proud against a backdrop of choppy waters. The plaintiffs were largely funded by litigation funder Burford Capital, whose shares jumped by more than 20 percent following the Court decision. While we acknowledge the potential of YPF 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 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
30-06-2025
- Business
- Bloomberg
Argentina Must Turn Over Its 51% Stake in YPF, US Judge Rules
A US judge on Monday ordered Argentina to turn over its controlling stake in the state-run oil company YPF SA as partial payment of a $16 billion court judgment against the Latin American country. Burford Capital last year asked US District Judge Loretta Preska to award it the 51% stake in YPF currently held by Argentina's federal and provincial governments. Preska is the judge who in 2023 issued the judgment that Burford is now trying to collect.
