YPF Gets Reprieve From U.S. Appeals Court in Share Turnover Fight

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By DÉBORA REY BUENOS AIRES (AP) — A New York Court of Appeals on Friday suspended the embargo on 51 percent of the shares of state-owned oil company YPF that a U.S. judge had ordered in favor of the plaintiffs in a lawsuit against the South American country for the 2012 nationalization of the company. The measure represents a relief for the government of Javier Milei at a time when YPF’s vast unconventional oil and gas reserves have become a mag…

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It is a capital procedural step in favor of the country, after a succession of adverse decisions.A rejection of the judge's request to suspend the judge's order would have opened a Pandora's box.

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The New York Court of Appeal suspended the order to hand over YPF's state control issued by Judge Loretta Preska. The decision, prompted by conservative judge Steven J. Menashi, gives time for the appeal to advance, enables intervention by the U.S. Department of Justice and opens the door to review the $16 billion debt, avoiding strategic and financial damage to Argentina. Read more

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The government of Javier Milei today received a favorable news in the trial for the establishment of YPF, after the Court of Appeals of New York, in the United States, decided to suspend the order of Judge Loretta Preska to hand over the oil company’s shares as payment. This decision, informed by the court itself, represents a relief for Argentina, as it slows down the transfer of its share in the company while the appeal is being processed. Jud…

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The presidential spokesman, Manuel Adorni, welcomed the decision of the Court of Appeals of New York to keep the handing over of YPF's actions in abeyance, and charged Kirchnerism for its "decade management" and "interventionism." "Key day in the YPF trial. The NY Court of Appeals granted the suspension in the handover of 51%. Decades of interventionism and decadent efforts brought us here: never again. Fin," he said in his networks. Thus, the p…