In a surprising change of strategy, the plaintiffs who obtained a favorable ruling against Argentina for the expropriation of YPF in 2012 have informed the Second Circuit Court of Appeals in New York that they no longer seek to retain 51% of the shares of the state oil company.
This decision represents a significant shift in a legal battle that has lasted more than a decade because of Kirchnerism and that had jeopardized sovereignty over the country's main energy company.
The plaintiff group, led by the Burford Capital fund and the beneficiaries of Petersen Energía and Eton Park, notified the court in writing that they have no interest in managing an oil company and that they are willing to accept conditions that would allow the transfer of shares to be easily reversed if Argentina succeeds in its appeal.
According to the court filing, "the plaintiffs have no interest in managing an oil company... they would accept reasonable conditions to ensure that the transfer of shares can be easily undone if necessary."
