Argentina obtained an extension in the trial over the expropriation of YPF
"The appellees have indicated their opposition to the request for a stay pending appeal, but do not oppose the entry of a temporary administrative stay to allow for the orderly submission of information and consideration of the stay request," stated the document signed by Catherine O’Hagan Wolfe, clerk of the court of appeals.
After this, the Chamber must determine whether Argentina should indeed transfer the shares, as Preska established, or if it is not appropriate to do so. This decision could be known next week or the following one, in principle.
Officials from Milei's government welcomed the court decision and described it as "good news," after two weeks marked by adverse decisions in the lengthy case over the expropriation of YPF, which has already lasted more than a decade. The main issue, the potential payment of USD 16 billion, is being processed in a separate appeal, in which there have been no relevant developments and whose resolution could be delayed until next year.
Official sources emphasized that the suspension ordered by the Court of Appeals is, at least for now, indefinite. "To clarify, the 72-hour period no longer applies and there is no longer any risk of contempt," they stated. Some spokespersons even appeared euphoric, noting: "Major setback in New York justice in favor of Argentine sovereignty."
The United States Court of Appeals for the Second Circuit in New York temporarily suspended the ruling issued by Judge Loretta Preska, who recently ruled in favor of Burford Capital. This way, Argentina obtained an extension in the trial over the expropriation of YPF currently underway in the United States.
Burford Capital, which acquired the rights to litigate in this case, is the main beneficiary of the first-instance verdict that established a minimum compensation of 16 billion dollars, in addition to 51% of YPF shares currently held by the Argentine State.
The decision, which is preventive and administrative in nature, grants more time for the parties to present their arguments. Burford will do so on Thursday, July 17, while Argentina has until Tuesday, the 22nd. Both parties had requested this extension of time, which has now been approved.
