The national government, led by Javier Milei, has formally requested the suspension of the scandalous ruling by U.S. Judge Loretta Preska, which orders the transfer of 51% of YPF shares to the vulture fund Burford Capital. Unlike the complicit silence or ideological defense of the kirchnerista disaster, the current administration is acting with legal rationality and institutional sovereignty.
"The Government has requested the suspension of Judge Preska's ruling and is working on the appeal. The ruling is legally unenforceable: it contradicts Law 26.741, which requires authorization from Congress by a qualified majority and disregards sovereign immunity. The shares are not in the possession of the State nor are they legally transferable. End.", explained presidential spokesperson Manuel Adorni through his official account on X.
The Office of the Treasury Attorney filed a "stay" request this Tuesday, a figure in U.S. law that seeks to temporarily freeze the execution of the ruling while the appeal is processed.
In the coming days, the formal appeal before the Court of Appeals, the second level of the U.S. judicial system, will also be filed, and if necessary, a direct appeal will be made to the Supreme Court. "Complying with an impossible-to-fulfill ruling is not among the options", officials at Casa Rosada summarize.
Milei's administration rightly keeps that Preska's ruling contains serious inconsistencies. First, because it orders the transfer of shares that are neither legally nor operationally in the possession of the national State, which constitutes a clear judicial overreach. Second, because the ruling is based on a distorted interpretation of YPF's bylaws, by requiring that the purchase offer made to Repsol in 2012 be extended to the rest of the shareholders, such as Grupo Petersen—"occasional" partners of kirchnerismo, introduced without bidding or real capital.
