Judge Loretta Preska, who is leading the Burford fund judgment on the expropriation of YPF, gave them two more weeks to the parties. It is so that they agree on the evidence that must be presented to advance in the lawsuit.
The magistrate had ordered the Argentine Republic and Burford to collaborate in the preparation of evidence related to the role of Petersen Energía (the company that belonged to the Eskenazi family) in the lawsuit and other confidential information. In addition, he had on his table an Argentine order for Burford and Petersen Explain the reasons why you do not want to show an operation that you did in the Spanish justice system.
Preska decided to postpone everything until February 15. Argentina and Burford will meet again that day to show him if they could advance in the development of tests together. It is not ruled out that, in the middle, one of the parties makes individual presentations, trying to show their willingness to collaborate or that the other party is not helping.
Argentina wants to know details of Burford’s purchase of the rights to litigate Petersen Energía. There were several “sealed” presentations (sealed or secret) in which certain confidential details are prevented from knowing, which can only be seen by the judge, both from Burford and from Argentina in recent days.
Argentina also made a request for Preska to order Burford to show certain evidence of the relationship between Burford and those who owned Petersen. Preska already had among his papers that Burford was going to answer him promptly on that matter next Monday. But the postponement until February 15 could also include this issue.
Before Christmas, the judge had ordered Argentina and Burford to agree on the preparation of evidence. He endorsed it later, in response to a request from the parties to have more time. On Friday he received briefs from the parties. And there he decided to stretch the deadlines further.
The southern district court is in charge of a millionaire trial against YPF and the Argentine Republic. Burford claims between US $ 2.5 billion and US $ 14 billion for the expropriation of YPF. That fund bought Petersen Energía’s rights to litigate. That firm, owned by the Eskenazi family, once owned 25% of YPF. When the oil company was expropriated – in April 2012 – Petersen lost its shareholding. The company filed for bankruptcy in Spain, where the original company was incorporated.
Preska already has in his hands the results of the progress of the negotiation between the parties so that evidence is presented, and the arguments of Burford / Petersen Energía for not wanting to show an agreement that say “confidential”. He will weigh them in February, when he sees whether Argentina and Burford are reaching agreements to present evidence or not.
“It was an unusual acquisition scheme for those shares, the Eskenazis (sic) demanded that Repsol agree to grant dividends for 90% of its profits – without measuring the effects of this policy in the long term of the company – and they also negotiated a lateral agreement with Repsol that gave them complete protection against two risks: that YPF could not continue turning 90% of its profits or that Repsol lost its majority stake in YPF. If any of these risks materialized, Repsol agreed to buy back from the Eskenazi all their participation in YPF ”, claims the Argentine defense regarding the former local owners.
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source https://pledgetimes.com/the-judge-in-the-trial-against-ypf-grants-more-time-and-analyzes-secret-presentations/
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