Law Commons^™

Pari Passu To Gunboats: Nml V. Argentina, Vassilis Paliouras

Bocconi Legal Papers

This article provides a detailed overview of the latest litigation saga before the courts of the state of New York between NML Capital, a distressed debt hedge fund owned by Elliott Management Corporation, and Argentina. The two of them arguably constitute the most aggressive players in the area of sovereign debt, and it comes with no surprise that much of the relative law has been framed by disputes to which, either one or both of them, were parties. At the heart of the present dispute was the interpretation of the pari passu (originally meaning “on equal step/footing”) clause that was …