Paul Singer chalked up a minor victory in his drawn-out battle with Argentina and its president, Cristina Kirchner.
The US Supreme Court on Monday denied the country’s petition to review a lower court decision that favored Singer’s Elliott Management and other so-called holdouts in their quest to get paid about $1.3 billion on the defaulted Argentine debt they own.
The holdout bondholders have refused to participate in the country’s debt restructuring, which 93 percent of creditors have approved.
But the battle that has raised the specter of another default by Argentina is far from over.
The nation is expected to ask the high court to hear another appeal on the same case within months. Legal experts said a final decision could be 18 months away .
Ted Olsen, a lawyer for Elliott, praised the decision, saying, “The Second Circuit’s [initial] decision is thoughtful, well-reasoned, and completely refutes each of Argentina’s objections to the basic requirement that it abide by the promises it made to US investors and the laws of the United States.”