Argentina paying Appellees the $1.47 billion that it owes Appellees now would not in any way impair its ability to honor its payment obligations on the Exchange Bonds over the coming decades.
Argentina’s suggestion that paying Appellees somehow would trigger an immediate obligation to pay the entire amount outstanding on the Exchange Bonds is likewise blatantly false
. Argentina misleadingly invokes the Exchange Bondholders’ “Rights Upon Future Offers” clause (Argentina Resp. 7-8 & Annex B), but that clause comes into play only if Argentina “voluntarily makes an offer to purchase or exchange”
defaulted bonds. Id. Nothing in this clause prevents Argentina from complying with an injunction, issued by a district court of the United States.
After all, compliance with an injunction is in no sense “voluntary.”
See W.R. Grace & Co. v. Local Union 759, Int’l Union of United Rubber, Cork, Linoleum & Plastic Workers of Am., 461 U.S. 757, 766 (1983) (“An injunction issued by a court acting within its jurisdiction must be obeyed until the injunction is vacated or withdrawn.”).
Similarly meritless is Argentina’s attempt to reassert its argument that the Injunction will upset sovereign restructurings by other countries. This Court already rejected that argument in its October 26 Decision (699 F.3d at 263-64), and again when it denied Argentina’s petition for rehearing.
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