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- Title
Sovereign Debt Documentation: Unraveling the Pari Passu Mystery.
- Authors
Varottil, Umakanth
- Abstract
This article examines the empirical evidence regarding use of the pari passu clause based on a lawsuit filed by Elliott Associates LP against Banco de la Nacion, a Peruvian public sector bank. It highlights the challenges faced by Elliott regarding the inability of the district court for the Southern District of New York to enforce judgments in an effective manner. It investigates the various interpretations of the pari passu clause following the case. The market reaction following the interpretive shock brought by the case is discussed. The reasoning for maintaining the pari passu clause following the interpretive shock is also explained.
- Subjects
COMMERCIAL law; ACTIONS &; defenses (Law); ELLIOTT Associates LP; BANCO de la Nacion (Company); LEGAL judgments; JUDICIAL process
- Publication
DePaul Business & Commercial Law Journal, 2008, Vol 7, Issue 1, p119
- ISSN
1542-2763
- Publication type
Article