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Banking Law Keyed to Malloy, 4th Ed.
Elliott Associates, L.P. v. Republic of Panama
Citation:
975 F. Supp. 332 (1997)Facts
In the 1980s, Panama encountered difficulties servicing its foreign debt. In 1989, the Brady Plan was announced to encourage restructuring of developing countries’ debt. Panama restructured much of its external debt in 1995 under the “1995 Financing Plan,” including balances due under loan agreements from 1978 and 1982. In late 1995, Citibank and Swiss Bank assigned their interest in $12,242,018.21 of the 1982 debt to Elliott Associates for approximately $8 million. The assignments were made before the October 20, 1995 “Final Trading Date” established in the 1995 Financing Plan and settled before the November 10, 1995 deadline. Panama initially made some interest payments to Elliott but then stopped. Elliott refused to restructure its debt under the 1995 Financing Plan and instead sued Panama for full repayment. Panama defended by claiming the assignments were invalid because they occurred after the Final Trading Date, Elliott was not a proper assignee under the 1982 Agreement, and the assignments violated New York’s anti-champerty law. Panama also counterclaimed for tortious interference with its contractual relations with the banks.
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