- Bookmark
- Share
- CaseIQ
Glacial Capital, LLC v. The Province of Buenos Aires
Factual and Procedural Background
This opinion addresses a motion for summary judgment filed by Plaintiffs Glacial Capital, LLC and TRSE Holdings LLC against the Defendant, the Province of Buenos Aires. The Plaintiffs sought recovery on their beneficial interests in bonds issued by the Province. The Court granted summary judgment in favor of the Plaintiffs and entered a Proposed Judgment on Consent, reflecting the parties’ agreement on the calculation of damages as of March 1, 2023.
Legal Issues Presented
- Whether Plaintiffs are entitled to recover unpaid principal and interest on bonds issued by the Province of Buenos Aires.
- The proper calculation of damages, including unpaid principal, contract-rate interest, and statutory interest on past due amounts.
- Whether Plaintiffs must obtain Court permission before selling or transferring their beneficial interests in the bonds pending further notice.
Arguments of the Parties
The opinion does not contain a detailed account of the parties' legal arguments.
Table of Precedents Cited
No precedents were cited in the provided opinion.
Court's Reasoning and Analysis
The Court granted summary judgment based on the parties’ joint submission of a Proposed Judgment that reflects their mutual understanding of the damages calculation. The Court accepted the figures provided by the Plaintiffs, which include unpaid principal amounts, unpaid interest at the contractual rate of 10.875%, and interest at the statutory rate of 9% on past due unpaid interest. The Court further imposed a restriction on Plaintiffs’ ability to transfer their beneficial interests in the bonds without prior Court approval, ensuring control over the subject matter pending any further proceedings.
Holding and Implications
The Court ordered that Plaintiffs Glacial Capital, LLC and TRSE Holdings LLC recover from the Province of Buenos Aires specified sums representing unpaid principal and interest on bonds issued by the Province.
The Court also ordered that Plaintiffs refrain from selling or transferring their beneficial interests in the bonds without Court permission until further notice. The parties’ agreement on the judgment language rendered Plaintiffs' motion for summary judgment moot, and the case was directed to be closed. No new legal precedent was established; the decision effectuates the agreed-upon monetary recovery and procedural restrictions between the parties.
MARY KAY VYSKOCIL UNITED STATES DISTRICT JUDGE
[PROPOSED] JUDGMENT ON CONSENT
The figures set forth in this Proposed Judgment are based on Plaintiffs' understanding of the Province's position on calculation of damages, and are calculated as of March 1, 2023. If judgment is entered prior to July 26, 2023, the amounts should be increased at the per diem rates of $4,353.18 for Glacial Capital, LLC and $5,422.39 for TRSE Holdings LLC from March 2, 2023 and dates thereafter. This Proposed Judgment is being submitted jointly by the Parties.
MARY KAY VYSKOCIL UNITED STATES DISTRICT JUDGE
Plaintiffs Glacial Capital, LLC and TRSE Holdings LLC (“Plaintiffs”), having moved this Court for an Order of Summary Judgment, and the Court having granted summary judgment on that motion.
NOW, it is hereby, ORDERED, ADJUDGED, AND DECREED that the Plaintiffs shall recover from the Defendant the Province of Buenos Aires (the “Province”) as follows:
1. With respect to plaintiff Glacial Capital, LLC's claim to recover on its beneficial interest in bonds issued by the Province in the principal amount of $34,200,000.00 (10.875% Global Note due January 26, 2021), Glacial Capital shall recover from the Province $15,627,333.04, which is comprised of (i) $11,400,000.00 (representing the unpaid principal), plus (ii) $3,808,787.50 (representing unpaid interest on principal at the contract rate of 10.875%); plus (iii) $418,545.54 (representing interest at the statutory rate of 9% on all amounts of past due unpaid interest).
2. With respect to plaintiff TRSE Holdings LLC's claim to recover on its beneficial interest in bonds issued by the Province in the principal amount of $42,600,000.00 (10.875% Global Note due January 26, 2021), TRSE shall recover from the Province $19,465,625.37, which is comprised of (i) $14,200,000.00 (representing the unpaid principal), plus (ii) $4,744,279.17 (representing unpaid interest on principal at the contract rate of 10.875%); plus (iii) $521,346.20 (representing interest at the statutory rate of 9% on all amounts of past due unpaid interest).
3. It is further ORDERED that, until further notice from the Court, plaintiffs must refrain from selling or otherwise transferring their beneficial interests in the bond s involved in this action without advising the Court in advance and obtaining permission of the Court.
IT IS SO ORDERED.
In the light of the parties' agreement to the language of the judgment, Plaintiffs' motion for summary judgment [ECF No. 20] is moot [see also ECF No. 41], The Clerk of Court respectfully is requested to terminate the motion pending at docket entry 20 and to close this case.
Alert