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UNITED STATES DISTRICT SOUTHERN DISTRICT OF NEW YORK
10/27/2021
CONTRARIAN CAPITAL MANAGEMENT, L.L.C., CONTRARIAN CAPITAL FUND I, L.P., CONTRARIAN DOME DU GOUTER MASTER FUND, LP, CONTRARIAN CAPITAL SENIOR SECURED, L.P., CONTRARIAN EM II, LP, CONTRARIAN EMERGING MARKETS, L.P., BOSTON PATRIOT SUMMER ST LLC, POLONIUS HOLDINGS, LLC, CONTRARIAN FUNDS L.L.C., EMMA 1 MASTER FUND, L.P., and E1 SP, A SEGREGATED ACCOUNT OF EMAP SPC,
Plaintiffs,
v.
BOLIVARIAN REPUBLIC OF VENEZUELA,
Defendant.
Case No. 19 Civ. 11018 [rel. Nos. 19 Civ. 3123, 18 Civ. 11940, 20 Civ. 10342, 21 Civ. 597 & 21 Civ. 2678]
FINAL JUDGMENT
FINAL JUDGMENT AND PERMANENT INJUNCTION
WHEREAS, this Court having subject matter jurisdiction over this case and personal jurisdiction over Defendant the Bolivarian Republic of...
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(1) BACKGROUND – JUDGMENTS ENTAILING “CONTINGENT UNLICENSED ‘TRANSFERS’”
On 12/01/20, an SDNY judge issued a judgment [1], finding the PDVSA to have defaulted on the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond. The judgment "ORDERED, ADJUDGED, AND DECREED that [ ] the Trustee shall recover from PDVSA and PDVSA Petróleo, jointly and severally, $450,346 per day in interest for each day from December 1, 2020, to the day on which judgment is entered on the docket of the Court."
[1] https://storage.courtlistener.com/recap/gov.uscourts.nysd.525475/gov.uscourts.nysd.525475.229.0_2.pdf
The judgment was issued subsequent to OFAC's October 24, 2019 issuance of Venezuela GL 5A, which effectively removed all authorizations for transactions related to the notes at issue in the litigation. The notes (and PDVSA itself) were, at the time of the judgment, blocked pursuant to EO 13850 of November 1,...