POSNER, Circuit Judge.
The procedurally intricate litigation that has culminated in these twin appeals arises from a dispute between the parties to several contracts of reinsurance. Back in the 1960s and 1970s, Employers Insurance of Wausau had reinsured certain of its insurance obligations with a number of insurance companies including an instrumentality of the Uruguayan government called El Banco de Seguros del Estado ("state insurance bank"). Wausau sustained losses...
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