ELLIOTT ASSOCIATES, L.P. v. REPUBLIC OF PANAMA

No. 96 Civ. 5514(DC).

975 F.Supp. 332 (1997)

ELLIOTT ASSOCIATES, L.P., Plaintiff, v. THE REPUBLIC OF PANAMA, Defendant.

United States District Court, S.D. New York.

September 10, 1997.


Attorney(s) appearing for the Case

Weil, Gotshal & Manges, L.L.P. by Otto G. Obermaier, Mitchell D. Haddad, Ross E. Morrison, New York City, Bainbridge & Straus, Birmingham, AL, for Plaintiff.

Clearly, Gottlieb, Steen & Hamilton by George Weisz, Lee C. Buchheit, Laura M. Williams, Astrid B. Gloade, New York City, for Defendant.


OPINION

CHIN, District Judge.

In the 1980's, a number of countries — including the defendant Republic of Panama ("Panama") — encountered serious difficulties in servicing their foreign debt. As a consequence, and because of growing concern over the continued stability of the international financial system, United States Treasury Secretary Nicholas Brady announced a plan (the "Brady Plan") in 1989 encouraging bank creditors to reduce...

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