Case 16-628, Document 443, 03/23/2016, 1734038, Page1 of 15 16-628(CON), 16-639(CON), 16-640(CON), 16-641(CON), 16-642(CON), 16-643(CON), 16-644(CON), 16-649(CON), 16-650(CON), 16-651(CON), 16-653(CON), 16-657(CON), 16-658(CON), 16-659(CON), 16-660(CON), 16-661(CON), 16-662(CON), 16-664(CON), 16-665(CON), 16-666(CON), 16-667(CON), 16-668(CON), 16-669(CON), 16-670(CON), 16-671(CON), 16-672(CON), 16-673(CON), 16-674(CON), 16-675(CON), 16-676(CON), 16-677(CON), 16-678(CON), 16-681(CON), 16-682(CON), 16-683(CON), 16-684(CON), 16-685(CON), 16-686(CON), 16-687(CON), 16-688(CON), 16-689(CON), 16-690(CON), 16-691(CON), 16-694(CON), 16-695(CON), 16-696(CON), 16-697(CON), 16-698(CON)

IN THE UNITED STATES COURT OF APPEALS FOR THE SECOND CIRCUIT

A URELIUS C APITAL M ASTER , L TD ., ACP M ASTER , L TD ., NML C APITAL , L TD ., B LUE A NGEL C APITAL I LLC, A URELIUS O PPORTUNITIES F UND II, LLC, FFI F UND , L TD ., FYI L TD ., O LIFANT F UND , LIMITED ,

Plaintiffs-Appellants

, v. R EPUBLIC OF A RGENTINA ,

Defendant-Appellee,

On Appeal from the United States District Court for the Southern District of New York

REPLY BRIEF OF INTERESTED NON-PARTY APPELLANT FOREIGN-LAW BONDHOLDERS

Sabin Willett Morgan, Lewis & Bockius LLP One Federal Street Boston, MA 02110 (617) 951-8000

Attorney for Foreign-law Bondholders

Case 16-628, Document 443, 03/23/2016, 1734038, Page2 of 15 B ANCA A RNER S.A., B RANTFORD H OLDING S.A., R ICARDO P ONS , O FELIA N ELIDA G ARCIA , NW G LOBAL S TRATEGY , M ARIA C RISTINA A RGENT B ARNA , V IRGILIO L UIS F OGLIA , A DELA N OEMI J URI , R ICARDO A URELIO T RIAY , T ORTUS C APITAL M ASTER F UND , LP, H ECTOR P EREZ , M ARLAND I NTERNATIONAL S.A., L IS C ARINA M EDINA , M.

A LEJANDRA T ERRA R ISSO , W ITKRON S.A., G OLSUN S.A., J UAN A LBERTO J OSE , J OSE L UIS Q UATRINI , M ARIO A LBERTO R UIZ , F ARIGOLD T RADE S.A., C LAUDIO M ARTINEZ , F RANCISCO DE G AMBOA , S ILVIA A LCIRA M URILLO DE G EBERT , E NRIQUE A NTONIO J ULIO G EBERT , L AYNEL C ORPORATION , L IVIO M AZZOLA , B RADFORD P ROMOTIONS S.A., H AMBURG C ONSULTING I NC ., P IERINO G ARRAFA , C ARLOS J ESUS S ENDIN , E DUARDO G IBSON , F RANCISCO B ASSO , F RANCA A NTONIONE , F LORENCIO P EREZ , J UAN C ARLOS G RECO , R AMON Z UBIELQUI , E DUARDO A NDRES F RANCHESCHI , G ELLXON C ORP ., E NRIQUE C OHEN , M ARIA I SABEL B ERRAONDO , G RACIELA Z UBASTI , A DOLFO S ANCHEZ B LANCO , R AFAEL A NTONIO S ALAMANCA , K INBURG T RUST S.A., M AZZINI , J ORGE M ARCELO , G RACIELA A LEJANDRA , C OMPANIA C ALITECNO S.A., Z UM F ELDE , H EINRICH P ETER B ARAVALLE , A NA V ALERIA , A LEJANDRO P ABLO B ARAVALLE , E ZEQUIEL H ERNAN B ACLINI , P ATRICIA R UTH C ARONNA , J OSE A LBERTO L ANDI , S ALVADOR S ADDEMI , M ARIA T ERESA L EPONE , H ERNAN T ABOADA , S USANA F RASCA D E L AURIA , N ORBERTO P ABLO G IUDICE , S USANA L AURIA , G UILLERMO D OTTO , J ORGE M ANUEL T ABOADA , M ARIA D EL C ARMEN E SCUDERO , R OSAS D E C OHEN , E STRELLA B ETY , C ORBINS T RADE S.A., L UIGI G IACOMAZZI , L UCIANA P EDROLLI , P ATRIZIA G IACOMAZZI , M ICHELE S TAGNITTO , C LAUDIO M IGUEL M ATHEOU , H UGO M ASINI , V IVIANA N OEMI T UORON , G UILLERMO J ORGE D OMATO , I MPERIAL B YLIDOL S.A., D ARIO A LBERTO P ARDAL , P AULA M ASTRONARDI , H ORACIO A LBERTO V AZQUEZ , L ILIANA C EBROWSKI , D IEGO P EDRO P ELUFFO , J UAN O MAR G IOVACHINI , L ILIA A NGELICA P ARISI , T RALOVE C OMPANY S.A., M AURA M ALETTI , G RACIELA A DRIANA G AMITO , A DRIAN C ALEFFA , G UILLERMO A LMANZA , F ELICITAS C.

V ON G ROMANN , R OBERTO V IRGILIO S AURO , R ITA L ESO , R ODOLFO A LBERTO G IL , V ICENCIO , V IVIAN O RIANA V ICENCIO S AAVEDRA , F ELICITAS F LORENCIA F OX A NASAGASTI , F RANCISCO E DUARDO D E L A M ERCED , I SABEL E VANGELINA B AVASSI , M AKAPYAN S.R.L., F RANCISCO J OSE M ECHURA , G RACIELA D ONNANTUONI , B ERNARDO G.

F ERMAN , F RANCAISE C OMPAGNIE , D'I NVESTISSEMENTS S.A., M ARIA S USANA P AGANO , C ARLOS A LBERTO L AGOS , J ULIO H ECTOR K RASUK , M AZORAL S.A., M IGUEL L IMOLI , L UCIO R AMON M UR , J ESUS J ORGE O TANI , A LEJANDRO E NRIQUE F ERNANDEZ , G UIDO D EBIASI , A TTILIO D E R OSA , M ANUEL G.

G UILLEN , B EATRIZ M.

C ASTANO , M ONICA H AYDEE G RACIOTTI , L ISANDRO R OBERTO A RTURO M ORA , A BEL V ICENTE S ANTANA , M ARIA C LAUDIA M ANGIALAVORI , H ORACIO A LBERTO M.

S ANC C ABALLERO , R ICARDO S ANCHEZ C ABALLERO , E LISA S ANCHEZ C ABALLERO , F IRST C ITY S.A., J ORGE J ORACIO R OSINI , A LICIA E STER S ALVADOR , D OLLY E STHER C UBASSO , S ANTA S ORRENTINO , R ODOLFO B URUL , L YDIA H AYDEE G IGAGLIA , A NSGAR N EUENHOFER ,

Case 16-628, Document 443, 03/23/2016, 1734038, Page3 of 15 D ORA R AQUEL M ALEC , C LAUDIO O SCAR M AZZA , A DRIANA B EATRIZ P OVEDA , A LBERTO S ILVIO B URSZTYN , A NDREA F ABIANA F UCITO , C ARLOS A LBERTO L AGOS , M ARIA D EL L AS M ERCEDE L AGOS , M AURIZIO G IOVE , G UILLERMO C ARLOS F.

C ENTENO , C ARLOS A LBERTO M URACA , P ATRIZIA V ALERI , A NDREA R ONZON , S ILVA F ALOMO , V ITTORIO G IANNATTASIO , M ONICA G IANNATTASIO , M ARCELO E DUARDO P RIMA , R ICARDO S ANCHEZ C ABALLERO , E LISA S ANCHEZ C ABALLERO , S USANA M OLINA G OWLAND , T HEA P INA G ORGONE , A LESSANDRA P ADOAN , G LORIA P ADOAN , P IERLUIGI P ADOAN , T HEA P INA G ORGONE , L UIGI P ADOAN , M ASSIMILIANO M AZZANTI , M ANUELA M AZZANTI , G IUSEPPINA F USCHINI , M ARTA G UERRINI , C ORRADO G UERRINI , S TEFANIA S IMONCINI , L UIGI P ACIELLO , L ERINERCO S.A., A URELIO P ESENTI , A RNOLDO D OLECETTI , T ELLADE N AVA , T OMMASINO V ITIELLO , L UIGI V ITIELLO , G ABRIELLE D OLCETTI , G UISEPPE D OLCETTI , P ABLO H UGO K ALBERMANN , E VA S ONDERMANN G ELLER , P EDRO K ALBERMANN , I NTER P ALMISANO S.A., D ORA R AQUEL M ALEC , A NDREA S USANA B URSZTYN , A LBERTO S ILVIO B URSZTYN , A LFREDO P ACHECO , F RANCES B ROWN , A DOLFO M IGUEL M USCHIETTI , J OSE A NTONIO M USCHIETTI , M ARIA C RISTINA B UENANO , A DOLFO M IGUEL M USCHIETTI , M ARIA C RISTINA B UENANO , R ODRIGO F ELIPE M USCHIETTO , M ARIA C RISTINA M USCHIETTI , A LEJANDRO F EDERICO M USCHIETTI , N ELSON D ANTE L UCIANO , D ANTE L UCIANO , M ERCEDES F ELIU , D AVID A DRIAN L UCIANO , O SCAR P AUL C LAVIJO , A NA M ARIA A URORA O TERO , C ARLOS A LBERTO B RUZZONE , P EDRO K ALBERMANN , E VA S ONDERMANN , C OLOMBO M ASI , M ARIA E LENA P ELAYO , L UIS P EDRO B IVORT , V ALENTINA E TCHART , M ARIA F AUSTA C ILLI , F IORENZO F ACCIONI , L EONARDO H ILARIO S IMONE , C ARLOS A RTURO J OSE U LLA , P ATRICIA S TORARI , D ECIO C ARLOS F RANCISC U LLA , O SCAR S ECCO , M ERCEDES C ALVO , D ELFIN A.

R ABINOVICH , D IEGO P EDRO P ELUFFO , E LVIRA D AGMAR B UZCAT , L EONIDAS R AUL B ORDIGONI , A LEJANDRO F ERNANDEZ B ARBEITO , R AMON B ARBEITO , L IDIA F ERNANDEZ DE B ARBEITO , M ANUEL C ALVO , M ERCEDES C ALVO , A LCIRA N OEMI A RDITI , C LAUDIO G ABRIEL A RDITI , F ERNANDO B ARBEITO F ERNANDEZ , S ANDRO C ONCETTINI , M ARIA A SUNCION I NMACU C ASTELLI , J OSEFA A MBROSELLI , R OBERTO C ARLOS P ARADA , R OSA S ARA P OMPEYA L A D E P ARADA , G UILLERMO P EDRO P ARADA , M ARIANO R OBERTO P ARADA , A LICIA G.

D E S ONDERMANN , E VA S ONDERMANN , S USANA S ONDERMANN , R ICARDO S ONDERMANN , P AULA A RMANDA A ZCARATE , E DITH E LVIRA N ICOLAS , F ISEICO , F INANCIAL S ERVICES I NTERNATIONAL C ORPORATION , E NSENADA U NITED C ORPORATION , L ORENZO B IANCHI , G IORDANO A LLIEVI , G ABRIELLA T OSCANO , A MBROGIO S TUCCHI , G IUSEPPE S TUCCHI , M ARIA L UISA S TUCCHI , M ORENO L EGNARO , M ARIO D AL T OE , D AVIDE C IALLELLA , B RAMANTE D AL T OE , L UCIA V ETTORETTI , A LDO N AJ O LEARI , M ARIA I DA M ODENA , A DA D AL T ROZZO , L UIS G ARCIA T OBIO , A NTONIA M IRIAN M ACIEL , K AZIMIERZ K ORNAS , L UIGI G IACOMAZZI , L UCIANA P EDROLLI , A GOSTINO S COCCHERA , M ARCELO S PILLER , R OMINA M ARIA B USCAGLIA , N ORA R AQUEL

Case 16-628, Document 443, 03/23/2016, 1734038, Page4 of 15 L OPEZ , G ABRIEL M IGUEL , R AMON M IGUEL , M ARCOS V ANNI , A NA A NTONIA C ABRERA , T ERENCIANO D E J ESUS C ABRERA , C ARLOS A LBERTO M ARTINEZ , M ONICA C RISTINA B ARBERO , S IDNEY S UTTER , E DUARDO A RGENTIERI , C ARLOS A DOLFO E SCATI , A RMANDO E DUARDO V ALERIO , M IRTA A NTONIA P ORTELA , R OQUE P EREZ V ILLALBIA , G ABRIEL F EDRICO L EIMGRUBER , F EDERICO H ECTOR L EIMGRUBER , L AURA V ICTORIA D EMIDOVICH , A LEJANDRO D EMIDOVICH , D IEGO W ALTER C ASTRILLI , D ANIEL H ORACIO R OLFO , A LICIA E VELIA G ALIANI , S ILVIA M ABEL S ACCONE , M ARCELO R UBEN R IGUEIRO , A LFREDO E NRIQUE Z UCCHINI , N ESTOR D E N ICOLA , G RACIELA M ARTA B ERRETTI , P AULA D E N ICOLA , S ANTIAGO R OCCA , A NA M ARIA S ALDANA , E NRIQUE J ORGE R OCCA , J OSEF S CHWALD , D ENISE M ARIE L AURETTE C OLELLA , M ICHELLE C OLELLA , S USANA L EONOR G ATTI , M ARTA B EATRIZ G ATTI , L UIS A NGEL G ATTI , G RISELDA T ERESA D ULEVICH , M ARIA A GUSTINA S AUCO , M ARIA G RISELDA S AUCO , M ARIA F LORENCIA S AUCO , O SVALDO L ORENZO S AUCO , A NGELA B USI , R AMON E DUARDO N EBHEN , A NA C ECILIA A LBORNOZ , B RUNO I TALIA , R UBEN U BALDO D I M ARCO , M ARIA L UCRECIA Q UIROGA , J ORGE A LBERTO A TILIO N EGRI , N ICOLAS C ARLOS A MADOR F ARINOLA , J ORGE C ORADO F ARINOLA , R ENATE A RNOLD , I RMA H AYDEE R EDONDO D E N EGRI , M ASSIMO B ALDARI , L ILLINA R OSSO , A LBERTO A NICETO G ONZALEZ , D ELIA I SABEL G ONZALEZ , M ARIANA G ONZALEZ , R OBERTO F EDECOSTANTE , D INA D I T OMMASO , B RIGIDA E LVIRA D ENIS , V ILMA B URGIO , N AIBY E LIANA S ORIA , M ARIA M ARTA D E L UCA , A LEXANDER S TERN , N ELIDA A MELIA G IUSTI DE B EHAR , I NGEBORG S TERN , S ERGIO R ODOLFO B ERRI , S TELLA M ARIS B OFFELLI , M ALCOLM G ERALD B ERRI , N ELIDA R OSA P AOLINI , F RANCO M ARIA C ONTE , L INA L O V ULLO , F RANCESCO M ASSOLETTI , D IANA K LEIN , F ERISMAR C ORP .

S.A., C ARLOS A.

R IAL C OTO , M ARIA C.

U NGARO T ORRADO , C OUNTY B AY I NVESTMENTS L TD ., G HIBLI I NVESTMENTS L TD ., S ILVIO E DUARDO S AUCO , M IGUEL K AUFMANN , E DGARDO A.

R AMOS , R IVKA S CHMUSKOVITS D E S CHUSTER , N ICOLAS S CHUSTER , F LAVIA M ARINA S CHUSTER , B EATRIZ L EONOR D E R AMOS , J ORG Z AHN , E LENA P ASQUALI , P ORTICO C APITAL I NC ., H ARTMUT P ETERS , S ABINE Z AHN , W OLFGANG B OLLAND , B LIWAY I NTERNATIONAL S.A., R ICARDO K AUFMANN , M IGUEL A NGEL B ITTO , M ARIA S ILVIA C INQUEMANI , E UGENIO Q UARTRINI , O LGA A LBA M ARINI , S EBASTIAN Q UATRINI , P EDRO M ARCELO S EXE , S AMUEL O LDAK , A NNA O LDAK , D AVID O LDAK , U RI O LDAK , T ELINCOR S.A., S OCRATE P ASQUALI , A NNA M ARIA C ARDUCCI , N ORFOLK I NVESTMENT T RADE C O .

L TD ., G AMETOWN C ORPORATION , N ORBERTO A NGEL G ARCIA M ADEO , A NA M ARIA S AENZ , G RACIELA C ANDIDA C ORLEIS S AENZ , W EGE Z U M OZART V ERANSTALTUNGSGESEKKSCHAFT M .

B .H, B OIM S.A., S TEFANO S PANICCIATI , N ESTOR A LBERTO R UBIN , A NDREAS W ILFRED S CHWALD , A NTONIO J UAN P AULETICH , F ABIAN E.

P AULETICH , F RANCO P ERUZ , N ORBERTO D ARIO C ASTELLA , S TREET I NVESTMENTS L IMITED , G UIDO S CANAVINO , L YDIA S CANAVINO , G IANCARLO G RASSI , H ENDRIK B EYER , E DGARDO G ERARDO A.

S CLAFANI , L UCIA

Case 16-628, Document 443, 03/23/2016, 1734038, Page5 of 15 R AFAELA T ASSO , A LEXIA B RANDES , F ERNANDO E XPOSITO , M ARA C AVANA , M AURIZIO D ALLA , R ENATO P ALLADINI , A NDREA V IGNALI , F INCOMPANY S.A., G LORIA G AGGIOLO , V ALERIO C HIRIATTI , S IMONETTA B UCCIOLI , A TTILIO G AUDENZI , L ORIS Z AVOLI , E LENA M ARCACCINI , I LDEBRANDO M OTTI , T ULLIA T URCHI , C ARLO C IGOLINI , J UAN E DUARDO C OLUMBO , E STELA I SABEL D ELGADO , C ARLA N ANNI , M AURIZIO P ETRONI , R OBERTO A KMAN , L ILIANA E DITH G ENNI , A RNOLDO D OLCETTI , M ARCELLA D OLCETTI , L UCA M ULAZZANI , R OBERTO B AUTISTA F RANCO B ACCANELLI , A LFREDO C ARLOS A LZAGA , M IGUEL A LBERTO B ALESTRINI , B IBIANA D ELLA F LORA , M ARIA I SABEL B ALESTRINI , M ARIANA N OEMI T AUSS , A LEJANDRO R.

L UPPI , A TILIO L UIS P OCOSGNICH , A LICIA B EATRIZ G RACIAN , C AROLINA P OCOSGNICH , B EATRIZ M ARTI R ETA , H ORACIO T OMAS L IENDO , L UCIANA C EREDI , L UCIANO M ILANESI , A LESIA M ILANESI , P ENG Z EYING , W OON C HEUNG L EUNG , R AUL A LEJANDRO G ONZA M ARTIN , G USTAVO C ARLOS F ERREIRA , J OSE E MILIO C ARTANA , R AUL H ORACIO M ENDEZ , M ARIA M ERCEDES M ENDEZ F ERRO , R OBERTO C LAUDIO P ITRONA E LLE , A LBERTO G UILLERMO H ILLCOAT , E LENA G RACIELA M ARTINEZ , E NRIQUE S EBASTIAN P ALAC M INETTI , S EBASTIAN J ORGE P ALACIO , M ARIA E STHER F ERRER , AJU S.A., C ASIMIRO K ORNAS , M ICHAEL H EEB , L IDIA F LORINDA P IOLI , A NA L IDIA L EIVAS , J UAN D OMINGO B ALESTRELLI , G UNTHER B RAUN , HWB R ENTEN P ORTFOLIO P LUS , HWB A LEXANDRA S TRATEGIES P ORTFOLIO , NW G LOBAL S TRATEGY , V ICTORIA S TRATEGIES P ORTFOLIO L TD ., HWB V ICTORIA S TRATEGIES P ORTFOLIO , HWB P ORTFOLIO P LUS , C ESARE D E J ULIIS , M IRTA B EATRIZ M ANDOLINO , E DUARDO H ECTOR S ORROCHE , S USANA A LICIA C OSTA , D IEGO M ARCOS S ORROCHE , V ERONICA S ORROCHE , C HRISTA E RB , R UDOLF E RB , S ILVIA B EATRIZ O VEJERO , D AVID D E L AFUENTE , J OSE L.

P ELUSO , HWB A LEXANDRIA S TRATEGIES P ORTFOLIO , Z YLBERBERG F EIN LLC, U.V.A.

V ADUZ , K LAUS B OHRER , A MBER R EED C ORP ., C ONSULTORA K ILSER S.A., M ICHAEL S CHMIDT , M ARIE L AURETTE D USSAULT , B URGHARD P ILTZ , O SCAR R EINALDO C ARABAJAL , D ORA L UISA S ASAL , U TE K ANTNER , S USANA A LICIA M ONKES , A LBERTO H ABER , A LEJANDRO A LBERTO E TCHETO , C RISTA I RENE B RANDES , F RANCISCO M IGUEL M OLINARI , H ELMUT H AGEMANN , HWB D ACHFONDS V ENIVIDIVICI , HWB G OLD & S ILBER P LUS , R OSA D ELFINA C ASTRO , G AMETOWN C ORPORATION S.A., C RISTOPH H AGEMANN , D RAWRAH L IMITED , M ICHELE C OLELLA , D ENISE D USSAULT , A NYE S ALINOVICH , D EBORA R EINA C OHEN , F EYSOL S.A., V ANINA A NDREA E XPOSITO , B EATE N EUENHOFER , L ERINERCO S.A., A NDREA D E N ICOLA , I NES D ELIA E IDELMAN , D IEGO F ABIAN T OPF , M ODERN G ROUP S.A., L UCABRAS S.A., C ESAR C IVETTA , A LDO C IVETTA , A MANDA W IELIWIS , S USANA A QUERRETA , L ILA I NES B URGUENO , M ARIA E VANGELINA C ARBALLO , M ARIA E LENA C ORRAL , T ERESA M UNOZ D E C ORRAL , M IRTA S USANA D IEGUEZ , N ORMA H AYDEE G INES , C ARMEN I RMA L AVORATO , N ORMA E LSA L AVORATO , L EANDRO D ANIEL P OMILIO , P ABLO A LBERTO V ARELA , C ESAR R UBEN V AZQUEZ , M ARTA A ZUCENA

Case 16-628, Document 443, 03/23/2016, 1734038, Page6 of 15 V AZQUEZ , M AXIMO D ORRA , O LGA D E D ORRA D ORRA , A NGEL E MILIO M OLINOS , R AUL R ENNELLA , S ANDRA E LIZABETH S CHULER , M IGUEL A NGEL B ELOQUI , A NA Z EMBORAIN Z EMBORAIN , M ARTA M ABEL F OLGADO , H ORACIO G UIBELALDE , A RAG A L IMITED , A RAG -O L IMITED , A RAG -T L IMITED , A RAG -V L IMITED , G RAZIANO A DAMI , G IANFRANCO A GOSTINI , A LLAN A PPLESTEIN TTEE FBO DCA G RANTOR T RUST , M ILENA A MPALLA , A UGUSTO A RCANGELI D E F ELICIS , A NTONELLA B ACCHIOCCHI , A LBERTO B ACIUCCO , O TELLO B ACIUCCO , F ILIPPO B AGOLIN , S ARA B ARTOLOZZI , A NNELIESE G UNDA B ECKER , S ERENELLA B ELLEGGIA , G IORGIO B ENNATI , S TUDIO L EGALE B ENNATI , R OBERTO B ERARDOCCO , G RAZIELLA B ERCHI , O RSOLINA B ERRA , A DRIANO B ETTINELLI , M ASSIMO B ETTONI , G IORGIO B ISTAGNINO , S TEFANO B ISTAGNINO , G RAZIELLA B ONADIMAN , A NDREA B ONAZZI , S TEFANIA B ONPENSIERE , R ACHELE B ONTEMPI , M ARCO B ORGRA , S ERGIO B ORGRA , R ENATA B OSCARIOL , E MANUELE B OTTI , C ARLO B RETTI , S USANNA B RETTI , A NTONIETTA G UISEPPINA B RIOSCHI , M ARCELLO C ALANCA , B RUNO C ALMASINI , I TALIA C AMATO , G IUSEPPINA C APEZZERA , L AURA A NNA C APURRO , V INCENZO C ARBONE , C ARIFIN S.A., G IOVANNI C ARLOTTA , E LETTRA C ASALINI , D IEGO C ASTAGNA , M ARCO C AVALLI , C ARMELINA C ENSI , G IAN F RANCESCO C ERCATO , A LBERTO C OMPARE , G IOVANNA C ONNENA , A GOSTINO C ONSOLINI , C ESARINO C ONSOLINI , M ARIA L UIGIA C ONTI , S ILVANA C ORATO , G IANCARLO B ARTOLOMEI C ORSI , F RANCESCO C ORSO , G IUSEPPINA C ORSO , L AURA C OSCI , A NGELO C OTTONI , M ONICA C ROZZOLETTO , G RAZIELLA D A C ROCE , T ARCISIA D ALBOSCO , A LDO D AVID , C ARLA M ARINI D E F ELICIS A RCANGLI , A NTONIO D E F RANCESCO , A DRIANA D ELL 'E RA , C ARLO F ARIOLI , A NNA F ERRI , G IOVANNA F ERRO , F RANCESCO F OGGIATO , D ONATELLA Z ANOTTI F RAGONARA , R INALDO F RISINGHELLI , A NGIOLINO F USATO , M ADDALENA G AIOLI , F RANCESCO M AURO G HEZZI , G ABRIELE F USATO , F ELICINA G AIOLI , G IAN C ARLO G ANAPINI , M ARIO G IACOMETTI , G IOVANNI G IARDINA , C ELESTINO G OGLIA , G IULIA G REGGIO , V ERNA G UALANDI , L UISELLA G UARDINCERRI , G IANFRANCO G UARINI , R AIMONDO I ALLONARDO , I NNOVAMEDICA S.P.A., A NTONELLA D E R OSA K UNDERFRANCO , M ANUELA D E R OSA K UNDERFRANCO , M ARITZA L ENTI , A NGELO L EONI , P AOLO L ISI , U GO L ORENZI , S ERGIO L OVATI , F ERNANDA A NGELA L OVERO , C LAUDIO M ANGANO , E LIDE M ARGNELLI , R OMANO M ARTON , M IRCO M ASINA , G UGLIELMINA M ASSARA , B RUNA M ATTIOLI , S ALVATORE M ELCHIONDA , M ASINA M IRCO M IRCO , S IMONETTA M ONTANARI , G IAMPAOLO M ONTINO , A LESSANDRO M ORATA , C ARLA M ORATA , M ARIA R ITA M ORETTO , A MATO M ORI , B RUNO P APPACODA , S ABRINA P ARODI , A LFREDO P ELLI , F RANCO P EZZE , V ALERIO P IACENZA , P ERI L UIGI L UCIBELLO P IANI , E UGENIA R E , A LEESSANDRA R EGOLI , B ARBARA R ICCHI , M ARIA R OBBIATI , P AOLA R OSA , A DRIANO R OSATO , G IUSEPPE S ILVIO R OSSINI , L AURA R OSSINI , R AFFAELE R OSSINI , R UGGERO R OSSINI , I NES R OTA , H ILDA R UPPRECHT , V INCENZA S ABATELLI , A NGELINA S ALMISTRARO , T IZIANO S ASSELLI , M ARINELLA S CALVI , M AURIZIO

Case 16-628, Document 443, 03/23/2016, 1734038, Page7 of 15 S ERGI , S IMONA S TACCIOLI , L ICIA S TAMPFLI -R OSA , S ANTE S TEFANI , E UFROSINA D E S TEFANO , A NNA S TORCHI , R ENATE T IELMAN , M ANUELITO T OSO , V ALERIA T OSO , F RANCO T RENTIN , S TEFANIA T RENTIN , M ARTINO V ERNA , M ARIO V ICINI , L UCA V ITALI , V ITO Z ANCANER , G IOVANNI Z ANICHELLI , M ATTEO Z ANICHELLI , J OHNNIE E RVING , F RANCES E RVING , L ISA C HAMBERLIN E NGELHARDT , J OHN C LARIZIA , G ERALD C OULTHURST , E NRIQUE D OMINGUEZ , T RINITY I NVESTMENTS L IMITED , MCHA H OLDINGS , LLC, E GAR R AMON L AMBERTINI , A NA D ORATELLI , S COGGIN C APITAL M ANAGEMENT II LLC, J UANA B ONAIUTI , S COGGIN I NTERNATIONAL F UND L TD ., S COGGIN W ORLD W IDE F UND L TD ., T ITO S IENA , A TTESTOR M ASTER V ALUE F UND LP, A RMANDO R UBEN F AZZOLARI , J ULIO R OBERTO P EREZ , W HITE H AWTHORNE , LLC, J OSE P EDRO A NGULO , P EDRO T IMOTEO A NGULO , F ERNANDO C ROSTELLI , J UAN C ARLOS C ROSTELLI , M ARTINA C ROSTELLI , V IVIANA C ROSTELLI , P ATRICIO H ANSEN , C LAREN C ORPORATION , B YBROOK C APITAL H AZELTON M ASTER LP, B YBROOK C APITAL M ASTER F UND LP, A NDRAREX , L TD ., C LARIDAE L TD , M ARIA D EL P ILAR D E W E F ERRER , S TONEHILL I NSTITUTIONAL P ARTNERS , LP, AND S TONEHILL M ASTER F UND L TD .,

Plaintiffs-Appellants

, V . B ANK OF A MERICA , N.A.,

Respondent,

B ANCO B ILBAO V IZCAYA A RGENTARIA , S.A., BBVA C OMPASS B ANCSHARES , I NC ., BBVA S ECURITIES I NC ., S TANDARD I NSURANCE C OMPANY , A DMINISTRACION N ACIONAL DE S EGURIDAD S OCIAL , U NION DE A DMINISTRADORAS DE F ONDOS D E J UBILACIONS Y P ENSIONES , C ONSOLIDAR AFJP S.A., A RAUCA B IT AFJP S.A., F UTURA AFJP S.A., M AXIMA AFJP S.A., M ET AFJP S.A., O RIGENES AFJP S.A., P ROFESION +A UGE AFJP S.A., U NIDOS S.A.

AFJP, O CWEN F INANCIAL C ORPORATION , O CWEN L OAN S ERVICING , LLC, A SSURANT , I NC ., A MERICAN S ECURITY I NSURANCE C OMPANY , S AXON M ORTGAGE S ERVICES , I NC ., AND M ORGAN S TANLEY ,

Third-Party Defendants.

Case 16-628, Document 443, 03/23/2016, 1734038, Page8 of 15

TABLE OF CONTENTS

ARGUMENT ............................................................................................................ 1 CONCLUSION ......................................................................................................... 5

Case 16-628, Document 443, 03/23/2016, 1734038, Page9 of 15

TABLE OF AUTHORITIES S TATUTES

28 U.S.C. § 2201 ........................................................................................................ 5

O THER A UTHORITIES

Fed. R. App. P. 28 ...................................................................................................... 1

Case 16-628, Document 443, 03/23/2016, 1734038, Page10 of 15

ARGUMENT

Pursuant to Fed. R. App. P. 28(c), the Foreign-law Bondholders, 1 as interested non-party Appellants, reply to the Brief of Defendant-Appellee Argentina. Argentina assures the Court that it “has returned to the bargaining table to negotiate in good faith with the plaintiffs.” Brief of Defendant-Appellee at 2. Here is what Argentina’s “good faith” consists of: Argentina submitted to the district court a form of order that assured protection of the Injunctions to those who entered into agreements in principle by February 29. JA A-455. The district court entered that order. SPA-70.

2 Argentina assured the district court that its offer would be open to all creditors. JA A-1878. Argentina then published a form of “Master Settlement Agreement” that limits payment on bonds “as to which the contractual prescription period set out in the relevant instrument evidencing those bonds has expired,” but contains no limitation based on any alleged statute-of-limitations defense. JA A-1620. It required acceptances to be submitted on its form. JA A-1674; JA A-1631. On 1 In this Reply Brief, the Foreign-law Bondholders adopt the abbreviations used in their opening brief. Docket No. 263, Addendum. The Foreign-law Bondholders moved to intervene in this proceeding on March 14, 2016. Docket No. 263. 2 The Order requires, as a condition precedent to

vacatur

, that Argentina “must make full payment” on “agreements in principle” entered on or before February 29, 2016 in order for the Injunctions to be vacated. SPA-84. 1

Case 16-628, Document 443, 03/23/2016, 1734038, Page11 of 15 February 19, Argentina received an acceptance from Procella that listed bonds

by ISIN and maturity date

, with maturities as old as 2002. JA A-2014-15. The bonds were easily identified. The acceptance added a rider, stating that “the Republic will not assert that the Holder’s claims to any Bonds listed thereon are untimely, or otherwise time-barred.” JA A-2012. Argentina countersigned the acceptance and delivered it to Procella. JA A-2010. Ten days passed. Any Argentine minister, advisor, or attorney might have reviewed that agreement and raised a concern. On the tenth day, Argentina attached the Procella acceptance, and a second acceptance from Red Pines on many of the same bonds, to a declaration signed under penalty of perjury by a senior minister. JA A-1939 ¶¶ 12-13. Argentina submitted that declaration to the district court in order to obtain the relief that is now on appeal here, describing each of the Procella and Red Pines agreements as an “Agreement in Principle,”

id.,

and listing, in the attached exhibits, a schedule showing each covered bond’s maturity date. JA A-2015; JA A-2025. That same day, Argentina described the Procella and Red Pines agreements to the district court as among the “numerous settlements” that its efforts had yielded. JA A-1879. Now Argentina advises this Court that the Red Pines agreement is not a “yielded … settlement,”

id.

, that other acceptances precisely like the Red Pines agreement are not either, and that the Procella agreement was apparently a mistake. 2

Case 16-628, Document 443, 03/23/2016, 1734038, Page12 of 15 See Brief of Defendant-Appellee at 13 n.3.

3 This about face is what Argentina describes as “negotiat[ion] in good faith,” which, it argues, makes the Injunctions “not only unnecessary but affirmatively counterproductive and inequitable.”

Id.

at 2. The facts recited above are a matter of record. Argentina does not dispute them. What the facts reflect is not a mistake at all, but the willingness of a Sovereign obligor to change course in the face of domestic political pressure (for which there is a rich history in this case), preferring inequitable conduct toward foreign courts and creditors to political opposition at home. Argentina remains in the midst of those political pressures today, with only the Injunctions as protection for its creditors. The Foreign-law Bondholders agree with Argentina on one point. Its effort to renege on its contractual commitments -- which occurred after the district court accepted Argentina’s assurances and ruled -- cannot be

adjudicated

in the first instance in the Court of Appeals.

See id.

at 38. But Argentina’s inequitable conduct can and should be considered by this Court, in addressing whether the promises upon which the Order was based were so hollow as to warrant reversal. And if the Order is to be affirmed, then the contract dispute must indeed be 3 It is not a mistake that Argentina has sought to correct. The district court record remains unchanged and the Bausili Declaration is included in the Appendix here. JA A-1922. 3

Case 16-628, Document 443, 03/23/2016, 1734038, Page13 of 15 adjudicated by the district court before that court can deem satisfied the second condition of the Order. Otherwise Argentina’s assurances -- to that court, to this one, and to its creditors -- truly are empty. The cynicism of Argentina’s position is manifest. Argentina’s brief cites only to the February 5, 2016 Unilateral Proposal (JA A-648).

See id

. at 11. It passes the Unilateral Offer, comprising the Master Settlement Agreement, the Instructions, and the Agreement Schedule -- all of which it drafted and published -- in silence. (This is an odd omission, for the Unilateral Proposal contained no mechanism for response, while the other materials contained precise instructions for how to prepare and submit an acceptance.) Argentina prefers not to “wade into” the uncomfortable facts that its own form carves out only contractually “prescribed” bonds (by limiting payment on these bonds),

see id

. at 48 n.17, and that the same form omits any reference to statutes of limitations.

See

JA A-1620 (Section 1).

4 In their opening brief, the Foreign-law Bondholders addressed (a) the text of the Unilateral Settlement Offer, (b) relevant principles of contract 4 Limiting the restriction to

contractual

prescription was logical. Argentina’s bonds were sold and are held across the world. Prescription arises from the terms of the contract, and thus may be universally and consistently applied, whereas statutes of limitations vary from forum to forum. Statutes-of-limitations defenses are subject to numerous exceptions and litigation uncertainties, as was illustrated by the briefing in the

Trinity

and

Red Pines

cases themselves.

See

Opening Brief of Interested Non-Party Appellant Foreign-Law Bondholders at 5 n.5 & 6 n.6. 4

Case 16-628, Document 443, 03/23/2016, 1734038, Page14 of 15 construction, and (c) Argentina’s conduct. Opening Brief at 17-25. Argentina prefers not to wade into these points either.

5 This may be fair enough in this Court. But Argentina cannot equitably keep its feet dry in the district court. It should not be permitted to assert whimsical “mistakes” (in response to domestic political pressure or otherwise), and pronounce itself in compliance with the Order’s second condition. The Foreign law Bondholders and other, similarly-situated holders are preparing, and will shortly file in the district court a complaint under 28 U.S.C. § 2201 seeking a declaration that they indeed entered into “Agreements in Principle” that must be paid as a condition to any relief from the Injunctions. The Foreign-law Bondholders will proceed expeditiously and seek the district court’s prompt determination of these claims.

CONCLUSION

For the foregoing reasons and those set forth in the opening briefs of the various appellants, the Foreign-law Bondholders request that the Court vacate the 5 In its brief, Argentina subtly rephrases the second condition precedent to avoid reference to agreements in principle. Condition 2 of the Order provides, “[f]or all plaintiffs that enter into agreements in principle with the Republic on or before February 29, 2016, the Republic must make full payment in accordance with the specific terms of each such agreement.” SPA-119 (emphasis added). Argentina recasts this to “the Republic [must] make payment in full to any parties who reached settlements by February 29, 2016.” Brief of Defendant-Appellee at 47 (emphasis added). 5

Case 16-628, Document 443, 03/23/2016, 1734038, Page15 of 15 Order and remand the cases to the district court, and that, regardless of its disposition with regard to the Order itself, the Court instruct the district court that the Injunctions not be lifted until the district court adjudicates the rights of the Foreign-law Bondholders, and other similarly-situated bondholders that accepted Argentina’s offer on or before February 29, 2016. Dated: March 23, 2016 New York, New York Respectfully Submitted, MORGAN, LEWIS & BOCKIUS LLP

/s/

Sabin Willett Sabin Willett One Federal Street Boston, MA 02110 (617) 951-8000

Attorney for Foreign-law Bondholders

6