ARAG-A Limited, ARAG-O Limited, ARAG-T

Case 1:16-cv-02238-TPG Document 34 Filed 04/07/16 Page 1 of 6
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
:
ARAG-A Limited, ARAG-O Limited, ARAG-T Limited,
ARAG-V Limited, Honero Fund I, LLC, Attestor Value
:
Master Fund, Bybrook Capital Hazelton Master Fund LP,
Bybrook Capital Master Fund LP, MCHA Holdings, LLC, :
Red Pines LLC, Spinnaker Global Emerging Markets Fund,
Ltd., Spinnaker Global Special Situations Fund LP, Trinity :
Investments Limited, White Hawthorne, LLC, White
Hawthorne II, LLC and Yellow Crane Holdings, L.L.C., :
Plaintiffs,
:
v.
CIVIL ACTION NO.
16-2238
:
The Republic of Argentina,
Defendant.
:
:
DECLARATION OF MURAT KORKMAZ
Pursuant to 28 U.S.C. Section 1746, I declare that the following is true and correct:
1.
My name is Murat Korkmaz. I am an authorized representative of ARAG-A
Limited, ARAG-O Limited, ARAG-T Limited and ARAG-V Limited (collectively, the “ARAG
Entities”). I have personal knowledge of the averments in this declaration and am authorized by
the ARAG Entities to make this declaration.
2.
The ARAG Entities hold various beneficial rights in bonds issued by the Republic
of Argentina (“Argentina”) that are governed by foreign and New York law, and on which
Argentina has long been in default.
DB3/ 200809035.3
Case 1:16-cv-02238-TPG Document 34 Filed 04/07/16 Page 2 of 6
3.
ARAG-A Limited is a plaintiff in civil actions pending before this Court,
including those with docket numbers 14-09095 (S.D.N.Y.) (TPG), 14-09427 (S.D.N.Y.) (TPG),
14-09855 (S.D.N.Y.) (TPG), 15-09579 (S.D.N.Y.) (TPG), 16-00905 (S.D.N.Y.) (TPG), 1600911 (S.D.N.Y.) (TPG), 16-01350 (S.D.N.Y.) (TPG) and 16-01512 (S.D.N.Y.) (TPG). In
certain of these cases relating to bonds governed by foreign law (but not in the cases involving
bonds governed by New York law), there are pending disputes concerning whether claims filed
by ARAG-A Limited and other plaintiffs are time-barred by virtue of contractual prescription
clauses, and the applicability of other technical defenses raised by Argentina.
4.
ARAG-O Limited is a plaintiff in civil actions pending before this Court,
including those with docket numbers 14-09095 (S.D.N.Y.) (TPG), 14-09427 (S.D.N.Y.) (TPG),
14-09855 (S.D.N.Y.) (TPG), 15-09579 (S.D.N.Y.) (TPG), 16-00905 (S.D.N.Y.) (TPG), 1600911 (S.D.N.Y.) (TPG), 16-01350 (S.D.N.Y.) (TPG) and 16-01512 (S.D.N.Y.) (TPG). In
certain of these cases relating to bonds governed by foreign law (but not in the cases involving
bonds governed by New York law), there are pending disputes concerning whether claims filed
by ARAG-O Limited and other plaintiffs are time-barred by virtue of contractual prescription
clauses, and the applicability of other technical defenses raised by Argentina.
5.
ARAG-T Limited is a plaintiff in civil actions pending before this Court,
including those with docket numbers 14-09095 (S.D.N.Y.) (TPG), 14-09427 (S.D.N.Y.) (TPG),
14-09855 (S.D.N.Y.) (TPG), 15-09579 (S.D.N.Y.) (TPG), 16-00905 (S.D.N.Y.) (TPG), 1600911 (S.D.N.Y.) (TPG), 16-01350 (S.D.N.Y.) (TPG) and 16-01512 (S.D.N.Y.) (TPG). In
certain of these cases relating to bonds governed by foreign law (but not in the cases involving
bonds governed by New York law), there are pending disputes concerning whether claims filed
DB3/ 200809035.3
2
Case 1:16-cv-02238-TPG Document 34 Filed 04/07/16 Page 3 of 6
by ARAG-T Limited and other plaintiffs are time-barred by virtue of contractual prescription
clauses, and the applicability of other technical defenses raised by Argentina.
6.
ARAG-V Limited is a plaintiff in civil actions pending before this Court,
including those with docket numbers 14-09095 (S.D.N.Y.) (TPG), 14-09427 (S.D.N.Y.) (TPG),
14-09855 (S.D.N.Y.) (TPG), 15-09579 (S.D.N.Y.) (TPG), 16-00905 (S.D.N.Y.) (TPG), 1600911 (S.D.N.Y.) (TPG), 16-01350 (S.D.N.Y.) (TPG) and 16-01512 (S.D.N.Y.) (TPG). In
certain of these cases relating to bonds governed by foreign law (but not in the cases involving
bonds governed by New York law), there are pending disputes concerning whether claims filed
by ARAG-V Limited and other plaintiffs are time-barred by virtue of contractual prescription
clauses, and the applicability of other technical defenses raised by Argentina.
7.
Prior to February 2016, representatives of the ARAG Entities made numerous
efforts to speak with representatives of Argentina to discuss settlement. To the best of my
knowledge, no representative of Argentina engaged in any substantive discussion with us during
that period.
8.
On or about February 5, 2016, I reviewed a Spanish language version of
Argentina’s settlement proposal published on its official government website. A true copy of the
proposal that I reviewed is attached as Exhibit 4 to the Declaration of Stephen Scotch-Marmo in
Support of Plaintiffs’ Motion by Order to Show Cause for a Preliminary Injunction (“ScotchMarmo Declaration”).
9.
On or about February 7, 2016, I received and reviewed an English translation of
the proposal, a copy of which is attached as Exhibit 5 to the Scotch-Marmo Declaration.
DB3/ 200809035.3
3
Case 1:16-cv-02238-TPG Document 34 Filed 04/07/16 Page 4 of 6
10.
On or about February 17, 2016, I reviewed Argentina’s form of “Master
Settlement Agreement” published on its government website. A copy of the “Master Settlement
Agreement” that I reviewed is attached to the Scotch-Marmo Declaration as Exhibit 7.
11.
I first emailed Argentina a list of the ARAG Entities’ foreign and New York law
bonds on February 18, 2016. In response to my email, Santiago Bausili, Undersecretary of
Finance of Argentina, emailed me on February 18, at 12:30 p.m. (EST) the following: “Dear
Murat, please refer to the Instructions and Agreements available in the following link. Do not
hesitate to send any other questions. It would help us if you could send us in advance the names
of the plaintiffs involved and the case numbers.” A true copy of Mr. Bausili’s February 18, 2016
12:30 p.m. (EST) email is attached as Exhibit 1.
12.
On February 18, 2016, at 12:46 p.m. (EST) I emailed Mr. Bausili asking “[i]n
reference to documents on that link, specifically to the master settlement agreement, which has a
‘prescription’ language that forbids some bonds from participation, we understood, as menti
from Fore Research that it will not be an issue, as communicat[ed] by the Argentine Republic.”
A true copy of my February 18, 2016 12:46 p.m. (EST) email is attached as Exhibit __. In
response, Mr Bausili stated, by email on February 19, 2016 at 6:20 a.m. (EST), “[w]e’ve
confirmed with counsel that those bonds that are beyond their prescription date on which no
legal action has been taken to ‘stop the clock’ on such prescription, will not be taken in as are
deemed to have no claim value. Hope this clarifies the situation, SB.” A true copy of Mr.
Bausili’s February 19, 2016 6:20 a.m. (EST) email is attached as Exhibit 3.
13.
On February 19, my colleague, Michael Monticciolo, submitted counter-offers to
Argentina via email, copying me, regarding the Master Settlement Agreement on behalf of the
DB3/ 200809035.3
4
Case 1:16-cv-02238-TPG Document 34 Filed 04/07/16 Page 5 of 6
ARAG Entities’ foreign law bonds. On February 23, my colleague, Mr. Monticciolo, submitted
counter-offers to Argentina, via email, copying me, regarding the Master Settlement Agreement
on behalf of the ARAG Entities’ New York law bonds.
14.
The ARAG Entities did not receive any response from Argentina regarding their
counter-offers. Accordingly, the ARAG Entities downloaded the Master Settlement Agreement
from Argentina’s website, and completed the “Agreement Schedule” thereon with respect to the
ARAG Entities’ foreign and New York law holdings. On February 29, 2016, my colleague, Mr.
Monticciolo, delivered to Argentina, by email, copying me, to
[email protected] (which is the email address bondholders were directed to
email accepted settlement offer), the ARAG Entities’ acceptances of Argentina’s offer. Attached
as Exhibits 4 and 5 are true copies of Mr. Monticciolo’s emails to Argentina with the attached
completed agreement schedules.
15.
On February 29, 2016, Argentina acknowledged receipt of the ARAG Entities’
acceptances of the settlement offer. True copies of Argentina’s acknowledgment emails are
attached as Exhibits 6 and 7.
16.
Argentina never communicated to the ARAG Entities any rejection of the
acceptance nor advised that the acceptance should be subject to any statute of limitations.
DB3/ 200809035.3
5
Case 1:16-cv-02238-TPG Document 34 Filed 04/07/16 Page 6 of 6
Case 1:16-cv-02238-TPG Document 34-1 Filed 04/07/16 Page 1 of 4
EXHIBIT 1
Case 1:16-cv-02238-TPG Document 34-1 Filed 04/07/16 Page 2 of 4
Carter, Christopher Louis
From:
Sent:
To:
Cc:
Subject:
Attachments:
Santiago Bausili <[email protected]>
Thursday, February 18, 2016 12:30 PM
[email protected]; [email protected]
[email protected]; Osvaldo A. Colazo
RE: Hello Santiago -- Non-NY Law Bond Holdings
image001.png
Dear Murat, please refer to the Instructions and Agreements available in the following link. Do not hesitate to send any
other questions. It would help us if you could send us in advance the names of the plaintiffs involved and the case
numbers.
http://www.economia.gob.ar/instrucciones-para-la-participacion-en-la-propuesta-preliminar-argentina/
Best,
Santiago Bausili
Subsecretario de Financiamiento
Ministerio de Hacienda y Finanzas Públicas
República Argentina
Tel: +54.11-4349-5240
Cel: +54.911-3584-8512
-------- Original message -------From: Murat Korkmaz <[email protected]>
Date: 2/18/2016 12:23 PM (GMT-05:00)
To: [email protected], [email protected]
Cc: Michael Monticciolo <[email protected]>
Subject: Hello Santiago -- Non-NY Law Bond Holdings
CONFIDENTIAL SETTLEMENT COMMUNICATION
SUBJECT TO F.R.E. 408 AND SIMILAR RULES
WITHOUT PREJUDICE
Dear Santiago,
We received your contact information from Fore Research. We understand from Fore Research that you are expecting
us to contact you in relation to our position in non-NY law bondholders. We are one of the largest members of the nonNY law bondholder group represented by the law firm, Morgan Lewis. We are sending this email to you as a
confidential settlement communication. This communication is being made “without prejudice” and on the
understanding that it is an offer of compromise.
1
Case 1:16-cv-02238-TPG Document 34-1 Filed 04/07/16 Page 3 of 4
We understand that Fore Research and King Street have been, in short, offered by the Argentine Republic a deal for
their non-NY law bonds at 150% of their notional holdings. We further understand, that this deal was made without
regard to a bonds maturity, coupon or any other condition. We understand that both Fore and King Street agreed to
enter into a settlement agreement with the Republic of Argentina based on these terms.
Assuming our understanding is correct, our clients may be willing to settle their non-NY law claims under similar terms
and conditions the Republic reached with Fore Research and King Street. For your reference, we have listed our
clients’ bond positions, ISIN numbers, for your review.
We look forward to your response and dialogue on how to reach a conclusion to this matter.
Feel free to reach me at the number below with any questions or to discuss further.
Kind Regards,
Murat
Murat Korkmaz
T 212.888.5516 E [email protected]
885 Third Avenue • 34th Floor • New York, NY 10022
CHF
ARGENT 7 12/04/03 (CHF)
EUR
ARGENT 10 01/07/05
ARGENT 10 02/22/07
ARGENT 10 09/07/07
ARGENT 10 1/2 11/14/02
ARGENT 10 1/4 01/26/07
ARGENT 10 1/4 02/06/03
ARGENT 10 12/07/04
ARGENT 11 1/4 04/10/06
ARGENT 11 3/4 05/20/11
ARGENT 11 3/4 11/13/26
ARGENT 12 09/19/16 - EUR
ARGENT 7 03/18/04
ARGENT 7 1/8 06/10/02
ARGENT 8 02/26/08
ARGENT 8 02/26/08 (DE0001974608) (EUR)
ARGENT 8 1/2 02/23/05
ARGENT 8 1/2 07/01/04
ARGENT 8 1/2 07/30/10
CH0005458101
SWITZERLAND
XS0105694789
XS0124528703
DE0005450258
DE0001300200
DE0004509005
DE0001308609
DE0004500558
DE0001319507
DE0001325017
DE0001348100
DE0001340917
DE0001904308
XS0098314874
DE0002966900
DE0001974608
DE0001354751
DE0003089850
XS0089277825
ENGLISH
ENGLISH
GERMANY
GERMANY
GERMANY
GERMANY
GERMANY
GERMANY
GERMANY
GERMANY
GERMANY
GERMANY
ENGLISH
GERMANY
ENGLISH
ARGENTINA
GERMANY
ENGLISH
ARGENT 8 1/8 10/04/04
ARGENT 8 10/30/09
ARGENT 8 3/4 02/04/03
ARGENT 9 04/26/06
ARGENT 9 05/24/05
ARGENT 9 05/26/09
XS0109203298
DE0001954907
XS0084071421
DE0002998952
USP8055KFQ33
DE0003045357
ENGLISH
GERMANY
ENGLISH
GERMANY
ENGLISH
GERMANY
2
Case 1:16-cv-02238-TPG Document 34-1 Filed 04/07/16 Page 4 of 4
ARGENT 9 06/20/03
ARGENT 9 09/19/03
ARGENT 9 1/2 03/04/04
ARGENT 9 1/4 07/20/04
ARGENT 9 1/4 10/21/02
ARGENT 9 11/19/08
ARGENT 9 3/4 11/26/03
GBP
ARGENT 10 06/25/07
USD
ARGENT 8 3/4 05/09/02
ARGENT 11 12/04/05
DE0002466208
DE0001340909
DE0002929452
XS0113833510
DE0003527966
DE0001767101
DE0003538914
GERMANY
ARGENTINA
GERMANY
ENGLISH
GERMANY
GERMANY
GERMANY
XS0077243730
ENGLISH
ARARGE031633
US040114AZ32
ARGENTINA
ARGENTINA
The contents of this email are confidential and may not be reproduced or further disseminated without Alden's written permission. If you are not the intended
recipient, please destroy and notify the sender immediately. The contents of this email do not constitute investment advice. This email is not an offer to sell or
solicitation of an offer to purchase or offer to sell any investments services or securities, including any interest in any private investment fund managed by Alden or
its affiliates. Any such offer or solicitation will be made only to qualified investors by means of a Confidential Private Offering Memorandum and only in those
jurisdictions where permitted by law. Past performance is not indicative of future returns and all figures used herein are estimated and un-audited unless otherwise
noted.
3
Case 1:16-cv-02238-TPG Document 34-2 Filed 04/07/16 Page 1 of 4
EXHIBIT 2
Case 1:16-cv-02238-TPG Document 34-2 Filed 04/07/16 Page 2 of 4
Carter, Christopher Louis
From:
Sent:
To:
Cc:
Subject:
Murat Korkmaz <[email protected]>
Thursday, February 18, 2016 12:46 PM
Santiago Bausili; [email protected]
[email protected]; Osvaldo A. Colazo
RE: Hello Santiago -- Non-NY Law Bond Holdings
Thanks for the prompt response Santiago, much appreciated.
In reference to documents on that link, specifically to the master settlement agreement, which has a “prescription”
language that forbids some bonds from participation,
we understood, as menti from Fore Research that it will not be an issue, as communication by the Argentine Republic.
Just so confirm and clarify, is this also your understanding ?
Kind Regards, Murat
Murat Korkmaz
T 212.888.5516 E [email protected]
885 Third Avenue • 34th Floor • New York, NY 10022
From: Santiago Bausili [mailto:[email protected]]
Sent: Thursday, February 18, 2016 12:30 PM
To: Murat Korkmaz; [email protected]
Cc: Michael Monticciolo; Osvaldo A. Colazo
Subject: RE: Hello Santiago -- Non-NY Law Bond Holdings
Dear Murat, please refer to the Instructions and Agreements available in the following link. Do not hesitate to send any
other questions. It would help us if you could send us in advance the names of the plaintiffs involved and the case
numbers.
http://www.economia.gob.ar/instrucciones-para-la-participacion-en-la-propuesta-preliminar-argentina/
Best,
Santiago Bausili
Subsecretario de Financiamiento
Ministerio de Hacienda y Finanzas Públicas
República Argentina
Tel: +54.11-4349-5240
Cel: +54.911-3584-8512
-------- Original message -------1
Case 1:16-cv-02238-TPG Document 34-2 Filed 04/07/16 Page 3 of 4
From: Murat Korkmaz <[email protected]>
Date: 2/18/2016 12:23 PM (GMT-05:00)
To: [email protected], [email protected]
Cc: Michael Monticciolo <[email protected]>
Subject: Hello Santiago -- Non-NY Law Bond Holdings
CONFIDENTIAL SETTLEMENT COMMUNICATION
SUBJECT TO F.R.E. 408 AND SIMILAR RULES
WITHOUT PREJUDICE
Dear Santiago,
We received your contact information from Fore Research. We understand from Fore Research that you are expecting
us to contact you in relation to our position in non-NY law bondholders. We are one of the largest members of the nonNY law bondholder group represented by the law firm, Morgan Lewis. We are sending this email to you as a
confidential settlement communication. This communication is being made “without prejudice” and on the
understanding that it is an offer of compromise.
We understand that Fore Research and King Street have been, in short, offered by the Argentine Republic a deal for
their non-NY law bonds at 150% of their notional holdings. We further understand, that this deal was made without
regard to a bonds maturity, coupon or any other condition. We understand that both Fore and King Street agreed to
enter into a settlement agreement with the Republic of Argentina based on these terms.
Assuming our understanding is correct, our clients may be willing to settle their non-NY law claims under similar terms
and conditions the Republic reached with Fore Research and King Street. For your reference, we have listed our
clients’ bond positions, ISIN numbers, for your review.
We look forward to your response and dialogue on how to reach a conclusion to this matter.
Feel free to reach me at the number below with any questions or to discuss further.
Kind Regards,
Murat
Murat Korkmaz
T 212.888.5516 E [email protected]
885 Third Avenue • 34th Floor • New York, NY 10022
CHF
ARGENT 7 12/04/03 (CHF)
EUR
ARGENT 10 01/07/05
ARGENT 10 02/22/07
ARGENT 10 09/07/07
ARGENT 10 1/2 11/14/02
ARGENT 10 1/4 01/26/07
ARGENT 10 1/4 02/06/03
ARGENT 10 12/07/04
CH0005458101
SWITZERLAND
XS0105694789
XS0124528703
DE0005450258
DE0001300200
DE0004509005
DE0001308609
DE0004500558
ENGLISH
ENGLISH
GERMANY
GERMANY
GERMANY
GERMANY
GERMANY
2
Case 1:16-cv-02238-TPG Document 34-2 Filed 04/07/16 Page 4 of 4
ARGENT 11 1/4 04/10/06
ARGENT 11 3/4 05/20/11
ARGENT 11 3/4 11/13/26
ARGENT 12 09/19/16 - EUR
ARGENT 7 03/18/04
ARGENT 7 1/8 06/10/02
ARGENT 8 02/26/08
ARGENT 8 02/26/08 (DE0001974608) (EUR)
ARGENT 8 1/2 02/23/05
ARGENT 8 1/2 07/01/04
ARGENT 8 1/2 07/30/10
DE0001319507
DE0001325017
DE0001348100
DE0001340917
DE0001904308
XS0098314874
DE0002966900
DE0001974608
DE0001354751
DE0003089850
XS0089277825
GERMANY
GERMANY
GERMANY
GERMANY
GERMANY
ENGLISH
GERMANY
ENGLISH
ARGENTINA
GERMANY
ENGLISH
ARGENT 8 1/8 10/04/04
ARGENT 8 10/30/09
ARGENT 8 3/4 02/04/03
ARGENT 9 04/26/06
ARGENT 9 05/24/05
ARGENT 9 05/26/09
ARGENT 9 06/20/03
ARGENT 9 09/19/03
ARGENT 9 1/2 03/04/04
ARGENT 9 1/4 07/20/04
ARGENT 9 1/4 10/21/02
ARGENT 9 11/19/08
ARGENT 9 3/4 11/26/03
GBP
ARGENT 10 06/25/07
USD
ARGENT 8 3/4 05/09/02
ARGENT 11 12/04/05
XS0109203298
DE0001954907
XS0084071421
DE0002998952
USP8055KFQ33
DE0003045357
DE0002466208
DE0001340909
DE0002929452
XS0113833510
DE0003527966
DE0001767101
DE0003538914
ENGLISH
GERMANY
ENGLISH
GERMANY
ENGLISH
GERMANY
GERMANY
ARGENTINA
GERMANY
ENGLISH
GERMANY
GERMANY
GERMANY
XS0077243730
ENGLISH
ARARGE031633
US040114AZ32
ARGENTINA
ARGENTINA
The contents of this email are confidential and may not be reproduced or further disseminated without Alden's written permission. If you are not the intended
recipient, please destroy and notify the sender immediately. The contents of this email do not constitute investment advice. This email is not an offer to sell or
solicitation of an offer to purchase or offer to sell any investments services or securities, including any interest in any private investment fund managed by Alden or
its affiliates. Any such offer or solicitation will be made only to qualified investors by means of a Confidential Private Offering Memorandum and only in those
jurisdictions where permitted by law. Past performance is not indicative of future returns and all figures used herein are estimated and un-audited unless otherwise
noted.
3
Case 1:16-cv-02238-TPG Document 34-3 Filed 04/07/16 Page 1 of 5
EXHIBIT 3
Case 1:16-cv-02238-TPG Document 34-3 Filed 04/07/16 Page 2 of 5
Carter, Christopher Louis
From:
Sent:
To:
Cc:
Subject:
Santiago Bausili <[email protected]>
Friday, February 19, 2016 6:20 AM
[email protected]
Santiago Bausili; [email protected]; Osvaldo A. Colazo
Re: Hello Santiago -- Non-NY Law Bond Holdings
Dear Murat,
We’ve confirmed with counsel that those bonds that are beyond their prescription date on which no legal action
has been taken to “stop the clock” on such prescription, will not be taken in as are deemed to have no claim
value.
Hope this clarifies the situation,
SB
On Feb 18, 2016, at 2:45 PM, Murat Korkmaz <[email protected]> wrote:
Thanks for the prompt response Santiago, much appreciated.
In reference to documents on that link, specifically to the master settlement agreement, which has a
“prescription” language that forbids some bonds from participation,
we understood, as menti from Fore Research that it will not be an issue, as communication by the
Argentine Republic.
Just so confirm and clarify, is this also your understanding ?
Kind Regards, Murat
<image001.png>
Murat Korkmaz
T 212.888.5516 E [email protected]
885 Third Avenue • 34th Floor • New York, NY 10022
From: Santiago Bausili [mailto:[email protected]]
Sent: Thursday, February 18, 2016 12:30 PM
To: Murat Korkmaz; [email protected]
Cc: Michael Monticciolo; Osvaldo A. Colazo
Subject: RE: Hello Santiago -- Non-NY Law Bond Holdings
Dear Murat, please refer to the Instructions and Agreements available in the following link. Do not
hesitate to send any other questions. It would help us if you could send us in advance the names of the
plaintiffs involved and the case numbers.
http://www.economia.gob.ar/instrucciones-para-la-participacion-en-la-propuesta-preliminar-argentina/
1
Case 1:16-cv-02238-TPG Document 34-3 Filed 04/07/16 Page 3 of 5
Best,
Santiago Bausili
Subsecretario de Financiamiento
Ministerio de Hacienda y Finanzas Públicas
República Argentina
Tel: +54.11-4349-5240
Cel: +54.911-3584-8512
-------- Original message -------From: Murat Korkmaz <[email protected]>
Date: 2/18/2016 12:23 PM (GMT-05:00)
To: [email protected], [email protected]
Cc: Michael Monticciolo <[email protected]>
Subject: Hello Santiago -- Non-NY Law Bond Holdings
CONFIDENTIAL SETTLEMENT COMMUNICATION
SUBJECT TO F.R.E. 408 AND SIMILAR RULES
WITHOUT PREJUDICE
Dear Santiago,
We received your contact information from Fore Research. We understand from Fore Research that you
are expecting us to contact you in relation to our position in non-NY law bondholders. We are one of
the largest members of the non-NY law bondholder group represented by the law firm, Morgan
Lewis. We are sending this email to you as a confidential settlement communication. This
communication is being made “without prejudice” and on the understanding that it is an offer of
compromise.
We understand that Fore Research and King Street have been, in short, offered by the Argentine
Republic a deal for their non-NY law bonds at 150% of their notional holdings. We further understand,
that this deal was made without regard to a bonds maturity, coupon or any other condition. We
understand that both Fore and King Street agreed to enter into a settlement agreement with the
Republic of Argentina based on these terms.
Assuming our understanding is correct, our clients may be willing to settle their non-NY law claims under
similar terms and conditions the Republic reached with Fore Research and King Street. For your
reference, we have listed our clients’ bond positions, ISIN numbers, for your review.
We look forward to your response and dialogue on how to reach a conclusion to this matter.
Feel free to reach me at the number below with any questions or to discuss further.
Kind Regards,
Murat
2
Case 1:16-cv-02238-TPG Document 34-3 Filed 04/07/16 Page 4 of 5
<image001.png>
Murat Korkmaz
T 212.888.5516 E [email protected]
885 Third Avenue • 34th Floor • New York, NY 10022
CHF
ARGENT 7 12/04/03 (CHF)
EUR
ARGENT 10 01/07/05
ARGENT 10 02/22/07
ARGENT 10 09/07/07
ARGENT 10 1/2 11/14/02
ARGENT 10 1/4 01/26/07
ARGENT 10 1/4 02/06/03
ARGENT 10 12/07/04
ARGENT 11 1/4 04/10/06
ARGENT 11 3/4 05/20/11
ARGENT 11 3/4 11/13/26
ARGENT 12 09/19/16 - EUR
ARGENT 7 03/18/04
ARGENT 7 1/8 06/10/02
ARGENT 8 02/26/08
ARGENT 8 02/26/08 (DE0001974608) (EUR)
ARGENT 8 1/2 02/23/05
ARGENT 8 1/2 07/01/04
ARGENT 8 1/2 07/30/10
ARGENT 8 1/8 10/04/04
ARGENT 8 10/30/09
ARGENT 8 3/4 02/04/03
ARGENT 9 04/26/06
ARGENT 9 05/24/05
ARGENT 9 05/26/09
ARGENT 9 06/20/03
ARGENT 9 09/19/03
ARGENT 9 1/2 03/04/04
ARGENT 9 1/4 07/20/04
ARGENT 9 1/4 10/21/02
ARGENT 9 11/19/08
ARGENT 9 3/4 11/26/03
GBP
ARGENT 10 06/25/07
USD
ARGENT 8 3/4 05/09/02
ARGENT 11 12/04/05
CH0005458101
SWITZERLAND
XS0105694789
XS0124528703
DE0005450258
DE0001300200
DE0004509005
DE0001308609
DE0004500558
DE0001319507
DE0001325017
DE0001348100
DE0001340917
DE0001904308
XS0098314874
DE0002966900
DE0001974608
DE0001354751
DE0003089850
XS0089277825
ENGLISH
ENGLISH
GERMANY
GERMANY
GERMANY
GERMANY
GERMANY
GERMANY
GERMANY
GERMANY
GERMANY
GERMANY
ENGLISH
GERMANY
ENGLISH
ARGENTINA
GERMANY
ENGLISH
XS0109203298
DE0001954907
XS0084071421
DE0002998952
USP8055KFQ33
DE0003045357
DE0002466208
DE0001340909
DE0002929452
XS0113833510
DE0003527966
DE0001767101
DE0003538914
ENGLISH
GERMANY
ENGLISH
GERMANY
ENGLISH
GERMANY
GERMANY
ARGENTINA
GERMANY
ENGLISH
GERMANY
GERMANY
GERMANY
XS0077243730
ENGLISH
ARARGE031633
US040114AZ32
ARGENTINA
ARGENTINA
3
Case 1:16-cv-02238-TPG Document 34-3 Filed 04/07/16 Page 5 of 5
The contents of this email are confidential and may not be reproduced or further disseminated without Alden's written permission. If you are
not the intended recipient, please destroy and notify the sender immediately. The contents of this email do not constitute investment advice.
This email is not an offer to sell or solicitation of an offer to purchase or offer to sell any investments services or securities, including any
interest in any private investment fund managed by Alden or its affiliates. Any such offer or solicitation will be made only to qualified investors
by means of a Confidential Private Offering Memorandum and only in those jurisdictions where permitted by law. Past performance is not
indicative of future returns and all figures used herein are estimated and un-audited unless otherwise noted.
The contents of this email are confidential and may not be reproduced or further disseminated without Alden's written permission. If you are
not the intended recipient, please destroy and notify the sender immediately. The contents of this email do not constitute investment advice.
This email is not an offer to sell or solicitation of an offer to purchase or offer to sell any investments services or securities, including any
interest in any private investment fund managed by Alden or its affiliates. Any such offer or solicitation will be made only to qualified investors
by means of a Confidential Private Offering Memorandum and only in those jurisdictions where permitted by law. Past performance is not
indicative of future returns and all figures used herein are estimated and un-audited unless otherwise noted.
4
Case 1:16-cv-02238-TPG Document 34-4 Filed 04/07/16 Page 1 of 18
EXHIBIT 4
Case 1:16-cv-02238-TPG Document 34-4 Filed 04/07/16 Page 2 of 18
Carter, Christopher Louis
From:
Sent:
To:
Cc:
Subject:
Attachments:
Michael Monticciolo <[email protected]>
Monday, February 29, 2016 10:18 AM
[email protected]; [email protected]
[email protected]; [email protected]
Master Settlement Agreement Acceptance
ARAG-A Limited_Signed Settlement Agreement Schedule_Standard Offer_2.29.....pdf;
ARAG-O Limited_Signed Settlement Agreement Schedule_Standard Offer_2.29.....pdf;
ARAG-T Limited_Signed Settlement Agreement Schedule_Standard Offer_2.29.....pdf;
ARAG-V Limited_Signed Settlement Agreement Schedule_Standard Offer_2.29.....pdf
Dear, Republic of Argentina, Santiago Bausili, et. al.,
ARAG-V Limited, ARAG-O Limited, ARAG-T Limited and ARAG-A Limited hereby withdraw their submission of February
19, 2016. We are pleased to accept the Republic of Argentina’s offer set forth in its Master Settlement Agreement with
the enclosed acceptance submissions dated February 29, 2016.
Sincerely,
Michael Monticciolo, CLO
Michael Monticciolo
T 212.418.6867
E [email protected]
885 Third Avenue • 34th Floor • New York, NY 10022
1
Case 1:16-cv-02238-TPG Document 34-4 Filed 04/07/16 Page 3 of 18
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Case 1:16-cv-02238-TPG Document 34-4 Filed 04/07/16 Page 18 of 18
Case 1:16-cv-02238-TPG Document 34-5 Filed 04/07/16 Page 1 of 18
EXHIBIT 5
Case 1:16-cv-02238-TPG Document 34-5 Filed 04/07/16 Page 2 of 18
Carter, Christopher Louis
From:
Sent:
To:
Cc:
Subject:
Attachments:
Michael Monticciolo <[email protected]>
Monday, February 29, 2016 10:37 AM
[email protected]; [email protected]
[email protected]; [email protected]
Master Settlement Agreement Acceptance - Injunction Offer
ARAG-V Limited_Signed Settlement Agreement Schedule_Injunction Offer_2.29.16.pdf;
ARAG-O Limited_Signed Settlement Agreement Schedule_Injunction Offer_2.29.16.pdf;
ARAG-T Limited_Signed Settlement Agreement Schedule_Injunction Offer_2.29.16.pdf;
ARAG-A Limited_Signed Settlement Agreement Schedule_Injunction Offer_2.29.16.pdf
Dear, Republic of Argentina, Santiago Bausili, et. al.,
ARAG-O Limited, ARAG-V Limited, ARAG-T Limited and ARAG-A Limited hereby withdraw their submission of February
23, 2016. We are pleased to accept the Republic of Argentina’s offer set forth in its Master Settlement Agreement with
the enclosed acceptance submissions dated February 29, 2016.
Sincerely,
Michael Monticciolo, CLO
Michael Monticciolo
T 212.418.6867
E [email protected]
885 Third Avenue • 34th Floor • New York, NY 10022
1
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Case 1:16-cv-02238-TPG Document 34-5 Filed 04/07/16 Page 11 of 18
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Case 1:16-cv-02238-TPG Document 34-5 Filed 04/07/16 Page 14 of 18
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Case 1:16-cv-02238-TPG Document 34-6 Filed 04/07/16 Page 1 of 2
EXHIBIT 6
Case 1:16-cv-02238-TPG Document 34-6 Filed 04/07/16 Page 2 of 2
Carter, Christopher Louis
From:
Sent:
To:
Cc:
Subject:
Republic of Argentina - Agreement in Principle <[email protected]>
Monday, February 29, 2016 3:15 PM
[email protected]
[email protected]
Re: Master Settlement Agreement Acceptance
Dear Mr. Monticciolo,
We have received your documentation succesfully.
Thank you very much.
Regards.
MHyFP
ONCP.
El 29/02/2016 12:17, Michael Monticciolo escribió:
Dear, Republic of Argentina, Santiago Bausili, et. al.,
ARAG-V Limited, ARAG-O Limited, ARAG-T Limited and ARAG-A Limited hereby withdraw their submission of February
19, 2016. We are pleased to accept the Republic of Argentina’s offer set forth in its Master Settlement Agreement with
the enclosed acceptance submissions dated February 29, 2016.
Sincerely,
Michael Monticciolo, CLO
Michael Monticciolo
T 212.418.6867 E [email protected]
885 Third Avenue • 34th Floor • New York, NY 10022
The contents of this email are confidential and may not be reproduced or further disseminated without Alden's written permission. If you are not the intended
recipient, please destroy and notify the sender immediately. The contents of this email do not constitute investment advice. This email is not an offer to sell or
solicitation of an offer to purchase or offer to sell any investments services or securities, including any interest in any private investment fund managed by Alden or
its affiliates. Any such offer or solicitation will be made only to qualified investors by means of a Confidential Private Offering Memorandum and only in those
jurisdictions where permitted by law. Past performance is not indicative of future returns and all figures used herein are estimated and un-audited unless otherwise
noted.
-Ministerio de Hacienda y Finanzas Secretaria de Finanzas - Subsecretaria de Financiamiento República
Argentina. Te: (54-11) 4349-6100
1
Case 1:16-cv-02238-TPG Document 34-7 Filed 04/07/16 Page 1 of 2
EXHIBIT 7
Case 1:16-cv-02238-TPG Document 34-7 Filed 04/07/16 Page 2 of 2
Carter, Christopher Louis
From:
Sent:
To:
Cc:
Subject:
Republic of Argentina - Agreement in Principle <[email protected]>
Monday, February 29, 2016 3:27 PM
[email protected]
[email protected]
Re: Master Settlement Agreement Acceptance - Injunction Offer
Dear Mr. Monticciolo,
We have received your documentation succesfully.
Thank you very much.
Regards.
MHyFP
ONCP.
El 29/02/2016 12:37, Michael Monticciolo escribió:
Dear, Republic of Argentina, Santiago Bausili, et. al.,
ARAG-O Limited, ARAG-V Limited, ARAG-T Limited and ARAG-A Limited hereby withdraw their submission of February
23, 2016. We are pleased to accept the Republic of Argentina’s offer set forth in its Master Settlement Agreement with
the enclosed acceptance submissions dated February 29, 2016.
Sincerely,
Michael Monticciolo, CLO
Michael Monticciolo
T 212.418.6867 E [email protected]
885 Third Avenue • 34th Floor • New York, NY 10022
The contents of this email are confidential and may not be reproduced or further disseminated without Alden's written permission. If you are not the intended
recipient, please destroy and notify the sender immediately. The contents of this email do not constitute investment advice. This email is not an offer to sell or
solicitation of an offer to purchase or offer to sell any investments services or securities, including any interest in any private investment fund managed by Alden or
its affiliates. Any such offer or solicitation will be made only to qualified investors by means of a Confidential Private Offering Memorandum and only in those
jurisdictions where permitted by law. Past performance is not indicative of future returns and all figures used herein are estimated and un-audited unless otherwise
noted.
-Ministerio de Hacienda y Finanzas Secretaria de Finanzas - Subsecretaria de Financiamiento República
Argentina. Te: (54-11) 4349-6100
1