case 16-628, document 276, 03/14/2016, 1726809, page1 …/media/files/services/argentine... ·...

16-628(L) 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), 16-677(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),

16-698(CON) 16-696(CON), 16-697(CON),

IN THE UNITED STATES COURT OF APPEALS FOR THE SECOND CIRCUIT

AURELIUS CAPITAL MASTER, LTD., ACP MASTER, LTD., BLUE ANGEL CAPITAL I LLC, BANCA ARNER SA, BRANTFORD, HOLDING SA, AURELIUS OPPORTUNITIES

FUND II, LLC, FFI FUND, LTD., FYI LTD., NML CAPITAL, LTD.,

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

OPENING BRIEF AND JOINDER OF PLAINTIFFS-APPELLANTS BANCA ARNER S.A. AND BRANTFORD HOLDING S.A.

(Caption Continued on Next Pages) Banks Brown Audrey Lu MCDERMOTT WILL & EMERY LLP 340 Madison Avenue. New York, NY 10173 (212) 547-5400 [email protected]

Attorneys for Plaintiffs-Appellants Banca Amer S.A. and Brantford Holding S.A.

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), 16-677(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

AURELIUS CAPITAL MASTER, LTD., ACP MASTER, LTD., BLUE ANGEL CAPITAL ILLC, BANCA ARNER SA, BRANTFORD, HOLDING SA, AURELIUS OPPORTUNITIES

FUND II, LLC, FFI FUND, LTD., FYI LTD., NML CAPITAL, LTD.,

On Appeal from the United States District Courtfor the Southern District of New York

OPENING BRIEF AND JOINDER OF PLAINTIFFS-APPELLANTSBANCA ARNER S.A. AND BRANTFORD HOLDING S.A.

(Caption Continued on Next Pages)

Banks BrownAudrey LuMCDERMOTT WILL & EMERY LLP340 Madison Avenue.New York, NY 10173(212) [email protected]

Attorneys for Plaintiffs-Appellants BancaArner S.A. and Brantford Holding S.A.

Case 16-628, Document 276, 03/14/2016, 1726809, Page1 of 14

OLIFANT FUND, LIMITED, RICARDO PONS, OFELIA NELIDA GARCIA, NW GLOBAL STRATEGY, VIRGILIO LUIS FOGLIA, MARIA CRISTINA

ARGENT BAMA, RICARDO AURELIO TRIAY, ADELA NOEMI JURI, TORTUS CAPITAL MASTER FUND, LP, HECTOR PEREZ, MARAND

INTEMATIONAL SA, LIS CARINA MEDINA, M. ALEJANDRA TERRA RISSO, WITKRON SA, GOLSUN SA, JUAN ALBERTO JOSE, JOSE LUIS QUATRINI, MARIO ALBERTO RUIZ, FARIGOLD TRADE SA, CLAUDIO MARTINEZ, FRANCISCO DE GAMBOA, SILVIA ALCIRA MURILLO DE

GEBERT, ENRIQUE ANTONIO JULIO GEBERT, LAYNEL CORPORATION, LIVIO MAZZOLA, BRADFORD PROMOTIONS SA, HAMBURG

CONSULTING INC., PIERINO GARRAFA, CARIOS JESUS SENDIN, EDUARDO GIBSON, FRANCISCO BASSO, FRANCA ANTONIONE, FLORENCIO PEREZ, JUAN CARIOS GRECO, RAMON ZUBIELQUI, EDUARDO ANDRES FRANCHESCHI, GELLXON CORP., ENRIQUE

COHEN, MARIA ISABEL BERRAONDO, GRACIELA ZUBASTI, ADOLFO SANCHEZ BLANCO, RAFAEL ANTONIO SALAMANCA, KINBURG TRUST SA, MAZZINI, JORGE MARCELO, GRACIELA ALEJANDRA, COMPANIA

CALITECNO SA, ZUM FELDE, HEINRICH PETER BARAVALLE, ANA VALERIA, ALEJANDRO PABLO BARAVALLE, EZEQUIEL HEMAN

BACLINI, PATRICIA RUTH CARONNA, JOSE ALBERTO LANDI, SALVADOR SADDEMI, MARIA TERESA LEPONE, HEMAN TABOADA, SUSANA FRASCA DE LAURIA, NORBERTO PABLO GIUDICE, SUSANA LAURIA, GUILLERMO DOII0, JORGE MANUEL TABOADA, MARIA DEL CARMEN ESCUDERO, ROSAS DE COHEN, ESTRELLA BETY, CORBINS

TRADE SA, LUIGI GIACOMAZZI, LUCIANA PEDROLLI, PATRIZIA GIACOMAZZI, MICHELE STAGNITTO, CLAUDIO MIGUEL MATHEOU,

HUGO MASINI, VIVIANA NOEMI TUORON, GUILLERMO JORGE DOMATO, IMPERIAL BYLIDOL SA, DARIO ALBERTO PARDAL, PAULA

MASTRONARDI, HORACIO ALBERTO VAZQUEZ, LILIANA CEBROWSKI, DIEGO PEDRO PELUFFO, JUAN OMAR GIOVACHINI, LILIA ANGELICA

PARISI, TRALOVE COMPANY SA, MAURA MALETTI, GRACIELA ADRIANA GAMITO, ADRIAN CALEFFA, GUILLERMO ALMANZA,

FELICITAS C. VON GROMANN, ROBERTO VIRGILIO SAURO, RITA LESO, RODOLFO ALBERTO GIL, VICENCIO, VIVIAN ORIANA VICENCIO

SAAVEDRA, FELICITAS FLORENCIA FOX ANASAGASTI, FRANCISCO EDUARDO DE LA MERCED, ISABEL EVANGELINA BAVASSI, MAKAPYAN S.R.L., FRANCISCO JOSE MECHURA, GRACIELA

DONNANTUONI, BEMARDO G. FERMAN, FRANCAISE COMPAGNIE, D'INVESTISSEMENTS SA, MARIA SUSANA PAGANO, CARIOS ALBERTO

LAGOS, JULIO HECTOR KRASUK, MAZORAL SA, MIGUEL LIMOLI,

OLIFANT FUND, LIMITED, RICARDO PONS, OFELIA NELIDA GARCIA,NW GLOBAL STRATEGY, VIRGILIO LUIS FOGLIA, MARIA CRISTINA

ARGENT BAMA, RICARDO AURELIO TRIAY, ADELA NOEMI JURI,TORTUS CAPITAL MASTER FUND, LP, HECTOR PEREZ, MARAND

INTEMATIONAL SA, LIS CARINA MEDINA, M. ALEJANDRA TERRARISSO, WITKRON SA, GOLSUN SA, JUAN ALBERTO JOSE, JOSE LUISQUATRINI, MARIO ALBERTO RUIZ, FARIGOLD TRADE SA, CLAUDIOMARTINEZ, FRANCISCO DE GAMBOA, SILVIA ALCIRA MURILLO DE

GEBERT, ENRIQUE ANTONIO JULIO GEBERT, LAYNEL CORPORATION,LIVIO MAZZOLA, BRADFORD PROMOTIONS SA, HAMBURG

CONSULTING INC., PIERINO GARRAFA, CARIOS JESUS SENDIN,EDUARDO GIBSON, FRANCISCO BASSO, FRANCA ANTONIONE,FLORENCIO PEREZ, JUAN CARIOS GRECO, RAMON ZUBIELQUI,EDUARDO ANDRES FRANCHESCHI, GELLXON CORP., ENRIQUE

COHEN, MARIA ISABEL BERRAONDO, GRACIELA ZUBASTI, ADOLFOSANCHEZ BLANCO, RAFAEL ANTONIO SALAMANCA, KINBURG TRUSTSA, MAZZINI, JORGE MARCELO, GRACIELA ALEJANDRA, COMPANIA

CALITECNO SA, ZUM FELDE, HEINRICH PETER BARAVALLE, ANAVALERIA, ALEJANDRO PABLO BARAVALLE, EZEQUIEL HEMAN

BACLINI, PATRICIA RUTH CARONNA, JOSE ALBERTO LANDI,SALVADOR SADDEMI, MARIA TERESA LEPONE, HEMAN TABOADA,SUSANA FRASCA DE LAURIA, NORBERTO PABLO GIUDICE, SUSANA

LAURIA, GUILLERMO DOIIO, JORGE MANUEL TABOADA, MARIA DELCARMEN ESCUDERO, ROSAS DE COHEN, ESTRELLA BETY, CORBINS

TRADE SA, LUIGI GIACOMAZZI, LUCIANA PEDROLLI, PATRIZIAGIACOMAZZI, MICHELE STAGNITTO, CLAUDIO MIGUEL MATHEOU,

HUGO MASINI, VIVIANA NOEMI TUORON, GUILLERMO JORGEDOMATO, IMPERIAL BYLIDOL SA, DARIO ALBERTO PARDAL, PAULA

MASTRONARDI, HORACIO ALBERTO VAZQUEZ, LILIANA CEBROWSKI,DIEGO PEDRO PELUFFO, JUAN OMAR GIOVACHINI, LILIA ANGELICA

PARISI, TRALOVE COMPANY SA, MAURA MALETTI, GRACIELAADRIANA GAMITO, ADRIAN CALEFFA, GUILLERMO ALMANZA,

FELICITAS C. VON GROMANN, ROBERTO VIRGILIO SAURO, RITA LESO,RODOLFO ALBERTO GIL, VICENCIO, VIVIAN ORIANA VICENCIO

SAAVEDRA, FELICITAS FLORENCIA FOX ANASAGASTI, FRANCISCOEDUARDO DE LA MERCED, ISABEL EVANGELINA BAVASSI,MAKAPYAN S.R.L., FRANCISCO JOSE MECHURA, GRACIELA

DONNANTUONI, BEMARDO G. FERMAN, FRANCAISE COMPAGNIE,D’INVESTISSEMENTS SA, MARIA SUSANA PAGANO, CARIOS ALBERTO

LAGOS, JULIO HECTOR KRASUK, MAZORAL SA, MIGUEL LIMOLI,


LUCIO RAMON MUR, JESUS JORGE OTANI, ALEJANDRO ENRIQUE FEMANDEZ, GUIDO DEBIASI, ALLILIO DE ROSA, MANUEL G. GUILLEN,

BEATRIZ M. CASTANO, MONICA HAYDEE GRACIOLLI, LISANDRO ROBERTO ARTURO MORA, ABEL VICENTE SANTANA, MARIA OAUDIA MANGIALAVORI, HORACIO ALBERTO M. SANC CABALLERO, RICARDO SANCHEZ CABALLERO, ELISA SANCHEZ CABALLERO, FIRST CITY SA, JORGE JORACIO ROSINI, ALICIA ESTER SALVADOR, DOLLY ESTHER CUBASSO, SANTA SORRENTINO, RODOLFO BURUL, LYDIA HAYDEE

GIGAGLIA, ANSGAR NEUENHOFER, DORA RAQUEL MALEC, CLAUDIO OSCAR MAZZA, ADRIANA BEATRIZ POVEDA, ALBERTO SILVIO

BURSZTYN, ANDREA FABIANA FUCITO, CARLOS ALBERTO LAGOS, MARIA DEL LAS MERCEDE LAGOS, MAURIZIO GIOVE, GUILLERMO

CARLOS F. CENTENO, CARIOS ALBERTO MURACA, PATRIZIA VALERI, ANDREA RONZON, SILVA FALOMO, VITTORIO GIANNATTASIO,

MONICA GIANNATTASIO, MARCELO EDUARDO PRIMA, RICARDO SANCHEZ CABALLERO, ELISA SANCHEZ CABALLERO, SUSANA

MOLINA GOWLAND, THEA PINA GORGONE, ALESSANDRA PADOAN, GLORIA PADOAN, PIERIUIGI PADOAN, THEA PINA GORGONE, LUIGI

PADOAN, MASSIMILIANO MAZZANTI, MANUELA MAZZANTI, GIUSEPPINA FUSCHINI, MARTA GUERRINI, CORRADO GUERRINI,

STEFANIA SIMONCINI, LUIGI PACIELLO, LERINERCO SA, AURELIO PESENTI, AMOLDO DOLECETTI, TELLADE NAVA, TOMMASINO VITIELLO, LUIGI VITIELLO, GABRIELLE DOLCELTI, GUISEPPE

DOLCETTI, PABLO HUGO KALBERMANN, EVA SONDERMANN GELLER, PEDRO KALBERMANN, INTER PALMISANO SA, DORA RAQUEL MALEC, ANDREA SUSANA BURSZTYN, ALBERTO SILVIO BURSZTYN, ALFREDO

PACHECO, FRANCES BROWN, ADOLFO MIGUEL MUSCHIETTI, JOSE ANTONIO MUSCHIELTI, MARIA CRISTINA BUENANO, ADOLFO MIGUEL

MUSCHIETTI, MARIA CRISTINA BUENANO, RODRIGO FELIPE MUSCHIETTO, MARIA CRISTINA MUSCHIETTI, ALEJANDRO FEDERICO MUSCHIETTI, NELSON DANTE LUCIANO, DANTE LUCIANO, MERCEDES FELIU, DAVID ADRIAN LUCIANO, OSCAR PAUL CLAVIJO, ANA MARIA

AURORA OTERO, CARIOS ALBERTO BRUZZONE, PEDRO KALBERMANN, EVA SONDERMANN, COLOMBO MASI, MARIA ELENA

PELAYO, LUIS PEDRO BIVORT, VALENTINA ETCHART, MARIA FAUSTA CILLI, FIORENZO FACCIONI, LEONARDO HILARIO SIMONE, CARIOS ARTURO JOSE ULLA, PATRICIA STORARI, DECIO CARIOS FRANCISC ULLA, OSCAR SECCO, MERCEDES CALVO, DELFIN A. RABINOVICH,

DIEGO PEDRO PELUFFO, ELVIRA DAGMAR BUZCAT, LEONIDAS RAUL BORDIGONI, ALEJANDRO FEMANDEZ BARBEITO, RAMON BARBEITO,

LUCIO RAMON MUR, JESUS JORGE OTANI, ALEJANDRO ENRIQUEFEMANDEZ, GUIDO DEBIASI, ALLILIO DE ROSA, MANUEL G. GUILLEN,

BEATRIZ M. CASTANO, MONICA HAYDEE GRACIOLLI, LISANDROROBERTO ARTURO MORA, ABEL VICENTE SANTANA, MARIA OAUDIAMANGIALAVORI, HORACIO ALBERTO M. SANC CABALLERO, RICARDOSANCHEZ CABALLERO, ELISA SANCHEZ CABALLERO, FIRST CITY SA,JORGE JORACIO ROSINI, ALICIA ESTER SALVADOR, DOLLY ESTHERCUBASSO, SANTA SORRENTINO, RODOLFO BURUL, LYDIA HAYDEE

GIGAGLIA, ANSGAR NEUENHOFER, DORA RAQUEL MALEC, CLAUDIOOSCAR MAZZA, ADRIANA BEATRIZ POVEDA, ALBERTO SILVIO

BURSZTYN, ANDREA FABIANA FUCITO, CARLOS ALBERTO LAGOS,MARIA DEL LAS MERCEDE LAGOS, MAURIZIO GIOVE, GUILLERMO

CARLOS F. CENTENO, CARIOS ALBERTO MURACA, PATRIZIA VALERI,ANDREA RONZON, SILVA FALOMO, VITTORIO GIANNATTASIO,

MONICA GIANNATTASIO, MARCELO EDUARDO PRIMA, RICARDOSANCHEZ CABALLERO, ELISA SANCHEZ CABALLERO, SUSANA

MOLINA GOWLAND, THEA PINA GORGONE, ALESSANDRA PADOAN,GLORIA PADOAN, PIERIUIGI PADOAN, THEA PINA GORGONE, LUIGI

PADOAN, MASSIMILIANO MAZZANTI, MANUELA MAZZANTI,GIUSEPPINA FUSCHINI, MARTA GUERRINI, CORRADO GUERRINI,

STEFANIA SIMONCINI, LUIGI PACIELLO, LERINERCO SA, AURELIOPESENTI, AMOLDO DOLECETTI, TELLADE NAVA, TOMMASINOVITIELLO, LUIGI VITIELLO, GABRIELLE DOLCELTI, GUISEPPE

DOLCETTI, PABLO HUGO KALBERMANN, EVA SONDERMANN GELLER,PEDRO KALBERMANN, INTER PALMISANO SA, DORA RAQUEL MALEC,ANDREA SUSANA BURSZTYN, ALBERTO SILVIO BURSZTYN, ALFREDO

PACHECO, FRANCES BROWN, ADOLFO MIGUEL MUSCHIETTI, JOSEANTONIO MUSCHIELTI, MARIA CRISTINA BUENANO, ADOLFO MIGUEL

MUSCHIETTI, MARIA CRISTINA BUENANO, RODRIGO FELIPEMUSCHIETTO, MARIA CRISTINA MUSCHIETTI, ALEJANDRO FEDERICOMUSCHIETTI, NELSON DANTE LUCIANO, DANTE LUCIANO, MERCEDESFELIU, DAVID ADRIAN LUCIANO, OSCAR PAUL CLAVIJO, ANA MARIA

AURORA OTERO, CARIOS ALBERTO BRUZZONE, PEDROKALBERMANN, EVA SONDERMANN, COLOMBO MASI, MARIA ELENA

PELAYO, LUIS PEDRO BIVORT, VALENTINA ETCHART, MARIA FAUSTACILLI, FIORENZO FACCIONI, LEONARDO HILARIO SIMONE, CARIOSARTURO JOSE ULLA, PATRICIA STORARI, DECIO CARIOS FRANCISCULLA, OSCAR SECCO, MERCEDES CALVO, DELFIN A. RABINOVICH,

DIEGO PEDRO PELUFFO, ELVIRA DAGMAR BUZCAT, LEONIDAS RAULBORDIGONI, ALEJANDRO FEMANDEZ BARBEITO, RAMON BARBEITO,


LIDIA FEMANDEZ DE BARBEITO, MANUEL CALVO, MERCEDES CALVO, ALCIRA NOEMI ARDITI, CLAUDIO GABRIEL ARDITI,

FEMANDO BARBEITO FEMANDEZ, SANDRO CONCELTINI, MARIA ASUNCION INMACU CASTELLI, JOSEFA AMBROSELLI, ROBERTO

CARLOS PARADA, ROSA SARA POMPEYA LA DE PARADA, GUILLERMO PEDRO PARADA, MARIANO ROBERTO PARADA, ALICIA G. DE SONDERMANN, EVA SONDERMANN, SUSANA SONDERMANN,

RICARDO SONDERMANN, PAULA ARMANDA AZCARATE, EDITH ELVIRA NICOLAS, FISEICO, - FINANCIAL SERVICES INTEMATIONAL

CORPORATION, ENSENADA UNITED CORPORATION, LORENZO BIANCHI, GIORDANO ALLIEVI, GABRIELLA TOSCANO, AMBROGIO STUCCHI, GIUSEPPE STUCCHI, MARIA LUISA STUCCHI, MORENO

LEGNARO, MARIO DAL TOE, DAVIDE CIALLELLA, BRAMANTE DAL TOE, LUCIA VETTORETTI, ALDO NAJ OLEARI, MARIA IDA MODENA, ADA DAL TREZZO, LUIS GARCIA TOBIO, ANTONIA MIRIAN MACIEL,

KAZIMIERZ KOMAS, LUIGI GIACOMAZZI, LUCIANA PEDROLLI, AGOSTINO SCOCCHERA, MARCELO SPILLER, ROMINA MARIA

BUSCAGLIA, NORA RAQUEL LOPEZ, GABRIEL MIGUEL, RAMON MIGUEL, MARCOS VANNI, ANA ANTONIA CABRERA, TERENCIANO DE

JESUS CABRERA, CA1OS ALBERTO MARTINEZ, MONICA CRISTINA BARBERO, SIDNEY SUTTER, EDUARDO ARGENTIERI, CARLOS ADOLFO ESCATI, ARMANDO EDUARDO VALERIO, MIRTA ANTONIA PORTELA,

ROQUE PEREZ VILLALBIA, GABRIEL FEDRICO LEIMGRUBER, FEDERICO HECTOR LEIMGRUBER, LAURA VICTORIA DEMIDOVICH,

ALEJANDRO DEMIDOVICH, DIEGO WALTER CASTRILLI, DANIEL HORACIO ROLFO, ALICIA EVELIA GALIANI, SILVIA MABEL SACCONE, MARCELO RUBEN RIGUEIRO, ALFREDO ENRIQUE ZUCCHINI, NESTOR

DE NICOLA, GRACIELA MARTA BERRETTI, PAULA DE NICOLA, SANTIAGO ROCCA, ANA MARIA SALDANA, ENRIQUE JORGE ROCCA, JOSEF SCHWALD, DENISE MARIE LAURETTE COLELLA, MICHELLE COLELLA, SUSANA LEONOR GATTI, MARTA BEATRIZ GATTI, LUIS ANGEL GATTI, GRISELDA TERESA DULEVICH, MARIA AGUSTINA

SAUCO, MARIA GRISELDA SAUCO, MARIA FLORENCIA SAUCO, OSVALDO LORENZO SAUCO, ANGELA BUSI, RAMON EDUARDO

NEBHEN, ANA CECILIA ALBOMOZ, BRUNO ITALIA, RUBEN UBALDO DI MARCO, MARIA LUCRECIA QUIROGA, JORGE ALBERTO ATILIO NEGRI,

NICOLAS CARLOS AMADOR FARINOLA, JORGE CORADO FARINOLA, RENATE AMOLD, IRMA HAYDEE REDONDO DE NEGRI, MASSIMO

BALDARI, LILLINA ROSSO, ALBERTO ANICETO GONZALEZ, DELIA ISABEL GONZALEZ, MARIANA GONZALEZ, ROBERTO FEDECOSTANTE,

LIDIA FEMANDEZ DE BARBEITO, MANUEL CALVO, MERCEDESCALVO, ALCIRA NOEMI ARDITI, CLAUDIO GABRIEL ARDITI,

FEMANDO BARBEITO FEMANDEZ, SANDRO CONCELTINI, MARIAASUNCION INMACU CASTELLI, JOSEFA AMBROSELLI, ROBERTO

CARLOS PARADA, ROSA SARA POMPEYA LA DE PARADA, GUILLERMOPEDRO PARADA, MARIANO ROBERTO PARADA, ALICIA G. DESONDERMANN, EVA SONDERMANN, SUSANA SONDERMANN,

RICARDO SONDERMANN, PAULA ARMANDA AZCARATE, EDITHELVIRA NICOLAS, FISEICO, - FINANCIAL SERVICES INTEMATIONAL

CORPORATION, ENSENADA UNITED CORPORATION, LORENZOBIANCHI, GIORDANO ALLIEVI, GABRIELLA TOSCANO, AMBROGIOSTUCCHI, GIUSEPPE STUCCHI, MARIA LUISA STUCCHI, MORENO

LEGNARO, MARIO DAL TOE, DAVIDE CIALLELLA, BRAMANTE DALTOE, LUCIA VETTORETTI, ALDO NAJ OLEARI, MARIA IDA MODENA,ADA DAL TREZZO, LUIS GARCIA TOBIO, ANTONIA MIRIAN MACIEL,

KAZIMIERZ KOMAS, LUIGI GIACOMAZZI, LUCIANA PEDROLLI,AGOSTINO SCOCCHERA, MARCELO SPILLER, ROMINA MARIA

BUSCAGLIA, NORA RAQUEL LOPEZ, GABRIEL MIGUEL, RAMONMIGUEL, MARCOS VANNI, ANA ANTONIA CABRERA, TERENCIANO DE

JESUS CABRERA, CAlOS ALBERTO MARTINEZ, MONICA CRISTINABARBERO, SIDNEY SUTTER, EDUARDO ARGENTIERI, CARLOS ADOLFOESCATI, ARMANDO EDUARDO VALERIO, MIRTA ANTONIA PORTELA,

ROQUE PEREZ VILLALBIA, GABRIEL FEDRICO LEIMGRUBER,FEDERICO HECTOR LEIMGRUBER, LAURA VICTORIA DEMIDOVICH,

ALEJANDRO DEMIDOVICH, DIEGO WALTER CASTRILLI, DANIELHORACIO ROLFO, ALICIA EVELIA GALIANI, SILVIA MABEL SACCONE,MARCELO RUBEN RIGUEIRO, ALFREDO ENRIQUE ZUCCHINI, NESTOR

DE NICOLA, GRACIELA MARTA BERRETTI, PAULA DE NICOLA,SANTIAGO ROCCA, ANA MARIA SALDANA, ENRIQUE JORGE ROCCA,JOSEF SCHWALD, DENISE MARIE LAURETTE COLELLA, MICHELLECOLELLA, SUSANA LEONOR GATTI, MARTA BEATRIZ GATTI, LUISANGEL GATTI, GRISELDA TERESA DULEVICH, MARIA AGUSTINA

SAUCO, MARIA GRISELDA SAUCO, MARIA FLORENCIA SAUCO,OSVALDO LORENZO SAUCO, ANGELA BUSI, RAMON EDUARDO

NEBHEN, ANA CECILIA ALBOMOZ, BRUNO ITALIA, RUBEN UBALDO DIMARCO, MARIA LUCRECIA QUIROGA, JORGE ALBERTO ATILIO NEGRI,

NICOLAS CARLOS AMADOR FARINOLA, JORGE CORADO FARINOLA,RENATE AMOLD, IRMA HAYDEE REDONDO DE NEGRI, MASSIMO

BALDARI, LILLINA ROSSO, ALBERTO ANICETO GONZALEZ, DELIAISABEL GONZALEZ, MARIANA GONZALEZ, ROBERTO FEDECOSTANTE,


DINA DI TOMMASO, BRIGIDA ELVIRA DENIS, VILMA BURGIO, NAIBY ELIANA SORIA, MARIA MARTA DE LUCA, ALEXANDER STEM, NELIDA

AMELIA GIUSTI DE BEHAR, INGEBORG STEM, SERGIO RODOLFO BERRI, STELLA MARIS BOFFELLI, MALCOLM GERALD BERRI, NELIDA ROSA PAOLINI, FRANCO MARIA CONTE, LINA LO VULLO, FRANCESCO

MASSOLETTI, DIANA KLEIN, FERISMAR CORP. SA, CARLOS A. RIAL COTO, MARIA C. UNGARO TORRADO, COUNTY BAY INVESTMENTS

LTD., GHIBLI INVESTMENTS LTD., SILVIO EDUARDO SAUCO, MIGUEL KAUFMANN, EDGARDO A. RAMOS, RIVKA SCHMUSKOVITS DE SCHUSTER, NICOLAS SCHUSTER, FLAVIA MARINA SCHUSTER, BEATRIZ LEONOR DE RAMOS, JORG ZAHN, ELENA PASQUALI,

PORTICO CAPITAL INC., HARTMUT PETERS, SABINE ZAHN, WOLFGANG BOLLAND, BLIWAY INTEMATIONAL SA, RICARDO

KAUFMANN, MIGUEL ANGEL BITTO, MARIA SILVIA CINQUEMANI, EUGENIO QUARTRINI, OLGA ALBA MARINI, SEBASTIAN QUATRINI,

PEDRO MARCELO SEXE, SAMUEL OLDAK, ANNA OLDAK, DAVID OLDAK, URI OLDAK, TELINCOR SA, SOCRATE PASQUALI, ANNA

MARIA CARDUCCI, NORFOLK INVESTMENT TRADE CO. LTD., GAMETOWN CORPORATION, NORBERTO ANGEL GARCIA MADEO,

ANA MARIA SAENZ, GRACIELA CANDIDA CORIEIS SAENZ, WEGE ZU MOZART VERANSTALTUNGSGESEKKSCHAFT M.B.H, BOIM SA, STEFANO SPANICCIATI, NESTOR ALBERTO RUBIN, ANDREAS WILFRED SCHWALD, ANTONIO JUAN PAULETICH, FABIAN E.

PAULETICH, FRANCO PERUZ, NORBERTO DARIO CASTELLA, STREET INVESTMENTS LIMITED, GUIDO SCANAVINO, LYDIA SCANAVINO,

GIANCARLO GRASSI, HENDRIK BEYER, EDGARDO GERARDO A. SCLAFANI, LUCIA RAFAELA TASSO, ALEXIA BRANDES, FEMANDO

EXPOSITO, MARA CAVANA, MAURIZIO DALLA, RENATO PALLADINI, ANDREA VIGNALI, FINCOMPANY SA, GLORIA GAGGIOLO, VALERIO

CHIRIATTI, SIMONETTA BUCCIOLI, ATTILIO GAUDENZI, LORIS ZAVOLI, ELENA MARCACCINI, IIDEBRANDO MOTTI, TULLIA TURCHI,

CARLO CIGOLINI, JUAN EDUARDO COLUMBO, ESTELA ISABEL DELGADO, CARLA NANNI, MAURIZIO PETRONI, ROBERTO AKMAN, LILIANA EDITH GENNI, AMOLDO DOLCETTI, MARCELLA DOLCETTI,

LUCA MULAZZANI, ROBERTO BAUTISTA FRANCO BACCANELLI, ALFREDO CARTOS ALZAGA, MIGUEL ALBERTO BALESTRINI, BIBIANA DELLA FLORA, MARIA ISABEL BALESTRINI, MARIANA NOEMI TAUSS,

ALEJANDRO R. LUPPI, ATILIO LUIS POCOSGNICH, ALICIA BEATRIZ GRACIAN, CAROLINA POCOSGNICH, BEATRIZ MARTI RATA, HORACIO

TOMAS LIENDO, LUCIANA CEREDI, LUCIANO MILANASI, ALASIA

DINA DI TOMMASO, BRIGIDA ELVIRA DENIS, VILMA BURGIO, NAIBYELIANA SORIA, MARIA MARTA DE LUCA, ALEXANDER STEM, NELIDA

AMELIA GIUSTI DE BEHAR, INGEBORG STEM, SERGIO RODOLFOBERRI, STELLA MARIS BOFFELLI, MALCOLM GERALD BERRI, NELIDAROSA PAOLINI, FRANCO MARIA CONTE, LINA LO VULLO, FRANCESCO

MASSOLETTI, DIANA KLEIN, FERISMAR CORP. SA, CARLOS A. RIALCOTO, MARIA C. UNGARO TORRADO, COUNTY BAY INVESTMENTS

LTD., GHIBLI INVESTMENTS LTD., SILVIO EDUARDO SAUCO, MIGUELKAUFMANN, EDGARDO A. RAMOS, RIVKA SCHMUSKOVITS DESCHUSTER, NICOLAS SCHUSTER, FLAVIA MARINA SCHUSTER,BEATRIZ LEONOR DE RAMOS, JORG ZAHN, ELENA PASQUALI,

PORTICO CAPITAL INC., HARTMUT PETERS, SABINE ZAHN,WOLFGANG BOLLAND, BLIWAY INTEMATIONAL SA, RICARDO

KAUFMANN, MIGUEL ANGEL BITTO, MARIA SILVIA CINQUEMANI,EUGENIO QUARTRINI, OLGA ALBA MARINI, SEBASTIAN QUATRINI,

PEDRO MARCELO SEXE, SAMUEL OLDAK, ANNA OLDAK, DAVIDOLDAK, URI OLDAK, TELINCOR SA, SOCRATE PASQUALI, ANNA

MARIA CARDUCCI, NORFOLK INVESTMENT TRADE CO. LTD.,GAMETOWN CORPORATION, NORBERTO ANGEL GARCIA MADEO,

ANA MARIA SAENZ, GRACIELA CANDIDA CORIEIS SAENZ, WEGE ZUMOZART VERANSTALTUNGSGESEKKSCHAFT M.B.H, BOIM SA,STEFANO SPANICCIATI, NESTOR ALBERTO RUBIN, ANDREASWILFRED SCHWALD, ANTONIO JUAN PAULETICH, FABIAN E.

PAULETICH, FRANCO PERUZ, NORBERTO DARIO CASTELLA, STREETINVESTMENTS LIMITED, GUIDO SCANAVINO, LYDIA SCANAVINO,

GIANCARLO GRASSI, HENDRIK BEYER, EDGARDO GERARDO A.SCLAFANI, LUCIA RAFAELA TASSO, ALEXIA BRANDES, FEMANDO

EXPOSITO, MARA CAVANA, MAURIZIO DALLA, RENATO PALLADINI,ANDREA VIGNALI, FINCOMPANY SA, GLORIA GAGGIOLO, VALERIO

CHIRIATTI, SIMONETTA BUCCIOLI, ATTILIO GAUDENZI, LORISZAVOLI, ELENA MARCACCINI, IIDEBRANDO MOTTI, TULLIA TURCHI,

CARLO CIGOLINI, JUAN EDUARDO COLUMBO, ESTELA ISABELDELGADO, CARLA NANNI, MAURIZIO PETRONI, ROBERTO AKMAN,LILIANA EDITH GENNI, AMOLDO DOLCETTI, MARCELLA DOLCETTI,

LUCA MULAZZANI, ROBERTO BAUTISTA FRANCO BACCANELLI,ALFREDO CARTOS ALZAGA, MIGUEL ALBERTO BALESTRINI, BIBIANADELLA FLORA, MARIA ISABEL BALESTRINI, MARIANA NOEMI TAUSS,

ALEJANDRO R. LUPPI, ATILIO LUIS POCOSGNICH, ALICIA BEATRIZGRACIAN, CAROLINA POCOSGNICH, BEATRIZ MARTI RATA, HORACIO

TOMAS LIENDO, LUCIANA CEREDI, LUCIANO MILANASI, ALASIA


MILANASI, PENG ZEYING, WOON CHEUNG LEUNG, RAUL ALEJANDRO GONZA MARTIN, GUSTAVO CARLOS FERREIRA, JOSE EMILIO

CARTANA, RAUL HORACIO MENDEZ, MARIA MERCEDES MENDEZ FERRO, ROBERTO CLAUDIO PITRONA ELLE, ALBERTO GUILLERMO

HILLCOAT, ELENA GRACIELA MARTINEZ, ENRIQUE SEBASTIAN PALAC MINETTI, SEBASTIAN JORGE PALACIO, MARIA ESTHER

FERRER, AJU SA, CASIMIRO KOMAS, MICHAEL HEEB, LIDIA FLORINDA PIOLI, ANA LIDIA LEIVAS, JUAN DOMINGO BALESTRELLI, GUNTHER

BRAUN, HWB RENTEN PORTFOLIO PLUS, HWB ALEXANDRA STRATEGIES PORTFOLIO, NW GLOBAL STRATEGY, VICTORIA STRATEGIES PORTFOLIO LTD., HWB VICTORIA STRATEGIES

PORTFOLIO, HWB PORTFOLIO PLUS, CESARE DE JULIIS, MIRTA BEATRIZ MANDOLIN°, EDUARDO HECTOR SORROCHE, SUSANA

ALICIA COSTA, DIEGO MARCOS SORROCHE, VERONICA SORROCHE, CHRISTA ERB, RUDOLF ERB, SILVIA BEATRIZ OVEJERO, DAVID DE

LAFUENTE, JOSE L. PELUSO, HWB ALEXANDRIA STRATEGIES PORTFOLIO, ZYLBERBERG FEIN LLC, U.VA VADUZ, KLAUS BOHRER, AMBER REED CORP., CONSULTORA KILSER SA, MICHAEL SCHMIDT, MARIE LAURETTE DUSSAULT, BURGHARD PILTZ, OSCAR REINALDO CARABAJAL, DORA LUISA SASAL, UTE KANTNER, SUSANA ALICIA

MONKES, ALBERTO HABER, ALEJANDRO ALBERTO ETCHETO, CRISTA IRENE BRANDES, FRANCISCO MIGUEL MOLINARI, HELMUT

HAGEMANN, HWB DACHFONDS-VENIVIDIVICI, HWB GOLD & SILBER PLUS, ROSA DELFINA CASTRO, GAMETOWN CORPORATION SA,

CRISTOPH HAGEMANN, DRAWRAH LIMITED, MICHELE COLELLA, DENISE DUSSAULT, ANYE SALINOVICH, DEBORA REINA COHEN, FEYSOL SA, VANINA ANDREA EXPOSITO, BEATE NEUENHOFER,

LERINERCO SA, ANDREA DE NICOLA, INAS DELIA EIDELMAN, DIEGO FABIAN TOPF, MODEM GROUP SA, LUCABRAS SA, CESAR CIVETTA,

ALDO CIVETTA, AMANDA WIELIWIS, PABLO ALBERTO VARELA, LILA INES BURGUENO, MIRTA SUSANA DIEGUEZ, MARIA EVANGELINA

CARBALLO, LEANDRO DANIEL POMILIO, SUSANA AQUERRETA, MARIA ELENA CORRAL, TERESA MUNOZ DE CORRAL, NORMA ELSA LAVORATO, CARMEN IRMA LAVORATO, CESAR RUBEN VAZQUEZ,

NORMA HAYDEE GINES, MARTA AZUCENA VAZQUEZ, MAXIMO DORRA, OLGA DE DORRA DORRA, ANGEL EMILIO MOLINOS, RAUL RENNELLA AND SANDRA ELIZABETH SCHULER, ANA ZEMBORAIN ZEMOORAIN, MIGUEL ANGEL BELOQUI, HORACIO GUIBELALDE, MARTA MABEL FOLGADO, ARAG-A LIMITED, ARAG-O LIMITED,

ARAG-V LIMITED, ARAG-T LIMITED, GRAZIANO ADAMI, GIANFRANCO

MILANASI, PENG ZEYING, WOON CHEUNG LEUNG, RAUL ALEJANDROGONZA MARTIN, GUSTAVO CARLOS FERREIRA, JOSE EMILIO

CARTANA, RAUL HORACIO MENDEZ, MARIA MERCEDES MENDEZFERRO, ROBERTO CLAUDIO PITRONA ELLE, ALBERTO GUILLERMO

HILLCOAT, ELENA GRACIELA MARTINEZ, ENRIQUE SEBASTIANPALAC MINETTI, SEBASTIAN JORGE PALACIO, MARIA ESTHER

FERRER, AJU SA, CASIMIRO KOMAS, MICHAEL HEEB, LIDIA FLORINDAPIOLI, ANA LIDIA LEIVAS, JUAN DOMINGO BALESTRELLI, GUNTHER

BRAUN, HWB RENTEN PORTFOLIO PLUS, HWB ALEXANDRASTRATEGIES PORTFOLIO, NW GLOBAL STRATEGY, VICTORIASTRATEGIES PORTFOLIO LTD., HWB VICTORIA STRATEGIES

PORTFOLIO, HWB PORTFOLIO PLUS, CESARE DE JULIIS, MIRTABEATRIZ MANDOLINO, EDUARDO HECTOR SORROCHE, SUSANA

ALICIA COSTA, DIEGO MARCOS SORROCHE, VERONICA SORROCHE,CHRISTA ERB, RUDOLF ERB, SILVIA BEATRIZ OVEJERO, DAVID DE

LAFUENTE, JOSE L. PELUSO, HWB ALEXANDRIA STRATEGIESPORTFOLIO, ZYLBERBERG FEIN LLC, U.VA VADUZ, KLAUS BOHRER,AMBER REED CORP., CONSULTORA KILSER SA, MICHAEL SCHMIDT,MARIE LAURETTE DUSSAULT, BURGHARD PILTZ, OSCAR REINALDOCARABAJAL, DORA LUISA SASAL, UTE KANTNER, SUSANA ALICIA

MONKES, ALBERTO HABER, ALEJANDRO ALBERTO ETCHETO, CRISTAIRENE BRANDES, FRANCISCO MIGUEL MOLINARI, HELMUT

HAGEMANN, HWB DACHFONDS-VENIVIDIVICI, HWB GOLD & SILBERPLUS, ROSA DELFINA CASTRO, GAMETOWN CORPORATION SA,

CRISTOPH HAGEMANN, DRAWRAH LIMITED, MICHELE COLELLA,DENISE DUSSAULT, ANYE SALINOVICH, DEBORA REINA COHEN,FEYSOL SA, VANINA ANDREA EXPOSITO, BEATE NEUENHOFER,

LERINERCO SA, ANDREA DE NICOLA, INAS DELIA EIDELMAN, DIEGOFABIAN TOPF, MODEM GROUP SA, LUCABRAS SA, CESAR CIVETTA,

ALDO CIVETTA, AMANDA WIELIWIS, PABLO ALBERTO VARELA, LILAINES BURGUENO, MIRTA SUSANA DIEGUEZ, MARIA EVANGELINA

CARBALLO, LEANDRO DANIEL POMILIO, SUSANA AQUERRETA,MARIA ELENA CORRAL, TERESA MUNOZ DE CORRAL, NORMA ELSALAVORATO, CARMEN IRMA LAVORATO, CESAR RUBEN VAZQUEZ,

NORMA HAYDEE GINES, MARTA AZUCENA VAZQUEZ, MAXIMODORRA, OLGA DE DORRA DORRA, ANGEL EMILIO MOLINOS, RAULRENNELLA AND SANDRA ELIZABETH SCHULER, ANA ZEMBORAINZEMOORAIN, MIGUEL ANGEL BELOQUI, HORACIO GUIBELALDE,MARTA MABEL FOLGADO, ARAG-A LIMITED, ARAG-O LIMITED,

ARAG-V LIMITED, ARAG-T LIMITED, GRAZIANO ADAMI, GIANFRANCO


AGOSTINI, MILENA AMPALLA, ALLAN APPLESTEIN TTEE FBO DCA GRANTOR TRUST, AUGUSTO ARCANGELI DE FELICIS, ANTONELLA BACCHIOCCHI, ALBERTO BACIUCCO, OIELIO BACIUCCO, FILIPPO

BAGOLIN, SARA BARTOLOZZI, ANNELIESE GUNDA BECKER, SERENELLA BELLEGGIA, GIORGIO BENNATI, ROBERTO

BERARDOCCO, GRAZIELLA BERCHI, ORSOLINA BERRA, ADRIAN() BETTINELLI, MASSIMO BETTONI, STEFANO BISTAGNINO, GIORGIO

BISTAGNINO, GRAZIELLA BONADIMAN, ANDREA BONAZZI, STEFANIA BONPENSIERE, RACHELE BONTEMPI, MARCO BORGRA, SERGIO

BORGRA, RENATA BOSCARIOL, EMANUELE BOTTI, CARLO BRETTI, SUSANNA BRETTI, ANTONIATTA GUISEPPINA BRIOSCHI, MARCELLO

CALANCA, BRUNO CALMASINI, ITALIA CAMATO, GIUSEPPINA CAPEZZERA, LAURA ANNA CAPURRO, VINCENZO CARBONE, CARIFIN

SA, GIOVANNI CARLOTTA, ELETTRA CASALINI, DIEGO CASTAGNA, MARCO CAVALLI, CARMELINA CENSI, GIAN FRANCESCO CERCATO, ALBERTO COMPARE, GIOVANNA CONNENA, AGOSTINO CONSOLINI,

CESARINO CONSOLINI, MARIA LUIGIA CONTI, SILVANA CORATO, GIANCARLO BARTOLOMEI CORSI, FRANCESCO CORSO, GIUSEPPINA CORSO, LAURA COSCI, ANGELO COTTONI, MONICA CROZZOLETTO,

GRAZIELLA DACREEE, TARCISIA DALBOSCO, ALDO DAVID, ANTONIO DE FRANCESCO, ANTONELLA DE ROSA KUNDERFRANCO, MANUELA

DE ROSA KUNDERFRANCO, EUFROSINA DE STEFANO, ADRIANA DELL'ERA, CARLO FARIOLI, ANNA FERRI, GIOVANNA FERRO, FRANCESCO FOGGIATO, DONATELLA ZANOTTI FRAGONARA,

RINALDO FRISINGHELLI, ANGIOLINO FUSATO, GABRIELE FUSATO, FELICINA GAIOLI, MADDALENA GAIOLI, GIAN CARTO GANAPINI,

FRANCESCO MAURO GHEZZI, MARIO GIACOMETTI, GIOVANNI GIARDINA, CELESTINO GOGLIA, GIULIA GREGGIO, VEMA GUALANDI,

LUISELLA GUARDINCERRI, GIANFRANCO GUARINI, RAIMONDO LALLONARDO, INNOVAMEDICA S.PA, FKA MATIVA S.R.I., MARITZA LENTI, ANGELO LEONI, PAOLO LISI, UGO LORENZI, SERGIO LOVATI, FEMANDA ANGELA LOVERO, CARMELO MAIO, CLAUDIO MANGANO, ELIDE MARGNELLI, CARTA MARINI DE FELICIS ARCANGLI, ROMANO

MARTON, MIRCO MASINA, GUGLIELMINA MASSARA, BRUNA MATTIOLI, SALVATORE MELCHIONDA, MASINA MIRCO MIRCO,

SIMONETTA MONTANARI, GIAMPAOLO MONTINO, CARLA MORATA, ALESSANDRO MORATA, MARIA RITA MORETTO, AMATO MORI,

BRUNO PAPPACODA, SABRINA PARODI, ALFREDO PELLI, FRANCO PEZZE, VALERIO PIACENZA, PERI LUIGI LUCIBELLO PIANI, EUGENIA

RE, ALEESSANDRA REGOLI, BARBARA RICCHI, MARIA ROBBIATI,

AGOSTINI, MILENA AMPALLA, ALLAN APPLESTEIN TTEE FBO DCAGRANTOR TRUST, AUGUSTO ARCANGELI DE FELICIS, ANTONELLABACCHIOCCHI, ALBERTO BACIUCCO, OIELIO BACIUCCO, FILIPPO

BAGOLIN, SARA BARTOLOZZI, ANNELIESE GUNDA BECKER,SERENELLA BELLEGGIA, GIORGIO BENNATI, ROBERTO

BERARDOCCO, GRAZIELLA BERCHI, ORSOLINA BERRA, ADRIANOBETTINELLI, MASSIMO BETTONI, STEFANO BISTAGNINO, GIORGIO

BISTAGNINO, GRAZIELLA BONADIMAN, ANDREA BONAZZI, STEFANIABONPENSIERE, RACHELE BONTEMPI, MARCO BORGRA, SERGIO

BORGRA, RENATA BOSCARIOL, EMANUELE BOTTI, CARLO BRETTI,SUSANNA BRETTI, ANTONIATTA GUISEPPINA BRIOSCHI, MARCELLO

CALANCA, BRUNO CALMASINI, ITALIA CAMATO, GIUSEPPINACAPEZZERA, LAURA ANNA CAPURRO, VINCENZO CARBONE, CARIFIN

SA, GIOVANNI CARLOTTA, ELETTRA CASALINI, DIEGO CASTAGNA,MARCO CAVALLI, CARMELINA CENSI, GIAN FRANCESCO CERCATO,ALBERTO COMPARE, GIOVANNA CONNENA, AGOSTINO CONSOLINI,

CESARINO CONSOLINI, MARIA LUIGIA CONTI, SILVANA CORATO,GIANCARLO BARTOLOMEI CORSI, FRANCESCO CORSO, GIUSEPPINACORSO, LAURA COSCI, ANGELO COTTONI, MONICA CROZZOLETTO,

GRAZIELLA DACREEE, TARCISIA DALBOSCO, ALDO DAVID, ANTONIODE FRANCESCO, ANTONELLA DE ROSA KUNDERFRANCO, MANUELA

DE ROSA KUNDERFRANCO, EUFROSINA DE STEFANO, ADRIANADELL’ERA, CARLO FARIOLI, ANNA FERRI, GIOVANNA FERRO,FRANCESCO FOGGIATO, DONATELLA ZANOTTI FRAGONARA,

RINALDO FRISINGHELLI, ANGIOLINO FUSATO, GABRIELE FUSATO,FELICINA GAIOLI, MADDALENA GAIOLI, GIAN CARTO GANAPINI,

FRANCESCO MAURO GHEZZI, MARIO GIACOMETTI, GIOVANNIGIARDINA, CELESTINO GOGLIA, GIULIA GREGGIO, VEMA GUALANDI,

LUISELLA GUARDINCERRI, GIANFRANCO GUARINI, RAIMONDOLALLONARDO, INNOVAMEDICA S.PA, FKA MATIVA S.R.I., MARITZALENTI, ANGELO LEONI, PAOLO LISI, UGO LORENZI, SERGIO LOVATI,FEMANDA ANGELA LOVERO, CARMELO MAIO, CLAUDIO MANGANO,ELIDE MARGNELLI, CARTA MARINI DE FELICIS ARCANGLI, ROMANO

MARTON, MIRCO MASINA, GUGLIELMINA MASSARA, BRUNAMATTIOLI, SALVATORE MELCHIONDA, MASINA MIRCO MIRCO,

SIMONETTA MONTANARI, GIAMPAOLO MONTINO, CARLA MORATA,ALESSANDRO MORATA, MARIA RITA MORETTO, AMATO MORI,

BRUNO PAPPACODA, SABRINA PARODI, ALFREDO PELLI, FRANCOPEZZE, VALERIO PIACENZA, PERI LUIGI LUCIBELLO PIANI, EUGENIA

RE, ALEESSANDRA REGOLI, BARBARA RICCHI, MARIA ROBBIATI,


PAOLA ROSA, ADRIAN() ROSATO, GIUSEPPE SILVIO ROSSINI, LAURA ROSSINI, RAFFAELE ROSSINI, RUGGERO ROSSINI, INES ROTA, HILDA

RUPPRECHT, VINCENZA SABATELLI, ANGELINA SALMISTRARO, TIZIANO SASSELLI, MARINELLA SCALVI, MAURIZIO SERGI, SIMONA

STACCIOLI, LICIA STAMPFLI-ROSA, SANTE STEFANI, ANNA STORCHI, STUDIO LEGALE BENNATI, RENATE TIELMAN, MANUELITO TOSO, VALERIA TOSO, FRANCO TRENTIN, STEFANIA TRENTIN, MARTINO VEMA, MARIO VICINI, LUCA VITALI, VITO ZANCANER, GIOVANNI

ZANICHELLI, MATTED ZANICHELLI, TRINITY INVESTMENTS LIMITED, EGAR RAMON LAMBERTINI, ANA DORATELLI, SCOGGIN CAPITAL

MANAGEMENT II LLC, JUANA BONAIUTI, SCOGGIN INTEMATIONAL FUND LTD., SCOGGIN WORLDWIDE FUND LTD., TITO SIENA, MCHA HOLDINGS, LLC, ATTESTOR MASTER VALUE FUND LP, ARMANDO RUBEN FAZZOLARI, JULIO ROBERTO PEREZ, WHITE HAWTHORNE, LLC, JOSE PEDRO ANGULO, PEDRO TIMOTEO ANGULO, FEMANDO

CROSTELLI, JUAN CARLOS CROSTELLI, MARTINA CROSTELLI, VIVIANA CROSTELLI, PATRICIO HANSEN, CLAREN CORPORATION,

BYBROOK CAPITAL MASTER FUND LP, BYBROOK CAPITAL HAZELTON MASTER FUND LP, ANDRAREX, LTD., CLARIDAE LTD, MARIA DEL PILAR DE WE FERRER, STONEHILL INSTITUTIONAL

PARTNERS, LP, STONEHILL MASTER FUND LTD.,

Plaintiffs-Appellants,

— v. —

REPUBLIC OF ARGENTINA,

Defendant-Appellee,

PAOLA ROSA, ADRIANO ROSATO, GIUSEPPE SILVIO ROSSINI, LAURAROSSINI, RAFFAELE ROSSINI, RUGGERO ROSSINI, INES ROTA, HILDA

RUPPRECHT, VINCENZA SABATELLI, ANGELINA SALMISTRARO,TIZIANO SASSELLI, MARINELLA SCALVI, MAURIZIO SERGI, SIMONA

STACCIOLI, LICIA STAMPFLI-ROSA, SANTE STEFANI, ANNA STORCHI,STUDIO LEGALE BENNATI, RENATE TIELMAN, MANUELITO TOSO,VALERIA TOSO, FRANCO TRENTIN, STEFANIA TRENTIN, MARTINOVEMA, MARIO VICINI, LUCA VITALI, VITO ZANCANER, GIOVANNI

ZANICHELLI, MATTEO ZANICHELLI, TRINITY INVESTMENTS LIMITED,EGAR RAMON LAMBERTINI, ANA DORATELLI, SCOGGIN CAPITAL

MANAGEMENT II LLC, JUANA BONAIUTI, SCOGGIN INTEMATIONALFUND LTD., SCOGGIN WORLDWIDE FUND LTD., TITO SIENA, MCHAHOLDINGS, LLC, ATTESTOR MASTER VALUE FUND LP, ARMANDORUBEN FAZZOLARI, JULIO ROBERTO PEREZ, WHITE HAWTHORNE,LLC, JOSE PEDRO ANGULO, PEDRO TIMOTEO ANGULO, FEMANDO

CROSTELLI, JUAN CARLOS CROSTELLI, MARTINA CROSTELLI,VIVIANA CROSTELLI, PATRICIO HANSEN, CLAREN CORPORATION,

BYBROOK CAPITAL MASTER FUND LP, BYBROOK CAPITALHAZELTON MASTER FUND LP, ANDRAREX, LTD., CLARIDAE LTD,MARIA DEL PILAR DE WE FERRER, STONEHILL INSTITUTIONAL

PARTNERS, LP, STONEHILL MASTER FUND LTD.,

Plaintiffs-Appellants,

– v. –

REPUBLIC OF ARGENTINA,

Defendant-Appellee,


CORPORATE DISCLOSURE STATEMENT

Pursuant to Federal Rule of Appellate Procedure 26.1, counsel for Plaintiffs-

Appellants Banca Amer S.A. and Brantford Holding S.A. state that:

Banca Amer S.A. is not a corporation under the laws of the United States

and therefore Rule 26.1 does not require any disclosures with respect to it.

Brantford Holding S.A. is not a corporation under the laws of the United

States and therefore Rule 26.1 does not require any disclosures with respect to it.

CORPORATE DISCLOSURE STATEMENT

Pursuant to Federal Rule of Appellate Procedure 26.1, counsel for Plaintiffs-

Appellants Banca Arner S.A. and Brantford Holding S.A. state that:

Banca Arner S.A. is not a corporation under the laws of the United States

and therefore Rule 26.1 does not require any disclosures with respect to it.

Brantford Holding S.A. is not a corporation under the laws of the United

States and therefore Rule 26.1 does not require any disclosures with respect to it.


On promises of profitability by Argentine officials, Banca Amer S.A. and

Brantford Holding S.A. (the "Amer Appellants"), purchased over $39 million of

Argentine bonds, at face value. By its motion to vacate the pari passu Injunctions,

the Republic of Argentina ("Argentina") again seeks to strip the Amer Appellants,

together with thousands of other remaining bondholders, of their protections and

rights solely because the largest and yet unrelated group of bondholders - the NML

Group - has negotiated for itself a settlement.1 Although the Amer Appellants are

not the largest group of bondholders in this consolidated appeal, they are

nonetheless entitled to the very same protections and have the very same

contractual rights.

1 To avoid duplication of effort and undue repetition, the Amer Appellants submit this brief to highlight those issues critical to the Amer Appellants' rights. The Amer Appellants further join in and incorporate by reference the facts as recited by and arguments of the NML, Olifant, Aurelius, and Blue Angel funds (the "NML Group") to the extent they oppose Argentina's efforts to vacate the Injunctions, which has been the only effective remedy against Argentina's unequal treatment of their bonds to date. The NML Group are the appellants in Nos. 16-628, 16-639, 16-640, 16-642, 16-643, 16-644, 16-649, 16-650, 16-651, 16-653, 16-657, 16-659, 16-661, 16-664, 16-665, 16-669, and 16-671. The Amer Appellants also join and incorporate by reference the facts as recited by and arguments of the Individual Bondholders and the ARAG Appellants, who, as with the Amer Appellants, are bondholders who have had their hard-fought Injunctions vacated, despite the fact that Argentina has refused to meaningfully negotiate with them. The Individual Bondholders are the appellants in Nos. 16-658, 16-660, 16-666, 16-667, 16-668, 16-689, 16-672, 16-673, and 16-678. The ARAG Appellants are the appellants in Nos. 16-674, 16-675, 16-677, 16-681, 16-682, 16-683, 16-684, 16-686, 16-687, 16-688, 16-690, 16-691, 16-695, 16-696, 16-697, and 16-698. The Amer Appellants also adopt the Statement of Jurisdiction and Statement of the Issues of the Individual Bondholders and the ARAG Appellants.

1 1

On promises of profitability by Argentine officials, Banca Arner S.A. and

Brantford Holding S.A. (the “Arner Appellants”), purchased over $39 million of

Argentine bonds, at face value. By its motion to vacate the pari passu Injunctions,

the Republic of Argentina (“Argentina”) again seeks to strip the Arner Appellants,

together with thousands of other remaining bondholders, of their protections and

rights solely because the largest and yet unrelated group of bondholders – the NML

Group – has negotiated for itself a settlement.1 Although the Arner Appellants are

not the largest group of bondholders in this consolidated appeal, they are

nonetheless entitled to the very same protections and have the very same

contractual rights.

1 To avoid duplication of effort and undue repetition, the Arner Appellants submit this brief tohighlight those issues critical to the Arner Appellants’ rights. The Arner Appellants further joinin and incorporate by reference the facts as recited by and arguments of the NML, Olifant,Aurelius, and Blue Angel funds (the “NML Group”) to the extent they oppose Argentina’sefforts to vacate the Injunctions, which has been the only effective remedy against Argentina’sunequal treatment of their bonds to date. The NML Group are the appellants in Nos. 16-628, 16-639, 16-640, 16-642, 16-643, 16-644, 16-649, 16-650, 16-651, 16-653, 16-657, 16-659, 16-661,16-664, 16-665, 16-669, and 16-671. The Arner Appellants also join and incorporate byreference the facts as recited by and arguments of the Individual Bondholders and the ARAGAppellants, who, as with the Arner Appellants, are bondholders who have had their hard-foughtInjunctions vacated, despite the fact that Argentina has refused to meaningfully negotiate withthem. The Individual Bondholders are the appellants in Nos. 16-658, 16-660, 16-666, 16-667,16-668, 16-689, 16-672, 16-673, and 16-678. The ARAG Appellants are the appellants in Nos.16-674, 16-675, 16-677, 16-681, 16-682, 16-683, 16-684, 16-686, 16-687, 16-688, 16-690, 16-691, 16-695, 16-696, 16-697, and 16-698. The Arner Appellants also adopt the Statement ofJurisdiction and Statement of the Issues of the Individual Bondholders and the ARAGAppellants.


After Argentina defaulted in 2001, the Amer Appellants obtained money

judgments — issued by the District Court below. Argentina refused to pay the

judgments and kept its assets out of the jurisdiction.

Then, on two separate occasions — in 2005 and 2010 — Argentina made cram

down offers to the Amer Appellants proposing that they take a 70%-haircut on

what Argentina legally owed or risk getting nothing at all. The Amer Appellants

rejected these offers.

In October 2015, the Amer Appellants obtained a pari passu Injunction. In

granting the Injunction, the District Court recognized that:

• "[t]he Republic has made clear its intention to defy any money judgment issued by this court, and plaintiff has no other means to enforce its rights under the pari passu clause"; and

• quoting this Court, "the interest — one widely shared in the financial community — in maintaining New York's status as one of the foremost commercial centers is advanced by requiring debtors, including foreign debtors, to pay their debts."

Nothing has changed. Nearly 15 years after its default and in spite of the

money judgments against it, Argentina has not paid the Amer Appellants a single

penny. Further, Argentina has again made clear that it has no intention to do so

unless its latest cram-down offer is accepted. As did others, the Amer Appellants

reached out to Argentine officials in an effort to negotiate in good faith and the

message back was simply the same old party line: take the "new" public offer or

get nothing at all.

2 2

After Argentina defaulted in 2001, the Arner Appellants obtained money

judgments – issued by the District Court below. Argentina refused to pay the

judgments and kept its assets out of the jurisdiction.

Then, on two separate occasions – in 2005 and 2010 – Argentina made cram

down offers to the Arner Appellants proposing that they take a 70%-haircut on

what Argentina legally owed or risk getting nothing at all. The Arner Appellants

rejected these offers.

In October 2015, the Arner Appellants obtained a pari passu Injunction. In

granting the Injunction, the District Court recognized that:

" “[t]he Republic has made clear its intention to defy any moneyjudgment issued by this court, and plaintiff has no other means toenforce its rights under the pari passu clause”; and

" quoting this Court, “the interest – one widely shared in the financialcommunity – in maintaining New York’s status as one of the foremostcommercial centers is advanced by requiring debtors, includingforeign debtors, to pay their debts.”

Nothing has changed. Nearly 15 years after its default and in spite of the

money judgments against it, Argentina has not paid the Arner Appellants a single

penny. Further, Argentina has again made clear that it has no intention to do so

unless its latest cram-down offer is accepted. As did others, the Arner Appellants

reached out to Argentine officials in an effort to negotiate in good faith and the

message back was simply the same old party line: take the “new” public offer or

get nothing at all.


The story should end there. If it did, there would be virtually no question

that vacatur of the Amer Appellants' pari passu Injunction is improper.

But there is one more critical factor. As the District Court aptly noted in

granting the Injunctions in the first place, "[a]bsent an injunction, plaintiffs in these

actions would be left without the protection guaranteed to them under the FAA if

the Lead Plaintiffs [i.e., the NML Group] were to withdraw their claims against the

Republic."

That is precisely the concern today. The NML Group has now, in fact,

settled.2 The Injunctions were quite properly found by the District Court to be the

only way that the bondholders' contractual rights could be protected. It follows

that if the Injunctions are lifted, the Amer Appellants will be left with no

protection and no remedies whatsoever against a Sovereign nation that remains in

contempt and which has no intention of obeying money judgements and orders of

the United States Courts to whom it voluntarily subjected itself precisely in order

to give purchasers' comfort that, if necessary, those Courts would and could

protect the rights of those innocent purchasers.

2 It is also quite telling that, despite its brokered settlement with Argentina, the NML Group continues to fiercely appeal the vacatur of their Injunctions. Indeed, given the extensive history between the parties, until each bondholder has been paid, there is no reason to trust that Argentina and the Macri administration have truly repented.

3 3

The story should end there. If it did, there would be virtually no question

that vacatur of the Arner Appellants’ pari passu Injunction is improper.

But there is one more critical factor. As the District Court aptly noted in

granting the Injunctions in the first place, “[a]bsent an injunction, plaintiffs in these

actions would be left without the protection guaranteed to them under the FAA if

the Lead Plaintiffs [i.e., the NML Group] were to withdraw their claims against the

Republic.”

That is precisely the concern today. The NML Group has now, in fact,

settled.2 The Injunctions were quite properly found by the District Court to be the

only way that the bondholders’ contractual rights could be protected. It follows

that if the Injunctions are lifted, the Arner Appellants will be left with no

protection and no remedies whatsoever against a Sovereign nation that remains in

contempt and which has no intention of obeying money judgements and orders of

the United States Courts to whom it voluntarily subjected itself precisely in order

to give purchasers’ comfort that, if necessary, those Courts would and could

protect the rights of those innocent purchasers.

2 It is also quite telling that, despite its brokered settlement with Argentina, the NML Groupcontinues to fiercely appeal the vacatur of their Injunctions. Indeed, given the extensive historybetween the parties, until each bondholder has been paid, there is no reason to trust thatArgentina and the Macri administration have truly repented.


CONCLUSION

Accordingly, and for the reasons expressed by the NML Group, the

Individual Bondholders, and the ARAG Appellants, the vacatur of the Injunction in

the Amer Appellants' action should be reversed and the case remanded to the

District Court.

Dated: March 14, 2016 New York, New York

Respectfully submitted,

McDERMOTT WILL & EMERY LLP

By: /s/ Banks Brown Banks Brown Audrey Lu 340 Madison Ave. New York, NY 10173 (212) 547-5400


4 4

CONCLUSION

Accordingly, and for the reasons expressed by the NML Group, the

Individual Bondholders, and the ARAG Appellants, the vacatur of the Injunction in

the Arner Appellants’ action should be reversed and the case remanded to the

District Court.

Dated: March 14, 2016New York, New York

Respectfully submitted,


By: /s/ Banks BrownBanks BrownAudrey Lu340 Madison Ave.New York, NY 10173(212) 547-5400

Attorneys for Plaintiffs-AppellantsBanca Arner S.A. and BrantfordHolding S.A.


CERTIFICATE OF COMPLIANCE

Counsel certifies as follows:

1. This brief complies with the type-volume requirement of Fed. R. App.

P. 32(a)(7)(B)(i) because this brief contains 3,128 words, as determined by the

word-count function of Microsoft Word 2010, excluding the parts of the brief

exempted by Fed. R. App. P. 32(a)(7)(B)(iii).

2. This brief complies with the typeface requirements of Fed. R. App. P.

32(a)(5) and the type style requirements of Fed. R. App. P. 32(a)(6) because this

brief has been prepared in a proportionally spaced typeface using Microsoft Word

2010 in 14-point Times New Roman font.

Dated: March 14, 2016 New York, New York


By: /s/ Banks Brown Banks Brown 340 Madison Ave. New York, NY 10173 (212) 547-5400 [email protected]


5 5

CERTIFICATE OF COMPLIANCE

Counsel certifies as follows:

1. This brief complies with the type-volume requirement of Fed. R. App.

P. 32(a)(7)(B)(i) because this brief contains 3,128 words, as determined by the

word-count function of Microsoft Word 2010, excluding the parts of the brief

exempted by Fed. R. App. P. 32(a)(7)(B)(iii).

2. This brief complies with the typeface requirements of Fed. R. App. P.

32(a)(5) and the type style requirements of Fed. R. App. P. 32(a)(6) because this

brief has been prepared in a proportionally spaced typeface using Microsoft Word

2010 in 14-point Times New Roman font.

Dated: March 14, 2016New York, New York


By: /s/ Banks BrownBanks Brown340 Madison Ave.New York, NY 10173(212) [email protected]

Attorneys for Plaintiffs-AppellantsBanca Arner S.A. and BrantfordHolding S.A.


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