Part I Sovereign Debt Restructuring, 4 Revisiting the Pari Passu Clause »
Georges AffakiFrom: Sovereign Debt Management
Edited By: Rosa M Lastra, Lee Buchheit
4.01 The history of the use and misuse of the pari passu clause in financial agreements owes much to a distinguished jurist, Lee C. Buchheit. He offered the world research of an unprecedented depth into the origin of the clause, its evolution over the years, and the reasons underlying the unexpectedly broad interpretation promoted by some investors in distressed debt. That research is the best antidote to the misuse of the pari passu clause in the courtroom including, most recently, in NML Capital Ltd v. Argentina before the federal courts in New York. 4.02 Young...