By Miami Diario Newsroom
ACL1 Investments LTD, ACL2 Investments LTD, JORVIK Multistrategy Master Fund, LP, LDO XVII Inc., Macrosynergy Trading Master Fund Limited, NN (L) Emerging Markets Debt (Hard currency); NN(L) Emerging Market Debts Opportunities; NN(L) Frontier Markets Debts (Hard Currency); York Capital Management, L.P.; York Credit Opportunities Fund, LP, York Credit Opportunities Investments Master Fund, LP, and York Multi-Strategy Master Fund, LP, are the companies listed in the lawsuit against Venezuela.
According to the lawsuit, the Global Bonds of the series ISIN No. US922646BL74 were issued by Venezuela in accordance with an agreement with the Fiscal Agency dated August 6, 1998 and modified for the first time on January 14, 2004, with a second amended on September 29, 2004.
“Venezuela has not made the payments due for said financial instruments since January 2018, which is why the bondholders decided to exercise their right of acceleration in accordance with the terms of the FAA and what is established in the global security registry” , states the complaint.
Plaintiffs request that all principal interest due and unpaid and soon-to-be due must be paid immediately. "To the extent that the amounts continue to grow as Venezuela persists in its non-compliance with the payment of obligations."
Plaintiff companies:
ACL1 Investments Ltd. and ACL2 Investments Ltd. They are two exempt companies with limited liability organized under the laws of the Cayman Islands. They are effective beneficiaries of a substantial amount of the global bonds.
Jorvik Multi-Strategy Master Fund, LP is a company registered under the laws of the Cayman Islands. It is the beneficial owner of a substantial amount of the bonds.
LDO XVII Inc. is a corporation organized under the laws of Delaware. That beneficial owner of a substantial amount of the Securities.
Macrosynergy Trading Master Fund Limited is a company registered under the laws of the Cayman Islands.
NN(L) is a public limited company (“société anonyme”) organized under the laws of Luxembourg and qualified as an open investment company with variable share capital (société d'investissement à capital variable (SICAV)) with multiple Sub-Funds. In this case, the company acts on behalf of itself and on behalf of three of its sub-funds: NN (L) Emerging market debt (hard currency), NN (L) Emerging market debt Opportunities, and NN (L) Frontier Markets Debt (hard currency). Each of the three sub-funds does not have legal personality under applicable law and cannot act on its own. NN(L) acts on behalf of each of the three sub-funds that are beneficial owners of a substantial amount of the global bonds and have been authorized to take any action that a holder is entitled to take under the terms of the Securities or the FAA.
York Capital Management, L.P. is a limited company organized under the laws of Delaware. You are the beneficial owner of a substantial amount of the Securities.
York Credit Opportunities Fund, L.P. is a limited company organized under the laws of Delaware.
York Credit Opportunities Investments Master Fund, LP, is an exempt limited company organized under the laws of the Cayman Islands.
York Multi-Strategy Master Fund, LP is a limited entity exempt from association organized under the laws of the Cayman Islands.
According to the lawsuit, “Venezuela is a foreign state as defined in Section 1603(a) of the Foreign Sovereign Immunities Act, and is not entitled to immunity but instead provides, in pertinent part, that a state alien shall not be immune from the jurisdiction of the courts of the United States."
“Venezuela signed an Agreement with the Fiscal Agency in which it agrees not to claim, and to “irrevocably” waive sovereign immunity with respect to “any lawsuit, action or proceeding against it or its properties, assets or income with respect to this Agreement, any Security or a corresponding coupon, "the plaintiffs maintain.
The truth is that Venezuela marketed and offered the bonds in the United States for which it invoked the jurisdiction of the courts and laws of the United States to induce investors to buy and hold the bonds, and has directed the actions of its Agent Prosecutor located within the North American territory, for which the court of the Southern District of New York has broad jurisdiction.
It was learned that a copy of the complaint was delivered to the Venezuelan Consulate, located at 7 East 51st Street, New York, New York 10022, as its authorized agent for service of the process. 1998 FAA.
It should be noted that the lawsuit requires a monetary judgment for the amount of the aggregate principal of the outstanding bonds held by the plaintiffs plus all accrued and unpaid interest up to the date of
judgment, including, but not limited to, interest on unpaid principal, interest on unpaid interest, and all other amounts due up to the date of judgment.