Argentina has appealed New York judge Loretta Preska’s order to hand over 51% of the shares of the state-operated energy giant YPF to the plaintiffs who won the US$16.1 billion lawsuit over the company’s expropriation.

The country also requested a stay for the execution of the handover, which has a July 14 deadline, pending the resolution of the appeal.

In two 65-page appeals, filed on Thursday to the Court of Appeals for New York’s Second Circuit, Argentina opposed Preska’s order, arguing that it “violates fundamental principles of U.S. and international law.”

Last week, Preska gave Argentina two weeks to transfer its Class D shares to a global custody account at the Bank of New York Mellon as a partial payment for the lawsuit.

The United States government also opposed the handover in November last year, when an attorney representing the North American administration sent a letter to the judge, saying that forcing Argentina to hand over the shares could endanger U.S. interests as it could prompt foreign governments to attempt similar moves against Washington. Preska, however, did........

© Buenos Aires Herald