Argentina: Does it Matter?
No its not a existential question, but rather a question for our two experts on sovereign debt (I'm not one of them).
Sure Argentina itself has lost, but remember that this is a federal case involving state law. A New York Court of Appeals opinion that says "that's not what a pari pasu clause means" – and I've previously noted that I don't think its supposed to be an anti-preference provision – kills the Second Circuit's opinion, no?
An Appellate Division opinion might even do the trick.