Russian YPF’s Nationalization: Where It All Began
This story deserves a movie. And like all great dramas, it starts with national pride and ends at the doors of a U.S. courthouse.
In 2012, President Cristina Kirchner’s government nationalized the oil company YPF. Argentina bought the controlling stake from Spain’s Repsol—but conveniently “forgot” about other shareholders, particularly the Petersen Group, linked to the Eskenazi family. Losing the chance to sell their 25% stake, they didn’t fight alone.
Burford Capital: When Lawsuits Become Investments
Enter Burford Capital—a litigation finance firm that invests in lawsuits. In 2015, it bought the claims from Petersen and Eton Park, hired lawyers, and launched a legal battle against Argentina in New York. After 10 years, the court ruled in their favor: Argentina had violated shareholder rights. The damages? $16.1 billion.
The Verdict: $16 Billion and 51% of YPF
Today, a federal judge in Manhattan ordered Argentina to hand over 51% of YPF shares to comply with the ruling. Those shares are valued at $6–8 billion. And if Argentina doesn’t hand them over voluntarily? Burford and the court are ready to act—the shares are held in a U.S. depository.
A Legal Thriller with Global Stakes
YPF shares dropped 6%. Burford’s surged 22%. A perfect example of legal strategy turned hedge fund tactic.
This isn’t just about fairness. It’s a reminder: not even sovereign states are immune to commercial law—especially when their assets are parked in New York.
And yes, if Netflix turned this into a series, it would have it all—oil, politics, Wall Street lawyers, an aging Argentine dynasty, a judge in a black robe, and headlines worth billions.
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