training ship in Tema, Ghana. The Ghanaian court held that Argentina had waived sovereign immunity when it contracted the sovereign debt being enforced. In November 2012, the New York State Court ruled in favor of Elliot and the other holdouts on the merits of the pari passu argument, and ordered Argentina to pay $1.3 billion on December 15—the very same date that Argentina was supposed to pay the creditors who had agreed to the restructure. An appeals court heard oral arguments on February 27, and in June 2014, the U.S. Supreme Court rejected Argentina's appeal. The Center for Economic and Policy Research reported on an Organization of American States special meeting on July 3, 2014, among foreign ministry officials, in Washington, D.C., to discuss the situation. The resolution was passed with the support of all OAS member states other than the United States and Canada. In July 2014, a U.S. federal judge ruled in favor of NML Capital Ltd., a unit of Michael Sheehan's Elliott Management, against Argentina. The country owes its creditors more than $1.3 billion. According to Mark Weidemaier, a law professor at the University of North Carolina, the ruling was one of "the most significant litigation victories that a holdout creditor has ever achieved" in the realm of sovereign debt. A July 2014 article in The Wall Street Journal by Georgetown Law professor Adam J. Levitin argued that the relationship between distressed securities investors and the U.S. court system should be revisited. He claimed that while these distressed debt investment funds can choose to "play the game" and "put their head in the mouth of the Leviathan", the U.S. courts should not choose to. See also Business valuation#Option pricing approaches Credit risk Default (finance) High-yield debt Private equity Special situation Traditional investments Vulture fund Notes Citations References This report was the basis so Altman's 1991 publication entitled Distressed Securities. Altman was commissioned by The Foothill Group to prepare a series of "White Papers" on Distressed Debt Markets in 1990 and 1992. This article investigated the role of vulture investors in a sample of 288 US firms that defaulted on their public debt from 1980-1993. Further reading External links Understanding Distressed Securities Distressed Debt Articles from VCExperts.com Fixed-income securities Debt