n February 2012, Judge Griesa of the District Court for the Southern District of New York issued orders enjoining Argentina from making payments on its restructured 2005 and 2010 debt without making ratable payments to NML Capital, a distressed-debt hedge fund affiliated with Elliott Associates. In October 2012, a unanimous panel of the Second Circuit substantially affirmed the orders. Argentina was not to make full payment on its restructured debt without also making full payment to the holdout plaintiffs.