DM3\2981129.1 

UNITED STATES DISTRICT COURT 

SOUTHERN DISTRICT OF NEW YORK 

ALLEN APPLESTEIN, et al., 

Plaintiffs,

-againstREPUBLIC OF ARGENTINA, 

Defendant.

Civil Action No. 02-CV-04124 (TPG) 

DECLARATION OF ANTHONY J. 

COSTANTINI IN SUPPORT OF 

MOTION FOR TURNOVER ORDER 

AGAINST BANK OF NEW YORK 

MELLON

APPLESTEIN,

Plaintiff, 

-againstARGENTINA REPUBLIC, et al., 

Defendants.

Civil Action No. 02-CV-01773 (TPG) 

FRANCESCHI, et al., 

Plaintiffs,

-againstREP. OF ARGENTINA, 

Defendant.

Civil Action No. 03-CV-04693 (TPG) 

MAZZINI, et al., 

Plaintiffs,

-againstTHE REPUBLIC OF ARGENTINA, 

Defendant.

Civil Action No. 03-CV-08120 (TPG) 

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DM3\2981129.1 

MORATA, et al., 

Plaintiffs,

-againstTHE REPUBLIC OF ARGENTINA, 

Defendant.

Civil Action No. 04-CV-03314 (TPG) 

MODES, et al., 

Plaintiffs,

-againstTHE REPUBLIC OF ARGENTINA, et al. 

Defendants.

Civil Action No. 04-CV-06137 (TPG) 

MARIA FAUSTA CILLI, et al., 

Plaintiffs,

-againstTHE REPUBLIC OF ARGENTINA, 

Defendant.

Civil Action No. 04-CV-06594 (TPG) 

ROSA, et al., 

Plaintiffs,

-againstTHE REPUBLIC OF ARGENTINA, 

Defendant.

Civil Action No. 04-CV-07504 (TPG) 

CONSOLINI, et al., 

Plaintiffs,

-againstTHE REPUBLIC OF ARGENTINA, 

Defendant.

Civil Action No. 05-CV-00177 (TPG) 

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FERRI, et al., 

Plaintiffs,

-againstTHE REPUBLIC OF ARGENTINA, 

Defendant.

Civil Action No. 05-CV-02943 (TPG) 

RIGUEIRO, et al., 

Plaintiffs,

-againstTHE REPUBLIC OF ARGENTINA, 

Defendant.

Civil Action No. 05-CV-03089 (TPG) 

BETTONI, et al., 

Plaintiffs,

-againstTHE REPUBLIC OF ARGENTINA, 

Defendant.

Civil Action No. 05-CV-04299 (TPG) 

FEDECOSTANTE, et al., 

Plaintiffs,

-againstREPUBLIC OF ARGENTINA, 

Defendant.

Civil Action No. 05-CV-04466 (TPG) 

LISI, et al., 

Plaintiffs,

-againstREPUBLIC OF ARGENTINA, 

Defendant.

Civil Action No. 05-CV-06002 (TPG) 

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ROSSINI, et al., 

Plaintiffs,

-againstREPUBLIC OF ARGENTINA, et al. 

Defendants.

Civil Action No. 05-CV-06200 (TPG) 

KLEIN, et al., 

Plaintiffs,

-againstREPUBLIC OF ARGENTINA, 

Defendant.

Civil Action No. 05-CV-06599 (TPG) 

LOVATI,

Plaintiff, 

-againstREPUBLIC OF ARGENTINA, 

Defendant.

Civil Action No. 05-CV-08195 (TPG) 

BOTTI, et al., 

Plaintiffs,

-againstTHE REPUBLIC OF ARGENTINA, et al., 

Defendants.

Civil Action No. 05-CV-08687 (TPG) 

PASQUALI, 

Plaintiff, 

-againstREPUBLIC OF ARGENTINA, 

Defendant.

Civil Action No. 05-CV-10636 (TPG) 

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BEYER, et al., 

Plaintiffs,

-againstREPUBLIC OF ARGENTINA, 

Defendant.

Civil Action No. 07-CV-00098 (TPG) 

BORGRA, et al., 

Plaintiffs,

-againstREPUBLIC OF ARGENTINA, 

Defendant.

Civil Action No. 07-CV-05807 (TPG) 

I, ANTHONY J. COSTANTINI, pursuant to 28 U.S.C. § 1746(2), declare as follows: 

1. I am a member of the law firm of Duane Morris LLP, counsel to Plaintiffs in the 

above-captioned matters (“Plaintiffs” or “Italian Judgment Creditors”). I respectfully submit this 

declaration in support of their Motion for an order directing Bank of New York Mellon (“BNY 

Mellon”) to turn over the $539 Million held in its possession on behalf of the Republic of 

Argentina (the “Republic”), or so much as is sufficient to satisfy Plaintiffs’ judgments plus postjudgment interest. 

2. Almost all the moving Plaintiffs are Italian citizens who purchased bonds issued 

by the Republic. Attached hereto as Exhibit A is a chart listing the plaintiffs Duane Morris 

represents in each of the above-captioned actions. 

3. Far from being so-called “vulture funds”—the group of bondholders frequently 

demonized by the Republic for purchasing their bonds on the secondary market—the Italian 

Judgment Creditors purchased their bonds at the time of issue and at par value, hoping to benefit 

from their investment through interest payments and, upon maturity, full repayment of principal. 

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4. The Italian Judgment Creditors did not purchase their bonds as bets or hedges, but 

as “secure” investments to fund their retirements. 

5. In 2001, the Republic repudiated its obligations on the bonds and the Italian 

Judgment Creditors have not received any payments on the bonds since. 

6. Plaintiffs declined to accept the exchange offers in 2005 and 2010, as was their 

right, since those offers would have yielded only a small percentage of their actual investments. 

7. As a result, the Italian Judgment Creditors were forced to file actions against the 

Republic with this Court and to seek judgments against the Republic, which this Court has 

subsequently granted. 

8. In Allan Applestein TTEE FBO D.C.A. Grantor Trust, et al. v. The Republic of 

Argentina, 02 Civ. 4124 (TPG), a judgment for $285,981.30 was entered on December 19, 2003 

for plaintiff DCA Grantor Trust, a true and correct copy of which is attached hereto as Exhibit B. 

9. In Franceschi, et al. v. The Republic of Argentina, 03 Civ. 4693 (TPG), a 

combined total judgment for $869,238.42 was entered on January 11, 2007 for plaintiffs Carlotta 

Giovanni and Raimondo Iallonardo, a true and correct copy of which is attached hereto as 

Exhibit C. 

10. In Mazzini, et al. v. The Republic of Argentina, 03 Civ. 08120 (TPG), a judgment 

for $100,251.19 was entered on May 22, 2006 for plaintiff Valerio Piacenza, a true and correct 

copy of which is attached hereto as Exhibit D. 

11. In Morata, et al. v. The Republic of Argentina, 04 Civ. 3314 (TPG), a combined 

total judgment for $32,632,624.55 was entered on January 16, 2007 for plaintiffs Milena 

Ampalla, Antonella Bacchiocchi, Filippo Bagolin, Giancarlo Bartolomei Corsi, Anneliese Gunda 

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Becker, Giorgio Bennati, Giorgio Bennati and Carla Morata, Orsolina Berra, Giorgio Bistagnino 

and Eugenia Re, Stefano Bistagnino and Felicina Gaioli, Andrea Bonazzi and Mirco Masina and 

Luca Vitali, Stefania Bonpensiere, Marcello Calanca and Elettra Casalini, Bruno Calmasini and 

Tarcisia Dalbosco, Italia Camato, Vincenzo Carbone, Marco Cavalli and Valeria Toso, 

Carmelina Censi, Gian Francesco Cercato and Barbara Ricchi, Silvana Corato and Giulia 

Greggio, Francesco Corso and Giuseppina Corso, Laura Cosci, Aldo David, Antonio De 

Francesco, Francesco Foggiato, Rinaldo Frisinghelli and Graziella DaCroce, Angiolino Fusato 

and Gabriele Fusato and Anna Storchi, Maddalena Gaioli and Felicina Gaioli, Francesco Mauro 

Ghezzi, Francesco Mauro Ghezzi and Maria Luigia Conti, Gianfranco Guarini, Innovamedica 

S.p.A. (f/k/a MATIVA S.r.l.), Angelo Leoni and Rachele Bontempi, Carmelo Maio, Claudio 

Mangano and Maritza Lenti, Romano Marton, Mirco Masina and Andrea Bonazzi, Guglielmina 

Massara and Martino Verna, Alessandro Morata, Maria Rita Moretto and Ugo Lorenzi, Bruno 

Pappacoda and Luisella Guardincerri, Adriano Rosato, Sante Stefani and Angelina Salmistraro, 

Studio Legale Bennati, Renate Tielman, Manuelito Toso, Mauro Toso, Mario Vicini, and Mario 

Vicini and Giuseppina Capezzera, a true and correct copy of which is attached hereto as Exhibit 

E.

12. In Modes, et al. v. The Republic of Argentina, 04 Civ. 06137 (TPG), a combined 

total judgment in the amounts of $880,989.54 and €524,272.72 was entered on August 18, 2006 

for plaintiffs Graziella Bonadiman, Italia Camato, Salvatore Melchionda, Franco Pezze, and 

Tiziano Sasselli and Giovanna Ferro, a true and correct copy of which is attached hereto as 

Exhibit F. 

13. In Maria Fausta Cilli, et al. v. The Republic of Argentina, 04 Civ. 06594 (TPG), a 

combined total judgment for $239,930.31 was entered on May 22, 2006 for plaintiffs Renata 

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Boscariol and Giampaolo Montino, Maurizio Sergi, Simona Staccioli, a true and correct copy of 

which is attached hereto as Exhibit G. 

14. In Rosa, et al. v. The Republic of Argentina, 04 Civ. 7504 (TPG), a combine total 

judgment for $2,828,835.21 was entered on May 29, 2007 for plaintiffs Augusto Arcangeli De 

Felicis, Alberto Compare, Manuela De Rosa Kunderfranco and Giovanna Connena and 

Antonella De Rosa Kunderfranco, Adriana Dell'Era, Gian Carlo Ganapini and Laura Anna 

Capurro, Fernanda Angela Lovero and Sabrina Parodi, Paola Rosa, and Licia Stampfli-Rosa, a 

true and correct copy of which is attached hereto as Exhibit H. 

15. In Consolini, et al. v. The Republic of Argentina, 05 Civ. 00177 (TPG), a 

combined total judgment for $596,046.96 was entered on April 2, 2007 for plaintiffs Agostino 

Consolini, Cesarino Consolini and Agostino Consolini, Mario Giacometti and Verna Gualandi, 

Hilda Rupprecht, a true and correct copy of which is attached hereto as Exhibit I. 

16. In Ferri, et al. v. Republic of Argentina, 05 Civ. 2943 (TPG), a combined total 

judgment in the amounts of $1,323,405.33 and €15,009.69 was entered on January 16, 2007 for 

plaintiffs Gianfranco Agostini, Sara Bartolozzi, Roberto Berardocco, Carlo and Susanna Bretti 

and Maria Robbiati, Anna Ferri, Giovanni Giardina and Vincenza Sabatelli, and Franco Pezze a 

true and correct copy of which is attached hereto as Exhibit J. 

17. In Rigueiro, et al. v. Republic of Argentina, 05 Civ. 03089 (TPG), a combined 

total judgment for $9,262,552.34 was entered on January 16, 2007 for plaintiffs Angelo Cottoni 

and Bruna Mattioli, Allessandra Regoli, Silvia Regoli, Ines Rota, Vito Zancaner, and Matteo and 

Giovanni Zanichelli, a true and correct copy of which is attached hereto as Exhibit K. 

18. In Bettoni, et al. v. Republic of Argentina, 05 Civ. 04299 (TPG), a combined total 

judgment for $1,408,392.75 was entered on January 16, 2007 for plaintiffs Massimo Bettoni and 

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Carla Marini Arcangeli De Felicis, a true and correct copy of which is attached hereto as Exhibit 

L.

19. In Fedecostante, et al. v. Republic of Argentina, 05 Civ. 4466 (TPG), a combined 

total judgment for $1,987,062.75 was entered on January 11, 2007 for plaintiffs Carifin S.A. and 

Diego Castagna and Eufrosina De Stefano, a true and correct copy of which is attached hereto as 

Exhibit M. 

20. In Lisi, et al. v. Republic of Argentina, 05 Civ. 6002 (TPG), a combined total 

judgment in the amounts of $625,725.38 and €37,258.59 was entered on January 16, 2007 for 

plaintiffs Graziano Adami and Monica Crozzoletto, Celestino Goglia, Paolo Lisi, Elide 

Margnelli, and Amato Mori, a true and correct copy of which is attached hereto as Exhibit N. 

21. In Rossini, et al. v. Republic of Argentina, et al., 05 Civ. 6200 (TPG), a combined 

total judgment in the amounts of $1,967,905.62 and €203,205.50 was entered on December 18, 

2006 for plaintiffs Ruggero Rossini and Antonietta Giuseppina Brioschi and Raffaele, Rossini, 

Simonetta Montanari, Claudio Mori, Alfredo Pelli and Graziella Berchi, Giuseppe Silvio Rossini 

and Marinella Scalvi, Laura Rossini, a true and correct copy of which is attached hereto as 

Exhibit O. 

22. In Klein, et al. v. Republic of Argentina, 05 Civ. 6599 (TPG), a combined total 

judgment for $1,849,567.92 was entered on June 1, 2007 for plaintiffs Adriano Bettinelli, 

Ruggero Rossini and Antonietta Giuseppina Brioschi, a true and correct copy of which is 

attached hereto as Exhibit P. 

23. In Lovati v. Republic of Argentina, 05 Civ. 8195 (TPG), a judgment for 

$40,058,221.90 was entered on January 11, 2007 for plaintiff Sergio Lovati, a true and correct 

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copy of which is attached hereto as Exhibit Q. 

24. In Botti, et al. v. Republic of Argentina, 05 Civ. 8687 (TPG), a combined total 

judgment in the amounts of $764,334.50 and €134,158.68 was entered on January 16, 2007 for 

plaintiffs Alberto Baciucco, Otello Baciucco, Emanuele Botti, Giovanni Botti and Maria Ziliani, 

a true and correct copy of which is attached hereto as Exhibit R. 

25. In Pasquali, et al. v. Republic of Argentina, 05 Civ. 10636 (TPG), a judgment for 

$41,880.44 was entered on January 16, 2007 for plaintiff Carlo Farioli, a true and correct copy of 

which is attached hereto as Exhibit S. 

26. In Beyer, et al. v. Republic of Argentina, 07 Civ. 00098 (TPG), a combined total 

judgment in the amounts of $488,233.92 and €113,61/8.67 was entered on December 26, 2007 

for plaintiffs Pier Luigi Lucibello Piani and Franco Trentin and Stefania Trentin, a true and 

correct copy of which is attached hereto as Exhibit T. 

27. In Borgra, et al. v. Republic of Argentina, 07 Civ. 5807 (TPG), a combined total 

judgment for $223,315.18 was entered on April 7, 2008 for plaintiffs Marco Borgra and Sergio 

Borgra, and Marco Borgra and Donatella Fragonara Zanotti, a true and correct copy of which is 

attached hereto as Exhibit U. 

28. The total amounts owed to the Italian Judgment Creditors are $98,436,495.51 and 

€1,027,523.85, excluding post-judgment interest, which continues to accrue. 

29. The Republic has steadfastly frustrated any attempt made by the Italian Judgment 

Creditors to collect on these judgments, choosing instead to lump the Italian Judgment Creditors 

in with the so-called “vulture funds” despite the dissimilarities between the two groups. 

30. Attached hereto as Exhibit V is a true and correct copy of the Memorandum of 

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