Opinion ID: 783608
Heading Depth: 2
Heading Rank: 2

Heading: The Mt. McKinley Arbitration (Pauley, J.)

Text: 17 Pursuant to a different Umbrella Agreement, but under circumstances mirroring those with MMO, Mt. McKinley brought an arbitration proceeding against Banco claiming it failed to comply with its contractual obligations. At the Panel's Organizational Meeting, McKinley made a motion to compel Banco to post pre-hearing security. Banco — as it did in the MMO arbitration — opposed the motion, claiming to be immune from pre-hearing security under the FSIA. Subsequently, the Panel directed Banco to post an irrevocable letter of credit for $278,238.96. 18 Banco moved in the United States District Court for the Southern District of New York (Pauley, J. ) to vacate the Panel's interim order requiring Banco to post pre-hearing security. The district court denied the motion, citing the MMO Opinion and Order. 19 Banco now appeals both district court judgments.