The United States Court of Appeals for the Second Circuit reversed the District Court's entry of judgment in favor of Petersen and Eton Park in the YPF matter. The majority opinion held that Argentina's commitment to make a tender offer was not enforceable by the shareholders who relied on it. The majority also held that the claims, while not challenging the expropriation itself, were sufficiently related to Argentina's expropriation of YPF shares that they should have been brought in the Argentine expropriation compensation process. Judge Cabranes dissented, arguing that investors were meant to be protected and that the District Court's judgment should have been affirmed. Plaintiffs are expected to seek rehearing en banc by the entire Second Circuit and will consider further review from the Supreme Court of the United States. Investment treaty arbitration against Argentina is being considered as an alternative avenue for relief. Burford expects a partial non-cash write-down of assets following this intermediate appellate loss, with the magnitude to be determined in connection with its first-quarter reporting. A material write-down could reduce Burford's balance sheet equity value, potentially limiting its ability to incur additional debt or make restricted payments/investments based on its debt-to-equity ratio.