The Muddled Case of Argentine Bonds

``This week's hearing made clear that [The Judge] had not completely understood the bond transactions that he had been ruling on for years... "These questions are essential to the operation of this injunction," Anna Gelpern, a law professor at Georgetown University who has followed the case for years, said after reading the transcript of Tuesday's hearing. "Up to half the debt could be in or out depending on how these questions are resolved. The fact we are confronting them, days before a payment default, is scary."''