LUMBARD, Circuit Judge: This appeal presents a complex of legal issues arising out of the default by Venezolana de Cruceros del Caribe, C.A. (“Cariven”), a Venezuelan corporation, on notes issued by it and guaranteed by Corporación Venezolana de Fomento (“CVF”), a Venezuelan governmental entity, and purchased by The Merban Corporation (“Merban”), a Swiss corporation, and later resold in part to various United States and Canad…
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