Alliance Bond Fund, Inc. v. Grupo Mexicano De Desarrollo, S.A.
Court of Appeals for the Second Circuit
1Opinion of the Court
BACKGROUND
McLAUGHLIN, Circuit Judge.
Grupo Mexicano de Desarrollo, S.A. (“GMD”) is a Mexican holding company that, through its subsidiaries and joint ventures, constructs and operates roadways. From 1990 to 1994, GMD participated in the Mexican government’s program to develop an intercity highway network. Under this program, the Mexican government granted concessions to build and operate toll roads to companies that were willing to arrange private financing for the construction of the roads. Due to economic uncertainty, currency devaluation and other factors, the revenues from toll road…
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