In re the General Assignment for the Benefit of Creditors of Hughes & Co.

Motion to stay action is denied. The Republic of Argentina, concededly a foreign sovereign, has brought a plenary action in this court, alleging that its funds were converted by defendant Hughes & Company. Joined as defendants are officers and directors of the corporate defendant, who are accused of participating in the alleged conversion, and its assignee for the benefit of creditors. It is alleged that funds of the Republic have come into the hands of the assignee by virtue of the assignment.

The assignee moves in the assignment proceeding for an order enjoining the Republic from further…