Honduras was not aware of the original proceedings that led to the judgment, and the sudden revelation of its existence and possible enforceability against the Republic threatened to derail a planned $500 million sovereign bond offering.

We convinced the court to vacate its earlier order and hold that the Republic of Honduras was not the successor-in-interest to the logging company and that, under sovereign immunity principles, the separateness of the logging company and the Republic had to be respected. The court’s decision was confirmed on appeal.