A rejection of Argentina's offer to pay holdout creditors approximately 20 cents on the dollar will force an appellate court to decide whether the offer complied with a lower-court ruling to treat all bondholders equally. "Argentina's years of defiance cannot be cured by a convoluted offer to give appellees yet more Argentine IOUs, worth pennies-on-the-dollar," according to a brief from Theodore Olson, an attorney for the holdouts.

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