Argument I would use if I were a lawyer in NY trying to pierce sovereign immunity: Since BDL pays coupons/principal on the eurobonds on behalf of the Government & was the sole subscriber in recent bond issues, then they are one & the same.
Furthermore, there’s theoretical supervision of BDL by the MoF (ergo less independence). Finally, if we get to restructuring & default on deposits (already determined SD by rating agencies), liabilities of the central bank become sovereign liabilities & all assets are fair game.
Crytallex vs PDVSA. Delaware court ruled that PDVSA is an alter ego of Venezuela sovereign, upheld by third circuit court of appeals. Landmark case in 2018.
In addition to old case in the 2nd Circuit where it was advantageous to BDL to describe itself as an alter ego of the Lebanese state and did so. That case is going to come back to haunt them [this tweet per @carlos_abadi]
