Judge Denise Cote
In 2012, district court confirmed a 2011 Swiss arbitral award ordering Çukurova to pay Sonera $932 million for failing to deliver shares in Turkcell, Turkey’s largest mobile telephone service. Çukurova refused to post bond pending appeal and refused to participate in post-judgment discovery, insisting the court lacked personal jurisdiction. In March 2013 the court held Çukurova in contempt, and imposed escalating fines for not complying with discovery. An April 9, 2013 temporary restraining order enjoined a "redemption transaction" between Çukurova and Alfa Telecom Turkey Ltd. over the same Turkcell shares at issue in the Swiss arbitral award. The court denied Çukurova’s request to dissolve an April 18 preliminary injunction. Sonera’s entitlement to the $932 million award was undisputed and Çukurova could effect stay by posting bond. Although the four factors in In re World Trade Center Disaster Site Litig. weighed against granting Çukurova a stay pending appeal, the court granted Çukurova such a stay provided it post bond in the amount of the $932 million judgment. Çukurova’s unpaid debt to Sonera acts as a "security" that will be continue to be owed to Sonera regardless of whether the preliminary injunction is vacated on appeal.
