Finally, the mainstream press is getting around to trying to explain what on earth is going on in the case of Elliott vs Argentina. I like Steven Davidoff's summation, even though it was written before the appeals court came down with its emergency stay (which Davidoff also covered, very well). But the coverage from the likes of Reuters and Bloomberg has been seriously lacking when it comes to video explanations featuring Transformers, toy trains, and a toilet-shaped coffee mug. So, here you are. Enjoy!
(One minor correction: at about 2:40, I say that Argentina has been effectively ignoring the US district court for about ten years, and then I add that the exchange bondholders have been collecting their coupons for that long as well. Which isn't true, the bond exchange only happened in 2005.)