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Law360 reports on Teco Guatemala Holdings LLC v. Republic of Guatemala. Represented by GST LLP, Guatemala filed an emergency motion to nix a freezing order on nearly $16 million being held by Bank of New York Mellon as a Teco Energy subsidiary tries to enforce a $35 million arbitral award. According to GST, "because of Teco's flawed legal strategy, the funds that were intended to satisfy Guatemala's bond obligations are currently restrained at [BNY Mellon]. And while Guatemala no longer owns or possesses those funds, the bondholders may very well declare a default on the bonds and cause grave financial consequences for the state."