Grupo Mexicano de Desarrollo, S. A. (D) is a Mexican holding company. D issued $250 million of 8.25% unsecured, guaranteed notes due in 2001, which ranked pari passu in priority of payment with all of D's other unsecured and unsubordinated debt. Four subsidiaries of D guaranteed the Notes. Alliance (P) are investment funds which purchased approximately $75 million of the Notes. On June 30, 1997, D's current liabilities exceeded its current assets and that there was 'substantial doubt' whether it could continue as a going concern. D defaulted on the August 1997 interest payment on the Notes. On December 11, P accelerated the principal amount of their Notes, and, on December 12, filed suit. The complaint alleged that D was dissipating its most significant asset, the Toll Road Notes, and was preferring its Mexican creditors by its planned allocation of Toll Road Notes to the payment of their claims, and by its transfer to them of Toll Road Receivables; and that these actions would 'frustrate any judgment' respondents could obtain. P sought breach-of-contract damages of $80.9 million and requested a preliminary injunction restraining petitioners from transferring the Toll Road Notes or Receivables. The District Court entered a temporary restraining order preventing petitioners from transferring their right to receive the Toll Road Notes. It then preliminarily enjoined D 'from dissipating, disbursing, transferring, conveying, encumbering or otherwise distributing or affecting any [petitioner's] right to, interest in, title to or right to receive or retain, any of the [Toll Road Notes].' The Second Circuit affirmed.