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An arbitral tribunal ruled that investment managers Cyrus Capital Partners and Contrarian Capital Management lacked standing to bring NAFTA claims against Mexico because their management authority over offshore funds did not constitute treaty-level ownership or control of debt securities. The tribunal also held that investments acquired after NAFTA's termination could not qualify as legacy investments under USMCA Annex 14-C, even if the underlying securities were issued while NAFTA was in force.