Possession might be nine-tenths of the law, but the law is still the law. Repsol is encircling Argentina with lawsuits after the Spanish oil and gas group’s 51-per-cent stake in YPF was expropriated by the government earlier this year. This week Repsol filed a $10.5-billion (U.S.) arbitration request at the World Bank arguing that Argentina’s move infringed a 20-year-old bilateral investment treaty with Spain. The filing follows cases lodged with courts in Spain, the U.S. and Argentina. All well and good. But with little prospect of compensation for years, Repsol needs to show that there is life after YPF.