The company had issued $30 million in bonds of which ABS Trust is the trustee. The appeal was submitted to Circuit Judge Manuel de Jesus Corrales Hidalgo, who declared the bankruptcy of the conglomerate on Oct. 21, 2015, but made his decision retroactive to July 31, 2012, before the bonds were issued.
ABS Trust believes that the designation of Espinosa should be revoked based on legal issues with the decision.
It said that conservators must be selected from a list formed every year by the Supreme Court which should have between five and 10 people. The court, however, did not have the required number of people to chose from when it made the selection, ABS Trust has argued.
It is therefore asking the court to void the appointment and provide a list of suitable candidates.
It is also asking for all decisions made by Espinosa to be reversed.