Yup. It shows the power of creditors when they take to the courts. It seems odd that that all the other creditors accepted a haircut ... and the one who didn't is causing the present situation.
There is nothing odd about it. Argentina agreed to a debt contract without a collective action clause so that they could sell bonds at a higher premium. When they later needed a collective action clause to enforce the majority will on the minority, they complained that the agreement was unfair. But it was an agreement the country's leadership agreed to; the law in this case is fairly straightforward.
I think the original creditors also got a "haircut" when they sold to the current bond holders. It's the new owners, who paid about 1/3 of the nominal value, who are holding out for a huge return.