The recent award in Ahron G. Frenkel v. Republic of Croatia has already succeeded in dividing the very tribunal that rendered it - never an encouraging omen. It is unlikely to cease causing a stir in the near future, given its immediate impact on the claimant and its longer-term contribution to the perennial headaches induced by the doctrine of res judicata in investment arbitration . This post addresses four principal matters: the circumstances giving rise to the dispute in Frenkel v. Croatia; the competing analyses of res judicata advanced by the majority of the tribunal and the dissenting opinion; the importance of finality vis-á-vis a rigorous interpretation of the applicable law; and what the Frenkel award adds to the debate on the wider question of whether investment arbitration aspires to systemic coherence or rests on formal distinctions alone. Factual Background and Procedural History The facts of the case are fairly commonplace. Ahron G. Frenkel, an Israeli national, initiat...