Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

The tier Y distribution applies for the next layer
2 of funds, if available , as your Lordship can see. And
3 there are at this point, and this feeds into the issue 1
4 debate which we are having, and I’m told to say that
5 no one can rely upon the terms of this in respect of the
6 argument, but I haven’t heard anyone seek to do so, so
7 I don’t think that is a point we need to worry about too
8 much.
9👉️ There are three alternative distributions under tier
10 Y, one called an ECAPS outcome, one under an LBHI
11 outcome, and one under an alternative outcome. 👈️And if
12 you go back to page 6, at the top of page 6 the
13 definition of ECAPS outcome, which essentially means if
14 GP1 wins. And on page 7 there is an LBHI outcome, which
15 gives the plaudits to Mr Allison’s client .
16 The alternative outcome, if you go back to page 10,
17 is anything that isn’t 1 or 2. And in that event, as
18 your Lordship can see, there will need be
19 a recalibration depending on what it is, if it is
20 exists .
21 MR JUSTICE HILDYARD: That is a case I sort of go off piste,
22 as it were.
23 MR BELTRAMI: I haven’t put that in my notes, my Lord. Yes,
24 it is a for the avoidance of doubt clause. And if that
25 were to occur, then the parties would have to recons

Re Lehman Brothers Holdings PLC (In Administration)
Day 2
October 10, 2023