Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

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