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 reconsider

Source:

Legal Issue 1 were heard on 9 and 10 October 2023, and copies of the daily Court transcripts can be found
below:
lbh-daily-transcript-9-october-2023.pdf (pwc.co.uk)
lbh-daily-transcript-10-october-2023.pdf (pwc.co.uk)
At the conclusion of the two-day hearing Mr Justice Hildyard reserved judgment.
Qualification Statement: this notice has been prepared using information obtained by Bruce Alexander
Mackay and Matthew Robert Haw