Replies to post #106705 on Lehman Brothers Financial SA (LEHNQ)

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step should be taken pending confirmation of BNY Mellon’s position. It is intended that the
Court will be updated as to BNY Depositary’s position at any initial procedural hearing in
this Application.
THE PLC ADMINISTRATORS’ OVERALL POSITION
90. In principle, the PLC Administrators are neutral as to the correct approach to the above
issues. Whilst Hogan Lovells’ letter of 22 November 2022 (to which I have referred) sought
to explain the PLC Administrators’ then-current views on each of the issues, this was done
to assist the parties and in the hope that a consensus on some or all of the issues might
still emerge which would have obviated the need for, or narrowed, this Application. In
circumstances where it now appears that the relevant interested parties remain in dispute
on each issue, and appear to wish to argue their respective positions, the PLC
Administrators’ position on this Application is one of neutrality.
91. However, the PLC Administrators reserve their right to draw any points to the Court’s
attention to the extent that they consider that to do so is appropriate to protect their position
as administrators, to assist the Court, or to ensure that the relevant arguments and any
practical implications of them are properly ventilated.
WEBSITE
92. Consistent with the approach adopted in relation to previous Waterfall applications and the
previous directions application in this estate to which I have referred above, the PLC
Administrators intend to place this witness statement and associated application notice on
the part of the PwC Lehman Brothers website associated with PLC. This is to allow any
interested PLC stakeholders to be able to see and consider the directions which are being
sought on this Application. Likewise, whilst no doubt this step would have been taken in
any event, the PLC Administrators also invite the joint liquidators of LB GP No1 to make
ECAPS investors aware of this Application.
CONCLUSION
93. For the reasons explained above, the Court is respectfully requested to give appropriate
directions for the determination of the questions set out in the Application Notice which
accompanies this witness statement.