Replies to post #108804 on Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

💰Tuesday, 10 October 2023 UK Hearing:💰👁️

1 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 reconsider