Update – Waterfall II Application (the “Application”) - Third Tranche Hearing - Daily Transcripts - 10 November 2015

The hearing of the third tranche of issues in the Application commenced on 5 November 2015 with two reading days for the Judge. The parties’ oral submissions commenced on 9 November 2015.

The parties have engaged a transcriber to produce daily transcripts of the hearing. The transcript produced today can be found below. Moving forward, the LBIE administrators intend to post each daily transcript on the LBIE website the following business day.

The transcripts produced can be found below.

¹The transcript has been re-issued by the transcribers to reflect that 38:25 - 39:9 was said by Judge Fischer and not Robin Dicker QC.

²The transcript has been re-issued by the transcribers to reflect that page 125, lines 23-24 should read: “In that context as well what he made – what he also agreed” rather than “In that context as well what he made – what I also agreed.

³The transcript has been re-issued by the transcribers to reflect the following changes:
- page 116, lines 16-17: “that English law is the master agreement issues” amended to “the English law ISDA master agreement issues”
- page 116, line 17: comma after “master agreement issues” amended to full stop
- page 117, line 1: “we consciously may” amended to “we are conscious that we may”
- page 117, line 3: “my learned friend’s” amended to “my learned friends'"
- page 117, line 6: “after then” amended to “after them”

Please note that:

the transcript is published in the form received from the transcriber (i.e. prior to review by any party to the Application and without corrections);
the parties reserve the right to post amended versions of the transcript should they consider it necessary, but accept no responsibility for doing so; and
the LBIE administrators are posting such transcript solely for the convenience of interested third parties and neither they nor any other party to the Application makes any representation as to the accuracy of such transcript nor accepts any responsibility for any inaccuracies contained within it.

Should you have any queries regarding this update, please contact LBIE’s Communications and Counterparty Management team at generalqueries@lbia-eu.com.