Update - Waterfall I Application – Applications for Permission to Appeal to the Supreme Court of the United Kingdom – 26 June 2015

On 14 May 2015 the Court of Appeal handed down its judgment in the appeals against the decision of David Richards J dated 19 May 2014 (the “Judgment”).

The Order made by the Court of Appeal pursuant to the Judgment was posted on the website on 11 June 2015. In addition to the orders made in relation to the appeals, the Court of Appeal ordered that permission to appeal to the Supreme Court of the United Kingdom (the “Supreme Court”) be refused with the consequence that any party wishing to appeal the decision of the Court of Appeal would need to seek permission to appeal from the Supreme Court itself.

Applications for permission to appeal to the Supreme Court

Consequently, Notices of Appeal seeking permission to appeal to the Supreme Court were served and filed by:

i. the Joint Administrators of Lehman Brothers Limited (in administration) (“LBL”), on 9 June 2015;
ii. the Joint Administrators of LB Holdings Intermediate 2 Limited (in administration) (“LBHI2”), on 10 June 2015; and
iii. Lehman Brothers Holdings Inc (“LBHI”), on 10 June 2015 (together the “Applications”).

A copy of LBL’s Notice is available here.
A copy of LBHI2’s Notice is available here.
A copy of LBHI’s Notice is available here.

Notices of objection to the Applications


In response to the Applications, Notices of Objection to the Applications were served and filed on 23 June 2015 by:

i. the Joint Administrators of Lehman Brothers International (Europe) (in administration) (“LBIE”); and
ii. CVI GVF (Lux) Master Sarl (“CVI”).

A copy of LBIE’s Notice is available here.


Copies of the Notices filed by CVI are available below:
Notice of objection - LBL
Notice of objection - LBHI2
Notice of objection - LBHI

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