Update – Waterfall Application – Subordinated debt and other Affiliate relationship issues – Daily transcripts of the hearing – November 2013

On 18 February 2013, Lehman Brothers International (Europe) (in administration) (“LBIE”) and other UK affiliates announced that they had issued a joint application to seek a determination on various issues concerning their shareholding and other relationships (the “Waterfall Application”).

The hearing of the Waterfall Application commenced on Monday 11 November 2013 with a reading day for the judge. Submissions commenced on Tuesday 12 November 2013 with the hearing expected to run until Wednesday 20 November 2013.

Further to the update posted on the website on 11 November 2013 in which the LBIE administrators announced their intention to post daily transcripts from the hearing, the daily transcripts can be found by following the links below:

The hearing concluded on Wednesday 20 November 2013 and Judgment has been reserved to a future point in time.

Please note that:

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

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