Update – Waterfall I Application (the “Application”) - Supreme Court Hearing - Daily Transcripts - 18 October 2016

On 5 November 2015 the Joint Administrators notified creditors that the Supreme Court had granted permission to appeal and cross-appeal in relation to the Application, and on 10 February 2016 the Joint Administrators notified creditors that the Supreme Court appeal had been listed for the week commencing 17 October 2016.

The Supreme Court hearing of the Application commenced on 17 October 2016, with the hearing expected to conclude on Thursday 20 October 2016.

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

The transcripts produced can be found below.

• Daily transcript - Monday 17 October 2016
• Daily transcript - Tuesday 18 October 2016
• Daily transcript - Wednesday 19 October 2016 
• Daily transcript - Thursday 20 October 2016

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.