On 31 October 2014, the Joint Administrators filed and served in the Application the Eleventh Witness Statement of Anthony Victor Lomas (“Lomas 11”). A copy of Lomas 11 can be found here.
At section L of Lomas 11, Mr Lomas set out certain analysis of default rates submitted by creditors in claims pursuant to ISDA Master Agreements in the LBIE administration to date. With a view to aiding the Respondents’ understanding of that analysis, the Administrators have now agreed to provide the Respondents to the Application with a copy of certain underlying data.
To the extent that any other creditor similarly wishes to have access to such data when reviewing Lomas 11, the data can be found here.
Whilst the Administrators have taken reasonable steps to ensure that the valuation statement and PoD default rate data is consistent with the underlying documentation submitted by creditors, they make no representation as to the accuracy or completeness of the data. In particular, they would draw attention to: (i) the manual nature of the review and input exercise; (ii) the non-standard presentation of the data submitted by creditors; and (iii) the volume of data involved.
Should you have any queries regarding this update, please contact LBIE’s Communications and Counterparty Management team at generalqueries@lbia-eu.com.
Restructuring and Insolvency Partner, UK Head of Insolvency, PwC United Kingdom
Tel: +44 (0)7974 332659