Update – Waterfall III Application (the “Application”) – PTR Order, Skeleton Arguments and Daily Transcripts - Part A Hearing – 2 February 2017

Pursuant to the order of Mr Justice Hildyard sealed on 21 December 2016 in respect of the procedural directions made at the case management conference held on 4 November 2016 (available here), it was directed that the Application be heard in two parts, with legal issues being decided at a part A hearing in January (the “Part A”) and issues requiring an examination of facts being decided at a part B hearing later in the year (“Part B”).  

On 16 January 2017, a pre-trial review (“PTR”) was held in respect of Part A of the Application and a case management conference (“CMC”) in respect of Part B of the Application. Further to the PTR and CMC, the Judge made a procedural order (the “Order”). A copy of the Order can be found here. 

Pursuant to paragraph 2 of the Order, the following skeleton arguments were filed and served in advance of the hearing of the part A issues in the Application.  The hearing of the part A issues in the Application commenced on 30 January 2017 with two reading days for the Judge. The parties’ oral submissions commenced on 1 February 2017.  

• Skeleton argument of the Administrators of LBIE; 
• Skeleton argument of the Administrators of LBL and Schedule A;
• Skeleton argument of the Administrators of LBHI2;
• Skeleton argument of the Administrators of LBEL; and
• Skeleton argument of the Administrators of LBH.

The parties have engaged a transcriber to produce daily transcripts of the hearing. The transcripts produced for each sitting day 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.  

• Daily transcript - Wednesday 1 February 2017¹
• Daily transcript - Thursday 2 February 2017
• Daily transcript - Friday 3 February 2017
• Daily transcript - Monday 6 February 2017
• Daily transcript - Wednesday 8 February 2017

¹The transcript has been re-issued by the transcribers to reflect, alongside several typographical corrections, that “security of action” should read “circuity of action” throughout the transcript and that page 5, lines 2-3 should read “Which is there is notan adversarial argument” rather than “Which is there is an adversarial argument.”

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.