2008-05-25 — ft.com
Creditors fighting for their debt to be repaid ahead of any reorganisation of the structured investment vehicle (SIV) had their appeals rejected on Thursday by three of the UK’s most senior judges, including Lord Phillips of Worth Matravers, the Lord Chief Justice of England and Wales.
...
The creditors’ appeal related to the correct interpretation of SIV documentation dealing with how receivers, in this case Deloitte, should apply money among creditors. An unnamed Party A was fighting to be paid back $220m which fell due on the day receivers decided to halt repayments. Bank of New York also wanted to be repaid but both had their appeals quashed.
Sucks to be the banks.
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