![]() The reasons are obscure and do not matter the evidence hints at some apprehended proxy battle. In 1996 it appears that Woodchuck wished to dispose of the notes in such a way that the voting rights remained in friendly hands. $36.1m of these notes were acquired by a Panamanian company called Woodchuck Investments Inc ( Woodchuck ). The eurobond issue consisted of US$150m 5 year 8% loan notes issued on 26 August 1993 by a Brazilian company called Bombril SA. If not, it forms part of the insolvent estate and the sub-participant is an unsecured creditor. If the agreement amounted to an assignment of a proprietary interest in the proceeds, the money belongs to the sub-participant. The question has arisen because the bank which granted the sub-participation has gone insolvent. The question in this appeal is whether a sub-participation agreement, entered into between two banks in respect of part of a eurobond issue, conferred upon the sub-participating bank any proprietary interest in the underlying bonds or their proceeds. REASONS FOR REPORT OF THE LORDS OF THE JUDICIALġ3th May 2002, Delivered the 29th May 2002Īt the conclusion of the hearing on their Lordships agreed humbly to advise Her Majesty that the appeal ought to be dismissed and that they would give their reasons later. (1) Paul Frederick Clarke (Liquidator of Socimer Lloyds TSB Bank plc v Clarke & Anor (Bahamas) UKPC 27 ()
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