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Perpetual continues Mahogany battle
Perpetual trustees believe it has moved a step closer to recovering $125 million of Mahogany Capital note-holders’ funds, frozen since the collapse of Lehman Brothers, following court proceedings in the United Kingdom.
Perpetual announced that the UK Court of Appeal had ruled that Mahogany note-holders have priority over Lehman Brothers Special Financing (LBSF).
Perpetual Trustees began legal proceedings with respect to the monies against the UK-based Bank of New York Corporate Trustee Services (BNY) nearly six months ago to recover 'collateral' that could be used to repay the Mahogany note-holders.
Perpetual said while the latest decision was a positive step towards distributing the collateral to Mahogany investors, it remained to be seen whether BNY would now release it for distribution in circumstances where LBSF had sought permission to pursue a further appeal in the UK Supreme Court.
Commenting on the action, Perpetual Corporate Trust group executive Chris Green said the company’s single objective was to ensure the best possible financial return to the Mahogany note-holders in what had become a complex and multi-jurisdictional legal environment.
AUTHOR
Mike Taylor
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