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!,;, (l) Morgan Stanley & Co International plc 25 Cabot square, Canary Wharf, London £14 4QA, UK J.. . . ,',;. ::;~: ~ ":\m~
(2) Saturns Investments Europe plc . ~ "¡:;: ~;~tt 5 Harbourmaster Place, IPSC, Dublin 1, Ireland
(3) Morgan Stanley Capital Services Inc. 1585 Broadway, New York, New York, USA
(4) Deutsche Trustee Company Limited Winchester House, 1 Great Winchester Street, London EC2N 2DB, UK
Brief details of claim
The Claimants claim against the 1 st to 3rd Defendants for compensatory and/or restitutionary damages for breach of contract and/or negligence and/or conversion and/or wrongfully procuring breach of contract. The 4th Defendant is
trustee of the Claimants' contractual rights against the 2nd Defendant.
Value
The Claimants expect to recover more than £25,000.
Unspecified Defendåhcs Please see above name and £1,530 address
Solicitor's costs TBA Total amount Unspecified
The l'Ourt ollice at The Strall(L London WC2A 2LL
is opcii between I (lam and 4pm Monday to Friday. When corresponding with the court, please address Iè.irms or letters to thc Court fVlanager and quotc the claim number. NI Claim form (CPR Pai1 7) (01.02) (Expandablc) Laserforiii Intciiiaiional 3/02 Claim form.doe '.' Claim No. C
¡¿:g No Does. or wilL. :/our claim include any issues under the iruin~in Rights i\ct 1 C)C)8') DYes Particulars of Claim attached.
Statement of Truth * The Claimant believes that the facts stated in these particulars of claim are true, * I am duly authorised by the claimant to sign this statement
Full name Andrew William Shaw
Name of claimant's SO.~liCito "s fir;;r¡ Stewarts Law LLP
signed. ~ iJ /Lr;;, r position or office held Partner *Claimant's solicitor (if signing on behalf of firm or company) *delete as appropriate
Claimant's or claimant's solicitor's address to
Stewarts Law LLP which documents or payments should be sent if 5 New Street Square different from overleaf including (if London, EC4A 3BF appropriate) details ofDX, faxor e-maiL. DX: 369 London Chancery Lane Fax: +44 (0)20 7822 8080 Ref: CHZ/AWS/ILF/4208.1
Claim form.doe '.
Schedule A to the Claim Form € Purchase Address Investment Noteholder Date 150,000 21/01/2005 1 The Sisters of Charity Provincial House, 108 Spring Road, Letchworth, Garden City, Herts, SG6 3SL, UK of Jesus and Mary 350,000 20/01/05 & 2 Holy Faith Sisters Aylward House, Glasnevin, Dublin 11, Ireland 24/03/06 60,000 12/12/2006 3 Irish Veterinary Dept of Veterinary Medicine, UCD, Dublin 4, Ireland Benevolent Fund 294,000 09/06/2005 4 Geraldine MacCann Loughbrown Stud, The Curragh, Co Kildare, Ireland 50,000 20/01/2005 5 St Francis Dispensary Drim, Rathdangan, Kiltegan, Co, Wicklow, Ireland 60,000 20/01/2005 6 Gearoid Lynch San Mateo, Lispopple, Swords, Co Dublin, Ireland 40,000 20/01/2005 7 Hubert Francis 74 Booterstown Avenue, Blackrock, Co Dublin, Ireland Croghan 126,000 20/01/2005 8 Olivia Goodwillie Lavistown House, Kilkenny, Co Kilkenny, Ireland 33,000 20/01/2005 9 Christopher Hone Kilmatead, Clondalkin, Dublin 22, Ireland 10,000 20/01/2005 10 Marie Fennell The Lodge, Proudstown, Tara, Co Meath, Ireland 50,000 20/01/2005 11 Rosemary Hickey 9 The Old Farm, Lr Kilmacud Road, Dundrum, Dublin 14, Ireland 22,500 20/01/2005 12 Clive Goodbody Rustcott, Glenalbyn Road, Stillorgan, Co Dublin, Ireland 140,000 20/01/2005 13 Norman Sinnott 1 08A Stillorgan Grove, Blackrock, Co Dublin, Ireland 75,000 20/01/2005 14 Martin Sinnott 25 Carysfort Hall, Blackrock, Co Dublin, Ireland 36,500 21/01/2005 15 William Russell Elsworth, 2 Claremont Road, Killiney, Co Dublin, Ireland 50,000 20/01/2005 16 The Estate of Joan Ms Eithne O'Meara, Patrick J O'Meara & Co, Liberty Square, Mary Kelly Thurles, Co Tipperary, Ireland 112,000 20/01/2005 17 Maeve Kearns 17 Castleside Drive, Rathfarnham, Dublin 14, Ireland 78,000 20/01/2005 18 Honoria Doyle West End, Duncannon, Co Wexford, Ireland 16,000 20/01/2005 19 Susan Valerie Harris 11 Clarinda Park North, Dun Laoghaire, Co Dublin, Ireland 14,000 20/01/2005 20 The Estate of Daniel B Hyland & Co Solicitors, Luttrell House, Castle Street, White-Spunner Roscrea, Co Tipperary, Ireland 50,000 15/04/2005 21 William Warham Jamestown, Oylegate, Enniscorthy, Co Wexford, Ireland 30,000 21/01/2005 22 Sean Kinsella Verney Heights, Kilternan, Co Dublin, Ireland 23 Joan O'Mahony 25,000 20/01/2005 24 Orla Coleman Monagarrow Lower, Arklow, Co Wicklow, Ireland 25,000 20/01/2005 25 Paul Fallon 78 Botanic Avenue, Glasnevin, Dublin 9, Ireland 30,000 21/01/2005 26 Mai Mulhall 20 Vesey Close, Abbeyleix, Co Laois, Ireland 60,000 09/06/2005 27 Meade Piers Dennis Fortgranite, Baltinglass, Co Wicklow, Ireland 100,000 20/01/2005 28 Timothy Murray Pond Cottage, Funshog, Collon, Co Louth, Ireland f__. 360,000 20/01/2005 29 Brendan Doyle 111 Rockfield Avenue, Whitehall Road, Dublin 12, Ireland ~_.L- 50,000 20/01/2005 30 Diana Bondino Trust A & L Goodbody, IFSC, North Wall Quay, Dublin 1, Ireland 25,000 20/01/2005 31 Muriel Christie A & L Goodbody, IFSC, North Wall Quay, Dublin 1, Ireland 50,000 20/01/2005 32 James Willcox Carrickbyrne House, Adamstown, Enniscorthy, Co Wexford, Berridge Ireland 15,000 20/01/2005 33 Fionnuala O'Rourke Ischia, Ballinclea Road, Killiney, Co Dublin, Ireland 28,000 25/01/2005 34 John Lankester Dara, Ashford, Co Wicklow, Ireland 35 Teresa Lankester 57,000 20/01/2005 36 Joan Marie Forsythe Fortrose, 23 Royal Tce West, Dun Laoghaire, Co Dublin, Ireland 13,000 20/01/2005 37 Howard Pentony 4 Ballygihen Avenue, Sandycove, Co Dublin, Ireland 100,000 20/01/2005 38 John Pentony 4 Ballygihen Avenue, Sandycove, Co Dublin, Ireland 24,000 20/01/2005 39 Blathnait Crowley 10 Stradbrook Lawn, Blackrock, Co Dublin, Ireland 114,000 20/01/2005 40 Timothy Crowley 10 Stradbrook Lawn, Blackrock, Co Dublin, Ireland 24,000 15/07/2005 41 Helen Wheeler The Loft, Hillside Road, Greystones, Co Wicklow, Ireland 100,000 20/01/2005 42 Ronnie Butler 36 Killiney Road, Killiney, Co Dublin, Ireland 60,000 20/01/2005 43 Belinda Seager 149 Foxfield Grove, Dublin 5, Ireland 49,000 20/01/2005 44 Kathleen Galligan 3 Dundela Crescent, Co Dublin, Ireland 50,000 20/01/2005 45 Anne Ursula Tunney 45 St Ann's, Ailesbury Road, Dublin 4, Ireland 36,500 20/01/2005 46 Conway Maxwell Trust A & L Goodbody, IFSC, North Wall Quay, Dublin 1, Ireland 100,000 20/01/2005 47 Kenneth Millington Ardan, Knapton Road, Dun Laoghaire, Co Dublin, Ireland 100,000 27/01/2005 48 Rosemary Robertson Fernhill, Weavers Point, Crosshaven, Co Cork, Ireland 22,000 20/01/2005 49 The Estate of Una Joseph & Declan Little, 9 Wynberg Park, Blackrock, Co Little Dublin, Ireland 100,000 20/01/2005 50 Hastings Belshaw Drummin Lodge, Annamoe, Co Wicklow, Ireland 51 Deirdre Belshaw 29,000 21/01/2005 52 Robin Petrie 16 The Close, Boden Park, Rathfarnham, Dublin 16, Ireland 20/01/2005 53 Ignatius Gannon Casa do Sol Nascente, Val Del Rei, Lagoa 8400 - 386, 30,000 54 Jennifer Gannon Algarve, Portugal 62,500 20/01/2005 55 Carmel Jenkins Palmyra, Ballina, Co Mayo, Ireland 25,000 21/01/2005 56 Stanhope Peter Swing Ploughs, Baltyboys, Blessington, Co Wicklow, Ireland Polden 20/01/2005 57 WF Davison Will Trust A & L Goodbody, IFSC, North Wall Quay, Dublin 1, Ireland 75,000 49,000 09/06/2005 58 Unitarian Church 15 Corrig Avenue, Dun Laoghaire, Co Dublin, Republic of Plunkett Widows Ireland 16/06/2005 59 Unitarian Church 15 Corrig Avenue, Dun Laoghaire, Co Dublin, Republic of 49,000 Maurice Widows Ireland 20/01/2005 60 James Kelly Knockanure Shanboe, Borris-In-Ossary, Portlaoise, Co Laois, 60,000 61 Teresa O'Carroll Ireland 14/01/2005 62 BMD Investments Ltd Moonveagh, Togher, Drogheda, Co Louth, Ireland 500,000 27,000 21/01/2005 63 Kathleen Dudley Will A McCann & Co Solicitors, 56a York Road, Dun Laoghaire, Trust Co Dublin. Ireland 50,000 20/01/2005 64 Declan Martin The Square, Cappawhite, Co Tipperary, Ireland O'Dwyer 76,000 28/01/2005 65 Patrick D'Arcy Re Eagle Star Self Directed ARF AlC Patrick D'Arcy, Acumen & Trust Limited, Suites 4 & 5, The Avenue, Beacon Court, 19,000 20/01/2005 66 Christ Church With The Rector, 2 Park Road, Dun Laoghaire, Co Dublin, Ireland Mariners 60,000 20/01/2005 67 Francis Valentine 4 Simmons Court, Ballsbridge, Dublin 4, Ireland Heavey 30,000 21/01/2005 68 Prabhu Kulkarni 21 Aranleigh Court, Rathfarnham, Dublin 14, Ireland 100,000 21/01/2005 69 Michael Sexton 55 Wood park, Castleknock, Dublin 15, Ireland 50,000 20/01/2005 70 The Maura McMahon Ulster Bank Group Centre, George's Quay, Dublin 2, Ireland Deceased Will Trust 9,000 20/01/2005 71 The John E Burton Ulster Bank Group Centre, George's Quay, Dublin 2, Ireland Deceased Trust A 9,000 20/01/2005 72 The John E Burton Ulster Bank Group Centre, George's Quay, Dublin 2, Ireland Deceased Trust B 88,000 20/01/2005 73 Dorothy Hazel Joyce Brooklyn, Greencastle, Co Donegal, Ireland McCormick 11,000 21/03/2007 74 Maura Kirby Glenlara, St Michael's Street, Tipperary, Ireland 07/09/06 & 20 Kilbrack Lawn, Skehard Road, Blackrock, Cork, Ireland 65,000 75 Norma Whittaker 23/04/09 62,000 20/01/2005 76 Robert Gerard Cullen 5 Merlyn Road, Ballsbridge, Dublin 4, Ireland 100,000 20/01/2005 77 Phyllis D'Arcy Apartment 1, Ailesbury Court, Ailesbury Road, Dublin 4, Ireland 37,500 21/01/2005 78 The Estate of Alfred Crowley Millar Solicitors, 15 Lower Mount Street, Dublin 2, Joseph Delaney Ireland 5,000 20/01/2005 79 AE Donovan Glascott Symes, Avondale, The Kings Hospital, Palmerstown, Deceased Will Trust Ireland 116,000 25/07/2005 80 Pearl Lamb Harrison Solicitors, 3 Terenure Road West, Terenure, Dublin 6, Ireland 42,000 20/01/2005 81 Derek Scott 45 Foxrock Park, Foxrock, Dublin 18, Ireland 33,000 21/01/2005 82 Eileen Paterson 2 Owenstown Park, Blackrock, Co Dublin, Ireland 50,000 24/01/2005 83 Shirley Pollock Curraghbeg, Drakestown, Castletown, Kilpatrick, Co Meath, Ireland 29/09/2005 84 Susan Marie Roche 110 Grange Park Crescent, Raheny, Dublin 5, Ireland 90,000 20/01/2005 85 Dillon Trust Cullenwaine, Torquay Road, Foxrock, Dublin 18, Ireland 50,000 55,000 21/01/2005 86 The Estate of Mary Samuel Roche & Co Solicitors, Barrack Street, Tullow, Co Healy Carlow, Ireland 50,000 20/01/2005 87 Connie Bourke Belair, Castletroy, Limerick, Ireland 27/01/2005 88 Teresa Murphy Rosbeg, Bishopstown Road, Cork, Ireland 150,000
TOTAL € 5,878,500 IN THE HIGH COURT OF JUSTICE QUEEN'S BENCH DIVISION COMMERCIAL COURT BETWEEN:
(1) THE SISTERS OF CHARITY OF JESUS AND MARY
(2) THE HOLY FAITH SISTERS
(3) THE IRISH VETERINARY BENEVOLENT FUND
(4) GERALDINE MCCANN
AND 84 OTHER CLAIMANTS AS LISTED IN THE SCHEDULE HERETO Claimants
- and-
(1) MORGAN ST ANLEY & CO INTERNATIONAL PLC
(2) SATURNS INVESTMENTS EUROPE PLC
(3) MORGAN STANLEY CAPITAL SERVICES INC
(4) DEUTSCHE TRUSTEE COMPANY LIMITED Defendants
PARTICULARS OF CLAIM
The Parties
1. The 88 Claimants are Irish individuals, religious organisations and other
bodies who purchased, through the agency of Irish stock broking firm Bloxham, the Notes defined and described below. The Claimants, and
amounts of Notes purchased by each and dates of those purchases, are
listed in the Schedule to these Particulars of Claim.
2. The First Defendant ("MSCI") is and was at the relevant time a UK global
financial services firm (registered number 02068222), and is and was the
arranger and dealer of the Notes defined and described below. MSCI
changed its name to Morgan Stanley & Co International Plc from Morgan
Stanley & Co International Ltd on 13 April 2007,
3, The Second Defendant ("Satums") is and was at all material times a
special purpose public limited company incorporated in Ireland on 18
January 2005 (registered number 396571) by MSCI to issue securities, and
is and was the issuer of the Notes defined and described below, and a
party to the related ISDA swap agreement.
4. The Third Defendant ("MSCS") is and was at all material times a
Delaware corporation in the business of entering into credit default and
other swap transactions, and is and was the swap counterparty in relation
to the Notes defined and described below and the related ISDA swap
agreement.
2 5. MSC I and MSCS were at all material times wholly owned subsidiaries of
Morgan Stanley, a US financial services provider and bank-owning
corporation which was an investment bank until 2008.
6, The Fourth Defendant ("Deutsche TCLfI) is a company that operated as a
trustee in financial transactions.
7. Deutsche Bank AG London is a global investment and other bank which
acted as the Principal Paying Agent in relation to the swap underlying the
Notes defined and described below,
8. True copies of all documents referred to below will be referred to at trial
for their full terms and effect.
9. All references herein to $ are to US $.
Summary
10. The Claimants purchased €5,878,500 of Notes at par value. The structure of
the Notes transaction, described more fully belowi is that Saturns issued
Notes to the Claimants and other noteholders (after their being arranged
and marketed by MSCI)1 with many of the noteholders' rights against
Saturns held on trust for the noteholders by Deutsche TCL, and Saturns
entered into an ISDA swap agreement with MSCS.
3 11. The essence of the Claimants' complaint, set out below, is that Satums,
with the knowledge and cooperation of MSCI and MSCS, deliberately or
carelessly did not redeem the Notes when a mandatory redemption was
triggered in January 2009 (the downgrading of the underlying collateral
Dresdner Bonds to S&P BBB- or below), and instead waited until such date
as MSCS (although not the Claimants) would not suffer any loss upon a
redemption, purporting to redeem them in June 2009. Saturns, MSC I and
MSCS thereby caused the Claimants substantial losses (currently estimated
at over €5 million or $5 million), and made substantial gains for MSCI and
MSCS (currently estimated at €10 million plus $11.2 million, of which the
Claimants are entitled to a pro-rated proportion).
The Notes
12. From 14 January 2005 to 12 December 2006, each Claimant, through the
broker Bloxham, purchased at par Hybrid Structured Euro constant
maturity swap notes (lithe Notes"), secured by $ Dresdner Funding Trust
8.151 % bonds due 30 June 2031 ("the Dresdner Bonds"), from issuer
Sa turns in the amounts set out in the Schedule to these Particulars of Claim
(and with a collective total of €5,878,500), Other purchasers also purchased
4 Notes from Saturns through Bloxham, and still others purchased Notes
from Sa turns other than through Bloxham.
13. The Notes were bought by the Claimants on the strength of a term sheet
sent by MSCI (as arranger) to Bloxham. The term sheet preceding the
purchase of the Notes ("the Term Sheet") varied from Claimant to
Claimant, as it was updated several times from December 2004 to the end
of January 2005 and the Claimants subscribed to the Notes on different
dates, most throughout that period.
14. All the term sheets were materially identical (for the purposes of this
claim) to the final Term Sheet which was dated 6 January 2005 (but revised
and supplied on 28 January 2005), headed "Structured Notes EURO CMS
NOTE SECURED BY DRESDNER FUNDING TRUST" and provided:
14.1 that the Notes' maturity date was 5 July 2031;
14.2 that the Dresdner Bonds and therefore the Notes were callable by
MSCI annually on coupon roll dates, starting 5 July 2010;
14,3 that the Notes paid the Noteholders a fixed coupon of 6.25% for
five years, and thereafter a coupon of 4 times the difference
between the 10 year and 2 year € swap rates with a minimum of
3.75% and maximum of 10%;
:J 14.4 that an "Early Redemption Event" would occur if the Dresdner
Bonds were downgraded to a Standard & Poor's rating of BBB- or
a Moody's rating of Baa2; and
14.5 that:
"The Notes will be redeemed upon the determination by the Determination Agent IMSCI) in its sole and good faith discretion that an Early Redemption Event has occurred. Following an Early Redemption Event, the Swap Agreement will be terminated and the swap termination payment calculated by the Swap Counterparty except for circumstances described below in "Collateral Call Early Redemption". If the Issuer owes a payment to any Secured Creditor, a portion of the Collaterat rounded up to the lowest denomination, will be sold to the highest bidder in an auction managed by the Determination Agent. The remaining Collateral will be delivered to Noteholders and the cash proceeds will be paid to Secured Creditors in accordance with the Order of Priority," 15. Upon purchase of the Notes as described below, and in consideration for
that purchase, and in the circumstances set out in sub-paragraphs 22,1 to
22.5 below, the Term Sheet gave rise to a collateral contract between MSCI
and the noteholders (including the Claimants) ("the Term Sheet Collateral
Agreement") pursuant to which:
15,1 MSCI warranted that when an Early Redemption Event had
occurred, the Notes would be redeemed, the swap agreement
terminated, the swap termination payment made to MSCS and (if
any sums remained) the noteholders would be paid.
6 15.2 MSCI was obliged to act in good faith in determining when an
Early Redemption Event had occurred.
15.3 It was an implied term that went without saying and/or was
necessary to give the Term Sheet Collateral Agreement business
efficacy and/or to give effect to what that Agreement meant (and
in particular, to render the mandatory early termination
provisions effective) that MSCI would have or would put systems
in place which ensured it became aware of the downgrading of
the Dresdner Bonds as soon as reasonably practical after such
downgrading occurred, in order that it could determine in good
faith when an Early Redemption Event occurred.
16. Upon the issue of the Notes, MSCI and/or MSCS immediately booked
profits. Prior to disclosure, and without access to the relevant information,
the Claimants cannot quantify those profits and can only surmise that their
profits were substantial (i.e. a multiple of millions of euros).
The Legal Structure of the Notes
17. The Notes were constituted by the following written agreements and
deeds between Deutsche TCL (as trustee for the noteholders including the
Claimants), Saturns and others (together forming and hereinafter referred
7 to as "the Notes Agreement"), none of which written agreements or deeds were binding or physically available at the date of subscription to the
Notes in respect of the vast majority of the Claimants (the vast majority having subscribed prior to 27 January 2005 and solely in reliance upon the
Term Sheet):
17.1 an Information Memorandum dated 27 January 2005 prepared by
MSCI as arranger and dealer and including a set of 'Terms and
Conditions of the Notes' ("the Information Memorandum");
17.2 a Supplementary Information Memorandum dated 31 January
2005 prepared by MSCI as arranger and dealer and including a set
of 'Special Conditions' ("the Supplementary Information
Memorandum");
17.3 a Principal Trust Deed dated 27 January 2005, executed by Satums
as issuer of notes and Deutsche TCL as trustee ("the Principal
Trust Deed"); and
17.4 a Supplemental Trust Deed dated 31 January 2005, which related
specifically to the Notes, executed by Saturns as issuer of the
Notes, Deutsche TCL as trustee of the Notes, Deutsche Bank AG
as custodian, MSCS as swap counterparty, MSCI as determination
8 agent, and Deutsche International Corporate Services (Ireland)
Ltd as paying agent (lithe Supplemental Trust Deed"). The
Supplemental Trust Deed formed part of the Principal Trust Deed
pursuant to clause 15.2 of the Supplemental Trust Deed.
18. The Supplementary Information Memorandum included (and therefore
the Notes Agreement included) the following Special Condition:
"7(b) Mandatory Redemption
(i) Underlying Disposal Event If any of the following events (each an "Underlying Disposal Event") occurs in relation to the Notes:
(D) the rating (if any) assigned by Moody's to the Underlying Assets (i.ef the Dresdner Bonds) is downgraded to Baa2 (or below) or the rating (if any) assigned by S&P to the Underlying Assets is downgraded to BBB- (or below) by S&P
on first becoming aware of the occurrence of any Underlying Disposal Event, the Issuer or the Swap Counterparty shall give notice thereof to the Issuer (if the Swap Counterparty first became so aware), the Swap Counterparty (if the Issuer first became so aware), the Custodian, the Determination Agent and the Trustee. Upon giving or as the case may be receiving such notice, the Swap Agreement will be
terminated and the Swap Counterparty will calculate the net termination payments payable in relation to the Swap Agreement (as determined pursuant to the terms of the Swap Agreement) (the "Swap Termination Amount"). If a Swap Termination Amount is payable by the Issuer such
9 amount will be paid in accordance with the Order of Priority set out in paragraph 4.3 below. The Determination Agent (MSCI) shall, (after receiving notice of the Underlying Disposal Event), acting on behalf of the Issuer, and subject to the relevant provisions of the Trust Deed and the Custody Agreement proceed to arrange for and administer the sale of such of the Underlying Assets relating to the Notes as shall be necessary to discharge the claims of all creditors ranking in priority to the Noteholders or as may be required to be sold in accordance with paragraph 5 below,.."
19. The Principal Trust Deed included (and therefore the Notes Agreement
included) the following terms:
"3. COVENANT TO REPAY AND TO PAY INTEREST ON THE NOTES The Issuer will on any date when the Notes of any Series, or any of them, become due to be redeemed in whole or in part in accordance with this Deed, unconditionally payor procure to be paid to or to the order of or for the account of the Trustee in respect of such Series, in the currency or currencies in which the Redemption Amount (or part thereof) or other amount (including interest) payable upon such redemption is due in same day funds or, as the case may be, immediately available funds in the relevant currency of the Redemption Amount or other amount payable upon such redemption then becoming due on that date in respect
of such Series (together with any applicable premium) and shall (subject to the terms of such Series and other than in the case of Notes which bear no interest) until such payment (after as well as before any judgment or other order of a competent court) unconditionally pay to or to the order of or for the account of the Trustee in respect of such Series as aforesaid interest on the Redemption Amount or other amount due and payable upon such redemption.. .
10 The Trustee will hold the benefit of this covenant in relation to each Series on trust for itself and the Holders of the Notes of that Series, 7. COVENANT OF COMPLIANCE The Issuer covenants with the Trustee separately in respect of each Series that it will comply with, perform and observe all the provisions of this Deed relating to such Series which are expressed
to be binding on it in respect of such Series. The Conditions shall be binding on the Issuer and each Secured Creditor of such Series. The Trustee shall be entitled to enforce the obligations of the Issuer under the Notes, the Coupons, the Receipts and the Talons in respect of such Series as if the same were set out and contained in this Principal Trust Deed, which shall be read and construed with the Supplemental Trust Deed and any other document supplemental thereto or hereto relating to such Series as one document with the Notes, the Coupons, the Receipts and the Talons of such Series. The provisions contained in the Schedules hereto shall have effect in the same manner as if herein set forth.
16. COVENANTS BY THE ISSUER The Issuer, in respect of each Series of Notes issued by it, hereby covenants with the Trustee for that Series that... it shall:
...(c) procure that no Event of Default or Potential Event of Default in relation to each Series shall occur and give notice
in writing to the Trustee and each other Secured Creditor (other than the Holders) in respect of such Series forthwith upon becoming aware of the occurrence of any Event of Default or Potential Event of Default in relation to each Series and without waiting for the Trustee to take any action,"
20, Accordingly, the Notes Agreement provided that:
20.1 Saturns was obliged to pay the Claimants annual coupons at a
fixed rate of 6.25% per annum each 31 January until 31 January
2010, and thereafter at an annual rate of 4 times the difference
11 between the 10 year euro swap rate and the 2 year euro swap rate,
subject to a minimum of 3.75% and a maximum of 10%, each 5
July:
20.2 The Notes would mature and be redeemed on 5 July 2031, if not
before. .
20.3 Underlying Disposal Events included the first downgrading of the
Dresdner Bonds to BBB- or below (S&P), i.e. to the very lowest
investment grade or to junk/non-investment grade. (On the
proper construction of the relevant documents, any subsequent
downgrading of the Dresdner Bonds further into junk grading
was not a separate Underlying Disposal Event).
20.4 Immediately on first becoming aware of the occurrence of any
Underlying Disposal Event (including a relevant downgrading of
the Dresdner Bonds to junk rating), Saturns was obliged to the
Claimants: i) to notify MSCS, ii) to (with the assistance of MSC I
the Determination Agent) redeem the Notes, iii) to terminate the
swap agreement, and iv) to then deliver to the Claimants the
Dresdner Bonds remaining after the payment of prior expenses.
12 20.5 On the proper construction of the relevant documents, Satums
and MSCS were only obliged to give a valid notice of an
Underlying Disposal Event at the time at which they first became
aware of the occurrence of any Underlying Disposal Event or
within a reasonable period thereafter (which in the circumstances
it is averred would be at most 7 days), Any purported notice
given after such a reasonable period following their first becoming
aware of the Event would not be a valid notice within the Notes
Agreement such as would permit and require termination and
redemption and sale of the Dresdner Bonds.
21. Further, Sa turns had an implied obligation to the Claimants under the
Notes Agreement to (personally or through an agent) maintain reasonable
systems for monitoring for the occurrence of an Underlying Disposal
Event or optional termination event, such an obligation being what the
Notes Agreement meant and/or being necessary to give business efficacy
to the Notes Agreement and/or being something so obvious it goes
without saying.
22, Further and alternatively, by means of the Notes Agreement and their
roles in the transaction, MSCI and Saturns assumed a tortious duty to the
13 Claimants to take care to see that the Notes were redeemed upon the
occurrence of an early redemption triggeri in circumstances in which:
turns to 22.1 MSCI designed and marketed the Notesi and formed Sa
issue them;
22.2 Saturns was a single purpose vehicle acting entirely through
MSCI and with little or no infrastructure of its own;
22.3 the Term Sheet provided by MSCI explained to the Claimants
thati if they bought the Notes marketed by MSCI1 MSCI would act
in good faith in determining when an early redemption event had
occurred;
22.4 MSCI undertook and fulfilled the role of determination agent in
relation to the Notes; and
22.5 the Claimants reasonably relied upon MSCI and Saturns to
monitor for early termination events and act accordingly upon
such eventsi and MSCI impliedly and Sa turns expressly assumed
responsibility to fulfil this obligation.
23, MSCr s contractual obligations under the Term Sheet Collateral Agreement
as set out above at paragraph 151 Saturnsl contractual obligations under
the Notes Agreement as set out above at paragraphs 20 to 211 and MSCI
14 and Saturns' tortious obligations set out above at paragraph 22, shall
hereinafter be referred to as the "Early Redemption Obligations".
24. Pursuant to the Notes Agreement and Term Sheet Collateral Agreement:
24.1 The Notes were issued to the Claimants and other noteholders.
24.2 Saturns entered into an ISDA currency swap agreement with
MSCS (recorded in a Schedule to the ISDA Master Agreement
dated 31 January 2005) under which Sa turns agreed to pay to
MSCS the sums due in relation to the Dresdner Bonds and MSCS
agreed to pay to Saturns sums due from Saturns to the
noteholders under the Notes.
24.3 Sa turns used the proceeds of sale of the Notes to purchase
approximately $46,9 million of Dresdner Bonds.
24.4 Saturns charged the Dresdner Bonds and its other rights to
Deutsche Bank TCL as security for Saturns' obligations to MSCS
and the noteholders, with assets being held by Deutsche Bank AC
as custodian for the trustee Deutsche Bank TCL (pursuant to a
Custody Agreement dated 27 January 2005).
24.5 Deutsche Bank AC, as custodian, was authorised to distribute the
assets to MSCS (the swap counterparty), the noteholders
15 (including the Claimants), and Saturns (the issuer, through
principal paying agent MSCI), as appropriate and at the
appropriate time (and, in general terms, in that order of priority).
25. Insofar as the Claimants' rights as set out above are held on trust for them
by Deutsche Bank TCL, the Claimants claim through Deutsche Bank TCL
and Deutsche Bank TCL is joined as a Defendant for this purpose.
The Purported Redemption
26. On around 22 October 2008 the market value of the Notes fell below 60%
of the liquidation amount of the Dresdner Bonds. This was not a
mandatory redemption event but was an additional optional termination
event under the swap agreement between Saturns and MSCS, and was
listed in the Term Sheet, and it is therefore inferred and averred that MSCI
and Sa turns were monitoring for such events and were aware of this at the
time,
27. On 28 January 2009, the Dresdner Bonds (the collateral under the Notes)
were downgraded by Standard and Poor's from investment grade rating
BBB to junk/non-investment grade rating BB+ (bypassing intermediate
rating BBB-). This was an Early Redemption Event under the Term Sheet
and an Underlying Disposal Event giving rise to Mandatory Redemption
76 under Special Condition 7(b)(i)(D) of the Supplemental Information
Memorandum.
28. The Dresdner Bonds were then further downgraded as follows:
28.1 On 27 February 2009, the Dresdner Bonds were downgraded by
Standard and Poor's from BB+ to BB; and
282 On 11 May 2009, the Dresdner Bonds were downgraded by
Standard and Poor's to CCC (bypassing intermediate ratings BB-,
B+, B, B- and CCC+);
al though on the proper construction of the Notes Agreement these were
not separate Early Redemption Events or Underlying Disposal Events (as
the Dresdner Bonds had already been downgraded to BBB- or below on 28
January 2009).
29, MSCI was aware of the downgradings on 28 January 2009, 27 February
2009 and 11 May 2009, or alternatively shortly thereafter, including by
means of its staff employed to monitor the relevant markets (including
analysts Jackie Ineke, Lee Street and Emma Borgstrom who on 5 and 13
March 2009 published market reports discussing the Dresdner Bonds), or
alternatively deliberately shut its eyes to the downgradings, and in any
event should reasonably have been aware of them.
17 30. It is also to be inferred from its role in the issue (as Issuer), and is therefore
averred, that Satums was aware of the downgradings on 28 January 2009,
27 February 2009 and 11 May 2009 or alternatively shortly thereafter, or
alternatively deliberately shut its eyes to them, and in any event should
reasonably have been aware of them.
31. However MSCI and Saturns did not perform their Early Redemption
Obligations upon the relevant downgrading which had taken place on 28
January 2009. Instead, MSCI published market reports on 5 and 13 March
2009 recommending purchase of the Dresdner Bonds (describing it as the
"top pick in Germany" on 5 March 2009). The value of the Dresdner Bonds
rose and it was only on 3 June 2009 (126 days after the Dresdner Bonds
had been downgraded to 'BBB- or below') that MSCS purported to give
formal notice to Saturns, MSCI and the custodian and trustee under the
Notes that an underlying disposal event had occurred, namely lithe
downgrade of the rating assigned to the Underlying Assets by S&P to CCC", and
that this gave rise to a mandatory redemption of the Notes.
32. As to why the formal notice was given on 3 June 2009, rather than any
other day, this will become clearer upon disclosure by MSCI and Satums,
at which time the Claimants reserve the right to plead further, however it
is noted that:
18 32.1 This was not the date of a downgrading, the most recent
downgrading having been 23 days previously on 11 May 2009.
32.2 This was, however, the very first day since the mandatory
redemption event on 28 January 2009 (the first downgrading to
junk status) upon which the Dresdner Bonds (which had been
rising in value, at least partly, it is inferred, as a result of positive
market reports by MSCI as referred to above) had reached the
value by which the sale of the Dresdner Bonds would cover the
early redemption payment that would be due to MSCS, i.e. the
first date upon which MSCS would suffer no loss as a result of the
redemption.
32.3 Had the Notes been redeemed on 28 January 2009, the date of the
first mandatory early redemption event, the swap termination
payment MSCS would have received (as set out in paragraph 45.1)
would have been at least €1O million less than the €14,385,OOO
payment it actually received in June 2009 (as set out in paragraph
37.12 below).
33, By a letter dated 3 June 2009, MSCI purported to give formal notice to
Deutsche Bank TCL (as Trustee), Sa turns, MSCI and Deutsche Bank AG
79 that an Underlying Disposal Event had occurred under the Notes
Agreement by the downgrade of the Dresdner Bonds to CCc.
34. By a notice dated 5 June 2009, Saturns issued to the Claimants a purported
notice of mandatory redemption of the Notes as a result of the
downgrading of the Dresdner Bonds to CCc.
35, On or about 8 June 2009, Poonam Malhi of MSCI told Mr Power of
Bloxham (the Claimants' Irish brokers) by telephone that a downgrading
of the Dresdner Bonds had led to early termination of the swap agreement
and early redemption of the Notes.
36. By a letter dated 9 June 2009, Bloxham correctly warned Morgan Stanley
(i.e. MSC I, MSCS and Saturns) not to redeem the Notes because to do so
would be a breach as the Underlying Disposal Event had occurred as long
ago as January 2009 and therefore there was no longer a right to redeem
for that downgrade. Morgan Stanley responded on 11 June 2009 claiming
that they were acting upon a valid notice of an Underlying Disposal Event.
37. In purported performance of their Early Redemption Obligations:
37.1 On 9 June 2009, MSCI administered a sale of a majority of the
Dresdner Bonds by auction, in order to raise money for Saturns to
pay MSCS a swap termination payment it had calculated at
20 turns of €14/385/OOO, The result of the auction was a sale by Sa
I itself for $42A171000 of the $46/9001000 of Dresdner Bonds to MSC
$20)53/281:35 (at a price of 42.75 USit). The sale is believed to
have completed on around 12 June 2009.
37.2 Saturns then purported to pay MSCS a swap termination payment
of approximately €14/385/OOO,
37.3 This left $3A83/OOO of Dresdner Bonds unsold and available for
distribution to the Claimants and the other holders of the Notesi
and such remaining bonds were accordingly distributed. Each
Claimant received 9.95 USit of Dresdner Bonds for each € of Notes
it held.
37.4 MSCI has since made a profit from its purchase either by retaining
the Dresdner Bonds (which are now each worth approximately 80
USitl giving MSCI over $15.8 million profit on the purchase to
date) or by selling them (as to which profit the precise amount is
unknown and will be revealed on disclosure).
21 Breaches in relation to the Early Redemption Obligations
Wrongful purported termination
38. The notice of 3 June 2009 of an Underlying Disposal Event was not a valid
notice under the Notes Agreement given that the only relevant
Underlying Disposal Event that had occurred had occurred on 28 January
20091 and the notice had not been given on first becoming aware of the
Event or within a reasonable period thereafter (but rather had been given
126 days after becoming aware of the Event). Alternativelyi the
Defendants failure to terminate within that reasonable period amounted to
a waiver of the right to do so.
39. Further or alternativelyi it contrary to the Claimantsl primary casei the
subsequent downgrades by Saturns on 27 February 2009 and 11 May 2009
were separate Underlying Disposal Eventsi the notice of 3 June 2009 had in
any event not been given on first becoming aware of those Events or
within a reasonable period thereafter (but rather had been given 96 days
and 23 days respectively after becoming aware of those Events) and so was
invalid, Alternativelyi the Defendants failure to terminate within those
reasonable periods amounted to a waiver of the rights to do so.
22 40. Accordingly, in giving the notice on 3 June 2009 and acting upon it in
redemption of the Notes and sale of the Dresdner Bonds (to satisfy the
swap payment to MSCS):
40.1 Saturns acted in repudiation and breach of the Notes Agreement;
and
40.2 Saturns and MSCI converted the Dresdner Bonds (other than the
unsold few distributed to the noteholders) to their own use,
41. Accordingly, the Claimants have suffered and are entitled to compensation
for the following loss:
PARTICULARS OF LOSS
(i) The value the Notes would have had at the date of judgment
(currently estimated to be approximately 82 euro q: for each €
denomination of Notes, and totalling approximately €4.8
million for all the Claimants);
(ii) The coupons, at 6.25% per year (paid annually on 31
January), that the Notes would have paid to the Claimants
between their purported termination in June 2009 and the
date of judgment. This remains to be finally quantified at the
23 date of judgment but to date stands at 6.25 euro q: for each £
of Notes and totals £367,406.25 for all the Claimants,
42, The Claimants will give credit for the value of the Dresdner Bonds
received by them upon the purported redemption, as at the date of receipt.
They received a nominal value of 9.95 USq: of Dresdner Bonds for each £
of Notes as set out above at paragraph 37,3, totalling a nominal value of
$584,910.75 of Dresdner Bonds to the Claimants. Each $ of Bonds had a
value of approximately 45 USq:, and therefore the Claimants give total
credit for the approximately $263,20o-worth of Dresdner Bonds they
received,
Failure to redeem
43, Further and/or alternatively, in the premises MSCI and Satums were in
breach of the contractual and tortious Early Redemption Obligations in
failing to redeem the Notes in January 2009:
PARTICULARS OF BREACH
(i) MSCI's failure, upon first learning that the Dresdner Bonds
had been downgraded to BB+ by Standard & Poor's on 28
January 2009 (and therefore an Underlying Disposal Event
24 had occurred within the meaning of the Notes Agreement),
to determine in good faith that such an event had occurred.
(ii) Saturns' failure, upon first learning that the Dresdner Bonds
had been downgraded to BB+ by Standard & Poor's on 28
January 2009 (and therefore an Underlying Disposal Event
had occurred within the meaning of the Notes Agreement),
to notify the other relevant parties, redeem the Notes,
terminate the swap agreement and make the necessary
payments and distributions following from those steps.
(iii) Alternatively, MSCI and Saturns' failure to monitor the
Dresdner Bonds for a relevant downgrading or to put in
place sufficient systems for such monitoring, or to take
reasonable care to do these things.
44. In letters dated 24 June 2009 and 13 July 2009, Morgan Stanley's solicitors
essentially accepted that there had been a breach of contract in relation to
the failure to notify (describing it as a "regrettable oversight") but denied
that loss had been caused.
25 45. Had the swap agreement been terminated and/or early redemption of the
Notes taken place on or about 28 January 2009, at which date the Dresdner
Bonds were trading at a value of around 5-10 USq:, then:
45.1 All of the $46,900,000 of Dresdner Bonds would have been sold to
cover Saturns' swap termination payment to MSCS, and this
would have led to a swap termination payment due to MSCS
greater than the value of the Dresdner Bonds, and an actual
payment to MSCS (following sale of the Bonds) in the region of
€3.5m (assuming, conservatively and in the Defendants' favour, a
sale price of each Bond of 10 USq:), although the Claimants are
unable to confirm the precise sum until after disclosure.
452 This would have left none of the Dresdner Bonds available for
distribution to the Claimants,
45.3 However, Bloxham would, or alternatively there is a very
substantial chance that they would, have bought for each
Claimant at Bloxham's expense the amount of Dresdner Bonds or
equivalent bonds that the Noteholders could have bought at the
date on which they purchased the Notes for an amount equal to
the cost of their Notes, in order to put the Claimants in the
26 position they would have been in had they owned the Dresdner
Bonds and not the Notes. Given their then prevailing market
price, Bloxham would have bought these bonds at approximately
5-10% of their face value (the Dresdner Bonds trading at around 5-
10 USlt),
46. Accordingly, the Claimants have suffered and are entitled to compensation
for the following loss:
PARTICULARS OF LOSS
(i) The Claimants claim the value at the date of judgment of the
relevant Dresdner Bonds with same nominal value as the
Notes they had bought (or alternatively the value of the
alternative bonds that would have been bought). The current
price (for reference only) is around 80 USlt, and so at today's
price the Claimants' total claim under this head is for
approximately 80 USlt for each € of Notes held by the
Claimants, totalling $4.7 million for all the Claimants.
(ii) The coupons, at 8.151 % per year (paid semi-annually on 30
June and 30 December), that the Dresdner Bonds would have
paid to the Claimants between their purchase in January 2009
~i)7 and the date of judgment. This remains to be finally
quantified at the date of judgment, but to the date of these
Particulars of Claim amounts to 122265 USii: for each € of
Notes held by the Claimants, totalling $718,734.80 for all the
Claimants.
Wrongful procuring of breach of the Early Redemption Obligations
47. MSCS, through its corporate relationship with MSCI and through its
knowledge of its swap agreement with Satums, knew that MSCI and
Satums were obliged to the Claimants to terminate the Notes on 28
January 2009 and thereafter, and that, if they did so, this would lead to a
large loss for MSCS. Given the coincidence of events set out in paragraph
32 above, which could not have been happenstance, it is to be inferred and
is averred that MSCI, MSCS and Saturns agreed that:
47.1 MSCI and Saturns would breach their obligations to the Claimants and would not terminate the Notes at the time of the
downgrading that amounted to a mandatory redemption event;
47.2 they would instead wait for the Dresdner Bonds to rise in value,
thereby minimising or eliminating MSCS/s loss on an early
redemption; and
28 47.3 if the Dresdner Bonds rose to the point at which MSCS's loss was
eliminated altogether, the Notes would then be terminated.
48. MSCI, MSCS and Saturns carried this plan into effect.
49. In so doing, MSCS, Saturns and MSCI knowingly or recklessly and
tortiously procured and induced Saturns and MSCI to act deliberately (and
in MSCls case, in further breach of its duty to act in good faith) so as to
breach their Early Redemption Obligations to the Claimants. The
Claimants will plead further particulars of knowledge on the part of
MSCS, Saturns and MSCI following disclosure.
50. As a result:
50.1 The Claimants suffered loss, as set out above at paragraph 46, and
are entitled to compensation for that loss.
50,2 Alternatively, the Claimants are entitled to restitutionary damages
in relation to any gain earned by MSCS, Saturns and MSCI
through the breaches of the Notes Agreement and the Term Sheet
Collateral Agreement. The Claimants reserve the right to plead
further to this at trial; but in particular MSCS gained at least €10
million by delaying the redemption of the Notes from January
until June 2009 and as set out above in paragraph 32, and MSC I is
29 expected to have gained a significant (currently unquantifiable by
the Claimants) sum from retaining or selling the Dresdner Bonds
it bought at the time of the purported redemption in June 2009 as
set out above at paragraph 37.1 (if they retained them, the sum is
estimated at $11.2 million, as set out in paragraph 37.4 above), and
the Claimants seek a pro-rated proportion of those sums by way
of restitutionary damages.
Interest
51. Further or alternatively, the Claimants claim interest on sums due
pursuant to section 35A of the Senior Courts Act 1981 or in equity at the
rate of 8% per annum or at such rate or for such period as the court sees fit.
AND the Claimants claim:
(i) Damages, as set out in paragraphs 41, 46 and 50.1 above, currently
estimated at over €5 million or $5 million;
(ii) Restitutionary damages, as set out in paragraph 50,2 above and
currently estimated at a pro-rated proportion of at least €10 million
plus $11.2 million;
30 (iii) Interest under s35A Senior Courts Act 1981 or in equity, as set out in
paragraph 51 above;
(iv) Costs.
ANDREW SUTCLIFFE QC
ADAMKRAMER
3 Verulam Buildings
The Claimants believe that the facts stated in these Particulars of Claim are true. I am duly authorised by the Claimants to sign this Statement of Truth on their beha.Mf. A /í~óbAa .,..F...,.,...... ,."..,..,.,.,....,
AndrewShaw
Position: Partner
Date: 10th August 2010
31 SCHEDULE TO THE PARTICULARS OF CLAIM
c)~~7 Schedule A to the Claim Form Noteholder Address Investment € Purchase Date
1 The Sisters of Charity Provincial House, 108 Spring Road, Letchworth, Garden City, 150,000 21/01/2005 of Jesus and Mary Herts, SG6 3SL, UK 2 Holy Faith Sisters Aylward House, Glasnevin, Dublin 11, Ireland 350,000 20/01/05 & 24/03/06
3 Irish Veterinary Dept of Veterinary Medicine, UCD, Dublin 4, Ireland 60,000 12/12/2006 Benevolent Fund 4 Geraldine MacCann Loughbrown Stud, The Curragh, Co Kildare, Ireland 294,000 09/06/2005
5 St Francis Dispensary Drim, Rathdangan, Kiltegan, Co. Wicklow, Ireland 50,000 20/01/2005
6 Gearoid Lynch San Mateo, Lispopple, Swords, Co Dublin, Ireland 60,000 20/01/2005
7 Hubert Francis 74 Booterstown Avenue, Blackrock, Co Dublin, Ireland 40,000 20/01/2005 Croghan 8 Olivia Goodwillie Lavistown House, Kilkenny, Co Kilkenny, Ireland 126,000 20/01/2005
9 Christopher Hone Kilmatead, Clondalkin, Dublin 22, Ireland 33,000 20/01/2005
10 Marie Fennell The Lodge, Proudstown, Tara, Co Meath, Ireland 10,000 20/01/2005
11 Rosemary Hickey 9 The Old Farm, Lr Kilmacud Road, Dundrum, Dublin 14, 50,000 20/01/2005 Ireland 12 Clive Goodbody Rustcott, Glenalbyn Road, Stillorgan, Co Dublin, Ireland 22,500 20/01/2005
13 Norman Sinnott 108A Stillorgan Grove, Blackrock, Co Dublin, Ireland 140,000 20/01/2005
14 Martin Sinnott 25 Carysfort Hall, Blackrock, Co Dublin, Ireland 75,000 20/01/2005
15 William Russell Elsworth, 2 Claremont Road, Killiney, Co Dublin, Ireland 36,500 21/01/2005
16 The Estate of Joan Ms Eithne O'Meara, Patrick J O'Meara & Co, Liberty Square, 50,000 20/01/2005 Mary Kelly Thurles, Co Tipperary, Ireland 17 Maeve Kearns 17 Castleside Drive, Rathfarnham, Dublin 14, Ireland 112,000 20/01/2005
18 Honoria Doyle West End, Duncannon, Co Wexford, Ireland 78,000 20/01/2005
19 Susan Valerie Harris 11 Clarinda Park North, Dun Laoghaire, Co Dublin, Ireland 16,000 20/01/2005
20 The Estate of Daniel B Hyland & Co Solicitors, Luttrell House, Castle Street, 14,000 20/01/2005 White-Spunner Roscrea, Co Tipperary, Ireland 21 William Warham Jamestown, Oylegate, Enniscorthy, Co Wexford, Ireland 50,000 15/04/2005
22 Sean Kinsella Verney Heights, Kilternan, Co Dublin, Ireland 30,000 21/01/2005 23 Joan O'Mahony 24 Orla Coleman Monagarrow Lower, Arklow, Co Wicklow, Ireland 25,000 20/01/2005
25 Paul Fallon 78 Botanic Avenue, Glasnevin, Dublin 9, Ireland 25,000 20/01/2005
26 Mai Mulhall 20 Vesey Close, Abbeyleix, Co Laois, Ireland 30,000 21/01/2005
27 Meade Piers Dennis Fortgranite, Baltinglass, Co Wicklow, Ireland 60,000 09/06/2005 28 Timothy Murray __Pond Cottage, Funshog,~f_ COlion, Co Louth, Ireland 100,000 20/01/2005 29 Brendan Doyle 111 Rockfreld Avenue, Whitehall Road, Dublin 12, Ireland 360,000 20/01/2005 30 Diana Bondino Trust A & L Goodbody, IFSC, North Wall Quay, Dublin 1, Ireland 50,000 20/01/2005
31 Muriel Christie A & L Goodbody, IFSC, North Wall Quay, Dublin 1, Ireland 25,000 20/01/2005
32 James Willcox Carrickbyrne House, Adamstown, Enniscorthy, Co Wexford, 50,000 20/01/2005 Berridge Ireland 33 Fionnuala O'Rourke Ischia, Ballinclea Road, Killiney, Co Dublin, Ireland 15,000 20/01/2005
34 John Lankester Dara, Ashford, Co Wicklow, Ireland 28,000 25/01/2005 35 Teresa Lankester 36 Joan Marie Forsythe Fortrose, 23 Royal Tce West, Dun Laoghaire, Co Dublin, 57,000 20/01/2005 Ireland 37 Howard Pentony 4 Ballygihen Avenue, Sandycove, Co Dublin, Ireland 13,000 20/01/2005
38 John Pentony 4 Ballygihen Avenue, Sandycove, Co Dublin, Ireland 100,000 20/01/2005
39 Blathnait Crowley 10 Stradbrook Lawn, Blackrock, Co Dublin, Ireland 24,000 20/01/2005
40 Timothy Crowley 10 Stradbrook Lawn, Blackrock, Co Dublin, Ireland 114,000 20/01/2005
41 Helen Wheeler The Loft, Hillside Road, Greystones, Co Wicklow, Ireland 24,000 15/07/2005
42 Ronnie Butler 36 Killiney Road, Killiney, Co Dublin, Ireland 100,000 20/01/2005
43 Belinda Seager 149 Foxfield Grove, Dublin 5, Ireland 60,000 20/01/2005
44 Kathleen Galligan 3 Dundela Crescent, Co Dublin, Ireland 49,000 20/01/2005
45 Anne Ursula Tunney 45 St Ann's, Ailesbury Road, Dublin 4, Ireland 50,000 20/01/2005
46 Conway Maxwell Trust A & L Goodbody, IFSC, North Wall Quay, Dublin 1, Ireland 36,500 20/01/2005
47 Kenneth Millington Ardan, Knapton Road, Dun Laoghaire, Co Dublin, Ireland 100,000 20/01/2005
48 Rosemary Robertson Fernhill, Weavers Point, Crosshaven, Co Cork, Ireland 100,000 27/01/2005
49 The Estate of Una Joseph & Declan Little, 9 Wynberg Park, Blackrock, Co 22,000 20/01/2005 Little Dublin, Ireland 50 Hastings Belshaw Drummin Lodge, Annamoe, Co Wicklow, Ireland 100,000 20/01/2005 51 Deirdre Belshaw 52 Robin Petrie 16 The Close, Boden Park, Rathfarnham, Dublin 16, Ireland 29,000 21/01/2005
53 Ignatius Gannon Casa do Sol Nascente, Val Del Rei, Lagoa 8400 - 386, 30,000 20/01/2005 54 Jennifer Gannon Algarve, Portugal 55 Carmel Jenkins Palmyra, Ballina, Co Mayo, Ireland 62,500 20/01/2005
56 Stanhope Peter Swing Ploughs, Baltyboys, Blessington, Co Wicklow, Ireland 25,000 21/01/2005 Polden 57 WF Davison Will Trust A & L Goodbody, IFSC, North Wall Quay, Dublin 1, Ireland 75,000 20/01/2005
58 Unitarian Church 15 Corrig Avenue, Dun Laoghaire, Co Dublin, Republic of 49,000 09/06/2005 Plunkett Widows Ireland 59 Unitarian Church 15 Corrig Avenue, Dun Laoghaire, Co Dublin, Republic of 49,000 16/06/2005 Maurice Widows Ireland 60 James Kelly Knockanure Shanboe, Borris-In-Ossary, Portlaoise, Co Laois, 60,000 20/01/2005 61 Teresa O'Carroll Ireland 62 BMD Investments Ltd Moonveagh, Togher, Drogheda, Co Louth, Ireland 500,000 14/01/2005 ----- ~"-~~---~--- 63 K athleen Dudley Will A McCann & Co Solicitors, 56a York Road, Dun Laoghaire, 27,000 21/01/2005 Trust Co Dublin, Ireland 64 Declan Martin The Square, Cappawhite, Co Tipperary, Ireland 50,000 20/01/2005 O'Dwyer 65 Patrick D'Arcy Re Eagle Star Self Directed ARF AlC Patrick D'Arcy, Acumen 76,000 28/01/2005 & Trust Limited, Suites 4 & 5, The Avenue, Beacon Court, 66 Christ Church With The Rector, 2 Park Road, Dun Laoghaire, Co Dublin, Ireland 19,000 20/01/2005 Mariners 67 Francis Valentine 4 Simmons Court, Ballsbridge, Dublin 4, Ireland 60,000 20/01/2005 Heavey 68 Prabhu Kulkarni 21 Aranleigh Court, Rathfarnham, Dublin 14, Ireland 30,000 21/01/2005
69 Michael Sexton 55 Woodpark, Castleknock, Dublin 15, Ireland 100,000 21/01/2005
70 The Maura McMahon Ulster Bank Group Centre, George's Quay, Dublin 2, Ireland 50,000 20/01/2005 Deceased Will Trust 71 The John E Burton Ulster Bank Group Centre, George's Quay, Dublin 2, Ireland 9,000 20/01/2005 Deceased Trust A
72 The John E Burton Ulster Bank Group Centre, George's Quay, Dublin 2, Ireland 9,000 20/01/2005 Deceased Trust B 73 Dorothy Hazel Joyce Brooklyn, Greencastle, Co Donegal, Ireland 88,000 20/01/2005 McCormick 74 Maura Kirby Glenlara, St Michael's Street, Tipperary, Ireland 11,000 21/03/2007
75 Norma Whittaker 20 Kilbrack Lawn, Skehard Road, Blackrock, Cork, Ireland 65,000 07/09/06 & 23/04/09 76 Robert Gerard Cullen 5 Merlyn Road, Ballsbridge, Dublin 4, Ireland 62,000 20/01/2005
77 Phyllis D'Arcy Apartment 1, Ailesbury Court, Ailesbury Road, Dublin 4, 100,000 20/01/2005 Ireland 78 The Estate of Alfred Crowley Millar Solicitors, 15 Lower Mount Street, Dublin 2, 37,500 21/01/2005 Joseph Delaney Ireland 79 AE Donovan Glascott Symes, Avondale, The Kings Hospital, Palmerstown, 5,000 20/01/2005 Deceased Will Trust Ireland 80 Pearl Lamb Harrison Solicitors, 3 Terenure Road West, Terenure, Dublin 116,000 25/07/2005 6, Ireland
81 Derek Scott 45 Foxrock Park, Foxrock, Dublin 18, Ireland 42,000 20/01/2005
82 Eileen Paterson 2 Owenstown Park, Blackrock, Co Dublin, Ireland 33,000 21/01/2005
83 Shirley Pollock Curraghbeg, Drakestown, Castletown, Kilpatrick, Co Meath, 50,000 24/01/2005 Ireland 84 Susan Marie Roche 110 Grange Park Crescent, Raheny, Dublin 5, Ireland 90,000 29/09/2005
85 Dillon Trust Cullenwaine, Torquay Road, Foxrock, Dublin 18, Ireland 50,000 20/01/2005
86 The Estate of Mary Samuel Roche & Co Solicitors, Barrack Street, Tullow, Co 55,000 21/01/2005 Healy Carlow, Ireland 87 Connie Bourke Belair, Castletroy, Limerick, Ireland 50,000 20/01/2005
88 Teresa Murphy Rosbeg, Bishopstown Road, Cork, Ireland 150,000 27/01/2005
TOTAL € 5,878,500