Isis Investments Ltd v Oscatello Investments Ltd & Ors

Thomas Lowe QC and Alexander Winter (instructed by Boodle Hatfield LLP) for the Claimant William Trower QC and David Allison (instructed by Skadden, Arps, Slate, Meagher and Flom (UK) LLP) for the First and Fourth Defendants Richard Snowden QC, Ben Strong and Alex Barden (instructed by Weil, Gotshal and Manges) for the Second Defendant Charles Samek QC and David Lascelles (instructed by Logos Legal Services Limited) for the Third Defendant Hearing dates: 17 � 19 December 2012 ____________________

ii) If, contrary to Isis' case, Clause 6 is otherwise binding upon Isis, the Court should make an order pursuant to section 423 of the Insolvency Act 1986 setting aside Clause 6 as a transaction defrauding creditors.

iii) There is a trust in favour of the sub-participants in respect of �56,073,372 of the Fund (this sum is not part of any monies which would otherwise be part of the VER held on trust for Oscatello). This trust is said to arise by reason of the statements made by the solicitors to Isis in correspondence and in telephone calls with the solicitors to Mr Adalsteinsson.

iv) Kaupthing, Oscatello and others conspired to injure the sub-participants by unlawful means.

(1) Should a case management stay be granted in relation to Action 599 and if so, what form should it take?