Friday, August 14, 2015

Injunction to halt sales of the New Bank – Correio da Manhã

 Photo Ricardo Pereira / Victor Mota

Jaime Antunes, who chairs the Liminorke says that the sale of New Bank should be suspended until the Bank of Portugal estimate how much it will pay the creditors

08/14/2015 3:08

precautionary action to halt sale New Bank

Liminorke Jaime Antunes advances against Bank of Portugal.

 By Diana Ramos

The Liminorke, a company that was created by BPP to manage equity investments of listed and is now in the hands of Jaime Antunes, put forward an injunction to stop the sale of the New Bank. The company wants to blame the Bank of Portugal by 2.3 million euros invested in commercial paper from the GES. The court has accepted the action.

At first, the action, the CM had access, argues that “the obligation to compensate” the BES customers commercial paper buyers Rioforte is the New Bank. Because, argues Liminorke, BES has not fulfilled the duties of care to sell to counter the commercial paper of the company without the financial reality of Rioforte was properly presented. The Liminorke says she became “creditor [holder of a credit indemnity] BES” and that this credit, by virtue of regulatory intervention, went to the New Bank.

After, the company argues that even if this right was not recognized, the law that created the Resolution Fund has a paragraph which states that no shareholder or lender may get worse, after resolution than would be the case of liquidation. And be the difference will have to be the resolution fund to support it. “Lenders BES are therefore at worst, the right to receive [and already receive] the resolution fund compensation equal to the difference between the situation resulting from the resolution and that would result from its full settlement.”

The Liminorke argues that the main asset of the fund is the New Bank, the sale should be suspended until it is done the evaluation of the Bank of Portugal of the indemnity amount payable.

Provisional remedy can lock sale of the New Bank

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