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This week saw the High Court clash between the swap provider, UBS, and the recently appointed replacement note trustee (Glas Trust Corporation) on the embattled Fairhold Securitisation. The dispute at hand centres on whether or not the ad hoc noteholders group’s fees and expenses (comprising the fees of its financial adviser and lawyers) can be recovered from the waterfall, effectively subordinating payments to the swap providers and noteholders. The financial adviser’s fees were reported to be in excess of £3.75m.
Continue Reading Fairhold Securitisation – can noteholders claim advisers’ fees through the trustee?