Glitnir hf announces that the hearing scheduled for November 9, 2010 in connection with the New York Complaint against Defendant Jon Asgeir Johannesson and others has been adjourned. 

The hearing was adjourned to permit the parties to submit additional briefs to the Court commenting on newly discovered documents which, in the last two weeks, were the subject of correspondence between the parties and the Court. In addition, the Defendants have advised that they will be withdrawing the affidavit filed by Brynjar Nielsson and submitting an affidavit from another, presently unidentified, Icelandic law expert.

Glitnir will announce the new date for the hearing once it has been agreed between the parties and the Court.

Íslenska.

The Winding-Up Board has issued a Transfer Moratorium on 15 October 2010 but will continue to process Claim Transfer Request Forms already in their possession and in the possession of their agent, Epiq Bankruptcy Solutions, LLC and any forms received no later than 15 October 2010. All transfers received after 15 October 2010 up until 05 December 2010 will not be processed due to this Transfer Moratorium. If a Claim Transfer Request Form is received during this period, it will be held and deemed accepted for all purposes (including all time periods referenced herein) as though received on 06 December 2010. The moratorium is due to the Creditor's Meeting scheduled for 02 December 2010.

In the Business Plan The Resolution Committee summarises Glitnir's current objectives and strategy for realising its assets.

 Business Plan summary

The Resolution Committee and the Winding-Up board have held various discussions with the Informal Creditors´ Committee (“ICC”) to determine the most appropriated FX strategy, and feedback received from the ICC has been incorporated into the overall currency strategy.

 FX Strategy

Yesterday, September 16th 2010, the Supreme Court ruled in the case concerning which interest rates to use to settle an FX linked car loan. The verdict confirmed the verdict of the District Court, that the lowest Central Bank rates at each interest date should be used to calculate the outstanding balance. This is a result that was expected by the RC and corresponds with the work currently being done to settle the Íslandsbanki car loans.

The Resolution Committee and Winding-Up Board of Glitnir hf. are pleased to present the Statement of Assets and Liabilities, incorporating an estimate of the value of Glitnir's assets as at 30 June 2010 and a computation of liabilities.

 Glitnir Statement of Assets and Liabilities as at 30.06.2010

Yesterday in New York, Glitnir responded to the motions to dismiss the New York Complaint that Defendant Jón Ásgeir Jóhannesson and his co-defendants filed in July. Glitnir reaffirmed in its response its strong commitment to pursuing the New York Complaint as part of its worldwide effort to recover assets for the Bank’s creditors. Íslenska.

 

Today, 18 August 2010, the District Court of Reykjavik ruled in favour of Glitnir's request for an extension to the Moratorium order originally granted on 24 November 2008. This last period of extension is due to end on 24 November 2010 and the formal winding-up process of the bank starts.

Glitnir in Luxembourg establishes subsidiary to administer the bank’s asset portfolio

Glitnir in Luxembourg has established the subsidiary Reviva Capital to handle the administration and management of the bank’s asset portfolio. Reviva Capital has received an operating license from the authorities and the financial regulator in Luxembourg to handle collection and asset administration activities, and intends furthermore to offer other parties its services. Reviva Capital has eighteen employees. Management and key employees of Glitnir in Luxembourg own a 10% stake in the company, with the remainder held by Glitnir in Luxembourg. The employees’ holding is conditional and linked to the company’s long-term objectives.  Á íslensku

The Winding-up Board of Glitnir has today obtained further worldwide Freezing Orders in connection with Glitnir’s claim against Jón Ásgeir Jóhannesson. The Freezing Orders are in respect of transfers of sums totalling £585,648 made out of Jóhannesson’s bank account after the worldwide Freezing Order obtained against him on 11 May.

The new Orders have been made against Bohemian Partners LLP, Tina Maree Kilmister, Aspiring Capital Partners LLP and Jeffrey Ross Blue, and attach only to the money received from Jóhannesson. There are no other claims made against the four new respondents, the rest of their assets are not frozen and there are no allegations of wrongdoing against them.  Á íslensku