Liquidator's Annual Report To Creditors and Noteholders, page-21

Liquidator (Deloitte) update has been posted, including information around the Zsadony proceedings (see https://www.deloitte.com/au/en/services/financial-advisory/notices/babcock-and-brown-limited.html). This confirms that the Zsadony litigation is another (the sixth) case seeking to have shareholder claims admitted as unsecured creditors (ranking ahead of the BBSN subordinated notes).

The timeframes for each of the prior cases are summarised below for reference:

• Grant-Taylor proceedings - Dec 2012 - Oct 2016
• Masters proceedings¹ - Dec 2013 to Apr 2022
• Broome proceedings¹ - Sep 2014 to Apr 2022
• Wilhelm proceedings¹ - May 2015 to Apr 2022
• Pain proceedings - Nov 2018 to Nov 2024

¹ The Masters, Broome an Wilhelm proceedings were combined in Dec 2015 to be heard together. Note that the costs were awarded to the liquidator on these proceedings in Nov 2024, but are still being argued. Our understanding is that the only litigation where the liquidator has actually received costs to date was Grant-Taylor.

Initial reflex conclusion is that the upside is ~6 years' additional wait and downside is zero recovery for the subordinated notes if the Bookarelli-funded litigation is successful the 4th time around.

ClaimCloud is still a (brave) buyer of the notes.
www.clmcld.com