Kaupthing Bonds
Where can I find ISIN codes and final terms for Kaupthing bonds?
ISIN codes for Kaupthing Bonds and Final terms can be found on our website.
What is a blocking number and why is blocking needed in relation to my Kaupthing Bonds?
When bonds are blocked, they are “frozen” by the relevant depository to ensure that they are prevented from being traded. The depositories will provide information to the Winding-Up committee about blocked positions, and the blocking number will provide a link from a particular bond position to a particular claim. This will help the Winding-Up Committee confirm the ownership of a bond position that is included in a bond claim form. In the case of bonds held through Euroclear, Clearstream, and DTC, any payment in connection with the claim will be made to the blocked position except for those claims that are transferred (see FAQs regarding Claim Transfers). In the case of bonds held through another depository, any payment in connection with the claim will be made in accordance with the account information provided in the bond claim form.
What happens if I have filed a claim but have not been able to obtain a blocking number for my bonds?
If you filed a claim on or before the deadline (i.e., 30 December 2009) you may still have the opportunity to obtain a blocking number. To obtain the number you should first contact Epiq Bankruptcy Solutions, the Winding-up Committee´s Claim Transfer Agent, by telephone at 646.282.2400 or e-mail via kaupthing@epiqsystems.com. If your claim is still valid and the Winding-Up Committee approves your request, Epiq will notify the relevant depository (i.e., Euroclear, Clearstream or DTC) that the Winding-Up Committee has agreed to allow you to obtain a blocking number. You will then be required to seek a blocking number through your accountholder according to the standard procedures required by the relevant depository. Epiq cannot assist you in that part of the process. Please note that failure to provide a blocking number as part of your claim - for any reason - will potentially affect the Winding-Up Committee’s ability to verify and, therefore, properly determine the validity of your claim related to Kaupthing Bonds.
Can my Kaupthing bonds be unblocked once I have requested they be blocked?
As a general matter, no. The Winding-Up Committee will consider on a case-by-case basis requests to unblock a bond position, however, requests to unblock or cancel a prior request to block a bond position have thus far been granted only in limited circumstances, such as manifest error. In any scenario in which the Winding-Up Committee consents to a request to unblock or cancel a prior request to block, such consent should not be construed as a statement by the Winding-Up Committee regarding the value (if any) of the bonds to be unblocked.
If I have any queries, whom should I submit them to?
Please address queries in the first instance to the Winding-Up Committee at winding-up@kaupthing.com or you may contact Kaupthing’s claims agent Epiq Bankruptcy Solutions, LLC by telephone at +1 646.282.2500 or via e-mail at kaupthing@epiqsytems.com. If by mail please send queries to the following address:
Epiq Bankruptcy Solutions, LLC
Attn: Kaupthing Agent
757 Third Avenue, 3rd Floor
New York, NY 10017
U.S.A.
Epiq Bankruptcy Solutions, LLC
Attn: Kaupthing Agent
757 Third Avenue, 3rd Floor
New York, NY 10017
U.S.A.
Are there any alternative options to unblocking that have been approved by the Winding-up Committee?
Yes, the Winding-Up Committee has approved two alternative processes to unblocking, Markdowns and Realignments. Please note, however, that these processes are not available for the following U.S. ISINs:
US486329AA37
US48632FAA93
US48632FAB76
US48632FAC59
US48632FAE16
US48632GAA76
US48632GAB59
US48632GAC33
US48632GAE98
US48632HAA59
US48632JAA16
USX4342UDN38
US486329AA37
US48632FAA93
US48632FAB76
US48632FAC59
US48632FAE16
US48632GAA76
US48632GAB59
US48632GAC33
US48632GAE98
US48632HAA59
US48632JAA16
USX4342UDN38
Are there any fees required to markdown or realign my Kaupthing Bond position?
The Winding-Up Committee has established a $3,000 non-refundable administrative fee to defray the cost associated with administering markdowns/realignments. The fees are intended to absorb entirely the costs associated with receipt, registration, review, noticing, scanning, reporting and communication with parties to the markdown/realignment regarding the preparation or status of markdowns/realignments. If the requested markdown/realignment is cancelled and withdrawn for any reason other than manifest error (as determined by the Winding-up Committee at its sole discretion), the Administrative Fee will not be returned or credited to the sender.
Payment of the administrative fee must be received upon submission of the Markdown/Realignment Request Form. Instructions will be provided upon request by contacting Epiq at +646.282.2500 or Kaupthing@epiqsystems.com.
Payment of the administrative fee must be received upon submission of the Markdown/Realignment Request Form. Instructions will be provided upon request by contacting Epiq at +646.282.2500 or Kaupthing@epiqsystems.com.
What is the Markdown Process?
(i) The Markdown Process is an alternative to unblocking that enables beneficial owners to stop incurring account-related fees arising from maintenance of blocked bond positions without the attendant risk associated with unblocking. Specifically, a Markdown would apply where a beneficial owner blocked its position and filed a claim against Kaupthing that was rejected.
(ii) Beneficial owner blocked its position and filed a claim against Kaupthing that was withdrawn.
(ii) Beneficial owner blocked its position and filed a claim against Kaupthing that was withdrawn.
What are the necessary steps I must take in order to successfully complete a Markdown?
If you have blocked your position and filed a claim against Kaupthing that has been rejected or you have withdrawn your claim against Kaupthing hf, you may notify the Winding-Up Committee of your request to markdown your position by submitting the Markdown Request Form to Kaupthing’s claim agent, Epiq Bankruptcy Solutions. The Markdown Request Form must be completed and signed by the Claimant/Beneficial Owner. In addition to submitting a properly completed Markdown Request Form, the Claimant/Beneficial Owner must also submit valid signature verification documents and pay a non-refundable administrative fee in order for the markdown request to be processed.
The non-refundable administrative fee is intended to absorb entirely the costs incurred by the Winding-up Committee and Epiq associated with receipt, registration, review, noticing, scanning, reporting and communication with the party requesting the markdown regarding the preparation or status of the markdown. If the requested markdown is cancelled and withdrawn for any reason other than manifest error (as determined by the Winding-up Committee at its sole discretion), the administrative fee will not be returned or credited to the sender.
Markdown Request Forms and related documents should be sent to:
Winding-Up Committee of Kaupthing hf
c/o Epiq Bankruptcy Solutions, LLC
757 Third Avenue
New York, NY 10017
U.S.A.
Attn: Kaupthing Markdown Agent
or
Winding-Up Committee of Kaupthing hf
c/o Epiq Systems Ltd.
11 Old Jewry, 4th Floor
London EC2R 8DU
Attn: Kaupthing Markdown Agent
Please note, a separate Markdown Request Form and administrative fee will be required for each individual blocked position. If you filed multiple claims that all share one or more blocking numbers, please contact Epiq before submitting any documents at Kaupthing@epiqsystems.com.
If the Markdown Request Form and signature verification documents submitted are deemed defective by the Winding-Up Committee, the Claimant/Beneficial Owner will be notified of such defects via e-mail and they will have thirty (30) days from the date of the e-mail to submit corrected documents. The Claimant/Beneficial Owner will be requested by Epiq to confirm receipt of the e-mailed Notice of Defective Request. Confirmation e-mails should be sent to Epiq at kaupthing@epiqsystems.com. An auto-generated reply e-mail will not be sufficient to confirm receipt. In the absence of confirmation within two (2) New York business days of the date of the e-mailed Notice of Defective Request, Epiq will send a hard copy of the Notice of Defective Request to the address (i) provided on the original claim form or (ii) the address provided on the Markdown Request Form. A properly completed Markdown Request Form that is not accompanied by valid signature verification documentation or is missing payment of the administrative fee on the date the hard copy Markdown Request Form is received will also be considered defective.
If the Claimant/Beneficial Owner fails to cure all defects within the thirty (30) day cure period, the request will be deemed “withdrawn” and the Claimant/Beneficial Owner will receive a Notice of Withdrawal sent via e-mail. If corrected documents are submitted within the thirty (30) day cure period but the request is still defective, the thirty (30) day cure period will continue to run until either the markdown request defects have been fully cured or the cure period expires and the markdown request is withdrawn.
Once the markdown request is approved by the Winding-Up Committee, Epiq will issue a Proposed Markdown Package including the Notice of Proposed Markdown and additional instructions in order for the Claimant/Beneficial Owner to complete the process. An agreement between the Claimant/Beneficial Owner must be completed and signed in order for the Markdown to occur. In addition, the Claimant/Beneficial Owner’s accountholder (broker, custodian, etc.) will need to enter into an agreement with the relevant depository by signing a Letter of Indemnity. The Markdown Agreement and Letter of Indemnity will also be provided in the Proposed Markdown Package. The approval of the request is contingent on the completion and submission of the Markdown Agreement and the Claimant/Beneficial Owner will have fifteen (15) days from the date of service of such package to submit the completed Markdown Agreement. The Claimant/Beneficial Owner will be requested by Epiq to confirm receipt of the e-mailed Proposed Markdown Package. Confirmation e-mails should be sent to Epiq at kaupthing@epiqsystems.com. An auto-generated reply e-mail will not be sufficient to confirm receipt. In the absence of confirmation within two (2) New York business days of the date of the e-mailed Proposed Markdown Package, Epiq will send a hard copy of the Proposed Markdown Package to the address (i) provided on the original claim form or (ii) the address provided on the Markdown Request Form.
If the Markdown Agreement is completed and submitted to Epiq within the fifteen (15) day completion period, Epiq, on behalf of the Winding-Up Committee, will authorize the relevant depository to markdown the requested position. Once the depository confirms that the markdown has taken place, Epiq, on behalf of the Winding-Up Committee will issue a Notice of Successful Markdown via email.
Notwithstanding the foregoing, it is possible that any composition entered into by Kaupthing could provide for the cancellation of any and all Kaupthing Bonds.
The non-refundable administrative fee is intended to absorb entirely the costs incurred by the Winding-up Committee and Epiq associated with receipt, registration, review, noticing, scanning, reporting and communication with the party requesting the markdown regarding the preparation or status of the markdown. If the requested markdown is cancelled and withdrawn for any reason other than manifest error (as determined by the Winding-up Committee at its sole discretion), the administrative fee will not be returned or credited to the sender.
Markdown Request Forms and related documents should be sent to:
Winding-Up Committee of Kaupthing hf
c/o Epiq Bankruptcy Solutions, LLC
757 Third Avenue
New York, NY 10017
U.S.A.
Attn: Kaupthing Markdown Agent
or
Winding-Up Committee of Kaupthing hf
c/o Epiq Systems Ltd.
11 Old Jewry, 4th Floor
London EC2R 8DU
Attn: Kaupthing Markdown Agent
Please note, a separate Markdown Request Form and administrative fee will be required for each individual blocked position. If you filed multiple claims that all share one or more blocking numbers, please contact Epiq before submitting any documents at Kaupthing@epiqsystems.com.
If the Markdown Request Form and signature verification documents submitted are deemed defective by the Winding-Up Committee, the Claimant/Beneficial Owner will be notified of such defects via e-mail and they will have thirty (30) days from the date of the e-mail to submit corrected documents. The Claimant/Beneficial Owner will be requested by Epiq to confirm receipt of the e-mailed Notice of Defective Request. Confirmation e-mails should be sent to Epiq at kaupthing@epiqsystems.com. An auto-generated reply e-mail will not be sufficient to confirm receipt. In the absence of confirmation within two (2) New York business days of the date of the e-mailed Notice of Defective Request, Epiq will send a hard copy of the Notice of Defective Request to the address (i) provided on the original claim form or (ii) the address provided on the Markdown Request Form. A properly completed Markdown Request Form that is not accompanied by valid signature verification documentation or is missing payment of the administrative fee on the date the hard copy Markdown Request Form is received will also be considered defective.
If the Claimant/Beneficial Owner fails to cure all defects within the thirty (30) day cure period, the request will be deemed “withdrawn” and the Claimant/Beneficial Owner will receive a Notice of Withdrawal sent via e-mail. If corrected documents are submitted within the thirty (30) day cure period but the request is still defective, the thirty (30) day cure period will continue to run until either the markdown request defects have been fully cured or the cure period expires and the markdown request is withdrawn.
Once the markdown request is approved by the Winding-Up Committee, Epiq will issue a Proposed Markdown Package including the Notice of Proposed Markdown and additional instructions in order for the Claimant/Beneficial Owner to complete the process. An agreement between the Claimant/Beneficial Owner must be completed and signed in order for the Markdown to occur. In addition, the Claimant/Beneficial Owner’s accountholder (broker, custodian, etc.) will need to enter into an agreement with the relevant depository by signing a Letter of Indemnity. The Markdown Agreement and Letter of Indemnity will also be provided in the Proposed Markdown Package. The approval of the request is contingent on the completion and submission of the Markdown Agreement and the Claimant/Beneficial Owner will have fifteen (15) days from the date of service of such package to submit the completed Markdown Agreement. The Claimant/Beneficial Owner will be requested by Epiq to confirm receipt of the e-mailed Proposed Markdown Package. Confirmation e-mails should be sent to Epiq at kaupthing@epiqsystems.com. An auto-generated reply e-mail will not be sufficient to confirm receipt. In the absence of confirmation within two (2) New York business days of the date of the e-mailed Proposed Markdown Package, Epiq will send a hard copy of the Proposed Markdown Package to the address (i) provided on the original claim form or (ii) the address provided on the Markdown Request Form.
If the Markdown Agreement is completed and submitted to Epiq within the fifteen (15) day completion period, Epiq, on behalf of the Winding-Up Committee, will authorize the relevant depository to markdown the requested position. Once the depository confirms that the markdown has taken place, Epiq, on behalf of the Winding-Up Committee will issue a Notice of Successful Markdown via email.
Notwithstanding the foregoing, it is possible that any composition entered into by Kaupthing could provide for the cancellation of any and all Kaupthing Bonds.
What is the Realignment Process?
The Realignment Process is an alternative to unblocking that enables beneficial owners to realign their blocked bond positions to a different account held by that same beneficial owner without the attendant risk associated with unblocking.
What are the necessary steps I must take in order to successfully complete realignment?
If your accountholder has changed since you filed your claim against Kaupthing or you simply wish to move your blocked position from one account to another without any change in the ownership of the claim you may notify the Winding-Up Committee of your request to realign your position by submitting the Realignment Request Form to Kaupthing’s claim agent, Epiq Bankruptcy Solutions. The Realignment Request Form must be completed and signed by the Claimant. In addition to submitting a properly completed Realignment Request Form, the Claimant must also submit valid signature verification documents and pay a non-refundable administrative fee in order for the realignment request to be processed.
The non-refundable administrative fee is intended to absorb entirely the costs incurred by the Winding-up Committee and Epiq associated with receipt, registration, review, noticing, scanning, reporting and communication with the party requesting the realignment regarding the preparation or status of the realignment. If the requested realignment is cancelled and withdrawn for any reason other than manifest error (as determined by the Winding-up Committee at its sole discretion), the administrative fee will not be returned or credited to the sender.
Realignment Request Forms and related documents should be sent to:
Winding-Up Committee of Kaupthing hf
c/o Epiq Bankruptcy Solutions, LLC
757 Third Avenue
New York, NY 10017
U.S.A.
Attn: Kaupthing Realignment Agent
or
Winding-Up Committee of Kaupthing hf
c/o Epiq Systems Ltd.
11 Old Jewry, 4th Floor
London EC2R 8DU
Attn: Kaupthing Realignment Agent
Please note, a separate Realignment Request Form and administrative fee will be required for each individual blocked position. If you filed multiple claims that all share one or more blocking numbers, please contact Epiq before submitting any documents at Kaupthing@epiqsystems.com.
If the Realignment Request Form and signature verification documents submitted are deemed defective by the Winding-Up Committee, the Claimant will be notified of such defects via e-mail and they will have thirty (30) days from the date of the e-mail to submit corrected documents. The Claimant will be requested by Epiq to confirm receipt of the e-mailed Notice of Defective Request. Confirmation e-mails should be sent to Epiq at kaupthing@epiqsystems.com. An auto-generated reply e-mail will not be sufficient to confirm receipt. In the absence of confirmation within two (2) New York business days of the date of the e-mailed Notice of Defective Request, Epiq will send a hard copy of the Notice of Defective Request to the address (i) provided on the original claim form or (ii) the address provided on the Realignment Request Form. A properly completed Realignment Request Form that is not accompanied by valid signature verification documentation or is missing payment of the administrative fee on the date the hard copy Realignment Request Form is received will also be considered defective.
If the Claimant fails to cure all defects within the thirty (30) day cure period, the request will be deemed “withdrawn” and the Claimant will receive a Notice of Withdrawal sent via e-mail. If corrected documents are submitted within the thirty (30) day cure period but the request is still defective, the thirty (30) day cure period will continue to run until either the realignment request defects have been fully cured or the cure period expires and the realignment request is withdrawn.
Once the realignment request is approved by the Winding-Up Committee, Epiq will issue a Proposed Realignment Package including the Notice of Proposed Realignment and additional instructions in order for the Claimant to complete the process. An agreement between the Claimant and Winding-Up Committee must be completed and signed in order for the Realignment to occur. In addition, the Claimant’s original accountholder (broker, custodian, etc.) and new accountholder will need to enter into separate agreements with the relevant depository by signing a Letter of Indemnity. The Realignment Agreement and Letters of Indemnity will also be provided in the Proposed Realignment Package. The approval of the request is contingent on the completion and submission of the Realignment Agreement and the Claimant will have fifteen (15) days from the date of service of such package to submit the completed Realignment Agreement. The Claimant will be requested by Epiq to confirm receipt of the e-mailed Proposed Realignment Package. Confirmation e-mails should be sent to Epiq at kaupthing@epiqsystems.com. An auto-generated reply e-mail will not be sufficient to confirm receipt. In the absence of confirmation within two (2) New York business days of the date of the e-mailed Proposed Realignment Package, Epiq will send a hard copy of the Proposed Realignment Package to the address (i) provided on the original claim form or (ii) the address provided on the Realignment Request Form.
If the Realignment Agreement is completed and submitted to Epiq within the fifteen (15) day completion period, Epiq, on behalf of the Winding-Up Committee, will authorize the relevant depository to realign the requested position. Once the depository confirms that the realignment has taken place, Epiq, on behalf of the Winding-Up Committee will issue a Notice of Successful Realignment via email.
Notwithstanding the foregoing, it is possible that any composition entered into by Kaupthing could provide for the cancellation of any and all Kaupthing Bonds.
The non-refundable administrative fee is intended to absorb entirely the costs incurred by the Winding-up Committee and Epiq associated with receipt, registration, review, noticing, scanning, reporting and communication with the party requesting the realignment regarding the preparation or status of the realignment. If the requested realignment is cancelled and withdrawn for any reason other than manifest error (as determined by the Winding-up Committee at its sole discretion), the administrative fee will not be returned or credited to the sender.
Realignment Request Forms and related documents should be sent to:
Winding-Up Committee of Kaupthing hf
c/o Epiq Bankruptcy Solutions, LLC
757 Third Avenue
New York, NY 10017
U.S.A.
Attn: Kaupthing Realignment Agent
or
Winding-Up Committee of Kaupthing hf
c/o Epiq Systems Ltd.
11 Old Jewry, 4th Floor
London EC2R 8DU
Attn: Kaupthing Realignment Agent
Please note, a separate Realignment Request Form and administrative fee will be required for each individual blocked position. If you filed multiple claims that all share one or more blocking numbers, please contact Epiq before submitting any documents at Kaupthing@epiqsystems.com.
If the Realignment Request Form and signature verification documents submitted are deemed defective by the Winding-Up Committee, the Claimant will be notified of such defects via e-mail and they will have thirty (30) days from the date of the e-mail to submit corrected documents. The Claimant will be requested by Epiq to confirm receipt of the e-mailed Notice of Defective Request. Confirmation e-mails should be sent to Epiq at kaupthing@epiqsystems.com. An auto-generated reply e-mail will not be sufficient to confirm receipt. In the absence of confirmation within two (2) New York business days of the date of the e-mailed Notice of Defective Request, Epiq will send a hard copy of the Notice of Defective Request to the address (i) provided on the original claim form or (ii) the address provided on the Realignment Request Form. A properly completed Realignment Request Form that is not accompanied by valid signature verification documentation or is missing payment of the administrative fee on the date the hard copy Realignment Request Form is received will also be considered defective.
If the Claimant fails to cure all defects within the thirty (30) day cure period, the request will be deemed “withdrawn” and the Claimant will receive a Notice of Withdrawal sent via e-mail. If corrected documents are submitted within the thirty (30) day cure period but the request is still defective, the thirty (30) day cure period will continue to run until either the realignment request defects have been fully cured or the cure period expires and the realignment request is withdrawn.
Once the realignment request is approved by the Winding-Up Committee, Epiq will issue a Proposed Realignment Package including the Notice of Proposed Realignment and additional instructions in order for the Claimant to complete the process. An agreement between the Claimant and Winding-Up Committee must be completed and signed in order for the Realignment to occur. In addition, the Claimant’s original accountholder (broker, custodian, etc.) and new accountholder will need to enter into separate agreements with the relevant depository by signing a Letter of Indemnity. The Realignment Agreement and Letters of Indemnity will also be provided in the Proposed Realignment Package. The approval of the request is contingent on the completion and submission of the Realignment Agreement and the Claimant will have fifteen (15) days from the date of service of such package to submit the completed Realignment Agreement. The Claimant will be requested by Epiq to confirm receipt of the e-mailed Proposed Realignment Package. Confirmation e-mails should be sent to Epiq at kaupthing@epiqsystems.com. An auto-generated reply e-mail will not be sufficient to confirm receipt. In the absence of confirmation within two (2) New York business days of the date of the e-mailed Proposed Realignment Package, Epiq will send a hard copy of the Proposed Realignment Package to the address (i) provided on the original claim form or (ii) the address provided on the Realignment Request Form.
If the Realignment Agreement is completed and submitted to Epiq within the fifteen (15) day completion period, Epiq, on behalf of the Winding-Up Committee, will authorize the relevant depository to realign the requested position. Once the depository confirms that the realignment has taken place, Epiq, on behalf of the Winding-Up Committee will issue a Notice of Successful Realignment via email.
Notwithstanding the foregoing, it is possible that any composition entered into by Kaupthing could provide for the cancellation of any and all Kaupthing Bonds.
If I have previously transferred my claim, may I realign the related position to the new claimant?
No, the realignment process is not designed to transfer ownership of blocked positions. If you have sold your claim, the blocked position will remain blocked in your original account. However, if you have sold your claim and still wish to realign your position to a different account, you may do so assuming that there is no change to the beneficial owner.
If I have previously transferred my claim, may I markdown the related position?
No, the markdown process is NOT for transferred claims. If you have sold your claim, the blocked position will remain blocked in your original account.
Disclaimer: This information is for informational purposes only and shall not be made legally binding towards Kaupthing hf., the Resolution Committee or the Winding-up Committee. Please note the terms of the general disclaimer governing use of this website and the information contained on the website.