Claim Transfers
1. Can I sell/transfer my claim after it has been registered?
Yes, with certain exceptions. Claims lodged against Kaupthing may be transferred. According to Article 115 of the Act on Bankruptcy etc. the holder of a claim assigned or otherwise transferred shall also enjoy the rights against a bankruptcy estate provided for in Articles 109-114 of the Act.
Take notice that the exact periods of time during which transfers will not be recognized, and the fees charged for processing transfers (see below), are subject to change at the discretion of the Winding-Up Committee.
Under Icelandic law, a claimant is permitted to sell its claim. However, the Winding-Up Committee will only recognize such a transfer and accordingly make any future payment to the transferee if the Winding-Up Committee is notified of the transfer by both the buyer and the seller, and the transfer is perfected in accordance with the procedures set forth in these FAQs such that the Winding-Up Committee has received clear indication of whom is now entitled to the proceeds of the claim that was transferred.
In addition to the general transfer instructions provided in these FAQs, beneficial owners that filed claims arising under the U.S. Medium-Term Note Program should pay special attention to the “Notice Relating to Transfers of U.S. Medium-Term Note Program Claims”. Further instructions for transfers of such claims are provided under questions 8 and 9 below.
The Winding-up Committee takes no position as to the validity of a claim to be transferred. Confirmation that a claim has been traded in accordance with the procedures promulgated by the Winding-up Committee does not constitute evidence of a valid claim. The parties to the transfer accept the risk that the claim being traded may ultimately be rejected by the Winding-up Committee. The Winding-up Committee reserves all rights with respect to any traded claims, including the right to reject such claim.
Take notice that the exact periods of time during which transfers will not be recognized, and the fees charged for processing transfers (see below), are subject to change at the discretion of the Winding-Up Committee.
Under Icelandic law, a claimant is permitted to sell its claim. However, the Winding-Up Committee will only recognize such a transfer and accordingly make any future payment to the transferee if the Winding-Up Committee is notified of the transfer by both the buyer and the seller, and the transfer is perfected in accordance with the procedures set forth in these FAQs such that the Winding-Up Committee has received clear indication of whom is now entitled to the proceeds of the claim that was transferred.
In addition to the general transfer instructions provided in these FAQs, beneficial owners that filed claims arising under the U.S. Medium-Term Note Program should pay special attention to the “Notice Relating to Transfers of U.S. Medium-Term Note Program Claims”. Further instructions for transfers of such claims are provided under questions 8 and 9 below.
The Winding-up Committee takes no position as to the validity of a claim to be transferred. Confirmation that a claim has been traded in accordance with the procedures promulgated by the Winding-up Committee does not constitute evidence of a valid claim. The parties to the transfer accept the risk that the claim being traded may ultimately be rejected by the Winding-up Committee. The Winding-up Committee reserves all rights with respect to any traded claims, including the right to reject such claim.
2. Are there any fees required to sell/transfer my claim?
The Winding-Up Committee has established certain fees to defray the cost associated with administering claim transfers. The administrative fee for transferring claims (the “Administrative Fee”) is: (a) $2,000 for the requested transfer of the full amount of a claim; or (b) $4,000 for each requested transfer of a partial amount of a claim. 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 parties to the transfer regarding the preparation or status of transfers. If the requested transfer 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.
As to partial transfers, the basis for the increased fee is that the increased complexity and risk associated with each partial transfer will, accordingly, require additional and higher level scrutiny to ensure that all such transfers are accurately administered.
The Winding-Up Committee takes no position as to which party to a requested claim transfer is responsible for the payment of the above-referenced fees. Payment of the fee must be received upon submission of the Claim Transfer Request Form (referred to in Question 6 below). Payment instructions will be provided upon request by contacting Epiq at +646.282.2500 or kaupthing@epiqsystems.com.
If you want to transfer your claim arising under the U.S. Medium-Term Note Program, you must also comply with the procedures set forth below in the answer to Question No. 8 (“What additional procedures do I need to follow to sell my claims arising under the U.S. Medium-Term Note Program?”).
As to partial transfers, the basis for the increased fee is that the increased complexity and risk associated with each partial transfer will, accordingly, require additional and higher level scrutiny to ensure that all such transfers are accurately administered.
The Winding-Up Committee takes no position as to which party to a requested claim transfer is responsible for the payment of the above-referenced fees. Payment of the fee must be received upon submission of the Claim Transfer Request Form (referred to in Question 6 below). Payment instructions will be provided upon request by contacting Epiq at +646.282.2500 or kaupthing@epiqsystems.com.
If you want to transfer your claim arising under the U.S. Medium-Term Note Program, you must also comply with the procedures set forth below in the answer to Question No. 8 (“What additional procedures do I need to follow to sell my claims arising under the U.S. Medium-Term Note Program?”).
3. May I unblock my position once I have traded my claim?
The Winding-Up Committee is unable to allow the unblocking and re-blocking of Kaupthing Bond positions in connection with claim transfers. The Winding-Up Committee will maintain its claim system so as to reflect all properly effectuated transfers. The Winding-Up Committee expects to make payments on account of transferred claims by utilizing the disbursement information for the Transferee that is provided in the Claim Transfer Request Form.
If individual creditors wish to make their own arrangements during periods when the Winding-Up Committee stops recognizing transfers, they will do so at their own risk. Notwithstanding any purported transfer of a claim, in such a case, it is the original claimant that will be paid and a private transaction will not create any rights of action against the Winding-Up Committee.
In addition, the Winding-Up Committee reserves the right to make any payment to the original claimant, notwithstanding any purported transfer of a claim, if the Winding-Up Committee is not satisfied that the procedures set forth in the FAQs have been complied with and / or the submitted documentation does not provide satisfactory evidence of the transfer, new ownership, or account information for the new owner of the claim.
After the transfer of a claim pursuant to the procedures described in this FAQ 4 below, the position underlying the claim will remain blocked and held by the beneficial owner who obtained the blocking number. That beneficial owner will remain responsible for any fees incurred in connection with the maintenance of the position.
If individual creditors wish to make their own arrangements during periods when the Winding-Up Committee stops recognizing transfers, they will do so at their own risk. Notwithstanding any purported transfer of a claim, in such a case, it is the original claimant that will be paid and a private transaction will not create any rights of action against the Winding-Up Committee.
In addition, the Winding-Up Committee reserves the right to make any payment to the original claimant, notwithstanding any purported transfer of a claim, if the Winding-Up Committee is not satisfied that the procedures set forth in the FAQs have been complied with and / or the submitted documentation does not provide satisfactory evidence of the transfer, new ownership, or account information for the new owner of the claim.
After the transfer of a claim pursuant to the procedures described in this FAQ 4 below, the position underlying the claim will remain blocked and held by the beneficial owner who obtained the blocking number. That beneficial owner will remain responsible for any fees incurred in connection with the maintenance of the position.
4. What procedures do I need to follow when I sell my claim after I have registered?
Following 29 January 2010, if you wish to trade your claim, including one related to Kaupthing Bonds, and you would like the Winding-Up Committee to make any future payment to the buyer of the claim, the Winding-Up Committee must be notified of the transfer by the submission of the Claim Transfer Request Form. (The transfer of claims arising under the U.S. Medium-Term Note Program requires the completion of additional documents, as explained in further detail below.) This form must be completed by both the current holder of the claim and the proposed new holder of the claim. The Claim Transfer Request Form may be executed and initialed in separate counterparts, each counterpart will be deemed to be an original and all of which taken together will constitute one and the same form. Transfers submitted in this manner will not be processed until both original counterparts have been received by Epiq Bankruptcy Solutions, LLC (“Epiq”) in hard copy form at one of the addresses listed below. In addition to submitting a properly completed Claim Transfer Request Form, the parties must also submit valid signature verification documents and pay a transfer fee in order for the transfer to be processed. Signature verification documentation for both the Transferor and Transferee is required to complete any transfer. All signature verification documents must be written in either Icelandic or English.
Claim Transfer Request Forms and related materials 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 Claim Transfer Agent
Or
Winding-Up Committee of Kaupthing hf
c/o Epiq Systems Ltd.
11 Old Jewry, 4th Floor
London EC2R 8DU
Attn: Kaupthing Claim Transfer Agent
If the Claim Transfer Request Form and signature verification documents submitted are deemed defective by the Winding-Up Committee, the transfer parties will be notified of such defects via e-mail and they will have ten (10) days from the date of the e-mail to submit corrected documents. The parties will be requested by Epiq to confirm receipt of the e-mailed Notice of Defective Transfer. 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 Transfer, Epiq will send hard copies of the Notice of Defective Transfer to each party that did not confirm receipt. A properly completed Claim Transfer Request Form that is not accompanied by valid signature verification documentation or is missing payment of the transfer fee on the date the hard copy Claim Transfer Request Form is received will also be considered defective.
If the transfer parties fail to cure all defects within the ten (10) day cure period, the transfer will be deemed “withdrawn” and the parties will receive a Notice of Withdrawn Transfer sent via e-mail. If the parties submit corrected documents within the ten (10) day cure period but the transfer is still defective, the ten (10) day cure period will continue to run until either the transfer defects have been fully cured or the cure period expires and the transfer is withdrawn. If the transfer is withdrawn for failure to cure the necessary defects, the only way to continue with the requested transfer would be to submit a new claim transfer request form and Administrative Fee. Administrative Fees previously paid for withdrawn transfers will not be credited.
The Winding-Up Committee will not recognize concurrent transfers of claims. A transfer of a claim or portion thereof must settle – i.e., the Notice of Successful Transfer must be issued by Epiq- before that claim or portion thereof can be traded again (in whole or part).
Parties to a requested claim transfer that is determined by the Winding-Up Committee as properly submitted will receive a Notice of Proposed Transfer. Parties to a proposed transfer will have ten (10) days from the date of service of such notice to object to the transfer. Notice of a proposed claim transfer will be sent via e-mail, with a hard copy sent via overnight mail to both parties to the proposed transfer only if a reply e-mail confirming receipt is not received from each party within two (2) New York business days from the date of the e-mail notice. An auto-generated reply e-mail will not be sufficient to confirm receipt. The date of service of the notice – and of the commencement of the ten (10) day objection period – will be the date on which the notice was sent by e-mail, regardless of whether a hard copy of the notice is sent.
During the period of ten (10) days, both parties to the transfer may waive the objection period. In order to do so, Epiq must receive an email from both the Transferor and the Transferee at kaupthing@epiqsystems.com stating that they wish to waive the objection period. Upon receipt of both waiver emails, the objection period will be shortened from ten (10) to three (3) days from the date of the last waiver email. Two (2) New York business days after the expiration of the shortened objection period the transfer will be recognized by the Winding-Up Committee and Epiq will issue the Notice of Successful Transfer via e-mail to both transfer parties.
Upon receipt of an objection from the transferor and/or transferee to the proposed transfer, the proposed transfer will be deemed “withdrawn” by the parties.
Absent an objection during the ten (10) day period, or if during that period both parties agree to waive the objection period, the transfer will be deemed “successful” two (2) New York business days after the expiration of the objection period or, if applicable, two (2) New York business days after the expiration of the shortened objection period. The Winding-Up Committee will notify the transferor and transferee of the successful claim transfer by sending a Notice of Successful Transfer to the parties via e-mail. After the Notice of Successful Transfer has been issued, the transferee will be listed as the new holder of the entire claim (in the case of a full claim transfer) or the holder of a portion of the claim (in the case of a partial claim transfer). In the case of a partial claim transfer, the Winding-Up Committee will update the existing claim record to reflect the new pro-rata portions owned by both the transferor and transferee.
A person (such as an agent, trustee, paying agent, clearing agent, lawyer or other adviser) may assert a claim on behalf of another. In order to effectuate a transfer of a claim asserted in this manner, such person must be the party that signs the Claim Transfer Request Form as the proposed transferor of the claim.
The Claim Transfer Request Form and acceptable Signature Verification Forms are available on the www.kaupthing.com website.
Claim Transfer Request Forms and related materials 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 Claim Transfer Agent
Or
Winding-Up Committee of Kaupthing hf
c/o Epiq Systems Ltd.
11 Old Jewry, 4th Floor
London EC2R 8DU
Attn: Kaupthing Claim Transfer Agent
If the Claim Transfer Request Form and signature verification documents submitted are deemed defective by the Winding-Up Committee, the transfer parties will be notified of such defects via e-mail and they will have ten (10) days from the date of the e-mail to submit corrected documents. The parties will be requested by Epiq to confirm receipt of the e-mailed Notice of Defective Transfer. 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 Transfer, Epiq will send hard copies of the Notice of Defective Transfer to each party that did not confirm receipt. A properly completed Claim Transfer Request Form that is not accompanied by valid signature verification documentation or is missing payment of the transfer fee on the date the hard copy Claim Transfer Request Form is received will also be considered defective.
If the transfer parties fail to cure all defects within the ten (10) day cure period, the transfer will be deemed “withdrawn” and the parties will receive a Notice of Withdrawn Transfer sent via e-mail. If the parties submit corrected documents within the ten (10) day cure period but the transfer is still defective, the ten (10) day cure period will continue to run until either the transfer defects have been fully cured or the cure period expires and the transfer is withdrawn. If the transfer is withdrawn for failure to cure the necessary defects, the only way to continue with the requested transfer would be to submit a new claim transfer request form and Administrative Fee. Administrative Fees previously paid for withdrawn transfers will not be credited.
The Winding-Up Committee will not recognize concurrent transfers of claims. A transfer of a claim or portion thereof must settle – i.e., the Notice of Successful Transfer must be issued by Epiq- before that claim or portion thereof can be traded again (in whole or part).
Parties to a requested claim transfer that is determined by the Winding-Up Committee as properly submitted will receive a Notice of Proposed Transfer. Parties to a proposed transfer will have ten (10) days from the date of service of such notice to object to the transfer. Notice of a proposed claim transfer will be sent via e-mail, with a hard copy sent via overnight mail to both parties to the proposed transfer only if a reply e-mail confirming receipt is not received from each party within two (2) New York business days from the date of the e-mail notice. An auto-generated reply e-mail will not be sufficient to confirm receipt. The date of service of the notice – and of the commencement of the ten (10) day objection period – will be the date on which the notice was sent by e-mail, regardless of whether a hard copy of the notice is sent.
During the period of ten (10) days, both parties to the transfer may waive the objection period. In order to do so, Epiq must receive an email from both the Transferor and the Transferee at kaupthing@epiqsystems.com stating that they wish to waive the objection period. Upon receipt of both waiver emails, the objection period will be shortened from ten (10) to three (3) days from the date of the last waiver email. Two (2) New York business days after the expiration of the shortened objection period the transfer will be recognized by the Winding-Up Committee and Epiq will issue the Notice of Successful Transfer via e-mail to both transfer parties.
Upon receipt of an objection from the transferor and/or transferee to the proposed transfer, the proposed transfer will be deemed “withdrawn” by the parties.
Absent an objection during the ten (10) day period, or if during that period both parties agree to waive the objection period, the transfer will be deemed “successful” two (2) New York business days after the expiration of the objection period or, if applicable, two (2) New York business days after the expiration of the shortened objection period. The Winding-Up Committee will notify the transferor and transferee of the successful claim transfer by sending a Notice of Successful Transfer to the parties via e-mail. After the Notice of Successful Transfer has been issued, the transferee will be listed as the new holder of the entire claim (in the case of a full claim transfer) or the holder of a portion of the claim (in the case of a partial claim transfer). In the case of a partial claim transfer, the Winding-Up Committee will update the existing claim record to reflect the new pro-rata portions owned by both the transferor and transferee.
A person (such as an agent, trustee, paying agent, clearing agent, lawyer or other adviser) may assert a claim on behalf of another. In order to effectuate a transfer of a claim asserted in this manner, such person must be the party that signs the Claim Transfer Request Form as the proposed transferor of the claim.
The Claim Transfer Request Form and acceptable Signature Verification Forms are available on the www.kaupthing.com website.
5. How will payments be made for transferred claims?
The Winding-Up Committee is unable to make payments on account of transferred Kaupthing Bond claims through the depository system (e.g., DTC, Euroclear, Clearstream or other regional depository). Claim Transfer Request Forms relating to transfers of Kaupthing Bond claims must, therefore, include information that is sufficient to allow the Winding-Up Committee to make a cash or in-kind payment to the transferee directly.
6. Are there any special procedures for partial claim transfers?
The Claim Transfer Request Form requires that the transferor and transferee specify whether the claim to be transferred is for the full amount of the asserted claim or a partial amount of the asserted claim. In the case of a partial claim transfer, the total amount of the “original” claim, the current amount of the “original” claim owned by the Transferor, and the partial amount of the claim that is proposed to be transferred must be stated. Upon the successful completion of a partial claim transfer, the Winding-Up Committee will update the existing claim record to reflect the new pro-rata portions owned by both the transferor and transferee. Given the increased burden on the Winding-Up Committee to administer and track partial claim transfers of a single claim, the fee required to effectuate a partial claim transfer is $4,000 for each partial transfer.
7. What will happen to the voting right in relation to composition with creditors once a claim has been transferred?
If a creditor possesses more than one composition claim against a debtor, the claims shall be added together and regarded as one single composition claim, without regard to their origin or other facts.
According to Article 30 (4) of the Act on Bankruptcy etc., a creditor who possesses more than one claim against the debtor has assigned such a claim to another party three months before the reference date or later, the claims, added together, shall also be regarded as one composition claim, but the assignee shall be entitled to a share of the composition claim in proportion to his share. The same procedure shall be applied in the event of any other transfer.
According to Article 30 (4) of the Act on Bankruptcy etc., a creditor who possesses more than one claim against the debtor has assigned such a claim to another party three months before the reference date or later, the claims, added together, shall also be regarded as one composition claim, but the assignee shall be entitled to a share of the composition claim in proportion to his share. The same procedure shall be applied in the event of any other transfer.
8. What additional procedures do I need to follow tot sell my claims arising under the U.S. Medium-Term Note Program?
Deutsche Bank Trust Company Americas is the indenture trustee (the “Trustee”) for certain Rule 144A and Reg S global notes (collectively, the “Global Notes”) issued by Kaupthing under the U.S. Medium-Term Note Program and registered in the name of Cede & Co. as nominee for The Depository Trust Company (“DTC”). Previously, claims lodged against Kaupthing by owners of beneficial interests in the Global Notes were not eligible for the claim transfer process that is in place for all other claims lodged against Kaupthing, in part due to the rejection by the Winding-up Committee of individual claims arising under the U.S. Medium-Term Note Program.
Beneficial owners who filed individual claims were required to obtain a VOI or “blocking number” for their position prior to filing their claims to provide proof of beneficial ownership and prevent trading of their positions in the Global Notes, and the bond position was required to be blocked through DTC. Although the Winding-up Committee has not authorized the unblocking of those positions underlying these individual claims and notwithstanding the fact that the beneficial owners claims have ultimately been rejected as described further on the Kaupthing website (www.kaupthing.com), the committee has established a process that enables the beneficial owners who filed individual claims to transfer their share in the global claim without disrupting the blocked positions. This process is designed to help ensure that any distributions from the Kaupthing estate reach the correct claimant, whether that would be the one who filed the claim or any subsequent transferee.
The Winding-up Committee has now authorized the transfer of such claims, under the guidelines provided herein. If you wish to trade your claim arising under the U.S. Medium-Term Note Program, you must;
(a) complete the Claim Transfer Request Form ,
(b) complete signature verification documents as described under question 4 above and pay the Administrative Fee,
(c) comply with the following procedures:
1. For the initial transfer only, obtain an executed copy of the form of letter available at www.kaupthing.com (the “Original Participant Letter”) from the direct participant (also known as broker or custodian) with DTC who instructed DTC to block your position through DTC’s Automated Tender Offer Program (“ATOP”). Please note that if you hold your U.S. Medium-Term Notes through another depository, such as Euroclear or Clearstream, the Original Participant Letter must be from the DTC Participant that blocked the position for Euroclear or Clearstream, and NOT your participant at such other depository. All involved DTC Participants are being provided additional technical information regarding the completion and submission of the Original Participant Letter upon request from their clients.
2. Submit a copy of the Original Participant Letter (for the initial transfer only), along with a completed Claim Transfer Request Form, signature verification documents, and Administrative Fee 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 Claim Transfer Agent
Or
Winding-Up Committee of Kaupthing hf
c/o Epiq Systems Ltd.
11 Old Jewry, 4th Floor
London EC2R 8DU
Attn: Kaupthing Claim Transfer Agent
Failure to satisfy each of the above requirements with respect to a transfer of a claim arising under the U.S. Medium-Term Note Program will result in the Winding-up Committee’s non-recognition of any transfer of such claim for purposes of distribution.
The Administrative Fee for the transfer of a claim arising under the U.S. Medium-Term Note Program is the same as the Administrative Fee for the transfer of any other claim. The Administrative Fee covers the administrative costs incurred by the Winding-up Committee and Epiq. Any charges imposed by DTC, the Participant or any other party will be the responsibility of the transfer parties.
As with all other transfers of claims lodged against Kaupthing, after the transfer of a claim arising under the U.S. Medium-Term Note Program pursuant to the procedures described in this FAQ 8, the position underlying the claim will remain blocked and held by the beneficial owner who obtained the VOI or “blocking number.” That beneficial owner will remain responsible for any fees incurred in connection with the maintenance of the position. For further information, please see FAQ 3 (May I unblock my position once I have traded my claim?).
Beneficial owners who filed individual claims were required to obtain a VOI or “blocking number” for their position prior to filing their claims to provide proof of beneficial ownership and prevent trading of their positions in the Global Notes, and the bond position was required to be blocked through DTC. Although the Winding-up Committee has not authorized the unblocking of those positions underlying these individual claims and notwithstanding the fact that the beneficial owners claims have ultimately been rejected as described further on the Kaupthing website (www.kaupthing.com), the committee has established a process that enables the beneficial owners who filed individual claims to transfer their share in the global claim without disrupting the blocked positions. This process is designed to help ensure that any distributions from the Kaupthing estate reach the correct claimant, whether that would be the one who filed the claim or any subsequent transferee.
The Winding-up Committee has now authorized the transfer of such claims, under the guidelines provided herein. If you wish to trade your claim arising under the U.S. Medium-Term Note Program, you must;
(a) complete the Claim Transfer Request Form ,
(b) complete signature verification documents as described under question 4 above and pay the Administrative Fee,
(c) comply with the following procedures:
1. For the initial transfer only, obtain an executed copy of the form of letter available at www.kaupthing.com (the “Original Participant Letter”) from the direct participant (also known as broker or custodian) with DTC who instructed DTC to block your position through DTC’s Automated Tender Offer Program (“ATOP”). Please note that if you hold your U.S. Medium-Term Notes through another depository, such as Euroclear or Clearstream, the Original Participant Letter must be from the DTC Participant that blocked the position for Euroclear or Clearstream, and NOT your participant at such other depository. All involved DTC Participants are being provided additional technical information regarding the completion and submission of the Original Participant Letter upon request from their clients.
2. Submit a copy of the Original Participant Letter (for the initial transfer only), along with a completed Claim Transfer Request Form, signature verification documents, and Administrative Fee 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 Claim Transfer Agent
Or
Winding-Up Committee of Kaupthing hf
c/o Epiq Systems Ltd.
11 Old Jewry, 4th Floor
London EC2R 8DU
Attn: Kaupthing Claim Transfer Agent
Failure to satisfy each of the above requirements with respect to a transfer of a claim arising under the U.S. Medium-Term Note Program will result in the Winding-up Committee’s non-recognition of any transfer of such claim for purposes of distribution.
The Administrative Fee for the transfer of a claim arising under the U.S. Medium-Term Note Program is the same as the Administrative Fee for the transfer of any other claim. The Administrative Fee covers the administrative costs incurred by the Winding-up Committee and Epiq. Any charges imposed by DTC, the Participant or any other party will be the responsibility of the transfer parties.
As with all other transfers of claims lodged against Kaupthing, after the transfer of a claim arising under the U.S. Medium-Term Note Program pursuant to the procedures described in this FAQ 8, the position underlying the claim will remain blocked and held by the beneficial owner who obtained the VOI or “blocking number.” That beneficial owner will remain responsible for any fees incurred in connection with the maintenance of the position. For further information, please see FAQ 3 (May I unblock my position once I have traded my claim?).
9. Are there any special procedures for partial transfers of claims arising under the U.S. Medium-Term Note Program?
Yes. If a partial transfer is made of a claim arising under the U.S. Medium-Term Note Program and a portion of the claim remains with the original claimant, then the entire blocked position will need to be moved into the separate account at DTC, and the Original Participant Letter must relate to the entire amount.
10. 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 Transfer Agent
757 Third Avenue, 3rd Floor
New York, NY 10017
U.S.A.
Epiq Bankruptcy Solutions, LLC
Attn: Kaupthing Transfer Agent
757 Third Avenue, 3rd Floor
New York, NY 10017
U.S.A.
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.