CONTACT US 0845 345 5004

We have been contacted by a number of Blackmore Bondholders seeking to obtain litigation funding for a claim on behalf of the Series One bondholders. 

Given that the objective of obtaining litigation funding is dependent on a number of factors and legal issues, we think the best way to proceed is to provide the interested Bondholders with a costed “roadmap” report, setting out the steps we would be required to undertake to do the following, with associated fee estimates for these steps:

  1. Bottom out the Bondholders’ position with the Trustee insofar as the Trustee has progressed their claims to date;
  2. Recover relevant documentation from the Bondholders, the Trustee and the Administrators;
  3. Obtain an initial opinion from Counsel regarding the prospects of success of a claim against ION;
  4. If necessary, obtain an opinion from Counsel / Costa Rican lawyers on the likelihood of  the Costa Rican courts enforcing  any judgement obtained
  5. If necessary, obtain a report on ION’s ability to pay an award made against it; and
  6. Securing and negotiating litigation funding to the point at which a scheme is in place.

To be clear, we cannot immediately approach a litigation funder with these claims. We would be required to deal with steps one to five above before approaching them. There is a possibly that some litigation funders may speculatively fund an opinion from Counsel on liability. But we would not be in a position to make enquiries about this until the initial stage one report was complete.

We would be able to provide interested Bondholders with the roadmap report which could be provided for a fixed fee of £3,000 plus VAT, which would be payable upfront. The costs of this report are split between an initial panel of interested series one Bondholders. If we were then instructed to undertake the work set out in the road map and were subsequently successful in securing litigation funding, the intention would then be to open the funding up to all series one Bondholders via a press release or some other targeted marketing campaign. Any further series one Bondholders who joined the group at that point could then pay a joining fee designed to reimburse those bondholders that were already in the group for the fees expended up until that point.

It should be noted that the combined sum of losses for a litigation funder would need to reach a certain threshold, so in order to move forward with the plan, any interested parties who wish to join the litigation should provide their details below. 

Register Your Interest

 

Contact us

Invalid Input
Invalid Input
Invalid Input
Invalid Input
Invalid Input

You must confirm you have read and accept our Website Privacy Policy.

Contact us

Invalid Input
Invalid Input
Invalid Input
Invalid Input
Invalid Input
You must confirm you have read and accept our Website Privacy Policy.