NORSK TILLITSMANN ASA Roskilde Bank AS

NORSK TILLITSMANN ASA
w w w . i: rus fee. n o
Denne melding til obligasjonseieme er kun utarbeidet på engelsk. For informasjon vennligst kontakt Norsk Tillitsmann ASA.
To the bondholders in:
ISIN: NO001 033994.8
FRN Roskilde Bank A/S Subordinated Bond Issue with Call
Option 2006/2014
Oslo, 11 March 2010
Roskilde Bank AS - Notice to Bondholders
Norsk Tillitsmann ASA (“N T”) is appointed as loan trustee for the above mentioned bond
issue (the “Loan”) where Selskabet af 1. september 2008 AS (formerly Roskilde Bank A/S) is
the issuer (the “Issuer”).
Please find attached announcements from Selskabet af 1. september 2008 AS under
bankruptcy, Circular Letter No. 8 dated 10 March 2010.
Please see the appendix for further information.
Further information to the bondholders will be available at www.stamdata.no.
Kind regards
'"
IN N ASA
Linn Verås
Appendix
M AILIN G ADDRESS
p ho n e
+ 47 22 87 94 00
fax
t)
P . O . B O X I 47 O V IK A , N - O I 16 O SL O
+47 22 87 94 10
o r g. nr
LOCATION
«
H A A K O N V I I GATE I , O S L O , NORWAY
no 963 342 6 2 4 MVA
e-mail
mai l @t r ust ee. no
T il de efterstillede kreditorer mv. i
Selskabet a f 1. september 2008 A/S under konkurs CVR nr. 50020010 (tidligere Roskilde Bank A/S)
To the subordinated creditors etc. o f
Selskabet a f 1. Septem ber 2008 A /S in bankruptcy CVR No. 50020010 (form erly Roskilde Bank A/S)
Jørgen Holst
Partner
[email protected]
Jette Gertsen, Secretary
[email protected]
T+ 45S934 005S
Our ref. 0395604)002 JHO/JGE
10 March 2010
Cirkulæreskrivelse nr. 8 / C irc u la r L e tte r N o . 8
SKS 21-354/2009 - Selskabet a f 1. september 2008 A/S under konkurs CVR nr. 50020010 (tidligere Roskilde Bank A/S), Algade 14,4000 Roskilde
Der henvises til cirkulæ reskrivelse nr. 7 a f 6. januar 2010 indeholdende indkaldelse til
skiftesam ling den 2. februar 2010. Det væsentligste dagsordenspunkt under
skiftesamlingen var stillingtagen til en mulig aftale mellem konkursboet og (Ny) Roskilde
Bank A/S om sidstnævntes iværksættelse a f en erstatningssag mod den tidligere ledelse og
revision mv. i CVR nr. 50020010 (tidligere Roskilde Bank A/S).
Der vedlægges på baggrund heraf kopi af retsbogsudskrift vedrørende mødet i Skifteretten
i Roskilde den 2. februar 2010. A f udskriften fremgår det, at skiftesamlingens majoritet
godkendte og meddelte fuldmagt til, a t " kurator indgår fornødne a ftaler m ed Ny Roskilde
Banks bestyrelse om konkursboets m edvirken t il gennem førelse a f påtæ nkt erstatningssag
e fte r aktieselskabslovens § 140 m od GI. Roskilde Banks tidligere ledelse m .v.".
Ud fra debatten har undertegnede efterfølgende forhandlet med advokat Henrik Lind m .fl.,
der repræsenterer Ny Roskilde Bank. Forhandlingerne er resulteret i, at der den 5. februar
2010 med supplerende påtegning af 22. februar 2010 er Indgået en procesaftale mellem
konkursboet/Gammel Roskilde Bank på den ene side og Ny Roskilde Bank på den anden
side. Den under skiftesamlingen efterlyste opstramning a f bestemmelserne om
omkostninger er delvist imødekommet i denne aftaletekst (aftalens punkt 7 og 8).
Kopi a f aftalen vedlægges.
Hotet, Advokater
Hans Bnoges Gade 2
DK-8100 Århus C
CVR nr. 30295064
T , +45 8934 0000
F, +45 8934 0001
holst-law.com
Jørgen Hotet
Steffen Ebdrup
Jens Andersen-Møller
Torben Brøgger
Henrik Steen Jensen
Jakob B. Sørensen
Erik Jensen
KurtSiggaard
Jakob Schmidt
Carsten Led-Jensen
03956(M)002j000Q87
TinaBraad
Per Bjerg Christensen
Bemærk i øvrigt venligst at retsbogens referat af kurators bemærkninger side 2, 2. nye
afsnit, 1. sætning efter kurators opfattelse bør omformuleres således:
"Ny Roskilde Bank A/S’ bestyrelse har efter dialog med Erhvervsministenet truffet
beslutning om at gennemføre og finansiere en advokatundersøgelse forestået a f
advokaterne Mogens Skipper-Pedersen og Henrik Stenbjerre. Undersøgelsesrapporten,
der er offentliggjort, har bevirket, at bestyrelsen I Ny Roskilde Bank A/S har truffet
beslutning om at indlede en erstatningssag mod den tidligere ledelse. Advokat Henrik
Und er engageret a f bestyrelsen til at anlægge denne sag."
Det efterfølgende forløb efter indgåelsen af procesaftalen a f 5. og 22. februar 2010 er
herefter, at Ny Roskilde Bank den 24. februar 2010 har udtaget stævning på vegne af Ny
Roskilde Bank og tillige på vegne a f Gammel Roskilde Bank mod den tidligere ledelse mv. i
Gammel Roskilde Bank. Påstanden under sagen går ud på, at de sagaagte in solidum skal
betale D K K 1 mia. med tillæ g af procesrenter.
De sagsøgte i sagen er: tidligere bankdirektør Niels Valentin Hansen, tidligere bankdirektør
Arne Gotiieb Wiihelmsen samt tidligere underdirektør Allan H. Christensen (fra den tidligere
banks direktion) samt følgende bestyrelsesmedlemmer fra den tidligere bank: tidligere
bestyrelsesformand Peter Muller, tidligere næstformand for bestyrelsen Niels Erik Qvist
Kruger,
Peter
Holm,
Asger
Ib
Mardahl-Hansen
og
(filialdirektør
og
medarbejderrepræsentant) Ove Flemming Holm. Endvidere er bankens tidligere revisor,
Ernst & Young sam t de statsautoriserede revisorer Tommy Nørskov Rasmussen og Palle
Valentin Kubach sagsøgt.
Retssagens førelse forestås af advokaterne Henrik Lind og Christian Alsøe, Gorrissen
Federspiel, der instrueres af Ny Roskilde Bank. GI. Roskilde Bank vil løbende blive holdt
underrettet om sagens nærmere bestemmelser. I overensstemmelse hermed vil kurator
tilsvarende orientere kreditorerne om forhold a f væsentlig interesse for kreditorerne i
forbindelse med, at kurator bliver orienteret herom.
For så vidt angår spørgsmålet om, hvorvidt det alene er Ny Roskilde Bank eller helt eller
delvist Gammel Roskilde Bank, der er "materiel ejer” af erstatningskravet, er dette fortsat
uafklaret. Der henvises til bestemmelsen i procesaftalens punkt 8, der regulerer
mulighederne for, hvorledes der senere kan gennemføres en afklaring vedrørende
ejendomsretten til dette krav.
Herefter følger en engelsk version a f ovenstående vedlagt oversættelse til engelsk a f såvel
retsbogsudskriften som procesaftalen.
039560-0002(000087
2
F ile n o . S K S 2 1 -3 5 4 /2 0 0 9 - S e tsk a b e t a t 1. S e p te m b e r2 0 0 8 A / S in b a n k ru p tc y C V R N o. 5 0 0 2 0 0 1 0 (fo rm e rly R o s k ild e B a n k A /S ), A lg a d e 1 4 , D K -4 0 0 0 R o s k ild e
Reference is made to Circular Letter No. 7 of 6 January 2010 with notice convening a
meeting o f creditors on 2 February 2010. The most important item on the agenda at the
said meeting o f creditors was the resolution to conclude a potential agreement between the
bankrupt estate and (the new) Roskilde Bank A/S on the commencement o f legal
proceedings by (the new) Roskilde Bank A/S raising a claim for damages against the former
management and auditors etc. o f CVR No. 50020010 (the former Roskilde Bank A/S).
Against this background, I enclose a copy of transcript o f the court records regarding the
meeting in the Bankruptcy Court o f Roskilde on 2 February 2010. From the transcript it
appears that the majority o f creditors approved the granting of a power o f attorney to the
trustee *authorising the trustee to conclude necessary agreem ents w ith the board o f
directors o f the New Roskilde Bank on the estate's contribution to the com m encem ent o f
le g a l proceedings raising a contem plated claim fo r dam ages against toe form er
m anagem ent etc. o f toe O ld Roskilde Bank under section 140 o f toe Danish Public
Com panies A ct."
On the basis o f the discussions, I have subsequently negotiated with attorney Henrik Lind
and others representing the New Roskilde Bank. The negotiations resulted in the conclusion
of a litigation agreement on 5 February 2010 with additional endorsement of 22 February
2010 between the bankrupt estate/the Old Roskilde Bank o f the one party and the New
Roskilde Bank o f the other party. The requirement o f tightening the stipulations on costs
put forward a t the above meeting o f creditors has partly been complied with by way o f this
litigation agreement (items 7 and 8).
Enclosed please find copy o f the litigation agreement.
In addition, please note that the summary o f the trustee's comments entered in the court
records, page 2, the second new paragraph, first sentence, in the opinion of the trustee
should be reworded as follows:
"Following dialogues with the Danish Ministry o f Economte and Business Affairs, the
board o f directors o f the New Roskilde Bank A/S decided to conduct and finance a legal
investigation lead by attorneys Morgens Sklpper-Pederen and Henrik Stenbjerre. The
outcome o f the report on the legal investigation, which has been published, was that
the board o f directors o f New Roskilde Bank A/S decided to take legal action for
damages against the former management The board o f directors has engaged attorney
Henrik Und to commence such legal proceedings."
039560~0002f000087
3
After conclusion o f the litigation agreement dated 5 and 22 February 2010, the New
Roskilde Bank issued a w rit o f summons on behalf o f the New Roskilde Bank and also on
behalf o f the Old Roskilde Bank against the former management etc. o f the Old Roskilde
Bank on 24 February 2010 claiming joint payment from the defendants o f D K K 1 billion plus
litigation interest.
The defendants o f the case are: former bank manager Niels Valentin Hansen, former bank
manager Arne Gotlieb Wilhelmsen and former assistant manager Allan H. Christensen (of
the management o f the form er bank) and the following board members o f the former bank:
former chairman o f the board of directors Peter Muller, former vice-chairman o f the board
o f directors Niels Erik Qvfst Kruger, Peter Holm, Asger lb Mardahl-Hansen and (branch
manager and employee representative) Ove Flemming Holm. Moreover, legal proceedings
have been initiated against the form er auditors o f the bank, Ernst & Young, and the stateauthorised public accountants Tommy Nprskov Rasmussen and Palle Valentin Kubach.
The attorneys Henrik Lind and Christian Alspe o f Gorrissen Federspiel have been engaged
by New Roskilde Bank to conduct the legal proceedings. The Old Roskilde Bank will
currently be kept updated on the course o f the proceedings. Accordingly, the trustee will
keep the creditors informed o f any matters o f paramount interest to the creditors as soon
as the trustee is informed to that effect.
The question remains unsolved as to whether it is solely Ny Roskilde Bank or the Old
Roskilde Bank, wholly or in part, which is "the legal owner” of the claim for damages.
Reference is made to the stipulation of item 8 o f the litigation agreement governing the
possibilities o f how to decide on the ownership of the said claim at a later point in time.
Med venlig hilsen / Yours sincerely
Jørgen Holst
Kræver Ingen underskrift / No signature required
E-mail [email protected]
Dir. tel. +45 89341155
039560-0002(000087
4
Den 2. februar 2010 kl. 13:30 blev sjy fteftttéftM t# i|® t^es‘S0r:'Mé¥ete.
Der blev foretaget:
SKS 21-354/2009.
Konkurssagen
Sei§kabbt:af l , september 2008 A/S
Al gade 14
4000 Roskilde
CVR-nr.: 50020010
Der fremlagdes cirkulæreskrivelse af 6.1.2010 samtkopi af indkaldelse i
Statstidende med to punkter på dagsordenen.
Mødlvarkurator,
Föf DetttSdbe Batik AG med en efterstillet fordring på 373 miil. kr. og som
medlem af kreditbfudvaiget mødte Jörgen Stelljes.
For Taberna Capital Management LLC med en fordring på 223 miil. kr. og
som medlem af kreditorudvalget mødte advokat Anders Aagaard. Med ad­
vokat;;;Aagaäidi mødte advokat Tauby Sørensen.
Som medlemmer af bestyrelsen for Roskilde Bank Erstatningsgruppen mød­
te Ole Møller Andersen og Anne Christrup.
GieNieisémmødté for sig selv.
Advokat Jacob Thomsen mødte for Ernst & Young.
Advokat Erik Malberg mødte for Copenhagen Branch med et tilgodehavende på 100 miil. kr. i efterstillet krav.
Advokat Morten Schultz og direktør Elisabeth Stamer mødte for Nykredit
Bank med en fordring på 295 miil. kr.
Kurator oplyste, at han tillige møder med fuldmagftil støtte for dagsorde­
nens punkt 2 fra HSH Nord Bank, Scandinotes obligationer med et krav på
676 mill. kr. og fra Norske Tillidsmænd med et krav på 232 mi 11. kr.
Kurator redegjorde i tilslutning til den udsendte eirkuiiereskrivelsefor bag^
grunden før indkaldelsen til skiftesamling. Han anførte, at der ved overdragelsen afaile aktiver til Ny Roskilde Bank umiddelbart før konkursdekretet i
Gi Roskilde Bank ikke blev taget udtrykkelig stilling til, om overdragelsen
omfattede ét evt. erstatningskrav mod den tidligere bestyrelse og direktion.
Det i åbningsbalancen i Ny Roskilde Batik afsatte begrænsede beløb giver
ikke kuratot muiighed for at foretage de undersøgelser og tilbundsgående
analyser, som ville være;påkrævede for at afgive indstilling om et selv­
stændigt sagsanlæg,
'iSéB-iéffefterÉifhveiVsmittisteriéts beslutning financierefen advokatundersøgélse: forestået a f advokat Henrik Lind, som er mundet ud i beslutningen om
en erstatningssag mod den tidligere ledelse. Advokaterne i undersøgelsen er
blevet anmodet om at lægge til grund* at ejerskabet til kravet ligger hos Ny
Roskilde Bank.
Der erd kurators senere drøftelser nted advokat Lind foreslået en model, som
gengives i omdelt udkast til svarskrivelse af 25, januar 2010,
Kuratorbemærkede, at han har tillagt det betydelig vægt,at kreditorernes
stilling; ikkeforringes, jft konkmslovens § 137. Udkastets pk t 6 modificeres
af pkt. 5. Det er hans opfattelse, at hvis pkt. 6 strammes, får boet ikke nogen
aftale.Der skal jf. pkt. 8 ske en efterfølgende stillingtagen til ejerskabet til
erstatningskravet. Hver part kan med 3 måneders varSelbeslutte at føre sa­
gen selv.
Der;var i^jighed til at drøfte og stille spørgsmål til kuråtofS;redegørelse.
Jhrgéai Stélijés stillede spørgsmål ved den af kurator indstillede rækkefølge,
hvorefier erstatningskravet først forfølges og der dernæst tages stilling til
ejerskabet,,For Deutsche Bank ville det haye været ønskeligt, at kurator først
havdeiférelagt spørgsmåletbm ejerskabet til kreditorernes beslutning.
Advokat Åagaard erklærede sig enig med Jtlrgen Stelljes. Det må være i kre­
ditorernes interesse at se kurator udføre den nødvendige analyse og afgive
sitråd på baggrund heraf. Hvis spørgsmålet var blevet føralagt* ville kredito­
rerne gerne have tilført likviditet til denne undersøgelse, nren man mangler
den nødvendige faktuelle baggrund.
Kurator bemærkede*-'at der ikke er blevet stillet spørgsmål ikredi tor udval­
get,Søm % er besvaret.
Itiråto r bemærkede videre, at han har givet sin anbefaling til kreditorerne i
cirkulæreskrivelse 5. Der er ikke sket opgivelse af nogen mulig ret, før kre­
ditorerne har haft lejlighed til at tage stilling til, om man selv vil forfølge
kravet. Boet konfronteres nu med det faktum, at Ny Roskilde Bank vil fore­
tage sagsanlæg, enten på egne vegne eller på savel Ny som GI. Roskilde
Side 3/3
Banks vegne. Parallelt eller senere kan hver part tage initiativ til sagsanlæg
til stillingtagen til, om erstatningskravet er overdraget. Ny Roskilde Bank vil
således om 3 måneder kunne beslutte, at man ikke kan leve med usikkerhe­
den om ejerskabet og derfor anlægge sag vedr. dette.
Kurator ønskede ikke ved at forholde sig afventende at bære risikoen for bo­
et for, atd erfraN y Roskilde Banks side gøres gældende, at der foreligger
passivitet eller opgivelse af kravet.
Hvis der nu foreligger et konkret forslag fra kreditorerne plus den nødvendi­
ge financiering, kan der indkaldes til ny skiftesamling til stillingtagen til kre­
ditorudvalgsmedlemmernes forslag.
Advokat Erik Malberg samt direktør Stamer tilkendegav deres støtte til den
af kurator valgte fremgangsmåde.
Advokat Tauby Sørensen forespurgte om muligheden for at forbedre aftalen,
f. eks. således at Ny Bank afholder omkostningerne ved den efterfølgende
sag for at fastslå, om erstatningskravet er overdraget.
Kurator anbefalede, at der søges aftalt en tilføjelse, hvorefter der skal være
de nødvendige ressourcer til rådighed for boet for afklaring af ejendomsrettentilerstatningskravet.
Kurator oplyste, at der cr anmeldt krav for 2,4 mia. kr. og netop er modtaget
anmeldelser for yderligere 170 miil. kr.
Kurator bemærkede, at mere end 1/3 af de samlede anmeldte krav er repræ­
senteret og Jlertallet har tilkendegivet støtte til kurators forslag.
Skifteretten konstaterede, at skiftesamlingen har godkendt og meddelt fuld­
magt til. at kurator indgår fornødne aftaler med Ny Roskilde Banks bestyrel­
se om konkursboets medvirken til gennemførelse af påtænkt erstatningssag
efter aktieselskabslovens § 140 mod Gi. Roskilde Banks tidligere ledelse
m.v.
Kurator tilkendegav at ville arbejde på at forbedre omkostningsdækningen
ved en senere tvist mellem boet og Ny Roskilde Bank;
Sagen udsat.
Skifteretten hævet.
Merete Lyek
retsassessor
Translation o f transcript o f the court records In the Danish language
The Court o f Roskilde
On 2 February 2010 at 01:30 pm, deputy judge Merete Lyck presided over the Bankruptcy Court.
The following was heard:
SKS 21-354/2009.
Bankruptcy proceedings
Selskabet a f 1. september 2008 A/S
Algade 14
DK-4000 Roskilde
CVRno,: 50020010
Circular Letter o f 6 January 2010 and a copy o f notice convening this meeting o f creditors published in
the Danish Official Gazette, including two items on the agenda, were produced.
The trustee appeared.
Mr JOrgen Stelfjes appeared on behalf o f Deutsche Bank AG representing a subordinated claim o f DKK
373 m illion and in his capacity as member o f the creditors' committee.
Mr Anders Aagaard, attorney, appeared on behalf o f Taberna Capital Management LLC representing a
claim o f DKK 223 m illion and in his capacity as member o f the creditors' committee, Mr Aagaard was
accompanied by M r Tauby Sørensen, attorney.
Mr Ote Møller Andersen and Ms Anne Christrup appeared as members o f the board of directors of
Roskilde Bank Erstatningsgruppen.
Mr Ole Nielsen appeared, representing himself.
Mr Jacob Thomsen, attorney, appeared on behalf o f Ernst 8i Young.
Mr Erik Maiberg, attorney, appeared on behalf o f Copenhagen Branch representing a subordinated
claim o f DKK 100 million.
Mr Morten Schultz, attorney, and Ms Elisabeth Stamer, manager, appeared on behalf o f Nykredit Bank
representing a claim o f DKK 295 million.
The trustee stated teat he had been granted a power o f attorney to support item 2 on tee agenda
issued by HSH Nord Bank, Scandinotes bonds representing a claim o f DKK 676 million, and by Norske
Tillidsmænd representing a claim o f DKK 232 million.
0395HM)006!0Q0102
In pursuance o f the said Circular Letter, the trustee accounted for the background for convening this
meeting o f creditors. He stated that in connection with the transfer o f all assets to New Roskilde Bank
just before the issue o f the bankruptcy order against Old Roskilde Bank, no explicit decision was made
as to whether such transfer was to include a potential claim for damages to be raised against the
former management and board o f directors.
The limited amount allocated in the opening balance sheet of New Roskilde Bank makes it impossible
for the trustee to make the investigations and in-depth analyses that would be required in order to
provide any recommendation on the potential commencement o f independent legal proceedings.
By resolution o f the Danish M inistry o f Economic and Business Affairs, the necessary funds to conduct
a legal investigation iead by Mr Henrik Lind, attorney, have been provided. The outcome o f such
investigations was that it was decided to take legal action for damages against the former
management. The attorneys in charge o f the investigations were requested to base their
investigations on the assumption that the ownership o f such claim lies w ith New Roskilde Bank.
The most recent discussions conducted between the trustee and Mr Lind have resulted in a proposed
model, cited in the circulated draft response letter dated 25 January 2010.
The trustee noted that he has found it crucial to ensure that the creditors are not placed in a less
favourable position, cf. s. 137 o f the Danish Bankruptcy Act. Item 6 o f the draft response is modified
by the contents o f item 5. He is o f the opinion that if item 6 is tightened, the estate w ill have no deal.
As provided in item 8, a subsequent decision on the ownership o f the claim must be made. Each party
may decide, subject to three months' notice, to conduct independent legal proceedings.
Period allowed for discussions and the posing of queries in respect of the trustee's statement.
Mr Jilrgen Stelljes questioned the sequence recommended by the trustee according to which the claim
for damages w ill be pursued firstly, and then a decision on the ownership issue w ill be made.
Deutsche Bank would have preferred if the trustee would firstly have submitted the ownership issue
for decision among the creditors.
Mr Aagaard agreed with Mr JUrgen Stelljes. It must be in the interest o f the creditors to have the
trustee conduct the necessary analysis and make his recommendation based thereon. If the matter
had been submitted to the creditors, the creditors would have been willing to provide liquidity for such
investigations, but the factual background required in this respect is missing.
The trustee noted that no questions asked in the creditors' committee remain unanswered.
The trustee further noted that he has made his recommendation to the creditors by way o f Circular
Letter no. 5. No potential rights w ill be abandoned until the creditors have had the opportunity to
decide whether to pursue the claim independently. The estate is now being faced with the fact that
New Roskilde Bank intends to take legal action, either on its own behalf or on behalf o f New and Old
Roskilde Bank. Concurrently therewith or at a later stage, each party may commence legal
proceedings for the purpose o f ascertaining whether the right to the claim for damages has teen
assigned. This means that in three months, New Roskilde Bank may decide that it is not willing to
accept the uncertainty pertaining to the ownership issue and thus commence legal proceedings to
settle this matter.
The trustee was not willing to carry the risk on behalf o f the estate, by adopting a wait-and-see
attitude, that New Roskilde Bank would claim inactivity or abandonment o f the claim.
039560-0006(000102
2/3
If a specific proposal by the creditors, including the necessary hinds, is now available, a new meeting
of creditors may be convened to decide on such proposal submitted by the members o f the creditors'
committee.
Mr Erik Malberg, attorney, and Ms Stamer, manager, stated that they supported the course o f action
adopted by the trustee.
Mr Tauby Sørensen, attorney, inquired whether it would be possible to improve the agreement, e.g.
so that New Roskilde Bank w ill cover the costs of the subsequent legal proceedings for the purpose o f
establishing w hether the claim has been transferred.
The trustee recommended that attempts be made to agree on an addendum stipulating that the
necessary resources must be available to the estate to settle the matter o f ownership of the claim for
damages.
The trustee stated that claims totalling DKK 2.4 billion have been filed against the estate, and that
further claim s have just been filed in the amount o f DKK 170 million.
The trustee noted that more than 1/3 o f the total claims filed against the estate was represented at
the meeting, and that the majority had expressed their support to the trustee's proposal.
The Bankruptcy Court ascertained that the creditors attending the meeting had approved and granted
the trustee the required power o f attorney in order for the trustee to conclude the necessary
agreements with the board o f directors o f New Roskilde Bank on the estate's contributing to the
pursuit o f the contemplated claim for damages under s. 140 of the Danish Public Companies Act
against the form er management etc. of Old Roskilde Bank.
The trustee indicated that he intends to work on improving the covering o f costs to be incurred in the
event o f a future dispute between the estate and New Roskilde Bank.
Case and court adjourned.
Merete Lyck
Deputy Judge
039560-0006(000102
3/3
Holst,
Gorrissen Federspiel
Advokat Henrik Lind
H. C. Andersens Boulevard 12
1553 København V
Jørgen Holst
Partner
[email protected]
Sekretær Jette Gertsen
[email protected]
T +45 8934 0055
J.nr. 039560-0008 JHO/JGE
5. februar 2010
Deres j.nr. 770667- File no. SKS 21-354/2009 - Selskabet af 1. september 2008
in bankruptcy - CVR no. 50020010 (the former Roskilde Bank A/S), Algade 14,
DK-4000 Roskilde
"Procesaftale" i relation til søgsmål med erstatningskrav i medfør af aktiesel­
skabslovens kap. 16, sæ rligt §§ 140 og 141, jf. § 144 mod den tidligere ledelse
mv. i ovennævnte selskab
Herved kommer jeg tilbage til drøftelserne mellem Dem, som advokat for ny Roskilde Bank
A/S, CVR nr. 31633052, og ovennævnte konkursbo (gammel Roskilde Bank A/S) ved under­
tegnede kurator i relation til mulighederne for at samarbejde om iværksættelse af søgsmål
mod den konkursramte banks tidligere ledelse og revision. Jeg henviser således sæ rligt til
Deres brev a f 4. november 2009 samt vor dialog forud for skifteretsmødet i konkursboet i
Skifteretten i Roskilde den 2. februar 2010.
Som telefonisk oplyst den 3. februar 2010 var der under skiftesamlingen mødt (efterstille­
de) kreditorer, der repræsenterede mere end 1/3 af den samlede kreditormasse. I overens­
stemmelse med den offentliggjorte dagsorden, jf. herved min cirkulæ reskrivelse nr. 7 (af­
snit 3) i konkursboet dateret den 6. januar 2010, redegjorde jeg for forhandlingerne med
ny Roskilde Bank A/S om konkursboets eventuelle medvirken til gennemførelse af den af
banken påtænkte erstatningssag, I relation til dagsordenens punkt 2 under skiftesamlingen
godkendte et flertal af-kreditorerne, at der blev meddelt fuldmagt til undertegnede til at
indgå de fornødne aftaler med bestyrelsen i ny Roskilde Bank A/S med baggrund i forløbet.
Som kurator skal jeg derfor på baggrund af skiftesamlingens bemyndigelse meddele, at
konkursboet på nedennævnte vilkår er villig til at overdrage beføjelsen til at indtale kon­
kursboets eventuelle rettigheder med hensyn til et m uligt erstatningskrav - jf. blandt andet
aktieselskabslovens § 140 og § 141- mod den tidligere ledelse og revision i gammel Roskil­
de Bank A/S, CVR nr. 50010020, nu Selskabet af 1. september 2008 A/S under konkurs, til
ny Roskilde Bank A/S, CVR nr. 31633052.
Holst, Advokater
Hans Broges Gade 2
DK-8100 Arhus C
CVR nr. 30295064
T, +45 8934 0000
F, +45 8934 0001
holst-law.com
Jørgen Holst
Steffen Ebdrup
Jens Andersen-Møller
Torben Brøgger
Henrik Steen Jensen
Jakob B. Sørensen
Erik Jensen
Kurt Slggaard
039560-0008|000025
Jakob Schmidt
Carsten Led-Jensen
Tina Braad
Per Bjerg Christensen
Holst,
Overdragelsen omfatter, som det fremgår, konkursboets (eventuelle) "generelle" rettighe­
der i medfør af aktieselskabslovens kap. 16 og sæ rligt §§ 140 og 141 sammenholdt med
§ 144 og tilsvarende rettigheder under den finansielle lovgivning.
Mulige individuelle krav, som de enkelte (efterstillede) kreditorer eller aktionærer måtte
have på andet grundlag mod den tidligere ledelse eller revision eller ethvert krav mod den
selvstæ ndige juridiske enhed, CVR nr. 50020010, gammel Roskilde Bank A/S, fx som følge
af prospektansvar eller tilsvarende ansvarsgrundlag, vil ikke være omfattet af overdragelsen
af retten til at indtale. Sidstnævnte omfatter således også eventuelle krav, hvorefter i dag
efterstillede kreditorer eller aktionærer måtte kunne hævde, at gammel Roskilde Bank A/S
har udøvet en sådan adfærd, at de pågældende kreditorer og/eller aktionærer kan gøre
gældende, at deres krav kan konverteres til et krav, der i konkurs opnår status som simpel
kreditor, uanset om kravet som udgangspunkt er baseret på et efterstillet krav eller et akti­
onærkrav. Aftalen præjudicerer Ikke en vurdering af sådanne mulige krav.
Krav under eller ved påberåbelse af aktieselskabslovens § 48 h kan gøres gældende a f Ny
Roskilde Bank A/S uden præjudice for tilsvarende påberåbelse fra individuelle kreditorers
side.
Overdragelsen er betinget af:
1. At den sker uden præjudice med hensyn til om en overdragelse allerede er sket tidlige­
re i medfør af overdragelsesaftale af 24. august 2008, jf. herved punkt 4.3 i konkursbo­
ets cirkulæ reskrivelse nr. 5 af 1. juli 2009,
2.
At ny Roskilde Bank A/S faktisk rejser og gennemfører den i Deres brev bebudede sag,
3.
A t kurator får lejlighed til at kommentere et udkast til stævning,
4.
A t kurator løbende, holdes informeret om forløbet af sagen i et omfang, der minimum
svarer til den information, der ville tilgå en procesunderrettet,
5.
At sagen ikke forliges, opgives eller begrænses i større omfang eller efter dom i 1. in­
stans ikke opgives eller begrænses under en eventuel anke, uden at kurator har haft
lejlighed til at afgive en udtalelse, og at kurator i et sådant tilfæ lde i forhold til retssa­
gens parter skal kunne reservere gammel Roskilde Bank A/S' konkursbos, henholdsvis
kreditorernes eventuelle rettigheder vedrørende sagens fortsæ ttelse svarende til eller i
overensstemmelse med konkurslovens § 137,
6. A t ny Roskilde Bank A/S i øvrigt endeligt afgør alle spørgsmål om sagens førelse eller
opgivelse, og hermed også eventuelt om sagen forliges, men
7.
At ny Roskilde Bank A/S afholder alle omkostninger ved sagens førelse, herunder såvel
egne omkostninger som eventuelt pålagte omkostninger, og
039560-00081000025
2
Holst,
8.
At det - senest når det er fastslået endeligt, om den af ny Roskilde Bank A/S anlagte
sag udløser et nettoprovenu (herunder efter fradrag af omkostninger, jf. pkt. 7.) til sag­
søgeren - gennem forhandling og/eller judiciel prøvelse - afklares, om det gennemførte
erstatningskrav må anses for om fattet af overdragelsen a f gammel Roskilde Bank A/S'
samlede virksomhed til ny Roskilde Bank A/S ifølge overdragelsesaftale af 24. august
2008, eller om dette ikke er tilfæ ldet, henholdsvis om der kan være andre indsigelser
mod overdragelsens effektuering. Parterne aftaler i den forbindelse, at eventuelle for­
ældelses-, reklamations- og søgsm ålsfrister suspenderes (for så vidt angår søgsmålsfri­
ster sæ rligt jf. reglerne i konkurslovens § 81). Parterne er enige om, at suspensionen af
hver af parterne kan bringes til ophør ved skriftlig tilkendegivelse over for den anden
part med mindst 3 måneders varsel, inden for hvilken periode relevante retslige skridt
skal igangsættes, hvilket vil medføre samme retsvirkninger, som hvis søgsmål var ind­
ledt inden nærværende aftales indgåelse. Parterne er enige om at samarbejde om, at
ressourcerne til en afklaring af, hvem der har retten til at oppebære et eventuelt netto­
provenu som omtalt i nærværende punkt, på den ene side skal søges begrænset i rime­
ligt omfang, men på den anden side at begge parter er forpligtede til at medvirke til at
sikre, at omkostningsmæssige temaer ikke vil stå i vejen for, at der i mangel af en for­
handlingsmæssig løsning gennemføres den nødvendige judicielle afklaring heraf.
Nærværende brev har jeg som anført indledningsvis fremsendt til Dem i min egenskab af
kurator i konkursboet efter Selskabet af 1. september 2008 A/S. De bedes venligst frem­
sende bekræftelse/accept på vegne af (ny) Roskilde Bank, CVR nr. 31633052, forsynet med
forpligtende underskrift, således at denne er mig i hænde senest den 15. februar 2010.
Med venlig hilsen
O v e n s tå e n d e
31633052.
039560-0008|000025
a c c e p te re s
på vegne
R o s k ild e
Bank A /S ,
C V R -n r.
3
Translation o f the litigation agreement
Gorrissen Federspiel
Advokat Henrik Lind
H. C. Andersens Boulevard 12
1553 København V
Jørgen Holst
Partner
[email protected]
Jette Gertsen, Secretary
[email protected]
T +45 8934 0055
Our ref. 039560-0008 JHO/JGE/MDN
5 February 2010
Dear Henrik Lind
Your ref. 770667- File no. SKS 21-354/2009 - Selskabet af l . September 2008 in
bankruptcy - CVR no. 50020010 (the form er Roskilde Bank A/S), Algade 14, DK4000 Roskilde
"litigation agreement" pertaining to claim for damages under Part 16 of the
Danish Public Companies Act, especially s$. 140 and 141, cf. s. 144, against the
form er management etc. o f the company detailed above
Reference is made to the discussions conducted between you, acting as legal counsel for
the new Roskilde Bank A/S, CVR no. 31633052, and the bankrupt estate detailed above
(the old Roskilde Bank A/S) represented by me, acting as trustee o f the said bankrupt
estate, regarding our potential cooperation on the commencement of legal proceedings
against the form er management and auditors o f the bankrupt bank. Specific reference is
made to your letter o f 4 November 2009 and our dialogue prior to the meeting of creditors
held on 2 February 2010 before the Bankruptcy Court o f Roskilde.
As stated on the telephone on 3 February 2010, the meeting of creditors was attended by
(subordinated) creditors representing more than 1/3 o f the total body o f creditors. As
indicated in the agenda published before the meeting, cf. my Circular Letter no. 7 (section
3) dated 6 January 2 0 1 0 ,1 provided an outiine o f the negotiations conducted with the new
Roskilde Bank A/S regarding the bankrupt estate's potential involvement in the
contemplated claim for damages. With respect to item 2 on the agenda, the majority o f
creditors approved the granting o f a power o f attorney to me, authorising me to conclude
the necessary agreements with the board o f directors of the new Roskilde Bank A/S, based
on the course o f events leading up to the meeting.
Against this background and on the basis o f the authorisation so granted to me, I can
Inform you that the bankrupt estate is willing, subject to the conditions set out herein
below, to assign to the new Roskilde Bank A/S, CVR no. 31633052, any rights held by the
Holst, law Firm
Hans Broges Gade 2
DK-8100 Århus C
CVR nr. 30295064
T , +45 8934 0000
F, +45 8934 0001
holst-law.com
Jørgen Holst
Steffen Ebdrup
Jens Andersen-Møller
Torisen Brøgger
bankrupt estate to raise a potential claim for damages - cf. for instance ss. 140 and 141 o f
Henrik Steen Jensen
Jakob B. Sørensen
039560-00081000027
Kurt Siggaartf
Jakob Schmidt
Carsten Led-Jensen
Tina Braad
Per Bjerg Christensen
Erik Jensen
the Danish Public Companies Act - against the former management and auditors o f the old
Roskilde Bank A/S, CVR no. 50010020, now Seiskabet a f 1. September 2008 A/S in
bankruptcy.
As appears, such assignment comprises (any) "general" rights o f the bankrupt estate under
Part 16 o f the Danish Public Companies Act, especially ss. 140 and 141, cf. s. 144, and
sim ilar rights under the current Danish financial legislation.
Any individual claim s held by individual (subordinated) creditors or shareholders on any
other basis against the form er management or auditors or any claim s against the
independent legal entity, CVR no. 50020010, the oid Roskilde Bank A/S, e.g. by reason of
prospectus liability or sim ilar, w ill not be comprised by the assignment detailed above.
Hence, the latter also comprises any claims under which subordinated creditors or
shareholders may contend, today, that the old Roskilde Bank A/S has been acting in a
manner so as to give such creditors and/or shareholders reason to contend that their claims
should be converted Into claims qualifying as unsecured claim s in bankruptcy, Irrespective
o f whether such claim s originally qualified as subordinated claim s or shareholders' claims.
This agreement w ill not prejudice any assessment o f such potential claims.
Claims under or relying on s. 48h o f the Danish Public Companies Act may be raised by the
new Roskilde Bank A/S without prejudice to any individual creditors wishing to raise
corresponding claims.
The contemplated assignment is subject to the conditions that;
1. the assignm ent w ill be effected without prejudice as to whether such assignment has
already taken place under the Transfer Agreement of 24 August 2008, cf. item 4.3 of
Circular Letter no. 5 of 1 July 2009;
2. the new Roskilde Bank A/S w ill in fact institute and carry through the legal proceedings
as contemplated in your letter;
3. the trustee w ill be given an opportunity to review and comment on a draft w rit of
summons;
4. the trustee w ill be kept currently updated on the course o f the proceedings to an extent
equivalent to, as a minimum, the scope o f information that w ill accrue to the parties
directly involved in the proceedings;
5. the case w ill not be settled, abandoned or substantially restricted or settled, abandoned
or substantially restricted following a judgment delivered by the court o f first instance,
without the trustee having had the opportunity to make a statement in that respect,
and the trustee must be entitled, if relevant, to reserve any rights o f the bankrupt of
estate o f Roskilde Bank A/S, and the rights of the creditors respectively, towards the
039560-00081000027
2
other parties to the potential legal action to ensure that the action is pursued until what
is equivalent to or in accordance w ith s. 137 o f the Danish Bankruptcy Act;
6. the new Roskiide Bank A/S w ill decide on any other matter pertaining to the conduct or
abandonment o f the proceedings, including whether to accept a settlement of the case;
but
7. the new Roskiide Bank A/S w ill cover all costs incurred by reason o f the conducting of
litigation, including costs incurred by the new Roskiide Bank A/S itself as well as any
costs imposed by the court; and
8.
It must be finally determined - no later than when it has been determined whether the
proceedings instituted by the new Roskiide Bank A/S have given rise to any net
proceeds (also after deduction o f costs, cf. item 7) accruing to the plaintiff following
negotiations and/or legal hearing - whether the claim for damages pursued is deemed
to be comprised by the transfer o f the entire activities o f the old Roskiide Bank A/S to
the new Roskiide Bank A/S under the Transfer Agreement o f 24 August 2008, or
whether this is not the case, or whether there are any other objections against the
completion o f the transfer. For that purpose, the parties agree that any deadlines
pertaining to tim e barring, complaints and commencement of proceedings are hereby
suspended (as for deadlines pertaining to the commencement o f proceedings especially
under the rules of s. 81 o f the Danish Bankruptcy Act). The parties agree that the said
suspension may be discontinued by issuing a notice to that effect in writing to the other
party subject to no less than three months’ notice within which period the relevant legal
measures m ust be taken, thus providing legal effects identical to those applicable if
such legal measures had been taken before execution o f this agreement. The parties
agree to cooperate with a view to ensuring that the resources allocated to clarify who is
entitled to receive any net proceeds as mentioned above are limited to a reasonable
extent, but also that both parties must contribute to ensuring that any cost
considerations should not prevent the necessary judicial clarification o f this matter,
falling any solution through negotiations.
As stated above, I have sent this letter to you in my capacity o f trustee o f the bankruptcy
estate o f Selskabet a f 1. September 2008 A/S. I ask you to kindly provide me with your
confirmation/acceptance on behalf o f (the new) Roskiide Bank, CVR no. 31633052, duly
signed by you with binding effect, no later than 15 February 2010.
Yours sincerely
[.signed]
Jørgen Holst
039560-0008|000027
3
The aforesaid is hereby accepted on behalf of Roskilde Bank A/S, CVR no. 31633052.
Copenhagen, 22 February 2010
[ signed]
[signed}
Henrik Lind, attorney
Christian Alsoe, attorney
039560-00081000027
4