Taken from William Rollason and Stevan’s Fowler’s Skeleton Argument is the following:-
Mr Kelly’s email of 3 October 2006 said, “if Findel messes us around then we may end up going with the management plan. This is fairly unappetising in many respects given it doesn’t de-risk the Bank but it is probably preferable to a lengthy insolvency and workout with all the added risk this brings with it.”
Unfairpak can advise that Mr Kelly is from HBOS and was on the stand today. We have been advised that he was being given a “pounding” by the defence team on “not raising concerns of possible administration with the directors earlier”.
Unfairpak believe that the directors defence may hinge on HBOS and the possibility that they led them [directors] to believe there may have been a solvent solution.