The Court of Appeal today handed down it's judgment in respect of Whistlejacket Capital Limited (in receivership) - a structured Investment Vehicle, "SIV". The appeal was brought by the receivers from Deloitte and Bank of New York. The appeal related to the correct interpretation of certain provisions contained in the Transaction Documents dealing with the manner in which monies held by the Receivers should be applied amongst the company's creditors.

The Receivers are very pleased with the outcome of the appeal. Neville Kahn, one of the joint receivers and partner of Deloitte, commented: "We are delighted with the judgment. We are in the process of restructuring Whistlejacket and what was needed was clarification as to how to treat certain matters. This judgment provides us with clarity and the restructuring can now progress to the next stage of agreement of heads of terms. This judgement has been closely monitored by other SIV's and who will also now be able to crack on with their restructurings."

Note to editors
Partners of Deloitte & Touche LLP have been appointed to 4 SIV's since September 2007. The SIV's and their approximate level of creditors are SIV Portfolio Plc (formally Cheyne Finance Plc) - $7bn; Whistlejacket Capital Limited - $7bn; Rhinebridge PLc- $1bn; Golden Key Limited - $1.5bn.

About Deloitte
In this press release references to Deloitte are references to Deloitte & Touche LLP which is among the country’s leading professional services firms, providing audit, tax, consulting and corporate finance services. Deloitte & Touche LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu (‘DTT’), a Swiss Verein whose member firms are separate and independent legal entities.  Neither DTT nor any of its member firms has any liability for each other’s omissions.  Services are provided by member firms or their subsidiaries and not by DTT.  Deloitte & Touche LLP is authorised and regulated by the Financial Services Authority.  The information contained in this press release is correct at the time of going to press.