The Case Management Conference is now taking place tomorrow at 10.30 in Court 2 of the Rolls Building. It is open to the public and is in front of a Judge not a Master. It will most likely be process based setting out dates etc which may lead to a trial date.
Where did you get the "after the event insurance" thing from? There is a type of insurance you can get that covers the cost of litigation is it transpires but it is not cheap and must be in place before the case is started. It is rather like Private Medical Insurance in that you cannot expect it to cover pre-existing conditions. Worldlink would have needed to take this out before the actual Claim was issued.
In order to pursue these actions, Worldlink has entered into conditional fee arrangements with leading Counsel and lawyers. The Company is also considering an application for after the event insurance.
One has to wonder where WGP will find the money to prosecute their case. My experience of Michael Spencer is that he and City Index will have had very good advice at al stages of the process. Could nevertheless be an interesting day !
I thought it might be interesting to note that the Solicitors representing City Index appear to be MacFarlanes. Those of you who know the legal sector will know these are legitimate heavyweights. Not only is Worldlink vs. City Index a David vs Goliath situation; so to is Candey LLP vs MacFarlanes. City Index must be very serious to have them on board - no expense spared. On the flip side, if Worldlink know who they are up against and how serious City Index are but are going through with it, they must also be confident. We all know what happened to Goliath. Increasingly fascinating.
It seems that Wednesday is a very important day for WGP.
Having re-read the financials to December 2010 and June 2011, the solvency is becoming a dire issue. To my mind it would appear that, without a good result on Wednesday , then funding is going to become really difficult. These two problems raise knock on issues with reference the completion of Accounts for December 2011
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