FORTRESS VALUE RECOVERY FUND I LLC AND ANOTHER V BLUE SKYE SPECIAL OPPORTUNITIES FUND LP AND OTHERS

[2012] EWHC 1486 (Comm), Queen's Bench Division, Commercial Court, Mr Justice Blair, 30 May 2012

Freezing injunction - Provision of information - Security for costs - CPR 25.13 - Arbitration - Stay of proceedings - Right of defendant to seek stay based on enforceable exclusion clause - Arbitration Act 1996, section 9 - Contracts (Rights of Third Parties) Act 1999, sections 1 and 8

This was a dispute between the parties as to the control of various assets. The claimants obtained an ex parte freezing injunction to prevent restructuring by the defendants of the corporate structure holding the assets. The defendants subsequently issued convertible loan notes with a call option, and the claimants asserted that these acts amounted to a dilution of their interests. The injunction was subsequently continued. In the present proceedings no objection was taken to the continuation of the injunction, but a number of other matters arose.