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Citibank Wire Transfer Case Sunday Stipulation Adds Luxembourg Brigade Transactions

By Matthew Russell Lee, Patreon Song
BBC - Guardian UK - Honduras - ESPN

SDNY COURTHOUSE, Dec 13 – As Citibank tries to recoup the money it wired out on August 11, 2020, the virtual / Zoom trial began on December 9 before U.S. District Court for the Southern District of New York. Inner City Press is covering it.

 Here for now some of the Day 1 blow by blow.

And Day 2 documents / Defendants exhibits zipped on Patreon here, one on DocumentCloud here, saying "Please retain the funds received 8/11 into Battalion CLO VIII Ltd. on account of the Revlon Term Loan 2016 pending further instruction. Please do not book, and carry the funds as a cash break for the time being."

 Now on Sunday December 13, this stipulation about an additional wire transfer: "The parties stipulate: 1. In addition to the two international wire transfers described in the Stipulation and Order dated December 9, 2020 (see ECF No. 209), another one of the wire transfers sent by Citibank, N.A. on August 11, 2020 in connection with the 2016 Revlon Term Loan—a $7,510,866.73 transfer directed to the Brigade-managed Mediolanum Best Brands, which is domiciled in Ireland—was wired to a bank account located in Luxembourg for the benefit of that Brigade-Managed fund." Watch this site - and hear, for now, this song.

  And here's a document from Day 3, stating "It looks like they erroneously released paydown payment and are asking for it back. Do you agree?" Here on DocumentCloud, full Zip on Patreon here.

On Day 3, after discussion of springing maturity, it got to this: whether the defendants had waived privilege by excusing their refusal to return the money as being based on legal advise, including from at least out outside law firm. Judge Furman ended the trial at noon, setting a Monday 7 pm deadline for some filings and musing that closing arguments might be Tuesday afternoon.

The case is In re Citibank August 11, 2020 Wire Transfers, 20-cv-6539 (Furman)


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