PricewaterhouseCoopers, the administrator of Lehman Brothers in Europe, is back in court appealing against a High Court decision to block its speedy administration plan.

Around 900 European investment funds that traded through Lehman Europe had nearly $23 billion (£14 billion) of shares and other financial instruments frozen when Lehmans went into administration on September 15 last year. Although around $14 billion of assets has been returned to the funds, the remaining $9 billion has got caught up due to discrepancies, poor record-keeping and a shortfall in assets.

To try and hurry things along, PwC has been working on a scheme of arrangement by which funds would surrender their right to individual claims leaving PwC to divide the available assets among them in the most equitable way. The plan needs High Court approval and 75 per cent of the hedge funds affected must agree to it in a vote. PwC is confident of the support of the funds so the rest is down to the courts.

Nailbiter.