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B zI@AtliGslason. zI  zzFylgiskjal.  HuAuL) dE> A^uH  u @55 BrlgfrWilitisemunniWvaraWbeiWniskilanefndar(L0) q@ @  aflgmnnumBretlandi.  <  #zz$A# (a)  0  Ourimmediateobservationsonthemoratoriumprocessareasfollows: (i)  0  Itisnotimmediatelyapparenttousthattheexpression"restructureitsfinances",asused l bytheIcelandiclawyersincludesanorderlyrun-downofLandsbanki's_business.The_ h7 criticalpoint_is_Ԁ_this_:_if_ԀLandsbankiproceedstoanimmediateliquidationratherthan 3  goingthroughamoratoriumbeforehand,whatwillbetheimpactontheabilityof ! Landsbankitomaximiserealisationofitsassetsforthebenefitofall_creditors_?_Will_Ԁ_it_ " bebetter,_or_Ԁ_worse_?_It_Ԁ_appears_Ԁ_clear_Ԁtousthattheabilitytotradeonunderamoratorium, c# albeitonalimitedbasis,willenableLandsbankitoachieveabetterrecoveryunderthe _ .$ variousfinancialcontractstowhichitisparty,thanwoulda_liquidation_._It_Ԁ_needs_Ԁtobe *!% clear,asamatterofIcelandiclaw,thatthisconceptisonethattheIcelandiccourtwill !& acceptasbeingsatisfyingthecriteriaforamoratorium."'