The Panel, Peter Hay (sitting President), Rodd Levy and Nora Scheinkestel declined to conduct proceedings on an application concerning clauses in a financing agreement that gave rise to a "review event' (or "event of default') upon changes to RCL Group Limited's board of directors (or key persons). The applicant submitted that these clauses entrenched the incumbent directors and certain management and acted as a "poison pill'. The Panel considered that there was no reasonable prospect that it would declare the circumstances unacceptable.