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Majority says that costs should follow event and requires unsuccessful claimant to bear (very modest) costs of the case 

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Tribunal declines jurisdiction over LIDCo since it is not party to the BIT

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Request for mediation – and a threat of arbitration – satisfy cooling-off period under BIT

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Libyan judicial system is deemed to be non-functioning and onus should fall on Libya to prove otherwise

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On merits, majority sees no breach by Libya due to actions or omissions of LIDco

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Stability is required, but not provided due to state’s passivity in face of civil war

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Majority also rejects claims that posit Libya’s own liability, including in relation to failure to avert civil war

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Stability and certainty is contravened due to failure to disclose info about LIDCo’s financial condition to the markets

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Claimant appears to argue that MFN could import umbrella clause into BIT; tribunal – for unclear reasons – sometimes describes this as an attempt to import arbitration clause into contract

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Due to lack of umbrella clause, mere non-payment is not a breach of BIT – although later reasoning seems to undermine this view

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Dissenter takes unorthodox view of War Losses Clause

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Dissenter sees LIDCo’s actions as attributable to Libyan state, thus leading to myriad breaches of BIT

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Claimant’s contract is mutually terminated after civil war breaks out; but promised payments never materialize

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