1. All appeals by the Defendants are dismissed.

2. The costs of appeal are assessed against the Defendants.

Purport of claim and appeal

1.

1. The following facts do not conflict between the parties, or can be acknowledged by taking into account the following facts: Gap evidence 1, Gap evidence 3-1 to 3, Gap evidence 4-1 to 4, Gap evidence 10-1 to 3, Gap evidence 11-1, 2, Eul evidence 4, Eul evidence 6-1 to 6-11, Eul evidence 6-1 to 7-9, and Eul evidence 7-1 to 9.

On June 12, 2009, B Co., Ltd. (hereinafter “B” was changed from Co., Ltd. E to B on September 27, 2010, but the trade name was not divided before and after the change.) issued subordinated bonds (hereinafter “instant subordinated bonds”) which amounting to KRW 40 billion in the second order of non-guaranteed bonds, issue amount of KRW 40 billion in the annual interest rate, KRW 8.50% in the annual interest rate, and August 12, 2014 due date.

B. On June 9, 2009, the Plaintiff prepared and submitted a subscription form for subordinated bonds (Evidence No. 10-1 of the A) with a content that accepts the amount equivalent to KRW 1,583,00,000 of the instant subordinated bonds (Evidence No. 10-1 of the A), through Company A (F, Inc., Ltd., Ltd., which supported the subscription of the instant subordinated bonds, and changed the trade name from F, Ltd. to A, Ltd., Ltd., to September 27, 2010; hereinafter, referred to as “A”) and paid KRW 1,583,00,000 of the subscription deposit.

On June 12, 2009, the Plaintiff acquired an amount equivalent to KRW 1,583,00,000 for subordinated bonds of this case in accordance with the above subscription form.

C. On September 18, 2011, the Financial Services Commission designated B as an insolvent financial institution and ordered the suspension of business between six months, but the B’s financial status was not improved. Ultimately, on August 31, 2012, the Suwon District Court (2012Hahap23) was declared bankrupt and the Defendant was appointed as B’s trustee in bankruptcy.

On the other hand, A was declared bankrupt on April 30, 2013 by Seoul Central District Court 2013Hahap55, and the defendant was appointed as A's trustee in bankruptcy.

E. The Plaintiff sought damages from the acquisition of the instant subordinated claim against B and A on June 7, 2012.