Liquidator Rights Token

A share of the Liquidator pouring-rights cash flow. The token funded the £7.5m Minimum Guarantee to Chelsea FC. Each quarter Nicholson's sales receipts pay holders a 5% coupon first, then principal.

The next instalment is held in trust. Money for each Chelsea instalment sits in a trustee escrow until its due date, earning deposit interest, and cannot be released early.

Sales are attested before anyone is paid. LTS reports each quarter's sales, the trustee attests them on chain, and only then does the payment engine run.

Trades settle in one step. Token and tokenised sterling swap atomically, so neither side is ever exposed to the other.