Just to be clear, whilst optically the follow on is a good win (and one explained as likely here on 14 October ), I stand by the original assessment of a slight overall win for City.
APT as a concept has not been deemed unlawful - on the contrary the PL succeeded in arguing it was necessary. APT with shareholder loans is lawful. APT as a concept is lawful. So whilst it is embarrassing for Masters, it is not clear what gains City get from being right on shareholder loans. This latest decision is a technical legal question about severance and the blue pencil test (as detailed above in my tweet in October). For the avoidance of doubt, it doesn't mean APT is finished.