LOTC has equity for the LBHI Plan Trust equity interest beneficiaries!
47475 12/19/2014 Declaration of Austin Saypol in Support of Motion of Claimant SPCP Group, L.L.C. Under Bankruptcy Code Section 1142(b) to Compel LOTC to Pay Post-Petition Interest as Required by Its Confirmed Plan of Reorganization, with Exhibits 1- 5, dated December 18, 2014 (related document(s)[47474]) filed by Thomas J. Moloney on behalf of SPCP Group L.L.C. as agent for Silver Point Capital Fund, L.P. and Silver Point Capital Offshore Fund, Ltd.. (Moloney, Thomas)
Case: Lehman Brothers Holdings Inc.
Related: 47474 Document
47474 12/19/2014 Motion to Compel /Notice of Hearing on and Motion of Claimant SPCP Group, L.L.C. Under Bankruptcy Code Section 1142(b) to Compel LOTC to Pay Post-Petition Interest as Required by Its Confirmed Plan of Reorganization, with Proposed Order, dated December 19, 2014 filed by Thomas J. Moloney on behalf of SPCP Group L.L.C. as agent for Silver Point Capital Fund, L.P. and Silver Point Capital Offshore Fund, Ltd. with hearing to be held on 1/15/2015 (check with court for location) Responses due by 1/5/2015, . (Moloney, Thomas)
Case: Lehman Brothers Holdings Inc.
Related: none Document
$$$$ My old post relating to LBHI Plan Trust OBS $$$$
cottonisking Tuesday, 10/21/14 01:36:33 AM
Re: cottonisking post# 50810
Post # of 52046
LOTC is generating cash for Debtors loans!
LOTC creditors allowed claims are paid off 100%.
LOTC = LBHI Plan Trust one common share residual asset!
*** Docket 22759 ***
Declaration of John K. Suckow in Support of Confirmation of Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and its Affiliated Debtors filed by Lori R. Fife on behalf of Lehman Brothers Holdings Inc..
Quote:
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59. Certain Lehman entities were separately regulated and were incorporated for specific purposes. For example, LOTC was registered with the SEC as an OTC equity derivatives dealer. See Ex. 1 (LBHI 10-K) at p. 10. LBCS was authorized by the Federal Energy Regulatory Commission to sell wholesale physical power at market-based rates and was subject to regulation under the Federal Power Act and certain other regulations. See Ex. 1 (LBHI 10-K) at p. 11
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***Docket 46365 *** Sixth Distribution ***
Quote:
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Lehman Brothers Commodity Services Inc.
Class 3 Convenience Claims 55.000000% N/A 55.000000%
Class 4 General Unsecured Claims 67.377134% 4.496153% 71.873287%
Class 5A Affiliate Claims of LBHI (3) 78.345503% 5.228085% 83.573588%
Class 5B Affiliate Claims of Participating Subs N/A N/A N/A
Class 5C Affiliate claims 67.377134% 4.496153% 71.873287%
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*** Old Post ***
Fruit for thought #2!
Per the POR section 8.13(c), the LOTC $560 million loan to LBHI could have paid off the post petition interest for LOTC. The Debtors chose to loan the $560 in LOTC cash to LBHI.
Why?
1) To keep LBHI assets from liquidation or LBHI assets are too illiquid to monetize.
2) After LOTC pays off its post-petition interest the LBHI Plan Trust will show equity for the OBS and owe IRS taxes for year 2014. Delay IRS tax bill.
3) Achieve another goal or milestone
Did the Debtors breach the POR by taking LOTC cash for a $560 million LBHI loan, instead of paying off LOTC post petition interest? Time will tell the story!
I hope that the Debtors did the right thing for the LBHI Plan Trust equity interest holders. Keep those valuable LBHI assets for us!
*** Docket 46422 *** Balance Sheet June 30, 2014 ***
Quote:
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08-13555-scc Doc 46422 Filed 10/01/14 Entered 10/01/14 18:10:33 Main Document
In accordance with section 8.13(c) of the Plan, to the extent that any Debtor has Available Cash, as defined in section 1.5 of the Plan, after all Allowed Claims against that Debtor have been satisfied in full, each holder of each such Allowed Claim shall be entitled to receive post-petition interest on the Allowed amount of such Claim. The Company has not recorded an estimate for post-petition interest in LOTC as of June 30, 2014.
On October 1, 2014, LBHI and LOTC are expected to enter into an agreement for a $560 million loan from LOTC to LBHI to be secured by certain LBHI assets, such loan to mature on March 1, 2015. The proceeds from this loan agreement will be included in the sixth Plan Distribution;
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