Lehman Preferred Series "J" Preferred (fka LEHJQ)

[Phantom_Trader]

CORRECTED: Lehman Equity Committee Petition Blitz

UPDATE(1) CORRECTED TRUSTEE ADDRESS

The Debtors (Lehman) have committed to file a Chapter 11 plan before their period of exclusivity expires on 15 March 2010. Just two days later on 17 March 2010

Lehman has a deadline to solicit acceptances for the plan of reorganization.

* Lehman has requested an extension to file the Disclosure Statement to 14 April 2010. It is currently uncertain whether or not the 17 March 2010 deadline will remain. See Chapter 11 Plan aka "The Plan" on track.

The Debtors's have stated that the "chapter 11 cases are of an unprecedented size and complexity, which has required that the Debtors devote substantial efforts and resources over the past 18 months to administer diverse assets of the Lehman Enterprise which literally extend throughout the globe and involve over 80 different insolvency-related proceedings in approximately 16 jurisdictions. In the effort to maximize recoveries, the Debtors under the leadership of the Chief Executive Officer of LBHI, Bryan P. Marsal, and with the extended assistance of the Debtors’ financial advisors, Alvarez & Marsal, have implemented global strategies to: coordinate with foreign fiduciaries to maximize the value of assets, particularly in connection with the resolution of derivative transactions; preserve the value of tens of billions of dollars of real estate investments; as well as defend the Lehman Enterprise in numerous adversary proceedings and contested matters; and, protect the worldwide interests of the Debtors. In addition, the Debtors have been extensively engaged in the process of formulating a joint chapter 11 plan (the “Plan”). This has not been a simple task. The complexities and different claimant interests as they relate to the Debtors and the Lehman Enterprise are staggering."

Typically an Equity Committee Petition would not be attempted until and unless Assets were known to be much larger than Liabilities. In this case there is simply too much uncertainty and complexity to know for sure what the Debtor's Plan will look like. I don't want to be left out in the cold knowing that we could have had a voice. We already know that Lehman has positioned itself to protect the approximately $10B Net Operating Loss by seeking to restrict ownership in the Common and Traditional Preferred Shares. (See NOL Filter -- Lehman Lotto). Why not seek to maximize our positions in Ownership of the new Lehman Brothers?

Furthermore, the myriad upcoming events could materially impact Lehman's balance sheet in a positive way. Specifically, we are awaiting the release of the Examiners report which could enhance our ability to recover assets from JPM, Barclays, and the Fed. Claims are being rigorously contested which could result in a significant reduction in listed Liabilities (approximately 1/3 of the largest claims are duplicate), derivatives contracts are being wound down with specific rulings in the case of Metavante and Dante SPV setting precedent, and since the filing in September 2008 the market for Lehmans assets have greatly improved. All of these factors combined could result in a tremendous upside surprise resulting in potential emergence from bankruptcy. The only way to ensure that holders of Common shares and Preferred Shares get a fair shake is to petition the Court for an Equity Committee.

I propose each holder of the following equities submit a letter addressed to the US Trustee Mr. James W. Giddens.

-Common shares (LEHMQ)
- 5.94% Cumulative Preferred Stock, Series C;
- 5.67% Cumulative Preferred Stock, Series D
- 6.50% Cumulative Preferred Stock, Series F;
- Floating Rate Cumulative Preferred Stock, Series G;
- 7.95% Non-Cumulative Perpetual Preferred Stock, Series J.
- 8.75% Non-Cumulative Mandatory Convertible Preferred Stock Series Q (LBHGP)
- 7.25% Non-Cumulative Perpetual Convertible Preferred Stock Series P (LEHPQ)

Below is a suggested Equity Committee Petition Letter. Each letter should be personalized and addressed to the trustee (but sent to the po box address below or faxed).

The Office of the United States Trustee
33 Whitehall Street
21st Floor
New York, NY 10004
Phone: [phone]
Fax: [phone]
Attn: Andrew D. Velez-Rivera, Esq.



Dear Mr. James W. Gidden


I request that you appoint an Official Equity Committee in the Lehman Brothers Holding Inc. Bankruptcy Case.


Shareholders have suffered egregious losses, and I feel it is necessary to take any legal steps possible, as provided for by law, to protect our interests.


Then people were encouraged to make comments, Add an itemized list of which shares they hold, and include their contact information... and all letters are to be signed by the shareholder.

Each letter should be mailed or faxed to the address/number below.

Lehman Sec.
c/o Finesse Inc.
Po Box 1828
Greenwood Lake NY 10925

Fax [phone]

If you have any questions or suggestions please contact me at [e-mail].

This is a work in progress. If there are any opportunities for improvement please let me know. Also, I'd like to thank Gerry G. for lending us the use of his PO BOX, Fax numbers, and office staff in this endeavor.


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