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I have question along the lines of cts trading. i believe when you declare bankruptcy( in this example individual) you must declare all creditors/debts. But if you want to keep your car you just keep paying on it, even though it is listed as debt. So the creditor can not take the vechicle, because you are paying on it(i believe this is called reaffirming the debt), so on the other hand if you stop paying they repo it. So my question is by allowing the cts to trade they acknowledge the debt and are reaffirming it ( not cancelled or repo)? therefor must honor they prospectus. I don't know maybe I'm reaching.
Can anyone repost Mr. Veve's number and address. Tia
My take is that the creditors agreed in court to 65 billion that is "satisfied in full". The rest of the billions owed is "paid in full" So lehman will "satisfy in full" but not be "paid in full" I probably have this backwards, any thoughts?
Hey cotton, I hope your right. I really respect what you, argus, ld,jersy and the rest do for this board is great. I have been here since Troy(aka rocketscience). I sent Troy the papers when we tried to get an EC together, I suggested to Troy to speak with members of the Wamu case to help us get a EC together. Troy can attest to this, but we have been impaired, denied, non voting, since the beginning. That email I read is putting me more at doubt that recovery is possible. all my imo of course. So please I hope the board can understand. To me I'm 99% against and 1% for, and really like to be part of the 1 percenters.
I think Mr. Arena response email is an insight to the Lehman mayan calender
It is my understanding the most LBHI securities were cancelled as of the Effective Date of the Bankruptcy and exchanged for escrow positions for the purposes of facilitating distributions. Some of these escrow positions are transferrable. Most creditors are not expected to received a full recovery under the plan (please see the estimated recoveries from the Disclosure Statement for LBHI classes attached) and LBHI class 10A, 10B, 10C, and 12 common and preferred securities are not expected to receive a distribution due to the fact that more senior creditors are not expected to be paid in full. The procedures for distribution have been put in place for these securities even though they are not expected to receive a recovery because although it is highly unlikely, there is a theoretical possibility of a distribution. I also understand that the new Lehman entity is not expected to continue after the liquidation and distribution process is complete. Once completed the escrow positions are expected to be cancelled
Thanks,
Joe
Joe Arena
Case Manager
Epiq Systems
Bankruptcy Solutions
Phone: 646.282.1814
I agree competely that there a potential distribution, but the key word is potential. I don't want to be a fun sucker, but just trying to be realistic. These people spent billions and billions(thats with B)on this case, and I don't think Lehman, the creditors, the trustee, or the wife beating judge every thought what the best interest was for the shareholders. Thats all Im saying. I hope I am wrong and we all got the matching numbers to the lehman powerball. With that said until I see the numbers in my account change, nothing has changed. Gordon Gekko once said, " don't emotional about stock it clouds the judgement"
So they been satisified?
hey guys Ive been reading alot of posts here and I really think this is getting out of hand. It is nice to think we are getting some type of payment here, but we really need to keep our feet on the ground. According to Irs circular 230:
Important Tax Information – Required Tax Forms
For U.S. federal income tax purposes, the LBHI Plan Trust is intended to be treated as a
“liquidating trust” taxable as a “grantor trust” of which the former LBHI stockholders are
regarded as the grantors. [color=red]In this regard, the former stockholders will be treated as directly
receiving an undivided interest in the Plan Stock and then transferring such interest to the LBHI
Plan Trust in exchange for the beneficial interests in the LBHI Plan Trust. Moreover, on a goingforward
basis, each former stockholder of LBHI that is a beneficiary of the LBHI Plan Trust will
be treated for U.S. federal income tax purposes as a direct owner of the underlying assets of the
[/color]2
LBHI Plan Trust (namely, the Plan Stock), in accordance with its former relative priority and
economic entitlements as a stockholder.
As a beneficiary of the LBHI Plan Trust, it is necessary that each former stockholder of
record provide the LBHI Plan Trust with such holder’s correct U.S. Taxpayer Identification
Number (“TIN”) if such holder is a U.S. person (as defined in the instructions to the enclosed IRS
Form W-9) – which, in the case of a holder who is an individual, is the holder’s social security
number reported on the IRS Form W-9 – or in the case of a non-resident alien or foreign entity,
the appropriate completed IRS Form W-8.
Such tax information is required for trust reporting purposes.
There is a bunch of people here much smarter and brighter than myself here. Just trying to keep my feet on the ground (besides its a shorter fall when you stay grounded)
Doing a web search and found this:
NOTICE TO HOLDERS OF LEHMAN BROTHERS HOLDINGS INC.
RE: CORRECTION OF ALLOWED CLAIM AMOUNT
CUSIP NO. 524908NF3
(ESCROW CUSIP NO. 524ESCN89)
THIS NOTICE APPLIES ONLY TO HOLDERS OF THE SENIOR NOTE
IDENTIFIED BY ORIGINAL CUSIP NO. 524908NFS (ESCROW CUSIP NO. 524ESCN89).
IF YOU DO NOT HOLD THIS SENIOR NOTE, THIS NOTICE DOES NOT APPLY TO YOU.
NO ACTION IS REQUIRED BY ANY SENIOR NOTEHOLDERS.
BACKGROUND
Wilmington Trust Company (the “Trustee”) is successor indenture trustee under that certain Indenture dated as of September 1, 1987, as amended, supplemented or modified (the “Indenture”), between Lehman Brothers Holdings Inc. (formerly known as Shearson Lehman Brothers Holdings Inc.) (“LBHI”) and Wilmington Trust Company (as successor trustee to Citibank, N.A. (the “Predecessor Trustee”). Under the Indenture, LBHI issued certain senior debt securities (the “Senior Notes”). Holders of the Senior Notes are referred to herein as the “Senior Noteholders.”
On September 15, 2008, and at various times thereafter, LBHI and certain of its affiliates commenced cases under chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Cases”) before the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). LBHI and its affiliates that are subject to bankruptcy proceedings in the United States are referred to herein as the “Debtors.”
On September 2, 2009, as authorized under the Indenture, the Trustee filed a proof of claim against LBHI on behalf of Senior Noteholders (the “Global Proof of Claim”). The Global Proof of Claim asserted claims against LBHI for, among other things, principal, interest, and other amounts payable to Senior Noteholders under the Senior Notes. The Global Proof of Claim was filed in an undetermined total amount because, at the time, claim amounts were unknown for certain of the Senior Notes.
CORRECTION OF ALLOWED CLAIM AMOUNT
On May 10, 2012, the Debtors filed a Notice of Presentment for Amended Order Granting Debtors’ Objection to the Claim Filed by Wilmington Trust Company as Indenture Trustee (Claim Number 10082) (the “Notice of Presentment”) [docket no. 27794 at www.lehman-docket.com]. The Notice of Presentment attached a proposed order to correct an error in the order entered by Bankruptcy Court on December 22, 2011 (the “LBHI Structured Notes Order”) with respect to the allowed claim amount for the Senior Note identified by CUSIP No. 524908NF3 (Escrow CUSIP No. 524ESCN89). No objections to the Notice of Presentment were filed and the Court entered the Second Supplemental Order Granting the Debtors’ Objection to the Claim Filed by Wilmington Trust Company as Indenture Trustee (Claim Number 10082) [docket no. 28095 at www.lehman-docket.com] (the “Second Supplemental Order”, and together with the LBHI Structured Notes Order, the “Claim Allowance Orders”) on May 25, 2012. The Second Supplemental Order allows the portion of the Global Proof of Claim
relating to the Senior Note identified by CUSIP No. 524908NF3 (Escrow CUSIP No. 524ESCN89) in the amount of $100,139,549.1
Electronic copies of the Claim Allowance Orders are available on the informational website maintained by the Trustee, www.wilmingtontrust.com/lehman, and on the Debtors’ website, www.lehman-docket .com.
PLAN DISTRIBUTIONS AND TRUE-UP PAYMENT
TO CERTAIN SENIOR NOTEHOLDERS
On December 6, 2011, the Bankruptcy Court entered an Order (the “Confirmation Order”) [docket no. 23023 at www.lehman-docket.com] confirming the Debtors’ Modified Third Amended Joint Chapter 11 Plan (the “Plan”) [docket no. 22973 at www.lehman-docket.com]. The Senior Noteholder claim is classified as a “Class 3” claim consisting of “Senior Unsecured Claims against LBHI.” The Debtors estimate that Class 3 claimants will recover 21.1% of the allowed amount of their claims after all the distributions have been made pursuant to the Plan. On March 6, 2012, the Plan was deemed effective by the Debtors. As detailed in the Notice to Holders dated April 11, 2012, the Debtors made an initial distribution to the Trustee on behalf of Senior Noteholders (the “Initial Distribution”) on April 17, 2012. The Debtors will make subsequent distributions of available cash in accordance with the Plan semi-annually on March 30 and September 30 of each year, provided the aggregate distribution is not less than $10,000,000.
On the next distribution date, which is expected to occur on September 30, 2012, the Debtors will make a distribution to the Trustee on behalf of the Senior Noteholders (the “Second Distribution”). In light of the Second Supplemental Order, the Second Distribution will include an amount payable to Holders of the Senior Note identified by CUSIP No. 524908NF3 (Escrow CUSIP No. 524ESCN89) equal to their pro rata share of the difference between (x) the amount distributed to Holders with respect to such security under the Initial Distribution and (y) the amount that would have been distributed to such Holders under the Initial Distribution if the allowed claim amount of such security had included the corrected amount provided in the Second Supplemental Order (the “True-Up Payment”). In addition to the True-Up Payment, Holders of the Senior Note identified by CUSIP No. 524908NF3 (Escrow CUSIP No. 524ESCN89) will receive their pro rata share of the amount distributed to all Senior Noteholders under the Second Distribution.2
NO ACTION IS REQUIRED BY SENIOR NOTEHOLDERS TO RECEIVE THEIR PORTION OF THE PLAN DISTRIBUTIONS. PLAN DISTRIBUTIONS WILL BE DEPOSITED IN THE ACCOUNTS IN WHICH SENIOR NOTEHOLDERS HOLD SENIOR NOTES. NO CHECKS WILL BE ISSUED. The Debtors have provided information on the distribution on the “Distribution Information” tab of their website at www.lehman-docket.com.3
1 The allowed claim amount for CUSIP 524908NF3 listed in the original Structured Notes Order was $139,549.
2 Similar to all Plan Distributions, the True-Up Payment will be made to Holders of the Senior Notes identified by CUSIP No. 524908NF3 (Escrow CUSIP No. 524ESCN89) who hold such Senior Notes at the time of the Second Distribution. You must hold (not have sold or transferred) such Senior Note at the time the Second Distribution is made to receive the True-Up Payment.
3 The Trustee recommends Senior Noteholders review the “Post Effective Date FAQ’s” document on the “Distribution Information” tab of the Debtors’ website (www.lehman-docket.com) before contacting the Trustee with questions.
GENERAL INFORMATION
The Trustee recommends Senior Noteholders monitor the Debtors’ website (www.lehman-docket.com), the website maintained by the Lehman Official Committee of Unsecured Creditors (www.lehmancreditors.com), and the Trustee’s website www.wilmingtontrust.com/lehman) for information regarding the Bankruptcy Cases.
Inquiries regarding the Senior Notes may be directed to the Trustee as follows:
Wilmington Trust Company
Attn: Julie J. Becker (302) 636-41854
50 South Sixth Street, Suite 1290
Minneapolis, Minnesota 55402-1544
or to the Trustee’s attorneys:
Covington & Burling LLP
Attn: Martin E. Beeler (212) 841-1023
The New York Times Building
620 Eighth Avenue
New York, NY 10018
This Notice is provided for informational purposes only. The Trustee gives no legal, financial or tax advice regarding the Senior Notes, the Second Supplemental Order, any historical or projected distributions under the Plan, or the other matters described herein. Senior Noteholders should consult with their own professionals regarding the Senior Notes.
Dated: June 13, 2012 WILMINGTON TRUST COMPANY,
solely in its capacity as Indenture Trustee
4 This phone line is monitored daily. Calls will be returned in the order received. Please do not leave multiple messages.
It can also mean cancellation of debt.
I received this email regarding w9(I took out the person's name)
Thank you for contacting us today. Since the shares of Lehman Brothers Holdings in this account are held through DTC, which is our depository, there is no action required on your part. If you or any other shareholders has shares individually or through a firm that is being paid by Epic Solutions individually, it is required that the documentation be completed and returned for payment. All required forms will be completed on your behalf and credits posted to you as received at our firm with no further action required on your part. Please let us know if you have additional questions or concerns.
Sincerely,
Corporate Actions & Dividends
Division of TD Ameritrade, Inc.
I still don't see why some received notices and others didn't, and some of you received after the deadline date.It said the Trustee will not reconize any claims after I believe August 31st or Sept 7th. I held these for years now they are in escrow by the trustee so they know where I am. I think I'll wait and see, right now.
Hello everyone, Td ameritrade called back said that I don't need to file a w9, they are through the fdic no forms are required by me. She could not answer why some received w9 and others not. A w9 is a tax form she said. So I asked straight out if something was in the works. She said she didn't know, they will know when I know basically. Sorry everyone no real answers.
Hey everyone, I called that computershare in R.I. wasn't much help. The rep told me that the w9 is to link your social security with securties owned. I asked him why you need this info if the brokerage already has all necessary info. He told me contact my brokerage regarding w9. That was it. So I contacted TD Ameritrade about w9, computershare, why some received notices while others didn't, etc. Mariah said they are looking into it she wasn't sure why either, we have all necessary information. But she did say that through bankruptcy court and lawsuits somethings may get missed. They will get back to me by the end of the day if not tomorrow. I'll keep you guys posted
I don't Know Jersy, just when it was confusing enough. What I don't get is I believe some people got the letters after date due or I am reading this wrong.
PLEASE TAKE NOTICE that in accordance with sections 1.48 and 8.3 of the Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and its Affiliated Debtors (the "Plan"), the second Distribution Date shall be, and Distributions under the Plan shall commence on October 1, 2012.
PLEASE TAKE FURTHER NOTICE that pursuant to section 8.11 of the Plan, for purposes of the second Distribution Date, the Debtors and the Plan Administrator will not recognize any transfer of Claims recorded on the claims register after August 31, 2012.
PLEASE TAKE FURTHER NOTICE that the Debtors may not make any Distribution to a holder of an Allowed Claim unless such Claim holder submits, on or before September 7, 2012, both the appropriate (i) Internal Revenue Service tax form ("Tax Form") and (ii) certification pertaining to Office of Foreign Assets Control compliance (“OFAC Certification”). For further information concerning the Tax Form and OFAC Certification, please review the below "Notice to Holders of Allowed Claims Regarding Plan" Distributions
Maybe its me making this more confusing than this is(most likely scenerio), but i'm calling that center in Rhode Island tomorrow maybe they can clarify things.
Hey Thanks LD, I was going to buy commons but I thought they were to low in the food chain to get a recovery. I had buyer's remorse when I bought the pq's but with 1000 dollar face value and high dividend return what the hell. So what do think why some people got letters and others didn't?(I'm one who didn't)
To the board. There was some kind of lawsuit filed maybe a year ago. I remember the board discussing it. Did all of you who received letters, register for that lawsuit. Maybe this is what this is about?
Hey Jersey, then I have no clue. Did you own any lehman prior to bankruptcy?
Thats what i think too
My reading is that, people who received letters(and they can tell you better than I can) that they don't have their stock in brokerage accounts. I could be wrong. I'm not sure about any distributions, would be nice, but i don't thinks right now.
http://dm.epiq11.com/LBH/Project
Post Effective Date FAQ's
press click here
STOCK CANCELLATION/SENIOR NOTES FAQS:
10) I was a Stockholder prior to the filing, what will happen to my stock?
On the Effective Date, the LBHI common and preferred stock were cancelled and one new
share of LBHI common stock was issued to the LBHI Plan Trust which will hold such share for
the benefit of the former holders of LBHI common and preferred stock consistent with their
former relative priority and economic entitlements. The beneficial interests in the LBHI Plan
Trust held by former LBHI stockholders are uncertificated, non-voting, and nontransferable other
than by will or by the laws of descent and distribution. The Plan states that in the event that all
Allowed Claims in LBHI Classes 1 through 11 have been satisfied in full in accordance with the
Bankruptcy Code and the Plan, each holder of an Equity Interest in LBHI may receive its share
of any remaining assets of LBHI consistent with all rights and priorities existing immediately
prior to the commencement of the Chapter 11 cases. At this time it is not anticipated that any
distribution will be made to the LBHI Plan Trust or to any beneficiary of the LBHI Plan Trust.
11) What do I do with my stock certificates?
As the stock is being cancelled pursuant to the Plan, you are not required to take any action
with respect to the stock you hold.
12) I just read that my stock was cancelled. When did this happen? Do I receive
anything in exchange?
The Effective Date was March 6, 2012. When the LBHI common stock and preferred stock was
cancelled on the Effective Date one new share of LBHI common stock was issued to the LBHI
Plan Trust which will hold such share for the benefit of the former holders of LBHI common and
preferred stock consistent with their former relative priority and economic entitlements. In place
of your old shares, an escrow position was created to act as a placeholder in your account and
to represent your beneficial interest in the LBHI Plan Trust and your indirect interest in the new
share of LBHI common stock for any potential future distributions. The beneficial interests in the
LBHI Plan Trust held by former LBHI stockholders are uncertificated, non-voting, and
nontransferable other than by will or by the laws of descent and distribution. The escrow
position will correspond to the number of old shares you held as of the Effective Date consistent
with your former relative priority and economic entitlements. At this time it is not anticipated that
any distribution will be made to the LBHI Plan Trust or to any beneficiary of the LBHI Plan Trust.
13) I now hold a beneficial interest in the LBHI Plan Trust.
a. What does this mean? It means you have an escrow position or a
“placeholder” for any potential future distributions by the LBHI Plan Trust
resulting from any distributions received by the LBHI Plan Trust in respect of the
single share of LBHI common stock it holds.
If you have any questions that are not answered by this FAQ, please contact Epiq by email at
lehmancallcenter@epiqsystems.com or by phone at 866-879-0688 (domestic) or +1 503-597-7691
(international).
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b. What is an escrow CUSIP? A CUSIP number is a unique identifier assigned to a
particular security. An escrow CUSIP is a placeholder representing the amount
of shares held by the former holders of equity interests or the principal amount
held by former holders of notes. An escrow CUSIP is not an “official” security
designation, and it is created solely for record-keeping purposes. The escrow
CUSIP number shall only represent the right of such holder to receive potential
future distributions under the Plan on account of the old or cancelled securities or
as holders of beneficial interests in the LBHI Plan Trust.
c. Is it worth anything? The Plan states that in the event that all Allowed Claims
in LBHI Classes 1 through 11 have been satisfied in full in accordance with the
Bankruptcy Code and the Plan, each holder of an Equity Interest in LBHI may
receive its share of any remaining assets of LBHI. At this time it is not
anticipated that any distribution will be made to the LBHI Plan Trust or to any
holder of an Equity Interest in LBHI. Additionally, the beneficial interests in the
LBHI Plan Trust are non-transferable and non-voting.
d. Do I receive any evidence of this interest? No. The interests in the LBHI Plan
Trust are not certificated. The evidence is in the form of the escrow CUSIP
position that will correspond to the number of old shares held as of the Effective
Date consistent with their former relative priority and economic entitlements.
e. Will it show up on my brokerage statement? This depends on the firm, but
generally the answer is yes, under an escrow CUSIP position that will mirror the
number of old shares held as of the Effective Date consistent with their former
relative priority and economic entitlements.
f. Can I trade it? No. The beneficial interests in the LBHI Plan Trust are nontransferable.
The continuing rights of holders of Equity Interests (including
through their interest in the LBHI Plan Trust or otherwise) shall be nontransferable
except by will or under the laws of descent and distribution.
g. Can I vote it? No. The beneficial interests in the LBHI Plan Trust are nonvoting.
h. Tax Considerations. The following questions and answers are for general
informational purposes only. Holders are urged to consult their own tax advisors
regarding the tax consequences to them of the Plan and of being a beneficiary of
the LBHI Plan Trust.
i. What is the nature of the LBHI Plan Trust for tax purposes? The LBHI
Plan Trust is intended to be treated as a “liquidating trust” that is taxable as
a “grantor trust” for U.S. federal income tax purposes of which the former
holders of LBHI Stock are the grantors. For U.S. federal income tax
purposes, the former stockholders are treated as directly receiving an
If you have any questions that are not answered by this FAQ, please contact Epiq by email at
lehmancallcenter@epiqsystems.com or by phone at 866-879-0688 (domestic) or +1 503-597-7691
(international).
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undivided interest in the single share of LBHI common stock held by the
LBHI Plan Trust and then transferring such interest to the LBHI Plan Trust in
exchange for the beneficial interests in the LBHI Plan Trust. On a goingforward
basis, each beneficiary of the LBHI Plan Trust will be treated for
U.S. federal income tax purposes as a direct owner of the underlying assets
of the LBHI Plan Trust (namely, the single share of LBHI common stock held
by the LBHI Plan Trust), in accordance with its former relative priority and
economic entitlements as a stockholder.
ii. Is the cancellation of LBHI stock taxable to holders? A former holder of
LBHI stock (common or preferred) should not recognize gain or loss for U.S.
federal income tax purposes solely by reason of the cancellation of its LBHI
stock pursuant to the Plan. As a beneficiary of the LBHI Plan Trust, each
holder will continue to be regarded as owning for U.S. federal income tax
purposes a direct interest in the single share of LBHI common stock held by
the LBHI Plan Trust with the same relative priority and economic
entitlements as the LBHI stock previously held.
iii. How is a beneficiary taxed on its beneficial interest in the LBHI Plan
Trust? In general, a beneficiary of the LBHI Plan Trust is taxed as if directly
earning or incurring any income, gain, deduction or loss in respect of its
portion of the underlying assets of the LBHI Plan Trust (regardless of
whether any earnings are actually distributed). In addition, the LBHI Plan
Trust will comply with all applicable governmental withholding requirements
in respect of any amounts received or distributed. Nevertheless, it is not
expected that the LBHI Plan Trust will have any income or deductions to
report or will make any distributions.
iv. Do I as a beneficiary have to provide any Tax ID information to the Plan
Trust? [color=red]All holders of record -- i.e., in general, former stockholders whose
shares were registered in their name, in contrast to those who held their
stock through a broker -- are required to provide to the LBHI Plan Trust a
properly completed and executed IRS Form W-9 (certifying as to their tax
identification number) or, in the case of non-U.S. persons, a properly
completed and executed IRS Form W-8. Specific instructions regarding the
submission of tax forms have been provided to former stockholders of
record and can be accessed at (www.lehman-docket.com). All other
holders will be notified by the Plan Trust if and when such information is
required from them.
How will beneficiaries of the LBHI Plan Trust receive information
regarding the LBHI Plan Trust for their tax returns? Within seventy-five
(75) days following the end of the calendar year or as soon as practicable
thereafter, the trustees of the LBHI Plan Trust will furnish to the beneficiaries
the information regarding the income, gain, loss, deduction or credit (if any)
If you have any questions that are not answered by this FAQ, please contact Epiq by email at
lehmancallcenter@epiqsystems.com or by phone at 866-879-0688 (domestic) or +1 503-597-7691
(international).
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of the LBHI Plan Trust (as computed for U.S. federal income tax purposes)
for the calendar year just ended, by posting such information at
(www.lehman-docket.com).
14) My stock was cancelled. Am I entitled to a distribution?
If you previously held common stock or preferred stock of LBHI and, as a result, now hold a
beneficial interest in the LBHI Plan Trust, after all Allowed Claims in LBHI Classes 1 through 11
have been satisfied in full in accordance with the Bankruptcy Code and the Plan, and the LBHI
Plan Trust receives a distribution in respect of the single share of LBHI common stock it holds,
you may receive a distribution in respect of your beneficial interest in the LBHI Plan Trust. At
this time it is not anticipated that any distribution will be made to the LBHI Plan Trust or to any
holder of an equity interest in LBHI. For all other Plan Classes, please refer to the Plan.
15) If a distribution is made to former stockholders (now holders of beneficial
interests in the LBHI Plan Trust), how will I know?
If you held your Class 12 Interests in a brokerage account, the distribution will be deposited into
your account. If you held your Class 12 Interest as a registered holder in your own name,
notification will be made.
16) Can I change brokers?
Yes.
17) My broker does not want to hold my beneficial interest anymore. Can I convert to
record name?
No. There will not be any mechanism for converting your position to record name.
18) I just moved. Should I submit a change of address? To whom?
Yes, you should submit a change of address. Where you send the change of address request
depends, on where your claim or securities are held. When making the notification include your
name on the account, your old address, your new address, date the change is effective and a
phone or email address in the event there are questions, as well as any account numbers or
other identifying information.
a. If you hold securities, either stock or bonds through a brokerage account you
should contact your broker.
If you have any questions that are not answered by this FAQ, please contact Epiq by email at
lehmancallcenter@epiqsystems.com or by phone at 866-879-0688 (domestic) or +1 503-597-7691
(international).
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b. If you are a registered holder, holding the stock in your own name and do not
hold it through a broker, please contact the stock transfer agent.
For Old Common Stock
Computershare (formerly BNY Mellon)
1-800-824-5707
For Old Preferred Stock
Computershare
1-877-498-8865
c. If you have a filed proof of claim, then you should notify Epiq, the Claims and
Noticing Agent for Lehman Brothers Holdings Inc. Write to:
Lehman Brothers Holdings Noticing Agent
Epiq Bankruptcy Solutions
757 Third Avenue, 3rd Floor
New York, NY 10017
19) Where can I find more information about the wind-down?
After the Effective Date, pursuant to the Plan, the Plan Administrator shall wind-down, sell and
otherwise liquidate assets of the Debtors and/or Debtor-Controlled Entities in accordance with
Section 6.1(b)(iii) of the Plan. You may find additional information at www.lehman-docket.com.
20) I held preferred stock. Is my beneficial interest different than the beneficial
interest that a common stockholder received?
The common stock and the preferred stock were both classified as Class 12 Equity Interests
under the confirmed Plan and both are treated similarly under the Plan. The beneficial interests
in the LBHI Plan Trust corresponding to the cancelled common and preferred stock of LHBI
shall maintain the former relative priority and economic entitlements of such common and
preferred stock.
21) What is happening to my Senior Notes?
The Senior Notes are in LBHI Plan Class 3 Senior Unsecured Claims, and the distribution for
these will be paid through your bank or broker through the depository in which your position is
held. An escrow CUSIP will also be established as a place holder in your account for any
potential future distributions.
If you have any questions that are not answered by this FAQ, please contact Epiq by email at
lehmancallcenter@epiqsystems.com or by phone at 866-879-0688 (domestic) or +1 503-597-7691
(international).
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22) Does the Distribution Record Date (March 18, 2012) apply to beneficial holders of
debt securities?
The Distribution Record Date of March 18, 2012 does NOT apply to most debt securities issued
by LBHI. Any distributions to LBHI-issued Senior Notes on the Master List of Securities or the
LBHI-issued Lehman Programs Securities included in an Amendment to Schedule F will be
made to the beneficial holders of such securities as of the date of the first distribution payment
(which are scheduled to commence on April 17, 2012). If however, you are a holder of any
other debt security that may be entitled to receive a payment under the Plan, such payment will
be made to the holder of the claim filed for that security as of the Distribution Record Date.
Transfers of claims recorded on the claims register after the Distribution Record Date will not be
recognized by the Plan Administrator.
Ticker Symbol: LEHJQ CUSIP: 52520W317
Ticker Symbol: LEHPQ CUSIP: 52523J453
Ticker Symbol: LHHMQ CUSIP: 52520E200
Ticker Symbol: LEHNQ CUSIP: 52520X208
Ticker Symbol: LEHLQ CUSIP: 52520B206
Ticker Symbol: LEHKQ Cusip: 52519Y209
These are the cusip numbers for the ones i own.
I guess Veve is working on his next film, Bare Butt Mountain. Cause I feel thats we are all taking it.
I was always wondering if we were to recieve stock and not cash equal to "former relative prior and economic entitlements" So on the effective date, when this occurs all old securities will be cancelled, maybe wishful thinking or we all have tax right off.
"One share of Plan Stock, which will
represent all issued and outstanding equity
securities of LBHI, will be issued to the Plan
Trust who shall hold such share for the benefit
of the holders of such former equity securities
of LBHI consistent with their former relative
priority and economic entitlements as holders of
LBHI’s equity securities. Each holder of an
existing equity interest of LBHI shall neither
receive nor retain any property or interest in
property on account of such equity interest
other than the Trust Interests. The Trust
Interests shall entitle their holders to receive
distributions with respect to the Plan Stock
pursuant to the Plan."
Did any one get a letter(s) from the trustee, "notice of entry of order" signed by judge peck Dec.6 2011. So do we longs get locked up into "one share" soon.
Also question to the board, if this was signed Dec 6 does that mean any shares purchased after dec 6 are not included in "one share?" tia
Hey Mr Veve, how about a reality show about cowboys who mine while playing golf that can chew gum
question to anyone: Can lehman claim nols if they liquidate commons, preferred, and cts? I don't believe so, but i am not an expert in these things.
According to the reply,"Ameritrade has made a business decision to no longer accept orders for stocks that only trade via physical certificate. However, you may still sell the shares that you currently own. I appreciate your understanding in this matter." This is just tda, anyone on this board able to buy shares?
I hope that is his intent.
He would have to. The first line in the reply was, "VMGI has made the decision to only allow its stock to be traded via physical certificate instead of the modern electronic book-entry system."
Hey Frankie, here is the reply i recieved from tda about not being able to buy vmgi.
"VMGI has made the decision to only allow its stock to be traded via physical certificate instead of the modern electronic book-entry system. When companies convert to physical certificates only, it becomes extremely difficult and, in some cases, impossible for brokerage firms like Ameritrade to obtain shares for their clients. Converting to physical delivery also increases the costs associated with transferring ownership of common stock between buyers and sellers. To reduce the risks that transactions cannot be settled timely and the added expenses associated with physical delivery of shares, Ameritrade has made a business decision to no longer accept orders for stocks that only trade via physical certificate. However, you may still sell the shares that you currently own. I appreciate your understanding in this matter.
NICE!!!!
Translation to article:
In the natural scenery in Hermosillo, simultaneously
In the desert of sound, Mexico, Cowboy Mining is imposed. The territory laws have changed and there is a new urgency. Mexico is the place where to be. While precious metals prices still rising, the competition is to discover the next mine "world class."
Green Media Group (formerly Hidalgo Mining), is in the natural scenery in Hermosillo, Mexico preparing for the next programme of affairs "Cowboy Mining."
For the first episode, Cowboy Mining will the protagonists in Globexplore while they drilled thousands of feet below of the Earth's surface for sleeker targets the size of an Apple delivering valuable mineral samples of gold, silver, copper and other high-value minerals to the next discovery of "world class." The danger is abundant in this business of high interest when expeditions of exploration in violent territories, infested by the drug cartel, whose mission access remote Mexican mines that once produced gold and silver over 400 years ago. Millions of dollars in cash and equipment will be at risk while see Globexplore team work day and night at the last cross by gold and silver. Pierce is just the beginning!
Globexplore employs a team of 130 experts Drillers mechanical ground operators, engineers, who work throughout the day in this difficult task to meet promised support staff. When the vital accuracy and customers demand the best, Globexplore says that it meets.
Victor Diaz and Marc Kieler are the co-founders of Globexplore Drilling, which is one of the main drilling companies headquartered in Mexico. The company focuses on the client, is driven by technology and focuses on methods and techniques of drilling of first class only manage the years of experience. "We could be more excited to be here with Marc Kieler and Victor Diaz, the owners of Globexplore Drilling," said William Veve, President of Green Media Group. "They have opened up a huge door that leads our production to the ground of such chores as junior mining work, operate and grow within larger mining."
Diaz was born in his native state of Sonora, Mexico and educated in the United States. With more than 20 years of experience in the mining industry, heavily gained industry experience has been fundamental for the growth of Globexplore Drilling. Kieler, a native of California, spent 20 years working in International Marketing with training in design and production consulting. Its emphasis on a traditional customer service helps Globexplore Drilling highlight in an industry known for its rude attitude "take it or leave it." Victor and Marc have quickly built a reputation as the choice preferred among contractors drilling, winning contracts with some of the most requested small and large mining companies.
Cowboy Mining is a series of original Affairs that will incorporate and submit all historical and modern mining activities around the world, according to Green Media Group. The show will present personalities, companies, historical figures, peoples and citizens who are directly and indirectly involved in mining. The show aims to entertain and educate viewers practices of mining, its social, political, economic and environmental impact, and people who are involved in day-to-day operations.
Cowboy Mining will be the first series based on reality in exceedingly enter detail about mining in the world. Cowboy Mining will present locations in Mexico, Canada, USA, South America, Africa, Australia and Europe, giving viewers access unparalleled a world ever followed from a perspective of a person from the inside.
bid of .013, ask of 2.00!
huh ?????????????????????????
Can anyone correct me if I am reading this wrong, but are the C/Ts class 5 being transferred to Class 3 "Senior Unsecured Debt" with an estimated recovery of 17.4% par.
----------------------------------------------------------
RECOVERY OF CLAIMS AND EQUITY INTERESTS UNDER THE PLAN
Lehman Brothers Holdings Inc. (“LBHI”)
Class Type of Claim or
Equity Interest Treatment of Allowed Claims Under the Plan Estimated
Recovery
class 1 Priority Non-Tax
Claims against LBHI Payment in full, in Cash.
Claims in Class 1 shall not receive post petition interest. 100% Impaired, Entitled
to Vote
class 2 Secured Claims against
LBHI At the option of LBHI: (i) payment in Cash in an amount equal
to the Allowed amount of such Secured Claim on the later of
the Effective Date and the date such Secured Claim becomes an
Allowed Secured Claim; (ii) the sale or disposition proceeds of
the Collateral securing such Allowed Secured Claim to the
extent of the value of the Collateral securing such Allowed
Secured Claim; (iii) surrender to the holder of such Allowed
Secured Claim of the Collateral securing such Allowed Secured
Claim; or (iv) such treatment that leaves unaltered the legal,
equitable, and contractual rights to which the holder of the
Allowed Secured Claim is entitled. 100% Impaired, Entitled
to Vote
class 3 Senior Unsecured
Claims against LBHI Payment in Cash in the amount of (i) its Pro Rata Share of
Available Cash from LBHI, and (ii) its Pro Rata Senior
Unsecured Claim Share of Reallocated Distributions. 17.4%
Impaired, Entitled
to Vote
class 4 General Unsecured
Claims against LBHI Payment in Cash of its Pro Rata Share of Available Cash from
LBHI. 14.7%
Impaired, Entitled
to Vote
class 5 Subordinated
Unsecured Claims
against LBHI No Distribution (because such Distributions are automatically
reallocated to Senior Unsecured Claims in accordance with the
underlying agreements). 0%
Impaired, Not
Entitled to Vote,
Deemed to Reject
I think when the judge signs off on the bankruptcy.
1.38 Effective Date means the first Business Day on which the conditions to
effectiveness of the Plan set forth in Article XI have been satisfied or waived and on which the
Plan shall become effective with respect to a Debtor.
Effectiveness of the Plan
11.1 Conditions Precedent to the Confirmation of the Plan. A condition precedent to
the confirmation of each Plan is that the Bankruptcy Court shall have entered a Confirmation
Order with respect to such Plan in form and substance satisfactory to the respective Debtor and
the Creditors’ Committee.
11.2 Conditions Precedent to the Effective Date of the Plan. The following are
conditions precedent to the Effective Date of the Plan with respect to each Debtor:
(a) The Confirmation Order, in form and substance acceptable to the Debtors
and the Creditors’ Committee, shall have been entered;
(b) All actions and all agreements, instruments or other documents necessary to
implement the terms and provisions of the Plan are effected or executed and delivered, as
applicable, in form and substance satisfactory to the Debtors;
(c) All authorizations, consents and regulatory approvals, if any, required by the
Debtors in connection with the consummation of the Plan are obtained and not revoked; and
(d) the certificate of incorporation and by-laws of the Debtors shall have been
amended to the extent necessary to effectuate the Plan.
11.3 Waiver of Conditions. Notwithstanding the foregoing, each Debtor reserves its
right, upon obtaining the consent of the Creditors’ Committee, to waive the occurrence of the
conditions precedent to the Effective Date set forth in Section 11.2 of the Plan other than Section
11.2(a) of the Plan. Any such waiver may be effected at any time, without notice, without leave
or order of the Bankruptcy Court, and without any formal action other than proceeding to
consummate the Plan. Any actions required to be taken on the Effective Date shall take place
and shall be deemed to have occurred simultaneously, and no such action shall be deemed to
have occurred prior to the taking of any other such action. If any of the Debtors decide, after
consultation with the Creditors’ Committee, that one of the conditions precedent to the Effective
Date of its Plan cannot be satisfied and the occurrence of such condition is not waived or cannot
be waived, then the Debtor shall file a notice of the inability to satisfy such condition prior to the
Effective Date with the Bankruptcy Court
I'm not sure but I think we get issued shares of non tradeable shares of Lamco when Lehman shares get cancelled. Am I wrong? This stuff is way above my pay grade!
(b) Distributions. On the Effective Date, all Equity Interests in LBHI shall be
cancelled and one new share of LBHI’s common stock shall be issued to the Plan Administrator
which will hold such share for the benefit of the holders of such former Equity Interests[color=red][/color]consistent with their former economic entitlements; provided, however, that the Plan
Administrator may not exercise any voting rights appurtenant thereto in conflict with Article
VII of the Plan. Each holder of an Equity Interest in LBHI shall neither receive nor retain any
property or interest in property on account of such Equity Interests; provided, however, that in
the event that all Allowed Claims in LBHI Classes 1 through 8 have been satisfied in full in
accordance with the Bankruptcy Code and the Plan, each holder of an Equity Interest in LBHI
may receive its Pro Rata Equity Share of any remaining assets of LBHI consistent with such
holder’s rights of priority of payment existing immediately prior to the Commencement Date.
The rights of the holders of former Equity Interests in LBHI shall be nontransferable. On or
promptly after the Effective Date, the Plan Administrator shall file with the Securities and
Exchange Commission a Form 15 for the purpose of terminating the registration of any of its
publicly traded securities. Unless otherwise determined by the Plan Administrator, on the date
that LBHI’s Chapter 11 Case is closed in accordance with Section 6.6 of the Plan, all such
former Equity Interests in LBHI shall be deemed cancelled and of no force and effect provided
that such cancellation does not adversely impact the Debtors’ estates.
Yes, you are correct, my bad. CTs must be paid 100% for any preferred or commons to get anything. I just hope CTs are paid in full. Again we need an EC!!
While w/o knowing A/L commons can not be cancelled. In my opinion, and I hope i'm wrong commons will get cancelled at some point. If for the simple fact, why pay anyone if you don't have to. Prefered will get something 10-20% and CT's I don't think will get full price, but more than prefered maybe 25-35% face value. I hold all shares structures so before anyone starts trying to hunt me down with flame thrower,this is again just opinion, and I hope I am wrong. I pasted below off the SEC website how bankruptcy creditors are paid in case anyone doesn't know.
How Are Assets Divided in Bankruptcy?
Secured Creditors - often a bank, is paid first.
Unsecured Creditors - such as banks, suppliers, and bondholders, have the next claim.
Stockholders - owners of the company, have the last claim on assets and may not receive anything if the Secured and Unsecured Creditors' claims are not fully repaid
Note: Investors should be cautious when buying common stock of companies in Chapter 11 bankruptcy. It is extremely risky and is likely to lead to financial loss. Although a company may emerge from bankruptcy as a viable entity, generally, the creditors and the bondholders become the new owners of the shares. In most instances, the company's plan of reorganization will cancel the existing equity shares. This happens in bankruptcy cases because secured and unsecured creditors are paid from the company's assets before common stockholders. And in situations where shareholders do participate in the plan, their shares are usually subject to substantial dilution.
I would like to stress we need an EC at the proceedings to voice and protect our interest so get your letters requesting an EC asap. GLTA
I disagree, the only thing that matters to us is an Equity Committee, then the Re-Org plan.