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27% recovery (210M) is the pro rata distribution
Section 8.4 of the Plan requires each of the chapter 11 entitiesto retain reserves for Disputed Claims equal to the pro rata Distributions that
would be paid on such claims in the event they are allowed in full.
Thanks a million. that is the one
($210,010,179.60)/($780,000,000)X100 = 26.924382% (Recovery for class 3)
although the agreed recovery in the plan for class 9A is only 15.7%, LBHI give them 45% as a compromise!!!!! what kind of compromise is this??????
i guess i know why. They want to disallow the claim under class 3 and get red of them as i think class 3 is entitled to keep receiving distributions "as if they were not satisfied in full" under any plan adjustment.
OMG..Per the POR, class 3 will only get 27% recovery
could it be more clearer? can someone please post again what was the rate of recovery for each class after the last distribution? i remember i saw it
Docket 46343
9. On August 22, 2011, the Parties entered into a stipulation (so ordered by
the Bankruptcy Court on September 1, 2011) (the “2011 Stipulation”) pursuant to which the
Claims were reduced to the total maximum amount of $780,000,000, which represented all
amounts that would have become due under the Lease less amounts to be paid by J.P. Morgan.
In the 2011 Stipulation, LBHI agreed that it would reserve against payment of such maximum
allowable amounts, until such time as the Claims were settled or finally adjudicated, an amount
equal to the sum that would have been distributed in respect of such maximum allowed amount
had the same been allowed as Class 3 claims under the Plan. Pursuant to that obligation, LBHI
has to date reserved a total of $210,010,179.60 on account of the Claims (the “Existing
Reserve”).
are you sure you are replying to my post i can not see the relation!
what i am trying to understand if they will make higher recovery from being in a much lower class???
so even with 40B remaining assets in the BS, these guys know that recovery of class 3 will not even reach near 45% ??
mmmmm..they were class 3 and they agreed to take 45% recovery. what does that say?
i also have a question: will they still receive distribution as class 9 in addition to the 350M ?
i think he means classes higher than 7
25th Sep
Anyone wants to get me anything on my 2nd Oct Birthday?
or is it just Uncle Lehman and his Brothers???
Not Just Yet Guys..Not just yet
this is the first interim distribution for unsecured creditors of LBI that we all new about. the Good thing is that LBHI is one of the creditors with unsecured claims of about 6B (if i remember) including the famous claim # 6315 (JPM SUBROGATED CLAIM)of 1.5B
Next distribution for LBHI is scheduled on 2nd Oct
Lets wait and see
Come back with good news only
Reminder for those who want to attend today's hearing
Lehman Brothers Europe short of $8 billion
It has been revealed that PwC, the administrator for the Lehman Brothers European business, has requested the return of $8 billion from the company's US parent. In a rather bizarre way of controlling cross company funding it appears that funds associated with all areas of the empire were returned to the US on a daily basis and placed on deposit by the US head office.
PwC has been trying to arrange the return of the funds to pay for day to day expenses, creditors and wages for the 4,500 strong European arm's staff with no success. They have now taken the unusual step of applying for a court order in New York to ensure that the funds are returned to 'their rightful owner'.
It will be interesting to see how this request is received as PwC has also indicated it may have found a buyer for the European arm of the business. If the $8 billion is not returned in the short term this could cause all kinds of problems and also scupper any potential sale of the business. It is only when problems such as the Lehman Brothers situation occur that we actually see how these companies work and the amount of day to day working capital they need to keep going.
Anyway, POR distribution cannot be accelerated. Let's use that as a hint.
The investments will accelerate PLAN Distribution
As LBHI will be able to distribute at least an incremental $560 million in the upcoming sixth PLAN Distribution
Including creditors of LBSF and LBCC that hold corresponding Guarantee Claims against LBHI
LBHI Borrowing or "stealing" Money from their affiliates ??
Mmmmm. I don’t know if this is good or bad for CTs. The other way they could have done it is to file the motion just to convince the court that these reserves (the 1.7B LBSF is holding out of there 2.4B -i think- reserves for unsecured claims) are duplicates and request that LBSF free the money and use it to satisfy their (LBSF) classes 1-6 creditors!!!!!! Instead, LBHI are willing to give LBSF & LBCC more money (later) just to get hold of this cash now to distribute it UNDER the PLAN. That is the scary part to me….
Are they really doing this just to pay our CTs????? Hope so
Toogood, you still believe it is Christmas???
Now that the agreement is out. that means the hearing will be on the 9th for sure
its not only me...
some of the Gurus in this board are doing the same i guess
maybe they think it is "toogood" to be true
these days i am thinking with my Heart more than i am doing with my Brain!!!!! so my answer is Yes !!!
Where is everybody ????
Out for a Flower Day ??
can not stop laughing
have you ever heard the MORE and LESS facts??
fact 1) you are MORE fun than anyone else in this board
fact 2) with your 6k CTs only, you will be LESS rich than anyone else in this board
mmmmmmmm. and i thought I (The last to arrive to the board)was the first one to notice this
from BNYM claim 22123 page 1 section 1.
Check this box if all or part of your claim is based on a Guarantee
thanks a lot
can you please share
After reading gmb
you read the first half of the quote!! i should have "Bold" what i meant to say. lets try again
provided, however, 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 such holder’s rights of payment existing immediately prior to the
Commencement Date
i don't believe the POR gives priority for senior preferred over commons (in case any money left)
provided, however, 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 such holder’s rights of payment existing immediately prior to the
Commencement Date
All under our status as executive contracts. Nothing to do with the POR.
c. Authorized Distributions. LBHI shall be authorized but not directed to
distribute as Distributions under the Plan the proceeds of the borrowings
under the Notes. Notwithstanding the foregoing, LBHI shall be required
to hold back from all Distributions an amount equal to 36 months from the
date of the initial advance under the Note of estimated interest at the rate
stated above.
or Perhaps LOL NOL
Or perhaps go for a cruise
Relax, lets see what happens, get into stamp collecting or something else.
Worthless !!!! What do you mean Worthless????
Do you know what will happen to PPS if this is just an interim distribution (if any) ( which I blv it is)???
(d) Non-Transferable. The continuing rights of holders of Equity Interests
(including through their interest in the Plan Trust Stock or otherwise) shall be nontransferable
except by operation of law.
hey 2gfella
stop bothering wayne and provide ur DD on the new news
436 you mean
Lehman Brothers Holdings Inc. to Explore Opportunities to Monetize Portions of General Unsecured Claims against Lehman Brothers Inc.
Lehman Brothers Holdings Inc. to Explore Opportunities to Monetize Portions of General Unsecured Claims against Lehman Brothers Inc.
where is Gus Bus these days???????????
and when people short shares that means the hope PPS will go down no???!!!
**** Docket 46073 ****
A. Approval of the Investments is in the Best Interests of Creditors
16. Pursuant to the Investments, LBSF and LBCC may loan to LBHI the
LBSF Investment Amount and the LBCC Investment Amount in exchange for a rate of return
that is enhanced compared to the rate that otherwise would be earned on the investment of such
amounts. The Investments will make immediately available for distribution to holders of
Allowed Claims against LBHI, including holders of Allowed Claims against LBSF and LBCC
with corresponding Guarantee Claims against LBHI, amounts – over $560 million, plus any
additional amounts to be reserved on account of the LBSF Claim and the LBCC Claim in
connection with future Distributions – that otherwise would become available only after the
disputes with JPMCB are resolved at some unknown future date. This accelerated Distribution
will provide substantial benefit to the creditors of LBHI and creditors of LBSF and LBCC
holding allowed Guarantee Claims against LBHI.
Or maybe we still go with OBS to be paid in full?? After one or 2 distributions?
if this have nothing to do with POR, why CTs will get only 0.17??
Now thats my "Reporter 1"