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"regretfully so now, but this my only name Gus and thanks for the confirming DM "
What DM? Stop spewing blatant lies, just because you can sit in your grandma's basement and type away in anonymity, get a Life!
That Dec 15th 2024 Date is not really relevant for us, as regard to the "X" Interim Distribution. I highlighted that snippet as it is specifying about LBHI's Share of the "X" Distribution, as well as Future distributions -The Dec 15th, 2024, comes into play, in this context ie., the Distributions for "Tier Y" & "Tier Z" recoveries, the agreements for which, is still under negotiation between the "Parties". The Court obviously arrived at the December 15th, 2024 date, after conferring privately with the parties, in that it felt that Dec.15th, 2024 date would provide 'ample enough' time for the parties to iron out the future agreements for Distribution of "Tier Y' & 'Tier Z'.
But the important factor highlighted in the Court order is "LBHI cannot assign, transfer or dispose' of the PLC Debt", which is its "share" (which in turn, LBHI told before the Court belongs to the 'Relevant Subordinated debt-holders of LBHI' , ie., US CT holders) unless the "assignee" ie, US CT holder agrees to it.
Thanks for Posting this Cotton,,,, looks like I missed it previously...
"ii. LBHI shall not assign, transfer or dispose of the PLC Sub-
Debt:
o until 15 December 2024, in any circumstances;
and
o after 15 December 2t 024, unless (i) the assignee
or transferee has agreed to be bound by the
terms of the Framework Agreement;" --- The Court is talking about the US CTs Folks!!!
I think that says it all about LBHI's "Share" of the "X" Interim Distribution that the Agreement (And specifically LBHI itself told the Court) is 'marked' for "Subordinated Debtholders" of LBHI...Woohoo, 18th Dec '23 could be a very important Date indeed...
And then we got the "Tier Y" & "Tier Z" Distributions coming, as I am sure they are negotiating the terms now Because neither LBHI Nor DB filed any "Appeal" before this "Framework Agreement" was ironed out . Go through this Court Order till the End - The Court specifically instructed that in case LBHI/DB failed to "Appeal" before this Framework Agreement came into 'Force', then they have 'No other Option' but to ONLY engage in further negotiations and arrive at additional Agreements for the Distribution Structure for the "Tier Y" & "Tier Z" distributions...
Not only that But IMO, ALL CTs have already been taken care of ,under the LBHI BK Case, with that 'Secret Agreement' (although it's not that 'Secret' at all, for all who read the Relevant Dockets!) between LBHI & JPMC, which Judge Chapman "Blessed", under which JPMC rightfully 'held-back' $8B of "LBHI Funds" because it told the Judge that it is the "Guarantee Trustee" for the various 'Trusts" that LBHI had setup, including ALL the Four US CT Trusts! The UK Interim Court award is Just "Icing on the Cake".
EXACTLY! All those barking about POR, let me tell you. The POR cannot over-ride a Court Judgement, that too a Court that is addressing the same BK of the 'subsidiaries'!
I am NOT Gus! In Fact, I bought out Gus's last 50K CTs for around 19C/CT! Maybe you hide under different names, Not me!
Because WMIH has not been completely 'bought off ' yet, "Lock, Stock & Barrel" by JPMC? Good Find! TIA & GLTU!
Heh he He, You do get riled up so easily. No, I do not need to follow Ron's postings or anyone else's, for that matter, to decipher that Full Payment has not yet been made by JPMC for the 'Assets'. That's why it would result in a 5AT, if the 'Assets' are 'conveyed' to JPMC by FDIC. And that is the reason FDIC-R hasn't closed down the 'conservatorship' yet. IF JPMC had bought 'everything' of WMIH in 2008 or immediately after as you are insisting, FDIC would have closed the conservatorship long back by now. And on top of it, why would FDIC keep suing the lender companies, even as early as last month, in order to 'claw-back' money from them for WMIH, if it were not the 'conservator' currently of WMIH's Assets and is obligated as the 'Conservator' to do so?
18th Dec... let's hope.
Well Lodas, Nothing of what they disclosed to us/the world is True about the WaMu Saga. You want to just take their word and go by what they 'disclosed' in the Court Dockets and the SEC Filings While a Lot of us, including me do Not. Why? Because it was the Biggest Bank Heist ever committed and they are not going to Fess up about it. But there is this Pesky Thing called the 5AT....So, they have to pay us ultimately in Total Secrecy...
Because I have to take their word about what they own...
"the release was an instrument in which I was able to state and agree and put on record my interest in the reorganized company."
We all Did, not just you...And Yet, we have nothing to show for it, 12+ years after the POR7 was Validated by us and we signed off the Releases...Such CORRUPT Delaware Ct Judges , UST, BK Law-firms, JPIG, FDIC & THE FED which is Always 'doing the Bidding' of Jamie Demon...He Says 'JUMP' and they say "How High?"
So Many "Apologists' here for the $coundrel $nake MW!
Truth is so Bitter for you HA?
It is soo Funny that the Guy who doesn't own even 1 US CT Share is going berserk over the US CTs not receiving the UK Court awarded Interim Distribution in time from LBHI!
I know everyone is Gloomy as LBHI 'Creditors' again seem to be 'stealing' (re-directing) the Court-awarded CT distribution to themselves.
One ray of hope I noticed against my CT shares today is that they had a subscript against the 'Market Value' field of my CT shares (and only for them). I think others with Schwab Accounts may also have the same:
3. The value reported may not reflect the current price.
Essentially it is saying the 'Market Value' reported with '0.00xx'/share price may not reflect 'the correct price'. GLTA!
Wow, That's a Sweeping statement....
LBHI is the 'Parent' company of all its Subsidiaries - In Europe & all over the world. The POR was ordered closed in the US BK court for LBHI and they are just waiting for things to get wrapped up across the Pond and for an Opportune moment to formally 'close' the POR and emerge as Ongoing concern,..,Holders of all types of LBHI securities will make out handsomely.
In a trial last year, the handful of distressed debt investors scored a win as the ECAPS claim was found to rank ahead of Lehman Brothers Holdings Inc. (LBHI), but there was an outstanding question around statutory interest on that claim. Statutory interest is a charge a creditor can levy if they have been paid late, and in the UK it is accrued at 8% each year.
Hildyard decided that statutory interest on ECAPS notes ranked ahead of the repayment of principal on the competing debt, leaving LBHI further down the pecking order when it came to receiving money. That decision has boosted the payout for ECAPS holders, potentially adding £221 million, according to an agreement established between the two parties prior to Wednesday’s judgment and Bloomberg calculations.
An initial payment will be sent to ECAPS holders on Dec. 8, according to a notice issued Wednesday.
LBHI is currently set to recover a far smaller payout on its subordinated debts, but could seek to challenge the decision at the UK Court of Appeal.
Whether there will be enough money to pay out on the entire claim will depend on how much more administrators at PwC are able to recover from the UK insolvency. In the judgment, Hildyard referred to estimates by administrators of between £233 million and £490 million for surplus left to be distributed to creditors.
JH,
If you are referring to 6% I had mentioned, you need to see the full chain of posts that I was having with Cotton... You seem to have 'picked' the 6% from my post and somehow 'transposed' that onto the $25/share FV of the CTs. Not only you, but Ray also seems to be saying $1.5 and he was referencing one of my posts. I was referring to 6-8% of the 'X' Distribution awarded in the Judgement order by the UK (Judge Hilliard) Court...Please see Cotton's recent post He was gracious enough to post that again and from that I confirmed it was actually 8% of the 'X' Distribution to LBHI which comes to ~ $0.39/CT share, based on my calculations. It could be less than that too, IF LBHI deducts something from that award as 'operational expense' towards the 'distribution'.,, And I really Hope that LBHI sends us that "Interim Distribution' because that's what LBHI told the Judge and the other parties when they made that "Secret Agreement"- that it wants its share of the distribution as 'it needed to distribute to Subordinated Debt holders" due to its 'contract obligations". I sincerely hope that they didn't 'Lie in front of the Judge' only to take that money and then 're-direct' to Sr. Creditors, instead of giving it to us CT holders, as directed by the Judge in his order incorporating the 'Agreement', which was part of his Judgement!
A Buck Fifty? No,.. not that much.
IF LBHI right away distributes our 'Interim Pmt' as per "Agreement"/UK Court Order, IMO, it will be ~ as below:
LB187.4 x 1.25 = $234.25M
$234.25 x 0.08 = $18.74M
$18.74/48 = $0.3904 / CT Share.
Are the distributions of Interim payment supposed to be done by 8th December or does it start Dec 8th? Hope LBHI follows the Law and disburses the 6% to us CT holders... TIA & GLTU!
Nice to hear that. Hope you had a nice consulting career,,,.It can be lucrative if you have constant work, beats working in 'dead-end '"Full-time" jobs where SW Engineers get "No respect"...
Was that your Resume, the bottom-half of your post? LOL...
I too worked for BT Labs, ATT Bells Labs, Lucent and a Bunch of other Silicon Valley Networking Start-ups- almost all went Bankrupt...Then I moved over to Wall Street & worked for Who-of-All - BNY Mellon. Yes and then 2008 hit and saw Baer Stearns, Lehman, Wamu disappear before my eyes...I was doing my MBA -Finance from a reputed NYC University - and was in the "Business Ethics" class when the Wall St Big-wigs were 'lying through their teeth',espcia;;y Dick Fuld (CEO Lehman) & his side-kick Erin Callan (CFO, Lehman), day-in and day-out ,going on CNBC everyday, and lying to the world that they had a TON of money...I asked my Ethics professor who also taught at Columbia, How they(I-Banks) were so callously creating 'Moral Hazards' everyday, without any qualms for Truth/Fiduciary Responsibility and why the Fed & SEC were turning a Blind-eye to the Goings-on? He had no answer, said he never encountered these things on such a scale over his whole Career lifetime...
The Court already ruled that the money being distributed to LBHI goes to 'subordinated securities'. That was the 'Agreement' that LBHI made with LBH,GP1 etc. Who are you to 'overturn' the "Agreement' and the Courts Ruling?
Also, if you are not aware LBHI had previously attempted to 'Re-direct' all this money from LBH to itself claiming 'It will determine how it will 'distribute back' those monies' ,pretty much hinting that ECAPS holders and US CT holders will get any pmts ONLY 'after Sr. Creditors'... BUT the UK Court Ruled against that Motion from LBHI and pretty much told LBHI to 'Get Lost' and awarded the Verdict in LBH/GBP/ECAPS Favor. It is Pursuant to that Court Ruling that LBHI had 'No Other Option' but to enter into this "Secret Agreement" which stipulates that whatever LBHI received from LBH will go to "LBHI's Subordinated securities".
6% x 200M (At Least) = $12M.
$12M/48M = $1/4 =$0.25
$0.25 x 500000 (CTs you may own) = $125,000.00 Immediate "Interim" Ad Hoc Distribution, per Judgement award by UK Courts!
But Joyce, Per the Ruling of the UK Courts that Cotton had posted, LBHI is going to receive at least 6 %, while the rest is going to GBP trusts for further disbursements to the various flavors of ECAPS holders....I am waiting to see what LBHI is going to do with the money, I assume that it already got by now. By Contract law & per the CTs prospectuses, LBHI - AKA the 'Higher Creditor Classes Committee", which kicked us down the totem-pole and redirecting our Interest Pmts all these years to themselves, they dare NOT Touch any of these monies that LBHI has received per the UK Court award, as then they would be 'Breaching the Contract Law" and JPMC/BNY & LBHI would all be breaching the Law, as well their Fiduciary Duties. Those monies that LBHI just received by from LBH, have to be distributed to CT holders Immediately....
I have not submitted anything to them...but regardless, as a Security holder of Securities that were issued under the USA laws per suant to SEC rules & regulations, "Equal Treatment of the same class of Securities" is paramount, that cannot be abrogated even under US BK Filing law. So, if one CT Holder gets paid directly (for some reason unimaginable) by PWC, then every US CT holder has to get paid under exactly the same terms.
IMHO, any payments to us would have to be routed through JPMC/BNY ==> Directly(If Certificate holder)/ Brokerage House (If securities held "In Street Name".
Hmm. ..interesting... because TDA & Schwab guys told me we can't but them any more, only SELL them! That's why I made sure All my CTs and the Pref 'escrow' shares I got transferred with all those TDA Accounts that moved to Schwab...And I am going to make sure everyday some 'broker' guy is not stealing them from my Accounts. GLTA!
Because the US Financial firms ("Wall St Firms) are biggest $cumbgs in the World...
Someone was saying he was having some ECAPS. Or he could be holding some of his CTs in Certificate Form and that could be a reason he received the letter inquiry about his current residential address...Regardless, he seems to be very confident for some reason...
JPM, will pay us CT holders, as part of the 'Secret' 'Framework Agreement', as it withheld $8B from LBHI for all the 'Trusts' holders, as the 'Guarantee Trustee'.
I would rather get Paid immediately after Jan 1st, 2024 than this year...
That would be great IF we get some distribution in Dec '23 or even Jan 2024 and it is the 'LIBOR Settlement" that has been holding up our "F&R" promised.
Exactly Right.... Even the ECAPS are being paid by their trusts and of Course LBH PLC is the one paying them to in turn pay the holders of ECAPS securities, as 'promised' in their prospectuses...LBHI has to do the same thing as LBH...
Guess we need to call our Brokerages and demand the information as to any US CT Payments.
Thanks for Sharing...But we wait for the Next MOR that is for the Month of October 2023 which I hope will show us the way Or hopefully we may receive the 'Interim Dist' for US CTs before then...GLTU & GLTA!
Yeah, Scary "wild" Ferral Boars roaming Texas - mainly South & SE Texas...I think they are still 'culling' them every year because they breed so fast...After my wife ran for her life and then posted her ordeal on our community Facebook page to caution/alert others...A couple of days later a lady of our community got charged in the same area by a 'family' of those boars. Luckily she escaped the brunt of that attack and fortunately her little kids were biking while she was jogging and the kids were not attacked.... the Gun-owner guys in our community went out to hunt them but only found their footprints leading up to Cypress Creek that runs as the border of our community.... Then there were pictures in news of these hogs, 10-ft long and weighing over 600 LB that were culled in hunts along Sabine River Pass areas of LA and also on TX side of that border...If you face a direct hit by one of them, it would be like a mini-armored tank hit you...
While I am not that enthusiastic about trying to 'Stamp The SEAL' on a Boar's A$$ (and not certainly any of the Ferral Boars here in TX, one of which charged my wife two summers back when she went for her daily morning walk around the Lake in our community), I am certainly very interested in "Unsealing' the "Settlement Agreement" that JPMC had with LBHI in 2017 under which they are still holding $8B of the LBHI money, as the "Guarantee Trustee" for the various "Trust Funds" and definitely the CT Trusts are among them...
Bobby, I ask how this is not Criminal???...Bobby, I say all these Judges are 'on the Take'...Bobby, because them Judges know that "Justice Delayed is Justice Denied" , Bobby...But They still allow it because they want to be 'getting paid" Nice Cushy Salaries and other Kickbacks in their Nice Cushy Jobs, And They 'want to get Shopped" because It assures them of "Job Security"...Yes Bobby, Them DE / US SDNY BK Courts Judges are all a Bunch of Corrupt Mafia!
"That's what has
24 occurred here.
25 In fact, this case is coming to its conclusion.
Page 86"
I get what you are saying Cotton. While the UK Judges have always been very transparent and in Fact severely admonished the Litigating parties for indulging in 'any Secret Agreements', the US BK Judges have not been so. The US BK Judges have always been in the pockets of Corporate Lawyers and against the Shareholders. While you have pointed to what the US Judge said above and seem to be deriving some consolation from it, IMO, she has definitely 'mis-stated' the actual facts and definitely 'mis-lead' us US CT holders by stating 'this case is coming to its conclusion' While the Fact is we are still 'wallowing' more than 4 years after her above statement!