2.2 Creditor claims and dividend
prospects
Unsubordinated creditors
As creditors are aware from previous reports and prior to the Reporting Period:
? dividends totalling approximately £1,074.8m (100p in the £) had been paid on admitted, unsecured,
unsubordinated claims; and
? further distributions of £354.1m had been paid in relation to admitted, unsecured, unsubordinated creditors'
statutory interest entitlements.
As a result of the Framework Agreement and the conclusion of the Priority Litigation, the Administrators were able to
make further dividend payments to LBH’s unsubordinated creditors. In the Reporting Period, the Administrators paid
their eighth and ninth interim dividends to unsubordinated creditors of £24.4m and £33.0m respectively, as set out
below:
? Eighth interim distribution: On 28 November 2023, a dividend was paid to certain unsubordinated creditors
being LBIE (£14.6m), Thayer (£6.0m) and ESH (£3.8m). Payments to LBIE and Thayer were final
distributions with no further amounts being owed to those estates. In respect of ESH, further amounts (of
up to £9m) may be due to it depending on the outcome of the Partial Discharge Issue.
? As part of the eighth interim distribution, PAMI/LBHI, LBL and MBAM agreed to defer receipt of their
unsubordinated statutory interest on this occasion to allow LBH to pay (i) the other unsubordinated
creditors and (ii) Tier X (in full) - see below.
? Ninth interim distribution: A dividend of £33.0m was paid to LBHI on 11 March 2024.
? As part of the ninth interim distribution, LBL and MBAM agreed to defer receipt of their unsubordinated
statutory interest on this occasion to allow LBH to pay LBHI in respect of its unsubordinated
post-administration statutory interest entitlement.
Based on current information, the Administrators are of the view that there will ultimately be sufficient realisations to
allow unsubordinated creditors’ remaining entitlements to post-administration statutory interest to be paid in full.
Subordinated creditors and the Framework Agreement
The claim from LBGP in respect of the PLC Sub-Notes has now been agreed and admitted at c.£187.2m. This is
after discounting in accordance with IR16 and in line with the outcome of the Priority Litigation, as detailed in
previous progress reports. 👉️The claim from LBHI (in respect of the PLC Sub-Debt) totals c.£1,059.0m.👈️
The Framework Agreement, which became effective on 8 October 2023, sets out a structure under which LBH will
make payments to LBGP and LBHI of funds available for subordinated creditors. These payments are governed by
a specific sharing formula, summarised below:
Tier X - first available funds of £187.2m:
In the Period, the first £187.2m of funds available for the subordinated creditors was paid, as set out below:
? On 24 November 2023, 92% of Tier X (being £172.2m) was paid to LBGP.
? On 29 December 2023, 👉️the remaining 8% of Tier X (being £15.0m) was paid to LBHI.
As a consequence of the above, Tier X has been paid in full.
Tier Y - next available funds of up to £225.0m:
Distributions under Tier Y can only take place once:
? Tier X funds have been distributed in full (which is now the case);
? There has been a final adjudication or settlement of Priority Legal Issue 1; and
? The unsubordinated creditors’ remaining entitlement to post-administration statutory interest has been
satisfied in full, if necessary adjusted for the resolution of the Partial Discharge Issue.
11 Administrators’ progress report from 15 September 2023 to 14 March 2024

Our tax team continues to liaise with the IRS regarding payment of the refund. The necessary documentation to enable
repayment has been signed by LBIE. 👉️LBIE is unable to influence the timing of the refund payment.

Dictionary
Definitions from Oxford Languages · Learn more
yell
verb
gerund or present participle: yelling
give a loud, sharp cry.
"you heard me yelling at her"
Similar:
cry out
call out call at the top of one's voice
yelp
shout
howl
yowl
wail
scream
shriek
screech
squawk
squeal
bay
roar
bawl
yawp
whoop
caterwaul
holler
ululate
Opposite:
whisper
murmur

Other potential recoveries
As set out in our previous reports, the Internal Revenue Service (“IRS”) approved LBIE's request for treaty benefits
through the competent authority process in August 2021 allowing recovery of taxes. Tax returns were filed with the IRS in
Q4 2021.
Our tax team continues to liaise with the IRS regarding payment of the refund. The necessary documentation to enable
repayment has been signed by LBIE. 👉️LBIE is unable to influence the timing of the refund payment.
As advised in the last report, LBIE has a claim in an overseas liquidation. LBIE continues to be a member of the
Liquidation Committee, however no further recoveries are expected in the near future.
The Administrators have also continued to pursue a potential recovery relating to a 50% holding of a claim in an overseas
bankruptcy. Due to the nature of the bankruptcy, any potential recovery could be minimal and is likely to take a significant
amount of time. The Administrators have very limited access to information following a decision by the Trustee in
bankruptcy that all information and documents relating to the bankruptcy process be treated as confidential and not be
shared with creditors. LBIE and a number of other creditors challenged that decision and on 27 September 2023, the court
ruled in favour of the creditors. The Trustee immediately challenged that decision. Dialogue continues to try and obtain
further information and clarity in relation to the confidentiality order, the estate and potential realisations.
Tax
Our tax team has continued to carefully manage LBIE’s tax position, filing and submitting the tax return for the year ended
14 September 2022 and working on the preparation of the tax return for the year ended 14 September 2023.
The Administrators have met their obligations under the Senior Accounting Officer (“SAO”) legislation and submitted their
2023 certification and notification. They have complied with their obligations regarding the Lehman group 👉️Tax Strategy
published for the period ended 30 November 2023 and adhered to the UK and US Foreign Account Tax Compliance Act
and Common Reporting Standards.
Tax reserves have also been reviewed and adjusted as appropriate.

Tier X has been paid in full.
Tier Y - next available funds of up to £225.0m:
Distributions under Tier Y can only take place once:
? Tier X funds have been distributed in full (which is now the case);
? There has been a final adjudication or settlement of Priority Legal Issue 1; and
? The unsubordinated creditors’ remaining entitlement to post-administration statutory interest has been
satisfied in full, if necessary adjusted for the resolution of the Partial Discharge Issue.
11 Administrators’ progress report from 15 September 2023 to 14 March 2024

LBIE
AGFP litigation
On 8 March 2023, Justice Crane issued her decision in favour of AGFP with the Clerk’s office entering judgment on
30 June 2023. LBIE lodged its appeal of that decision on 22 September 2023.
During the Period, LBIE continued to progress its appeal of Judge Crane’s decision. AGFP lodged its final Reply
brief on 15 December 2023. LBIE lodged its final Reply brief on 12 January 2024.
Following an oral hearing on 21 February 2024, the New York Supreme Court, 👉️Appellate Division, First Judicial
Department entered its decision and order on 14 March 2024, affirming Justice Crane’s decision in full.
LBIE intends to submit an application to the 👉️Appellate Division seeking leave to appeal to the Court of Appeals. For
further information please refer to the “AGFP Litigation” section of the LBIE website:
https://www.pwc.co.uk/services/business-restructuring/administrations/lehman/agfp-litigation.html

This report has been prepared by Edward John Macnamara, Gillian Eleanor Bruce and David James Kelly as Joint
Administrators of the Company, solely to comply with the Joint Administrators’ statutory duty to report to creditors under
IR16 on the progress of the administration, and for no other purpose. It is not suitable to be relied upon by any other
person, or for any other purpose, or in any other context.
This report has not been prepared in contemplation of it being used, and it is not suitable to be used, to inform any
investment decision in relation to the debt of or any financial investment in the Company.
Any estimated outcomes for creditors included in this report or on the case website are illustrative only and cannot be
relied upon as guidance as to the actual outcome for creditors.
Any persons choosing to rely on this report for any purpose or in any context other than under IR16 do so at their own
risk. To the fullest extent permitted by law, the Joint Administrators do not assume any liability in respect of this report
to any such person.
Please note you should read this report in conjunction with the Joint Administrators’ previous reports issued to the
Company’s creditors, which can be found at:
https://www.pwc.co.uk/services/business-restructuring/administrations/non-lbie-companies/lbh-plc-in-administration/progress-reports.html

2.2 Creditor claims and dividend
prospects
Unsubordinated creditors
As creditors are aware from previous reports and prior to the Reporting Period:
? dividends totalling approximately £1,074.8m (100p in the £) had been paid on admitted, unsecured,
unsubordinated claims; and
? further distributions of £354.1m had been paid in relation to admitted, unsecured, unsubordinated creditors'
statutory interest entitlements.
As a result of the Framework Agreement and the conclusion of the Priority Litigation, the Administrators were able to
make further dividend payments to LBH’s unsubordinated creditors. In the Reporting Period, the Administrators paid
their eighth and ninth interim dividends to unsubordinated creditors of £24.4m and £33.0m respectively, as set out
below:
? Eighth interim distribution: On 28 November 2023, a dividend was paid to certain unsubordinated creditors
being LBIE (£14.6m), Thayer (£6.0m) and ESH (£3.8m). Payments to LBIE and Thayer were final
distributions with no further amounts being owed to those estates. In respect of ESH, further amounts (of
up to £9m) may be due to it depending on the outcome of the Partial Discharge Issue.
? As part of the eighth interim distribution, PAMI/LBHI, LBL and MBAM agreed to defer receipt of their
unsubordinated statutory interest on this occasion to allow LBH to pay (i) the other unsubordinated
creditors and (ii) Tier X (in full) - see below.
? Ninth interim distribution: A dividend of £33.0m was paid to LBHI on 11 March 2024.
? As part of the ninth interim distribution, LBL and MBAM agreed to defer receipt of their unsubordinated
statutory interest on this occasion to allow LBH to pay LBHI in respect of its unsubordinated
post-administration statutory interest entitlement.
Based on current information, the Administrators are of the view that there will ultimately be sufficient realisations to
allow unsubordinated creditors’ remaining entitlements to post-administration statutory interest to be paid in full.
Subordinated creditors and the Framework Agreement
The claim from LBGP in respect of the PLC Sub-Notes has now been agreed and admitted at c.£187.2m. This is
after discounting in accordance with IR16 and in line with the outcome of the Priority Litigation, as detailed in
previous progress reports. The claim from LBHI (in respect of the PLC Sub-Debt) totals c.£1,059.0m.
The Framework Agreement, which became effective on 8 October 2023, sets out a structure under which LBH will
make payments to LBGP and LBHI of funds available for subordinated creditors. These payments are governed by
a specific sharing formula, summarised below:
Tier X - first available funds of £187.2m:
In the Period, the first £187.2m of funds available for the subordinated creditors was paid, as set out below:
? On 24 November 2023, 92% of Tier X (being £172.2m) was paid to LBGP.
? On 29 December 2023, the remaining 8% of Tier X (being £15.0m) was paid to LBHI.
As a consequence of the above, Tier X has been paid in full.
Tier Y - next available funds of up to £225.0m:
Distributions under Tier Y can only take place once:
? Tier X funds have been distributed in full (which is now the case);
? There has been a final adjudication or settlement of Priority Legal Issue 1; and
? The unsubordinated creditors’ remaining entitlement to post-administration statutory interest has been
satisfied in full, if necessary adjusted for the resolution of the Partial Discharge Issue.
11 Administrators’ progress report from 15 September 2023 to 14 March 2024

If Priority Legal Issue 1 is resolved such that statutory interest payable on LBGP’s Sub-Notes claim falls to be paid
in priority to the principal amount of LBHI’s Sub-Debt claim, the Tier Y funds will be distributed to LBGP and LBHI in
the ratios 94% and 6% respectively.
If Priority Legal Issue 1 is resolved such that the principal amount of LBHI’s Sub-Debt claim falls to be paid in priority
to statutory interest payable on LBGP’s Sub-Notes claim, the entirety of any Tier Y funds will be distributed to LBHI.
The Administrators do not expect payments under Tier Y to be made for some time given that (i) there remains
outstanding post-administration statutory interest due to unsubordinated creditors and where the Partial Discharge
Issue is not yet resolved and (ii) Priority Legal Issue 1 is subject to a potential appeal by LBHI and so not finally
determined.
Tier Z - remaining funds available:
Subject first to the distributions of Tiers X and Y, further distributions to LBH’s subordinated creditors will be paid
from any remaining funds available in the following proportions:
? If Priority Legal Issue 1 is resolved such that statutory interest payable on the LBGP’s Sub-Notes claim
falls to be paid in priority to the principal amount of LBHI’s Sub-Debt claim, the Tier Z funds will be
distributed to LBGP and LBHI in the ratios 42% and 58%, respectively.
? If Priority Legal Issue 1 is resolved such that principal amount of LBHI’s Sub-Debt claim falls to be paid in
priority to statutory interest payable on LBGP’s Sub-Notes claim, the Tier Z funds will be distributed to
LBGP and LBHI in the ratios 12% and 88%, respectively.
Estimated outcome and future distributions
In June 2023 the Administrators prepared an updated assessment of the potential economic outcomes for LBH’s
creditors. It indicated a potential return to subordinated creditors of between £233m and £490m in Base and High
cases respectively, subject to important notes and assumptions which are included within that update.
The update can be accessed through the link below:
https://www.pwc.co.uk/business-recovery/administrations/lehman/lbh-plc-update-june-2023.pdf
LBH’s ability to pay additional distributions to both unsubordinated and subordinated creditors (and the timing of
such distributions) is dependent on a number of matters, including:
? Various of LBIE’s unresolved issues which remain subject to litigation, creating uncertainty as to the final
outcome and timing of receipt of any recoveries. LBIE reports that the most significant of its unresolved
issues is the AGFP litigation, as referred to in Section 2.1 above;
? The resultant quantum of further payments to LBHI2 from LBIE, and the proportion of such payments
retained by LBHI2 under the WW sharing agreement;
? The duration, future costs and priority expenses of the LBH, LBIE, LBHI2 and LBL administrations; and
? Under the terms of the Framework Agreement, further distributions to subordinated creditors, beyond that
which have recently been paid as Tier X distributions, cannot be made until (i) Priority Legal Issue 1 has been
finally adjudicated or otherwise settled, and (ii) the unsubordinated creditors have received their remaining,
post-administration statutory interest entitlements, if necessary adjusted for the resolution of the Partial
Discharge Issue.
The Administrators will continue to provide further updates through the LBH website (or by other means as
appropriate).
12 Administrators’ progress report from 15 September 2023 to 14 March 2024

PricewaterhouseCoopers LLP, 7 More London Riverside, London SE1 2RT
T: +44 (0) 20 7583 5000, F: +44 (0) 20 7212 7500, www.pwc.co.uk
PricewaterhouseCoopers LLP is a limited liability partnership registered in England with registered number OC303525. The registered office of
PricewaterhouseCoopers LLP is 1 Embankment Place, London WC2N 6RH. PricewaterhouseCoopers LLP is authorised and regulated by the Financial Conduct Authority for designated
investment business.
To all known creditors
13 November 2023
Our ref: GEB/AM
Dear Sirs
LB Holdings Intermediate 2 Limited - in Administration (“LBHI2”)
I am pleased to be able to declare a sixth interim dividend to unsecured creditors.
In accordance with Rule 14.35 of the Insolvency (England and Wales) Rules 2016, I enclose for your
attention the receipts and payments account from the commencement of the Administration on 14
January 2009 to 2 November 2023. This provides details of the amounts realised from LBHI2’s
assets and the payments made in the Administration, up until and including 2 November 2023. In
calculating this dividend, I have made a provision for anticipated future costs of the Administration.
For the avoidance of doubt, this sixth interim dividend is in partial settlement of the principal
amount of LBHI2’s unsecured, subordinated claims. No part of these distributions was in
settlement, partial or otherwise, of any post-Administration, statutory interest entitlement.
A sum of £86,000,000 is being distributed by way of dividend on or around 13 November 2023 in
respect of admitted subordinated claims.
If you have any queries, please do not hesitate to send these to uk_lehmanaffiliates@pwc.com.
For and on behalf of LB Holdings Intermediate 2 Limited
GE Bruce
Joint Administrator
GE Bruce, DJ Kelly and EJ Macnamara, were appointed as Joint Administrators of LB Holdings Intermediate 2 Limited to
manage its affairs, business and property as agents without personal liability. The Joint Administrators are licensed in the
United Kingdom to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales. The Joint
Administrators are bound by the Insolvency Code of Ethics which can be found
at: https://www.gov.uk/government/publications/insolvency-practitioner-code-of-ethics.
The Joint Administrators may act as controllers of personal data as defined by UK data protection law depending upon the
specific processing activities undertaken. PricewaterhouseCoopers LLP may act as a processor on the instructions of the Joint
Administrators. Personal data will be kept secure and processed only for matters relating to the Joint Administrators’
appointment. Further details are available in the privacy statement on the PwC.co.uk website or by contacting the Joint
Administrators.

Notice of Declaration of a Sixth Interim Dividend

Notice of Declaration of an Eighth Interim Dividend

Second was a “prepackaged” bankruptcy plan being developed by general counsel Robert Osborne with Harvey R. Miller, the dean of the bankruptcy bar and senior partner at Weil, Gotshal & Manges. Under this plan, GM would prepare a reorganization in cooperation with its👉️🤡 bond creditors that would take effect once the company went into a Chapter 11 bankruptcy. The goal of a so-called prepack is to shorten and simplify the bankruptcy process.

Miller commanded great respect in bankruptcy circles and in the GM boardroom, and for good reason. At the age of 75 Miller was the only attorney in the country who had successfully dealt with as many high-profile bankruptcies. 👉️Miller was already in the middle of the largest corporate liquidation ever, at Lehman Brothers.

And third was the NewCo plan, based on years of ?experience at AlixPartners, where we had a major role in 50 of the 180 largest bankruptcies over $1 billion in the past 15 years. GM had also retained Martin Bienenstock, the restructuring and corporate governance leader from Dewey & LeBoeuf, to help develop the NewCo plan as well.

Second was a “prepackaged” bankruptcy plan being developed by general counsel Robert Osborne with Harvey R. Miller, the dean of the bankruptcy bar and senior partner at Weil, Gotshal & Manges. Under this plan, GM would prepare a reorganization in cooperation with its bond creditors that would take effect once the company went into a Chapter 11 bankruptcy. The goal of a so-called prepack is to shorten and simplify the bankruptcy process.

In 2006, GM does not have any contributions due for its U.S. hourly pension plan. In February 2006, GM contributed $1.7 million into its U.S. salaried pension plan. This contribution was a required contribution on behalf of GM employees who were former participants in the Saturn PCRP plan, which was 👉️merged into the GM salaried pension plan in 2005. GM does not expect to make any additional contributions into the salaried pension plan in 2006. GM expects to contribute or pay benefits of approximately $100 million to its other U.S. pension plan and $500 million to its primary non-U.S. pension plans, which include GM Canada Limited, Adam Opel and Vauxhall, in 2006.

How General Motors Was Really Saved: The Untold True Story Of ...
Oct 30, 2013 — On 👉️June 1, 2009 General Motors filed for bankruptcy in New York, with $82 billion in assets and $173 billion in liabilities. It was the ...

What percentage of companies emerge from Chapter 11?
Of the 134 Chapter 11 cases that were confirmed or closed from January 2019 through May 2021, 88% of the underlying companies successfully emerged from bankruptcy.Jan 10, 2022.

These are ever-changing times
I see that clock upon the wall
But it don't bother me at all
These are ever-changing times
And me, ever-changing time
Everything is going so much faster
It seems like I'm
Watching my life, and everything I do
Wonder if the dreams that I believed in
Still come true
Caught in between, it comes back to
You and me running out of time
I gotta find me a better understanding
Every day, keep forgetting what's mine
I gotta find me a way, less-demanding
And we're holding on so tight, together, all of our lives
I see that clock upon the wall
But it don't bother me at all
These are ever-changing times
And I, I had some big idea
So much of my life, still not completed
Hopes and fears
Watching it change, into something new
Wondering if I'm gonna find the answer, loving you
All of my life, it comes back to
You and me running out of time
I gotta find me a better understanding
Every day, keep forgetting what's mine
I gotta find me a way, less-demanding
And we're holding on so tight, together, all of our lives
I see that clock upon the wall
But it don't bother me at all
These are ever-changing times
I see that clock upon the wall
But it don't bother me at all
These are ever-changing times
All of my life, it comes back to
You and me running out of time
I gotta find me a better understanding
Everything keeps forgetting what's mine
I gotta find me a way, less-demanding
And we're holding on so tight, together
And we're gonna be alright, together, all of our lives
I see that clock upon the wall
But it don't bother me at all
These are ever-changing times
I see that clock upon the wall
But it don't bother me at all
These are ever-changing times (ever-changing times, ever-changing)
I see that clock upon the wall (I see it on the-on the wall)
But it don't bother me at all (it don't bother me at all)
These are ever-changing times
Source: Musixmatch
Songwriters: Carole Bayer Sager / Burt Bacharach / Bill Conti
Ever Changing Times lyrics © New Hidden Valley Music Company, New Hidden Valley Music Co
Videos

The Cost of Delayed Recovery
While the delays in reaching a resolution promoted recovery as asset prices improved, the delays also reduced the value of the amounts recovered. 👉️Payments made years after bankruptcy are necessarily worth less than more timely payments because of the time value of money. Moreover, creditors👉️ lost the liquidity value of their assets over the resolution period.
These costs are particularly high in Lehman’s case since the firm’s time in default is so far about 👉️eight times greater than the typical bankruptcy length of fourteen months. Indeed, soon after the bankruptcy filing, some creditors sold their claims to distressed-debt-investing hedge funds.

Creditor Recovery in Lehman’s Bankruptcy

Why is the current recovery rate nearly double that of Lehman’s initial estimate of 16 percent? The main reason is that prices of assets held by Lehman increased as the economy recovered during bankruptcy proceedings, especially for loans, real estate, and private equity investments. Also, some large-value disputed claims (for example, by certain derivatives counterparties and JPMorgan Chase) were decided by the court in Lehman’s favor, reducing the amount of allowed claims.

The Cost of Delayed Recovery
While the delays in reaching a resolution promoted recovery as asset prices improved, the delays also reduced the value of the amounts recovered. 👉️Payments made years after bankruptcy are necessarily worth less than more timely payments because of the time value of money. Moreover, creditors👉️ lost the liquidity value of their assets over the resolution period. These costs are particularly high in Lehman’s case since the firm’s time in default is so far about eight times greater than the typical bankruptcy length of fourteen months. Indeed, soon after the bankruptcy filing, some creditors sold their claims to distressed-debt-investing hedge funds.

To account for delays, we estimate the present value of the recovery to creditors as of September 15, 2008, as the discounted value of the actual distributions. Our discount rate is either the 👉️Treasury yield or a👉️ corporate bond yield, both with maturity equal to the time difference between the actual distribution date and September 15, 2008. Treasury yields account for the time value of money, but underestimate the true discount rate since they ignore the liquidity premium.👉️ Corporate bond yields include a liquidity premium, albeit one that is likely too small (because corporate bonds are more liquid than bankruptcy claims), but also a credit-risk premium. The difference between corporate bond yields and Treasury yields is thus a rough estimate of the liquidity premium, which may be somewhat high or low.

We find the present value of recovery for third-party creditors as $80 billion👉️ using Treasury yields and $65 billion using corporate bond yields, as compared to the $94 billion nominal value of the sixteen distributions (see chart below). The $14 billion difference between $94 billion and $80 billion measures the time value of money and the $15 billion difference between $80 billion and $65 billion represents the lost liquidity value. Adjusted for these factors, the recovery rate declines to between 21 percent and 26 percent (see the chart above)

Total Value Destruction in Lehman’s Chapter 11 Bankruptcy
Our estimate of the value destruction from the Lehman bankruptcy is substantial, although some losses were likely due to economic distress, or represented value transfers to other parties. In particular, we estimate value destruction to be on the order of $46 billion to $63 billion, or 👉️between 15 percent and 21 percent of Lehman’s pre-bankruptcy consolidated assets. These estimates exclude fees and expenses from the SIPA proceedings, which are an additional $1.4 billion, and the costs of resolving Lehman’s subsidiaries outside of U.S. legal jurisdictions.

Recovery Rates for Different Creditors
The recovery rates of Lehman’s various affiliates also improved over time, although there was substantial variation. Creditors of most of Lehman’s derivative entities (Lehman Brothers Commodity Services (LBCC) and Lehman Brothers OTC Derivatives (LOTC) in chart below) recovered 100 percent of their claims, as 👉️most of these affiliates had positive net worth at the time of bankruptcy. One exception is Lehman’s largest derivatives entity Lehman Brothers Special Financing (LBSF). Its creditors received just 40 percent of their claims because in part, under Lehman’s liquidation plan, their claims were reduced in favor of unsecured counterparties of the holding company LBHI. In contrast, general unsecured creditors of LBHI benefited from the liquidation plan, as their recovery rate improved from just 6 percent initially to 45 percent after the sixteenth distribution.

To facilitate comparisons with other bankruptcies, we express Lehman’s Chapter 11 expenses as a share of the book value of assets (equal to👉️ $298 billion) held by Lehman and its affiliates, as of the bankruptcy filing date of each entity. For the SIPA resolution, we use the total value of customer claims at the start of the resolution process. The table below reports these shares.
.
.
.
Thus, in comparison with previous Chapter 11 bankruptcies, Lehman’s professional fees were in line with historical norms while its total expenses were toward the lower range of historical values. However, Lehman’s pre-bankruptcy assets were almost👉️ $300 billion while sample firms in the studies had assets of less than $700 million. As most studies show a negative relation between the expense ratio and asset size, we might expect that Lehman’s expense ratio should fall toward, or even below, the lower range of historical values..

Starting in April 2012, the Lehman estate made sixteen cash distributions to creditors. The total amount distributed was more than $126 billion, out of which almost $94 billion went to third-party creditors. We estimate the total allowed claims to third-parties as $304-312 billion, implying a recovery rate for third-party creditors of about 31 percent (see chart below).

Quarterly Financial Report as of December 31, 2023 (Unaudited)
Page 17
Note 6 – Subsequent Events
28h Plan Distribution
On April 4, 2024, LBHI will make its 28th Plan
Distribution to creditors. The Company will
distribute approximately 👉️$177 million, including
$162 million to creditors on account of claims owned
or formerly owned by third party creditors.
Through👉️ D28, the Debtors will have made
distributions to creditors totaling $129.2 billion,
including👉️ $96.2 billion on account of claims owned
or formerly owned by third party creditors.
08-13555-mg Doc 61653 Filed 03/28/24 Entered 03/28/24 11:22:12 Main Document
Pg 17 of 18

Amarillo by Morning
Song by George StraitListenLyricsArtistsOther recordingsComposers
Amarillo by mornin'
Up from San Antone
Everything that I got
Is just what I've got on
When that Sun is high
In that Texas sky
I'll be buckin' at the county fair
Amarillo by mornin'
Amarillo I'll be there
They took my saddle in Houston
Broke my leg in Santa Fe
Lost my wife and a girlfriend
Somewhere along the way
But I'll be lookin' for eight
When they pull that gate
And I hope that
Judge ain't blind
Amarillo by mornin'
Amarillo's on my mind
Amarillo by mornin'
Up from San Antone
Everything that I got
Is just what I've got on
I ain't got a dime
But what I've got is mine
I ain't rich
But Lord, I'm free
Amarillo by mornin'
Amarillo's where I'll be
Amarillo by mornin'
Amarillo's where I'll be
Source: Musixmatch
Songwriters: Terry Stafford / Paul Alexander Fraser
Amarillo by Morning lyrics © Cotillion Music Inc., Terry Stafford Music

Quarterly Financial Report as of December 31, 2023 (Unaudited)
Page 17
Note 6 – Subsequent Events
28h Plan Distribution
On April 4, 2024, LBHI will make its 28th Plan
Distribution to creditors. The Company will
distribute approximately 👉️$177 million, including
$162 million to creditors on account of claims owned
or formerly owned by third party creditors.
Through D28, the Debtors will have made
distributions to creditors totaling $129.2 billion,
including $96.2 billion on account of claims owned
or formerly owned by third party creditors.
08-13555-mg Doc 61653 Filed 03/28/24 Entered 03/28/24 11:22:12 Main Document
Pg 17 of 18

With Americans living longer and spending more years in retirement, the nation's changing demographics are "putting the U.S. retirement system under immense strain," according to BlackRock CEO Larry Fink in his annual shareholder letter.

One way to fix it, he suggests, is for Americans to work longer before they head into retirement.