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LBHI CFO KRISTINE DICKSON
now CFO at Lead.bank
https://lead.bank/banking-as-a-service-baas
https://www.linkedin.com/in/kristine-dickson-2a15494/
those three wonderful words again…
PLAN OF REORGANIZATION!
Let’s Git r done Toogoodfella!
Happy New Year brother and to all the faithful Lehmanites on the board
well it looks like we're going to be here awhile...2025. What's another 3 short years together
https://www.theguardian.com/business/2022/dec/28/the-cost-of-winding-up-lehman-brothers
This isn’t my area of expertise, as y’all know I’m a simple moonshiner in North Carolina, BUT, that word Liquidation along with NOLs got me to thinking.
Prior to LBHI forming the Plan Trust (an IRS approved Liquidating Trust to effectuate the POR) we already had $50B NOL at the start of bankruptcy.
My guess is the original $50B NOLs does not transfer to the Plan Trust for use to effectuate the POR. I believe it’s stands alone. Most likely the Plan Trust (liquidating trust) generated its own NOLs and those liquidating trust NOLs will be fully utilized at the end of the liquidation.
LBHI is NOT liquidating. LBHI is REORGANIZING as a going concern.
Only the Plan Trust, an IRS approved liquidating trust is liquidating.
Your thoughts?
Cheers!
RE: So, if CTs get re-instated,
The CT's have never been "UN-instated" (made up word). There has only been a ch.11 bankruptcy stay that precludes LBHI from paying the contractural interest on CT's...
Merry Christmas!
Stoxjock, what are these entities exempt from?
Cheers!
Git r done! I likes the way you thinks!
WOW! just WOW!
THIS JUST IN: $500 billion Japanese banking giant Nomura
to launch institutional #Bitcoin and crypto trading platform through new subsidiary.
Bitcoin is a system and protocol of trust.
A true social revolution enabled by technology. Obtain it not to get rich, but rather to prevent you from getting poor. Now for the first time in human history everyone can participate in this game of accumulation and own something of value that is: truly limited, permissionless, easily divisible, censorship resistant, decentralized, borderless, immutable, programmable and unconfiscatable.
It's the solution, not the enemy of a self- destructing fiat system. Use it as a currency and long term store of value. It is an insurance (hedge) against the monetary system, not an “investment" where the ROI (return of investment) should be valued exclusively in a fiat price.
Git 'r Done
yes sir "going concern" are the two sweetest words in the world for LBHI!
Git r' Done are three nice words also...
One would think yes…at least on “similar ground”.
Yes Wowser is right! That’s big cheese stuff there!
https://www.lexology.com/commentary/litigation/united-kingdom/rpc/high-court-confirms-that-events-of-default-cease-on-termination-of-administration
Comment
The result in this case means that payments suspended more than 14 years ago as a result of LBIE's collapse will now be due. This case highlights the risk of relying on section 2(a)(iii), although what transpired was difficult to foresee. The Court noted that the respondents probably expected that the administration would end in LBIE's dissolution, rather than exit from administration as a solvent company. The case has provided clarification on provisions of the ISDAs and, particularly, provides guidance for the first time in identifying when events of default are "continuing".
Good night Little Devil!
Now that’s a big gitr done!
14 year wait for this...
15.2 Issuance of New Securities. In the discretion of the Plan Administrator, each Debtor or Debtor Controlled-Entity (a) may form and transfer certain assets of the Debtors and/or Debtor Controlled Entities to new (or utilize existing) entities, including, without limitation, one or more separately managed partnerships, REITs or other investment vehicles, to hold certain real estate or other assets of the Debtors and/or Debtor-Controlled Entities and, (b) may, in connection therewith, issue New Securities for Distribution under the Plan. In the event that the Plan Administrator determines to issue New Securities, each holder of Allowed Claims or Equity Interests against a Debtor that contributed assets to the entity issuing New Securities shall receive the relevant New Securities as Distributions in accordance with the Plan. The New Securities shall be valued as of the date of the issuance and the holders of Allowed Claims or Equity Interests receiving such New Securities shall be deemed satisfied to the extent of the value of the New Securities.
15.3 Exemption from Securities Laws. To the maximum extent provided by section 1145 of the Bankruptcy Code and applicable non-bankruptcy law, the issuance of any New Securities or Liquidating Trust Interests will be exempt from registration under the Securities Act of 1933, as amended, and all rules and regulations promulgated thereunder and any other applicable non-bankruptcy law or regulation.
i'm getting faster at finding stuff in the POR...it only took me 14 years to get good at it!
1.5 Available Cash means (a) all Cash of a Debtor realized from its business operations, the sale or other disposition of its assets, the interest earned on its invested funds, recoveries from Litigation Claims or from any other source or otherwise less (b) the amount of Cash (i) necessary to pay holders of Allowed Administrative Expense Claims, Priority Tax Claims, Priority Non-Tax Claims, Secured Claims, Convenience Claims and Convenience Guarantee Claims against such Debtor in accordance with the Plan, and (ii) estimated and
reserved by such Debtor to (A) adequately fund the reasonable and necessary projected costs to carry out the provisions of the Plan with respect to such Debtor on and after the Effective Date, (B) pay all fees payable under section 1930 of chapter 123 of title 28 of the United States Code and (C) fund and maintain any postpetition reserve requirements in connection with any agreements or otherwise. Available Cash shall include the applicable portions of (i) excess amounts retained for Disputed Claims that become available in accordance with Section 8.4 of the Plan, (ii) amounts represented by undeliverable Distributions in accordance with Section 8.7, or (iii) amounts attributable to voided checks in accordance with Section 8.9 of the Plan.
it's always nice to see the word FINAL in everything about LBHI. Please hurry up and be FINAL already!
TooSmartFella right there! Git r Done
Yep, agreed!
I likes the way you think!
I believe it’s when all the cash has run dry…should be long now.
you may be on to something AZCowboy...
6.4 Redistribution of Subordinated Claims Recoveries.
To give effect to agreements of holders of Subordinated Claims, all Distributions under the Plan made by LBHI shall be calculated as if each holder of an Allowed Claim in LBHI Class 10A, LBHI Class 10B and LBHI Class 10C were to receive its Pro Rata Share of Available Cash from LBHI, and, in the case of each holder of an Allowed Claim in LBHI Class 10A and LBHI Class 10B, its Pro Rata Share of the Subordinated Class 10C Distribution; provided, however, that:
(a) the Subordinated Class 10A Distribution shall be automatically distributed to holders of Allowed Claims in LBHI Class 3 and LBHI Class 4A pursuant to Sections 4.3(b) and 4.4(b) of the Plan, respectively, until all such Claims are satisfied in full;
(b) the Subordinated Class 10B Distribution shall be automatically distributed to holders of Allowed Claims in LBHI Class 3, LBHI Class 4A, LBHI Class 4B and LBHI Class 5 pursuant to Sections 4.3(b), 4.4(b), 4.5(b) and 4.6(b) of the Plan, respectively, until all such Claims are satisfied in full;
(c) the Subordinated Class 10C Distribution shall be automatically distributed to holders of Allowed Claims in LBHI Class 3, LBHI Class 4A, LBHI Class 4B, LBHI Class 5, LBHI Class 10A and LBHI Class 10B pursuant to Sections 4.3(b), 4.4(b), 4.5(b), 4.6(b), 4.13(b) and 4.14(b) of the Plan, respectively, until all such Claims are satisfied in full; provided, however, that any portion of the Subordinated Class 10C Distribution payable to holders of Allowed Claims in LBHI Class 10A shall be automatically distributed to holders of Allowed Claims in LBHI Class 3 and LBHI Class 4A pursuant to Section 6.4(a) of the Plan until all such Claims are satisfied in full; provided, further, that any portion of the Subordinated Class 10C Distribution payable to holders of Allowed Claims in LBHI Class 10B shall be automatically distributed to holders of Allowed Claims in LBHI Class 3, LBHI Class 4A, LBHI Class 4B, and LBHI Class 5 pursuant to Section 6.4(b) of the Plan until all such Claims are satisfied in full.
Git r done!
Do you mean clean shell as in start fresh with no debts?
"as the administrators prepare to hand the reins back to the bank's directors"...
"as the administrators prepare to hand the reins back to the bank's directors"...
noun
plural noun: reins
a long, narrow strap attached at one end to a horse's bit, typically used in pairs to guide or check a horse while riding or driving.
verb
3rd person present: reins
check or guide (a horse) by pulling on its reins.
"he reined in his horse and waited for her"
"as the administrators prepare to hand the reins back to the bank's directors"...
yes sir Joisy boy, it is UK stuff...
but it has EVERYTHING to do with USA stuff as well. Extremely relevant.
https://www.law360.com/financial-services-uk/articles/1538685/lehman-administrators-win-battle-over-62m-swaps-payout
"as the administrators prepare to hand the reins back to the bank's directors"...
I don't have a law360 subscription but part of the article does show up under the headline...
Kinda hard to buy or sell these days. Not that I want to sell. Keep up the great DD cheese burger! We’ll celebrate in Vegas when it’s all done. The first round of Drinks are on Joisey Boy!
Oh ok. Gotcha. Did that guy ever pay you the shares he owes you? A bets a bet.
He needs to man up.
So what’s the big deal? The POR states ok to destroy records so they are. That likely means POR is done or wrapping up and you’ll soon be rich beyond your wildest imagination.
The POR states that BK records are approved to be destroyed…did it mention “hard copies”? And it is a big deal, little devil!
https://dailyhodl.com/2022/10/11/43000000000000-financial-giant-bny-mellon-to-offer-bitcoin-btc-services-to-wealthy-clients-report/
Our CT trustee! It’s happening as prophesied by Jimbo the crypto BTO!
Yeah so just like crooked Hillary they’ll use bleachBit to wipe the servers clean. No more records! BK ends. Joisey boy gets paid!! Botta book Botta Bing!