Any news will likely be on the dockets...

https://dm.epiq11.com/case/lbh/dockets

Nothing so far.

I thought a roth conversion required a sell and then re-buy in roth acct

I thought a roth conversion required a sell and then re-buy in roth acct

FYI re stock transfers:

Cede & Company, also known as Cede and Co., is a specialized financial institution in the United States. It plays a crucial role in processing transfers of stock certificates on behalf of the Depository Trust Company (DTC). Let’s delve into some key points about Cede & Co.:

Purpose and Function:
Cede & Co. processes stock transfers for the DTC, which serves as the central securities depository for the U.S. National Market System (including the New York Stock Exchange and Nasdaq).

Investors and companies give up their stock ownership to Cede & Co., which acts as an intermediary.
Most publicly issued stocks in the U.S. are technically owned by Cede & Co., not individual investors.
Securities held at the DTC are registered in Cede & Co.‘s nominee name and recorded on brokerage firms’ books for beneficial owners1.
Ownership and Structure:

Cede & Co. owns a staggering 83% of all issued stocks in the United States.

The remaining 17% is directly owned by registered holders through the direct registration system.
Cede & Co. was founded in 1996 specifically to efficiently process stock transfers for the DTC.
Its name, “Cede,” is derived from “certificate depository” as a shorthand1.
Nominee Role:

Securities managed by the DTC are deposited with or on behalf of the DTC and registered in the name of Cede & Co. as the nominee.
Cede & Co. holds the record of ownership for these securities.

It operates as a separate legal entity from the DTC and is structured as a partnership.
The partnership structure allows general partners to order stock transfers without additional corporate resolutions2.
Location:

Cede & Co. is headquartered at 55 Water Street, Suite Conc4, New York, New York 100411.
In summary, Cede & Co. plays a pivotal role in the complex world of stock ownership and transfers, acting as the custodial nominee for securities managed by the DTC. Its name reflects its function as a certificate depository, even though most investors don’t directly hold property rights in stock but rather have contractual rights tied to Cede & Co.

All claims can be found here-
https://dm.epiq11.com/case/lbh/claims


Claim #21805
Value $314,207,499.10
Creditor BANK OF NEW YORK MELLON, THE,
Filed Sep 21 2009
Debtor 08-13555 Lehman Brothers Holdings Inc.
Creditor Address
AS INDENTURE TRUSTEE FOR CUSIP 52519Y209
ATTN: JOHN GUILIANO
101 BARCLAY STREET, 8 WEST
NEW YORK, NY 10286
Amounts
Allowed Unsecured Amount
$314,207,499.10
Claimed Unsecured Amount
$314,207,499.10
Remarks
THIS CLAIM IS ALLOWED
Tax Form Received
OFAC Received
Hide Details
VIEW

Claim #22122
Value $311,742,937.05
Creditor BANK OF NEW YORK MELLON,
Filed Sep 21 2009
Debtor 08-13555 Lehman Brothers Holdings Inc.
Creditor Address
AS INDENTURE TRUSTEE FOR CUSIP 52520B206
THE BANK OF NEW YORK
ATTN: JOHN GUILIANO
101 BARCLAY STREET 8 WEST
NEW YORK, NY 10286
Amounts
Allowed Unsecured Amount
$311,742,937.05
Claimed Unsecured Amount
$311,742,937.05
Remarks
THIS CLAIM IS ALLOWED
Tax Form Received
OFAC Received

Claim #22123
Value $416,013,746.69
Creditor BANK OF NEW YORK MELLON,
Filed Sep 21 2009
Debtor 08-13555 Lehman Brothers Holdings Inc.
Creditor Address
AS INDENTURE TRUSTEE FOR CUSIP 52520E200
THE BANK OF NEW YORK
ATTN: JOHN GUILIANO
101 BARCLAY STREET 8 WEST
NEW YORK, NY 10286
Amounts
Allowed Unsecured Amount
$416,013,746.69
Claimed Unsecured Amount
$416,013,746.69
Remarks
THIS CLAIM IS ALLOWED
Tax Form Received
OFAC Received

Claim #67753
Value $234,250,517.60
Creditor BANK OF NEW YORK MELLON, THE,
Filed Nov 30 2011
Debtor 08-13555 Lehman Brothers Holdings Inc.
Creditor Address
ATTN: JOHN GIULIANO
101 BARCLAY STREET, 8 WEST
NEW YORK, NY 10286
Amounts
Allowed Unsecured Amount
$234,250,517.60
Claimed Unsecured Amount
$234,250,517.60
Remarks
THIS CLAIM IS ALLOWED
Tax Form Received
OFAC Received

Year end 2023 http://pdf.secdatabase.com/1338/0001193125-23-305869.pdf

NP, just wanted to make sure I wasn't missing something

Article is from 2007?

I think those trust prefs ended up with some cash and new wmih common that effectively being FV at ($50) ea

https://www.prnewswire.com/news-releases/wmi-liquidating-trust-announces-distribution-from-disputed-equity-escrow-to-class-22-claimants-164307306.html


https://investorshub.advfn.com/boards/read_msg.aspx?message_id=73851131

I had my J escrows removed and then restored. Now they have been removed again.

Here are my messages w/ TD-Schwab:

Hello JW,

Thank you for your inquiry,

Our custodian received a communication from the company's agent telling our custodian to remove the shares. Once we receive a communication about the escrows value with the Chapter 11 still happening we can then restore your shares.

If you have any questions, please reply to this email or call the Reorganization Department at 888-723-8504, option 1. We are available Monday through Friday from 9 a.m. to 5:00 p.m. ET, excluding market holidays.

Sincerely,

Elisabet Tucker
Reorganization Department

TD Ameritrade
1-800-669-3900

TD Ameritrade Clearing, Inc., member FINRA/SIPC. Communications may be subject to review.



Original Message Follows:
------------------------

 Hello Elisabet,

The Chapter 11 reorganization for LBHI is still very much in progress. How can your custodian determine the escrows value with the Chapter 11 still progressing?

Please see the official Fed. USNY Chapter 11 reorg Case # 08-13555 Judge: Martin Glenn Jurisdiction: New York - Southern District
https://dm.epiq11.com/case/lbh/dockets

I have reached out to the estate attorney, but would like the position restored until the Chapter 11 has officially completed.

Sincerely
JW

Anyone had Pref J escrows removed again by their brokerage?

But JPM ix one of 3 trustees

MOR is out. Spent $2.8M to collect $1.8M-

https://document.epiq11.com/document/getdocumentbycode?docId=4275263&projectCode=LBH&source=DM

1.3M x 12 = $15.6M a year for LBHI to continue operations per the latest MOR

LBHI costs $43.3K a day to continue to operate

From the last MOR-
Uses of Cash
Operating Expenses (a) (0.0) (1.2) (1.3M)

1,300,000/30 =$43,333 per day

The 4 CTs are now on the OTC Expert Market

https://blog.otcmarkets.com/2021/03/25/understanding-the-expert-market/

The SEC’s amendments to Rule 15c2-11 go into effect on September 28, 2021 and will effectively eliminate public broker-dealer quoting in securities of issuers that do not make current information publicly available. Giving effect to the SEC’s stated goals of encouraging public company disclosure, OTC Markets Group will use its Expert Market SM as a venue for broker-dealers to publish unsolicited quotes representing customer limit orders in “No Information” securities.

What is the Expert Market?

OTC Markets Group currently operates the Expert Market as a distinct market tier for a small number of companies. However, on September 28th this market tier will expand to include a broader range of securities. Following the upcoming changes to Rule 15c2-11, companies that do not make current information publicly available under the rule will shift to the Expert Market.

Quotes in the Expert Market will be “Unsolicited Only.” This means broker-dealers may use the Expert Market to meet their Best Execution responsibilities under FINRA Rules and publish unsolicited quotes representing Limit Orders from retail and institutional investors who are not affiliates or insiders of the company.

Who can access the Expert Market?

Quotations in Expert Market securities are restricted from public viewing. Only broker-dealers and professional or sophisticated investors are permitted to view quotations in Expert Market securities.

Despite the restrictions on who can view quotations, the Expert Market does not impose restrictions on who can trade securities. Rule 15c2-11 governs a broker’s ability to submit, publish or distribute quotations (i.e. bids and offers) in OTC securities. The Rule does not apply to the underlying transactions or the ability of an investor to buy or sell a security.

Contact your broker for information concerning restrictions or qualifications for accessing Expert Market securities.

Why is the Expert Market Important?

The Expert Market offers a regulated trading venue where broker-dealers can satisfy their best-execution obligations. It offers insight into activity that would otherwise be hidden in the opaque Grey Market.

How is Expert Market different from the Grey Market?

The Grey Market is an opaque market where broker-dealers are not willing or able to publicly quote OTC securities given the lack of investor interest, company information or regulatory compliance.

Unlike the Grey Market – where this is no public quote at all – the Expert Market provides additional price transparency, as it allows for unsolicited quoting.

How are Companies affected by these Changes?

The answer to this depends on the market on which your securities trade. In order to be quoted by broker-dealers on the Pink Market, a company must provide current public disclosure on an ongoing basis. This may include disclosure provided via the SEC’s EDGAR filing system, through a non-U.S. stock exchange or regulator, or to OTC Markets Group directly via our OTCIQ platform. Companies that do not take the necessary steps to make current disclosure available pursuant to the Pink Current or Pink Limited Guidelines may migrate to the Expert Market. Visit the Information for Pink Companies section of our website for further details.

What are the Key Dates for the Implementation of Rule 15c2-11?

We have asked companies to provide the required disclosure to OTC Markets by June 30th. This request was to ensure that our Issuer Compliance Team had sufficient time to confirm the availability of current information and update market status for a company’s securities prior to the rule’s compliance date on September 28th. We continue to process disclosure requests received after June 30th, however we may not be able to process all such applications prior to September 28th.

Under new Rule 15c2-11, Securities that do not meet the Rule’s current public disclosure requirements will be removed from Pink as of the September deadline.

" 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.

Lehman’s European arm lost a case over a longstanding litigation relating to crisis-era credit default swaps last year, but a report from administrators at PwC in April said that it was likely that decision would be appealed. Success in that case could increase payouts for creditors like Deutsche Bank and LBHI.

https://icis.corp.delaware.gov/Ecorp/EntitySearch/NameSearch.aspx

type in 'Lehman Brothers Holdings Capital Trust'

and you will get -

FILE NUMBER ENTITY NAME
2845077 LEHMAN BROTHERS HOLDINGS CAPITAL TRUST I
2845081 LEHMAN BROTHERS HOLDINGS CAPITAL TRUST II
2845082 LEHMAN BROTHERS HOLDINGS CAPITAL TRUST III
3024540 LEHMAN BROTHERS HOLDINGS CAPITAL TRUST IV
3890900 LEHMAN BROTHERS HOLDINGS CAPITAL TRUST IX
3024542 LEHMAN BROTHERS HOLDINGS CAPITAL TRUST V
3024537 LEHMAN BROTHERS HOLDINGS CAPITAL TRUST VI
3890899 LEHMAN BROTHERS HOLDINGS CAPITAL TRUST VII
3890897 LEHMAN BROTHERS HOLDINGS CAPITAL TRUST VIII
3890901 LEHMAN BROTHERS HOLDINGS CAPITAL TRUST X
3890902 LEHMAN BROTHERS HOLDINGS CAPITAL TRUST XI
3927460 LEHMAN BROTHERS HOLDINGS CAPITAL TRUST XII

The bolded are the 4 o/s CTs

~December 8th the UK affiliates are paying $237.5M.

That exceeds the ~$190M expected.

Docket # 61622 Filed Nov 30 2023 Chapter 11 Monthly Operating Report for the Month Ending: 10/31/2023 Filed by Garrett A. Fail on behalf of Lehman Brothers Holdings Inc.. (Fail, Garrett)

https://document.epiq11.com/document/getdocumentbycode?docId=4263674&projectCode=LBH&source=DM

https://globalrestructuringreview.com/article/lehman-statutory-interest-ranks-pari-passu-subordinated-claims?utm_source=Lehman%253A%2Bstatutory%2Binterest%2Branks%2Bpari%2Bpassu%2Bwith%2Bsubordinated%2Bclaims&utm_medium=email&utm_campaign=GRR%2BAlerts

Chance that LBHI POR is closing post UK $267M+ payments starting on 11/23

https://www.pwc.co.uk/business-recovery/administrations/lehman/lbh-8th-declaration-dividend.pdf

AS OF JUNE 30 QUARTERLY REPORT

THE ESTIMATED RECEIVABLES TO COMPLETE THE FINAL DISTRIBUTION IS 227 MILLION.

Three months after, on monthly report of July, August and September, 35.8 million came in.

Estimate…… 227M - 35.8 = 191.2

191.2 million more to be paid by various affiliates in Asia and Europe is expected to finalize the distribution.
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
If the UK affiliates are paying $237.5M, that exceeds the $191.2M expected

"The agreement also makes provision for distributions of approximately £187 million to be made in respect of LBH’s subordinated liabilities in the near future, allowing for such time as is reasonably required to take necessary administrative and practical steps to effect such distributions; and also makes provision for subsequent distributions against subordinated liabilities in due course to the extent that funds become available for that purpose." £187 million is ~ $237.5M

These are the ECaps Sub-notes in 10A
1.24 Class 10A Subordinated Notes means, collectively, (a) the Floating Rate Junior
Subordinated Deferrable Interest Debentures due 2035 issued pursuant to the Eighth
Supplemental Indenture, dated as of August 19, 2005, between LBHI and JPMorgan Chase
Bank, as trustee; (b) the Fixed/Floating Rate Subordinated Notes due 2016 Series 5065, issued
pursuant to a final term sheet dated as of September 26, 2006 under the Euro Medium-Term
Note Program; (c) the Floating Rate Subordinated Notes due 2037 Series EB17, issued pursuant
to a final term sheet dated as of January 23, 2007 under the Euro Medium-Term Note Program;
(d) the Fixed/Floating Rate Subordinated Notes due 2019 Series 6222, issued pursuant to the
final term sheet dated as of February 14, 2007 under the Euro Medium-Term Note Program; and
(e) the Floating Rate Subordinated Notes due 2037 Series EB 18, issued pursuant to a final term
sheet, dated as of May 30, 2007, under the Euro Medium-Term Note Program.

These sub notes are in class 10A ?

£187 million is ~ $237.5M

The UK settlement provides-

"The agreement also makes provision for distributions of approximately £187 million to be made in respect of LBH’s subordinated liabilities in the near future, allowing for such time as is reasonably required to take necessary administrative and practical steps to effect such distributions; and also makes provision for subsequent distributions against subordinated liabilities in due course to the extent that funds become available for that purpose." £187 million is ~ $237.5M

Lehman Brothers Holdings, Inc.
Email: questions@lehmanholdings.com

Those who had their escrows removed at TD/Schwab may want to email the Estate (see above) letting them know and asking when the estate will communicate to the brokers that the chap 11 is still ongoing and escrows should not have been removed.

They should not have been removed.

Recommend sending email to:

Estate Contacts
Lehman Brothers Holdings, Inc.
Email: questions@lehmanholdings.com

On Friday, September 29, 2023 at 11:52:53 AM PDT, wrote:


Hello,

I just spoke with TD/Schwab Reorganization Department at 888-723-8504, option 1

Thier DTC participant # is 0188

XXXXXXX




On Friday, September 29, 2023 at 09:02:59 AM PDT, Leonard, Claire wrote:


Mr. xxxxxx,

Do you have your broker’s DTC participant number/ID?



Thank you,

Claire



Claire Leonard

Lehman Brothers Holdings Inc.

Claire.Leonard@lehmanholdings.com

+1 (646) 285-9361

I emailed lehman and they asked for TD/Schwab DTC number. Nothing more yet.

I agree, they can end the Ch 11 at any point now. with receivables (revenue) flowing in. Why continue to pay attorneys after all is settled?

Partial Settlement - ECAPS Litigation
On October 8, 2023, the parties to the ECAPS litigation agreed the terms of a settlement which substantially narrowed the outstanding areas of dispute within the estate of Lehman Brothers Holdings Plc (“LBH PLC”), a non-controlled affiliate in administration in the UK.

https://www.pwc.co.uk/services/business-restructuring/administrations/non-lbie-companies/lbh-plc-in-administration.html

Last MOR had Restricted Cash for Operating Expenses $60.6M ($60.6/2 = $30.3M expenses). This distribution is $23.7M (~6 months). How long will the bankruptcy court allow this? Costs more than recovering.

Pg 9-
Funds potentially flowing from the LBH estate to LP I, LP II and LP III
4.27 Following a review of the estimated value of LP I, LP II and LP III’s discounted claims
in tandem with the LBH Joint Administrators’ most recently published estimated
financial outcomes for the LBH stakeholders, the Joint Liquidators have prepared a
table to show the potential flow of funds to LP I, LP II and LP III based on the outcome
of ECAPS 1, before any entitlement to statutory interest. The sums ultimately to flow to
LP I, LP II, and LP III are dependent on the final outcome of the ECAPS 2 Applications.

Range is £233M to £490M

Tax Assets start to expire in 2026, bulk in 2028 and 2029

Agree stox,

Some of their funds are Cayman too. Also, only able to write off loss from cost basis.

Bought these with future returns in mind IMO

Stonehill buying $191M+ of claims https://dm.epiq11.com/case/lbh/dockets

LEHNQ board is most active...
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=172490255

https://blog.otcmarkets.com/2021/03/25/understanding-the-expert-market/