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The Court system is organized under the Treasury Department. Get it?
"“ They just need to stay clear of any actions of the conservator and there will be none of the legal nonsense we have witnessed over the last 15 years or so.”" Hello - Lamberth just ruled that damages be paid to the plaintiffs. Damages are a distribution and distributions are not allowed in conservatorship. How is FHFA/TSY going to get around this one?
Navy, if this post is true, this is why Yellen needs to know about the letter. Yellen may not know she can write the letter without ST's okay.
TightCoil 📷
2:12 PM
Post #770,897
Re: #770,886: @TightCoil - Treasury, FHFA conflict brewing soon-to-be-released SCANDAL. Mark this pos
From what I've learned, the subject of this "soon-to-be-released" scandal involves a conflict regarding illegal discrimination against Black shareholders as a result of imposition of the Conservatorship. Treasury, which is "closer" to the Administration and the Constitution than the FHFA, feels that they must do one of two things; 1) provide reparations to those Black shareholders (and other minority shareholders), or 2) begin the process of releasing Fannie and Freddie.
Queen Thompson's stance is "I won't have either, period."
How do they know if I'm black, white or yellow?
Yesterday, 6:57 PM
I had to inform them of this:
profile icon
camaro4me Free 21 seconds ago
Post #770,918
Re: #770,886: @TightCoil - Treasury, FHFA conflict brewing soon-to-be-released SCANDAL. Mark this pos
Tell Treasury this. We have a jury verdict in favor of plaintiffs, FHFA lost. Once Lamberth rules with the jury verdict, Treasury can write the letter. FHFA has zero say in it.
https://fhfa.gov/Conservatorship/Documents/Senior-Preferred-Stock-Agree/FNM/SPSPA-amends/FNM-SPSPA_09-07-2008.pdf
Yesterday, 7:06 PM
have to expand the post to see the whole thing
Yesterday, 7:11 PM
·
Navy - best post ever - please make sure Yellen gets it!
Boooooom ! https://t.co/5KebMcVZhH
— Cmdr Ron Luhmann (@usnavycmdr) October 15, 2023
6.7. Effect of Order; Injunction; Decree. If any order, injunction or decree is issued by any court of competent jurisdiction that vacates, modifies, amends, conditions, enjoins, stays or otherwise affects the appointment of Conservator
Tell Treasury this. We have a jury verdict in favor of plaintiffs, FHFA lost. Once Lamberth rules with the jury verdict, Treasury can write the letter. FHFA has zero say in it.
https://www.fhfa.gov/Conservatorship/Documents/Senior-Preferred-Stock-Agree/FNM/SPSPA-amends/FNM-SPSPA_09-07-2008.pdf
6.7. Effect of Order; Injunction; Decree. If any order, injunction or decree is issued by any court of competent jurisdiction that
vacates, modifies, amends, conditions, enjoins, stays or otherwise affects the appointment of Conservator as conservator of Seller or
otherwise curtails Conservator’s powers as such conservator (except in each case any order converting the conservatorship to a
receivership under Section 1367(a) of the FHE Act), Purchaser may by written notice to Conservator and Seller declare this Agreement
null and void, whereupon all transfers hereunder (including the issuance of the Senior Preferred Stock and the Warrant and any funding
of the Commitment) shall be rescinded and unwound and all obligations of the parties (other than to effectuate such rescission and
unwind) shall immediately and automatically terminate.
6.12. Non-Severability. Each of the provisions of this Agreement is integrated with and integral to the whole and shall not be
severable from the remainder of the Agreement. In the event that any provision of this Agreement, the Senior Preferred Stock or the
Warrant is determined to be illegal or unenforceable, then Purchaser may, in its sole discretion, by written notice to Conservator and
Seller, declare this Agreement null and void, whereupon all transfers hereunder (including the issuance of the Senior Preferred Stock
and the Warrant and any funding of the Commitment) shall be rescinded and unwound and all obligations of the parties (other than to
effectuate such rescission and unwind) shall immediately and automatically terminate.
Tell Treasury this. We have a jury verdict in favor of plaintiffs, FHFA lost. Once Lamberth rules with the jury verdict, Treasury can write the letter. FHFA has zero say in it.
https://www.fhfa.gov/Conservatorship/Documents/Senior-Preferred-Stock-Agree/FNM/SPSPA-amends/FNM-SPSPA_09-07-2008.pdf
6.7. Effect of Order; Injunction; Decree. If any order, injunction or decree is issued by any court of competent jurisdiction that
vacates, modifies, amends, conditions, enjoins, stays or otherwise affects the appointment of Conservator as conservator of Seller or
otherwise curtails Conservator’s powers as such conservator (except in each case any order converting the conservatorship to a
receivership under Section 1367(a) of the FHE Act), Purchaser may by written notice to Conservator and Seller declare this Agreement
null and void, whereupon all transfers hereunder (including the issuance of the Senior Preferred Stock and the Warrant and any funding
of the Commitment) shall be rescinded and unwound and all obligations of the parties (other than to effectuate such rescission and
unwind) shall immediately and automatically terminate.
6.12. Non-Severability. Each of the provisions of this Agreement is integrated with and integral to the whole and shall not be
severable from the remainder of the Agreement. In the event that any provision of this Agreement, the Senior Preferred Stock or the
Warrant is determined to be illegal or unenforceable, then Purchaser may, in its sole discretion, by written notice to Conservator and
Seller, declare this Agreement null and void, whereupon all transfers hereunder (including the issuance of the Senior Preferred Stock
and the Warrant and any funding of the Commitment) shall be rescinded and unwound and all obligations of the parties (other than to
effectuate such rescission and unwind) shall immediately and automatically terminate.
Lamberth trial is not about nws, it's about fees beginning 2016. This case has already gone to scotus and sent back to district court. No more returns to scotus.
Where do you see that? Thx.
On digital platform, both of fannie mae and freddie are already combined into one. Except shares are not combined yet.
minute 29:40
The delay may be weather related.
Error in section 2c
GSE Class Action Filing yesterday ...
Looks like they plan to liquidate CTs
Adversary proceeding: 08-01420-scc Lehman Brothers Inc.
Doc #15357 Trustees Motion for an Order Authorizing the Trustee to Enter into a Liquidating Trust Agreement and Transfer Certain Estate Assets to the Liquidating Trust and Granting Related Relief
Is there a particular part of the complaint they have to amend ?
FNMA common shares are not included in the class action lawsuit because none of the plaintiffs own FNMA shares.
The plaintiffs are listed in the letter.
Thank you Cotton.
Is that a recent opinion Cotton? Thanks
That is, all the debtors are closed.
How can our dividends be distributed to higher classes of debtors when their status is closed?
From epiq:
Debtors
Case No. Date Filed Debtor Status
08-13555 09/15/2008 Lehman Brothers Holdings Inc.
08-13600 09/16/2008 LB 745 LLC Closed
08-13664 09/23/2008 PAMI Statler Arms LLC Closed
08-13885 10/03/2008 Lehman Brothers Commodity Services Inc. Closed
08-13888 10/03/2008 Lehman Brothers Special Financing Inc. Closed
08-13893 10/03/2008 Lehman Brothers OTC Derivatives Inc. Closed
08-13899 10/05/2008 Lehman Brothers Derivative Products Inc. Closed
08-13900 10/05/2008 Lehman Commercial Paper Inc. Closed
08-13901 10/05/2008 Lehman Brothers Commercial Corporation Closed
08-13902 10/05/2008 Lehman Brothers Financial Products Inc. Closed
08-13904 10/05/2008 Lehman Scottish Finance L.P. Closed
08-13905 10/05/2008 CES Aviation LLC Closed
08-13906 10/05/2008 CES Aviation V LLC Closed
08-13907 10/05/2008 CES Aviation IX LLC Closed
08-13908 10/05/2008 East Dover Limited Closed
09-10108 01/07/2009 Luxembourg Residential Properties Loan Finance S.a.r.l. Closed
09-10137 01/09/2009 BNC Mortgage LLC Closed
09-10558 02/09/2009 Structured Asset Securities Corporation Closed
09-10560 02/09/2009 LB Rose Ranch LLC Closed
09-12516 04/23/2009 LB 2080 Kalakaua Owners LLC Closed
09-17331 12/14/2009 Merit LLC Closed
09-17503 12/22/2009 LB Somerset LLC Closed
09-17505 12/22/2009 LB Preferred Somerset LLC Closed
Very true Cotton.
Where is LBHI's money going to? CTs should get all the money as LBHI classes are closed.
They could have a 26th distribution.
Sorry.
How long do you think we have to wait to wrap this up after the October distribution?
1 month?
3 months?
You think distribution # 25 is the last, or are we done on April 6, 2022
ecaps ruling is still pending
$86 million is the lowest distribution out of all of the 24
Also thanks to chapmans calendar, the fact it reads "08-13555-scc
Lehman Brothers Holdings Inc". Then describes Lehman brothers INC (non-controlled affilate) activities, leads me to believe that that LBHI is simply a shell and all subs/affiliates have to finish distributions for LBHI to conduct It's final distribution.
Thank you Cotton for the reminder.
Got it. Thank you.
Did I dumb it down enough for you to understand?
Hundreds of hours is hardly any time at all
Three Views of the Administrative State: Lessons from Collins v. Yellen
Aaron L. Nielson*
Introduction
As I was preparing for oral argument in Collins v. Yellen,1 the thought came to me that David Thompson—counsel for the plaintiffs—had a tough job. I had spent hundreds of hours on just the constitutional aspect of this enormous case. Thompson, however, had two addi- tional issues to cover: a complex statutory argument and an important remedial argument. Thompson is a world-class lawyer and was able to handle each issue skillfully, but even so, it is challenging to argue essentially three cases at once. Yet to understand Collins—and, indeed, key aspects of the administrative state—one needs to view all three parts at the same time: the statutory debate, the constitutional ques- tion, and the remedy.
Bankers Automated Clearing Services Questions:
121. I am a current or former employee of Lehman residing in the United Kingdom and I
received a letter requesting my bank information. What is this letter?
This Bankers’ Automated Clearing Services (“BACS”) notice and form were mailed to all current
or former employees of Lehman residing in the United Kingdom who will be receiving a
distribution from Lehman in the next distribution. In order to receive a distribution, you must
complete and submit the BACS form to Epiq so that it is received no later than March 6, 2022.
122 When is the BACS (Bankers’ Automated Clearing Services) form due?
For the April 6, 2022 distribution, the BACS form submission deadline is March 6, 2022.
123. Why do I need to complete a BACS form?
In order to allow Lehman Brothers Holdings Inc. to pay you directly into your bank account, you
are required to complete this form and return it to Epiq.
124. Do I have to complete a BACS form for each distribution that I am to receive from
Lehman?
No, by completing the BACS form and returning it to us, you acknowledge that you are asking for
all future payments from Lehman Brothers Holdings Inc. to be paid into the account you listed on
the form. To change the nominated bank, you must complete and return a further BACS form.
Answers to Frequently Asked Questions (March 3, 2022)
Page 24 of 24
125. Where do I need to return my completed BACS form?
You can return the attached form to Epiq by any of the following methods:
E-mail: LBHI-NOTICING@epiqglobal.com
Fax: (+1) 601-812-6241
Lehman Brothers Holdings Claims Processing
First-Class Mail: c/o Epiq
PO Box 6389
Portland, OR 97228-6389
Hand Delivery, Overnight mail or
Courier requiring a signature:
Epiq
Lehman Brothers Holdings Claims Processing
10300 SW Allen Blvd.
Beaverton, OR 97005
126. I am a current or former Lehman employee residing in the United Kingdom, why didn’t I
get a distribution?
If you are a current or former Lehman employee residing in the United Kingdom and you did not
return your BACS form, then you did not receive a distribution.
Can someone please pass this up to the plaintiffs?
Watt-It takes 2 to tango-meaning No to stopping NWS
Mnuchin could not have stopped NWS alone because FHFA director Watt had to agree with that. He openly said, "It takes two to tango". That was open threat to not work with Mnuchin in stopping nWS.
MC/Mnuchin needed to increase net worth of GSE to have any administrative solution for realistic scenario of capital raise. GSE could/can not raise $200B from market (2.5% of $7.2T). First, GSE needs to increase net worth to $100B then only GSE can raise another $100B from market.
"In New York, consumer lawyers want to revive a dismissed case alleging America’s largest banks defrauded investors out of more than $7 billion in bond deals."
https://www.wsj.com/articles/fallout-from-judges-financial-conflicts-spreads-to-appeals-courts-11646155384
Thx Cotton
Camaro, Judge Ronnie Abrams just completed a case on bonds. She and the courts will provide clarity for our bonds.
Are you saying that on March 17, 2022 (April 6 - 20 days) CT holders get a distro?
Quote:
(b) Manner of Payment or Distribution. All distributions made by the Trustees to Beneficiaries shall be payable to the holders of Interests of record as of the 20th day prior to the date scheduled for the distribution (works for CTs that are still listed on an exchange), unless such day is not a Business Day, in which case such day shall be the following Business Day (the “Record Date”). If the distribution shall be in Cash, the Trustees shall distribute such Cash by wire, check, or such other method as the Trustees deem appropriate under the circumstances.
(c) Delivery of Trust Distributions. All distributions under this Trust Agreement to any Beneficiary shall be made at the address of such Beneficiary as set forth in the register (works for CTs that were cancelled on March 6, 2012)or at such other address as such Beneficiary shall have specified for payment purposes in a written notice to the Trustees at least fifteen (15) days prior to such distribution date. In the event that any distribution to any holder is returned as undeliverable, the Trustees shall use reasonable efforts to determine the current address of such holder, but no distribution to such holder shall be made unless and until the Trustees have determined the then current address of such holder, at which time such distribution shall be made to such holder without interest; provided, however, that such undeliverable or unclaimed distributions shall be deemed unclaimed property at the expiration of one year from the date of distribution. The Trustee shall reallocate all undeliverable and unclaimed distributions for the benefit of all other Beneficiaries.
It's March 2022 now. What's going to happen?
Updated: When LBHI cancelled the CTs on March 6, 2012, the BNYM was required to distribute the CTs' junior subordinated debentures to the CTs holders and liquidate the Trusts. We would be a direct creditor to LBHI today. I owned CTs on March 6, 2012. The CTs holders have not received yearly cash from any of LBHI's reallocated class 10b distributions [I think that LBHI's Plan view the CTs' cancelled from March 6, 2012 to 2022
LBHI and the BNYM reinstated the CTs, in March of 2012 without their Guarantees' Rights. Suckers...and never told the CTs holders that we would receive our junior subordinated debentures in the future. If so, why are the CTs' prices sub-penny? Is it because the cancelled March 6, 2012 CTs are still in LBHI's claims registry waiting for a distribution?
The fourteen years legal plan guessing game for LBHI's class 10b claims.
Here is the proof:
https://www.jpmorganchase.com/ir/news/2017/jpmc-liquidate-111617
They've gone from $450M to $175M in 1 month?
Amen to that
The total case number is the amount LBHI will have distributed to end the case. At the time of that being written Lehman had $1.1 bil. We believe the $1.1bil included the ECAPS money. Once the ECAPS litigations started, the amount reduced to $430m, which leads us to believe it was reduced to $430m because of ECAPS ruling. Estimated Total case amount is $96.9 to third party unsecured creditors. They only have $430m to distribute according to the balance sheet when they were supposed to have $1.1 bil to distribute. Which is why we believe this coming distribution will be the last.
Unless they just want to be annoying and stretch this whole thing out even more
Yes
Sec of State Blinken making strong statements that Russia is breaking international law and US and allies are willing to take action.
Did the war start???!!!
Please rescue us
If we receive in April or May news that there will be new judge appointed to oversee the Lehman case then we should prepare for additional X years of waiting... 2023 or even longer... yeah, I know the docket is empty and there are only handful of open court cases ... but still ... new judge means we will have to wait more. If no news about new judge then perhaps this is indeed over by the end of the this year.
Just my 2 cents
Cheers
Slim
Are we all good with thinking that this will be over by end of year?
Waiting waiting.
Just what does it mean to answer shortly?
SJ: Answer, due to an error in Abrams' court, Rex's case was elevated to the next level. After the error was corrected, Rex's case was lowered back to Abrams' court. Currently, we are in a pipeline wait state:
Quote:
Tuesday, February 08, 2022
24 1 pgs order Memo Endorsement Tue 02/08 6:21 PM
MEMO ENDORSEMENT on re:23 Letter, filed by Rex Wu. ENDORSEMENT: Appellant is correct regarding the scope of the Court's Order at Dkt. 22. The Memo Endorsement did not address the merits of Wu's motion, or the application of Mission Products Holdings, Inc. v. Tempnology, LLC, 139 S.Ct. 1652 (2019), to this case. It intends to do so shortly. (Signed by Judge Ronnie Abrams on 2/8/2022) (ate)
Thank you for your response.
LBT and LBHI - is there any way we can tell how many claims are left? Will it be over 2023 or do we have to wait? IDK if there is a way we can tell. I can't find outstanding claims in epiq.
Good Luck To Us All
Camaro not “likely in October” the LBI final distribution is set in stone. It is signed and documented already it is technically done.
LBIE already finished there distributions and they are currently trying to rescue the company as a going concern
LBT & LBHI are all that are left
We know LBI's distributions are coming to an end likely by October.
Looks like we need to find the end of distributions for LBI and LBIE
>>
Quote:
All debtors are in closed status except lbhi.
Theirs still the con controlled affiliates: LBT, LBIE, LBI
I checked epiq website for lbhi overview. All debtors are in closed status except lbhi.
Anyone know how to check claims status for lbhi?