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Hey Jersey
Remember linda? she is there if you want to say HI..;)
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=170950827
22 entities "debtors" were closed, LBHI remaining....
Almost there...
https://document.epiq11.com/document/getdocumentbycode?docId=4130822&projectCode=LBH&source=DM
Sep 14th,destruction of the Records >>>> Sep 28th Lehman Brothers' brokerage ends liquidation
Sep 14th 2022
ORDERED that the Motion is GRANTED; and it is further
ORDERED that pursuant to section 554(a) of the Bankruptcy Code, Section 6.1(b)(iii) of the Plan, and Paragraph 6 of the Confirmation Order, the Plan Administrator is authorized to abandon the Records commencing fourteen (14) business days following entry of this Order (the “Effective Date”); and it is further
ORDERED that, on the Effective Date, the Records shall no longer constitute property of the Debtors’ estates pursuant to section 541(a) of the Bankruptcy Code and the Plan Administrator and its professionals will have no further responsibility or obligations with respect to the Records, including with respect to subpoenas, document requests, or litigation holds; and it is further
ORDERED that the Plan Administrator shall make payments to maintain the Records until the Effective Date; and it is further
ORDERED that, on the Effective Date, the Plan Administrator shall no longer be required to make further payments related to the Records; and it is further
ORDERED that, commencing on the Effective Date or promptly thereafter, the destruction and termination of any and all of the Records shall be effectuated; and it is further
ORDERED that within five (5) business days of the completion of the destruction of the Records, all third-party service providers shall provide the Plan Administrator certification of such destruction; and it is further
ORDERED that the Plan Administrator is authorized and empowered to take such actions as may be necessary and appropriate to implement the terms of this Order; and it is further
ORDERED that this Court shall retain jurisdiction to hear and determine all matters arising from or related to this Order.
Dated: New York, New York September 14, 2022
/s/ Shelley C. Chapman
HONORABLE SHELLEY C. CHAPMAN UNITED STATES BANKRUPTCY JUDGE
Sep 28th 2022
After 14 years, Lehman Brothers' brokerage ends liquidation
By Jonathan Stempel
NEW YORK, Sept 28 (Reuters) - The liquidation of Lehman Brothers' brokerage unit has ended, 14 years and 13 days after its parent's bankruptcy helped trigger a market freefall and global financial crisis.
U.S. Bankruptcy Judge Shelley Chapman in Manhattan closed the brokerage's estate on Wednesday and awarded final payments to the trustee who oversaw its liquidation and his law firm.
More than $115 billion was paid out.Lehman's 111,000 customers received all $106 billion they were owed, and secured creditors also received full payouts.
Unsecured creditors recovered $9.4 billion, or about 41 cents on the dollar. They were originally expected to recover about 20 cents on the dollar.
Lehman Brothers Holdings Inc, the brokerage's parent, had been Wall Street's fourth-largest investment bank before filing what remains by far the largest U.S. bankruptcy on Sept. 15, 2008.
Its collapse led to much debate over whether and in what circumstances companies should be allowed to fail.
https://www.reuters.com/markets/us/after-14-years-lehman-brothers-brokerage-ends-liquidation-2022-09-28/?taid=6334e76fccb787000131daba&utm_campaign=trueAnthem:+Trending+Content&utm_medium=trueAnthem&utm_source=twitter
Closing of a Bankruptcy Case – Closing means that all activity in the main bankruptcy case is completed. This means that all motions have already been ruled upon, and if a trustee was appointed, the trustee has filed a statement that all trustee duties have been completed. See related FAQs below.
Closing does not mean that a discharge was entered unless all activities related to determining discharge have been completed. If a bankruptcy case is closed without a discharge because an individual debtor did not timely file a Certificate of Completion of Instructional Course Concerning Personal Financial Management, a debtor must file a Motion to Reopen the Case.
Closing does not necessarily mean that all adversary proceedings are finished.
https://www.cacb.uscourts.gov/faq/dismissal-conversion-closing-bankruptcy-case-what-are-differences-between-them
in 2006,
LEHMAN BROTHERS HOLDINGS E-CAPITAL TRUST I
OFFER TO EXCHANGE ITS FLOATING RATE
ENHANCED CAPITAL ADVANTAGED PREFERRED SECURITIES ("ECAPSSM")
WHICH HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
FOR ANY AND ALL OF ITS OUTSTANDING FLOATING RATE
ENHANCED CAPITAL ADVANTAGED PREFERRED SECURITIES
(LIQUIDATION AMOUNT $1,000 PER TRUST PREFERRED SECURITY)
PURSUANT TO THE PROSPECTUS DATED , 2006
https://www.sec.gov/Archives/edgar/data/806085/000104746906006824/a2170074zex-99_3.htm
Or..by
TENDER OFFER!
https://southeycapital.com/lehmanbrothers/
NOTICE OF INTENTION TO DECLARE DIVIDEND
Company details
Company: Lehman Brothers Australia Holdings Pty Limited
ACN: 123 470 548
Status: In Liquidation
Dividend
I will declare a third and final dividend on 16 December 2022 for the Company.
Creditors whose debts or claims have not already been admitted are required on or before 09 November 2022 formally to prove their debts or claims. If they do not, they will be excluded from the benefit of the dividend.
Date of Notice: 19 October 2022
Marcus William Ayres
Liquidator
Stephen Parbery
Joint Appointees
New Lehman...handling "Digital Dollar " & CBDC...IMO...
https://www.whitehouse.gov/ostp/news-updates/2022/09/16/technical-possibilities-for-a-u-s-central-bank-digital-currency/
Thank you...
I meant if LBHI is planning to keep a debit of $10.4 Bil against Claims 10B only, how can Nol's make a difference from discharging?
Please excuse my ignorance, if any.
List of Plan Class 10B claims: around $10.4 Bil
Claim 21805 $314,207,500 CUSIP 52519Y209 - LEHKQ
Claim 22122 $311,742,900 CUSIP 52520B206 - LEHLQ
Claim 22123 $416,013,700 CUSIP 52520E200 - LHHMQ
Claim 67753 $234,250,517.60 CUSIP 52520X208 - LEHNQ
Claim 21797 $1,264,375,000 CUSIP 524908UB4
Claim 21801 $766,500,000 CUSIP 524908WH9
Claim 21800 $1,933,352,700 CUSIP 524908R36
Claim 21799 $1,516,614,600 CUSIP 524908R44
Claim 21802 $1,521,656,300 CUSIP 5249087M6
Claim 21798 $2,051,666,700 CUSIP 5249087N4
Question to the board, Class 10B claims don't include CT's only, other securities are included with a total of around $10,4 Bil.
Are they going to deal with Ct's separately, or with class 10B as whole? is it worth to keep those or redeem later using the 50Bil Nol's than discharging?
Thx
there was a correction for the 2014 post...
LEHNQ old claim no 21803 was replaced with 67753.
:)
edit:
List of Plan Class 10B claims:
Claim 21805 $314,207,500 CUSIP 52519Y209 - LEHKQ
Claim 22122 $311,742,900 CUSIP 52520B206 - LEHLQ
Claim 22123 $416,013,700 CUSIP 52520E200 - LHHMQ
Claim 67753 $234,250,517.60 CUSIP 52520X208 - LEHNQ
Claim 21797 $1,264,375,000 CUSIP 524908UB4
Claim 21801 $766,500,000 CUSIP 524908WH9
Claim 21800 $1,933,352,700 CUSIP 524908R36
Claim 21799 $1,516,614,600 CUSIP 524908R44
Claim 21802 $1,521,656,300 CUSIP 5249087M6
Claim 21798 $2,051,666,700 CUSIP 5249087N4
******
LEHNQ old and new claim numbers: 21803 and 67753, respectively
Claim # Schedule # Creditor Name Filed Date Total Claim Value
67753 BANK OF NEW YORK MELLON, THE 11/30/2011 $234,250,517.60 Image
Creditor Address:
ATTN: JOHN GIULIANO
101 BARCLAY STREET, 8 WEST
NEW YORK, NY 10286
Debtor:
08-13555 Lehman Brothers Holdings Inc.
Amounts:
Allowed Unsecured: $234,250,517.60
Claimed Unsecured: $234,250,517.60
Remarks:
ACCEPTED AS FILED
21803 BANK OF NEW YORK MELLON, THE, AS INDENTURE TRUSTEE FOR CUSIP 52520X208 09/21/2009 $0.00 Image
Creditor Address:
ATTN: JOHN GUILIANO
101 BARCLAY STREET, 8 WEST
NEW YORK, NY 10286
Debtor:
08-13555 Lehman Brothers Holdings Inc.
Amounts:
Claimed Unsecured: $233,469,683.43
Remarks:
THIS CLAIM IS EXPUNGED\DISALLOWED
List of Plan Class 10B claims:
Claim 21805 $314,207,500 CUSIP 52519Y209 - LEHKQ
Claim 22122 $311,742,900 CUSIP 52520B206 - LEHLQ
Claim 22123 $416,013,700 CUSIP 52520E200 - LHHMQ
Claim 67753 $234,250,517.60 CUSIP 52520X208 - LEHNQ
Claim 21797 $1,264,375,000 CUSIP 524908UB4
Claim 21801 $766,500,000 CUSIP 524908WH9
Claim 21800 $1,933,352,700 CUSIP 524908R36
Claim 21799 $1,516,614,600 CUSIP 524908R44
Claim 21802 $1,521,656,300 CUSIP 5249087M6
Claim 21798 $2,051,666,700 CUSIP 5249087N4
I placed an order to buy 20K shares @ $0.01..
Rejected!
I tried to buy it too ( int'l Acc) and failed.
Your order has been rejected for the following reason(s). Please go back and edit your order.
00678-SECURITY IS IN A RESTRICTED OTC TIER
From Prospectus
Optional Liquidation of the Trust and Distribution of Subordinated Debentures
Holdings may dissolve the trust at any time, and after paying the creditors of the trust may cause the subordinated debentures to be exchanged for the preferred securities. Holdings will give holders of the preferred securities at least 10 business days' prior notice of such dissolution.
Assuming that the trust is not taxable as a corporation, a distribution of subordinated debentures upon a liquidation of the trust would not be a taxable event to holders of the preferred securities. If, however, the trust were subject to United States federal income tax with respect to income accrued or received on the subordinated debentures, the distribution of subordinated debentures by the trust would be a taxable event to the trust and you.
If Holdings elects to dissolve the trust, thus causing the subordinated debentures to be distributed in exchange for the preferred securities, Holdings will continue to have the right to redeem the subordinated debentures in certain circumstances. See "Certain Terms of the Subordinated Debentures—Redemption" for more information.
Special Event Redemption
If a tax event or an investment company event (as defined below) has occurred and is continuing, and Holdings cannot cure the event by some reasonable action, Holdings may redeem the subordinated debentures, within 90 days following the occurrence of the Special Event.
"Tax event" as used herein means the receipt by the trust of an opinion of independent tax counsel experienced in such matters, to the effect that, as a result of
•
any amendment to, change in or announced proposed change in the laws or regulations interpreting such laws of the United States or any political subdivision or taxing authority; or
•
any official administrative pronouncement, action or judicial decision interpreting or applying such laws or regulations;
where such amendment or change becomes effective, or proposed change, pronouncement, action or decision is announced on or after the date of this prospectus supplement, there is more than an insubstantial risk currently or within the 90 days following such opinion that:
•
the trust will be subject to United States federal income tax with respect to income received or accrued on the subordinated debentures;
•
interest payable by Holdings on the subordinated debentures will not be deductible by Holdings, in whole or in part, for United States federal income tax purposes; or
•
the trust will be subject to more than a de minimis amount of other taxes, duties or other governmental charges.
"Investment company event" means the receipt by the trust of an opinion of a nationally recognized independent counsel to the effect that, as a result of the occurrence of a change in law or regulation or a written change in interpretation or application of law or regulation by any legislative body, court, governmental agency or regulatory authority, there is more than an insubstantial risk that the trust will be considered an "investment company" under the Investment Company Act of 1940 that is required to be registered under this law.
If Holdings does not elect to redeem the subordinated debentures following a tax event or investment company event, the preferred securities will remain outstanding until the repayment of the subordinated debentures.
Redemption Procedures
The trust will give you at least 30 days' notice before any redemption of preferred securities. To the extent funds are available for payment, the trust will irrevocably deposit with DTC sufficient funds to pay the redemption amount for the preferred securities being redeemed. The trust will also give DTC irrevocable instructions, and authority to pay the redemption amount to the preferred securities holders. Any distribution to be paid on or before a redemption date for any preferred securities called for redemption will be payable to the registered holders on the record date for the distribution.
S-8
Once notice of redemption is given and the redemption amount is irrevocably deposited, additional distributions on the preferred securities will cease to accumulate. In addition, all rights of the holders of the preferred securities called for redemption will cease, except for the right to receive distributions payable prior to the redemption date and the redemption amount.
If any redemption date is not a business day, the redemption amount will be payable on the next business day, without any interest or other payment in respect of any such delay. However, if the next business day is in the next calendar year, the, redemption amount will be payable on the preceding business day.
Holdings or its affiliates may, at any time, purchase outstanding preferred securities by tender, in the open market or by private agreement.
Any preferred securities which are repurchased or redeemed will be cancelled.
October it is..
Still around with many thanks to all of you guys :)
Okay.....eom
mine were removed as "worthless"
Gus Bus
A guy who was trying to educate us how profitable is to buy high and sell low!
Most guesses for March but I think it'll be on October..
Sorry Jersey ;)
In addition to the final distribution, the Trustee’s November 3 motion proposed a voluntary scheme whereby nearly all holders of general unsecured claims would be able to receive an additional 0.3224 percent distribution in full and final satisfaction of their claims. The estate’s four largest general unsecured creditors – claim purchasers that between them own 92 percent of the total allowed general unsecured claim amount – would not be part of the voluntary scheme. Under the procedures approved by the Court, all former LBI employee wage-based claims would automatically receive the voluntary distribution. Between the wage-based claimants and other eligible claimants, holders of over 1,300 claims allowed in an amount exceeding $1.8 billion have the opportunity to exit the LBI bankruptcy with an enhanced distribution.
https://www.hugheshubbard.com/news/lehman-team-to-distribute-final-payout-of-269m-to-unsecured-creditors-offer-enhanced-recovery-option-to-substantially-all-unsecured-creditors
Time to say Goodbye...Was a hell of 15 years journey,
I sold most on the way up, and sold the remaining few mil shares at 0.0002 last week.
Wishing you guys all the best, stay safe.
I sent the mail twice, and got no reply too.
sending another one now..FWIW
I sent him an email asking if an overseas investor can join and he didn't reply.
Thank you Sir. eom
I'm an overseas investor, can I join the lawsuit?
TIA
I don't want to be caught between selling/Holding option @ $3-$5..
I just want to wake up one morning and see it trading at $25-$40!
I promise I won't hesitate then.
LOL
Yup..., Thats me and "balihi" 8 years ago...lol
from Prospectus...Redemption
Redemption
Holdings may redeem the subordinated debentures before their maturity:
•
in whole or in part on one or more occasions any time on or after January 18, 2010; and
•
in whole at any time, if certain changes in tax or investment company law occur (each of which is a "Special Event" and is described more fully under "—Special Event Redemption" below).
When Holdings pays off the subordinated debentures, either at maturity on January 18, 2054 or upon early redemption (as discussed above), the trust will use the cash it receives from the redemption of the subordinated debentures to redeem a like amount of the preferred and common securities. The redemption price for the subordinated debentures is 100% of their principal amount plus accrued and unpaid interest.
If less than all the preferred and common securities are redeemed, the aggregate liquidation amount of preferred and common securities to be redeemed will be allocated proportionately among the preferred and common securities, subject to the exceptions described under "—Subordination of Common Securities." The preferred securities to be redeemed will be redeemed on a proportionate basis by DTC if they are in book-entry-only form.
Special Event Redemption
If a tax event or an investment company event (as defined below) has occurred and is continuing, and Holdings cannot cure the event by some reasonable action, Holdings may redeem the subordinated debentures, within 90 days following the occurrence of the Special Event.
"Tax event" as used herein means the receipt by the trust of an opinion of independent tax counsel experienced in such matters, to the effect that, as a result of
•
any amendment to, change in or announced proposed change in the laws or regulations interpreting such laws of the United States or any political subdivision or taxing authority; or
•
any official administrative pronouncement, action or judicial decision interpreting or applying such laws or regulations;
where such amendment or change becomes effective, or proposed change, pronouncement, action or decision is announced on or after the date of this prospectus supplement, there is more than an insubstantial risk currently or within the 90 days following such opinion that:
•
the trust will be subject to United States federal income tax with respect to income received or accrued on the subordinated debentures;
•
interest payable by Holdings on the subordinated debentures will not be deductible by Holdings, in whole or in part, for United States federal income tax purposes; or
•
the trust will be subject to more than a de minimis amount of other taxes, duties or other governmental charges.
"Investment company event" means the receipt by the trust of an opinion of a nationally recognized independent counsel to the effect that, as a result of the occurrence of a change in law or regulation or a written change in interpretation or application of law or regulation by any legislative body, court, governmental agency or regulatory authority, there is more than an insubstantial risk that the trust will be considered an "investment company" under the Investment Company Act of 1940 that is required to be registered under this law.
If Holdings does not elect to redeem the subordinated debentures following a tax event or investment company event, the preferred securities will remain outstanding until the repayment of the subordinated debentures.
Redemption Procedures
The trust will give you at least 30 days' notice before any redemption of preferred securities. To the extent funds are available for payment, the trust will irrevocably deposit with DTC sufficient funds to pay the redemption amount for the preferred securities being redeemed. The trust will also give DTC irrevocable instructions, and authority to pay the redemption amount to the preferred securities holders. Any distribution to be paid on or before a redemption date for any preferred securities called for redemption will be payable to the registered holders on the record date for the distribution.
S-9
Once notice of redemption is given and the redemption amount is irrevocably deposited, additional distributions on the preferred securities will cease to accumulate. In addition, all rights of the holders of the preferred securities called for redemption will cease, except for the right to receive distributions payable prior to the redemption date and the redemption amount.
If any redemption date is not a business day, the redemption amount will be payable on the next business day, without any interest or other payment in respect of any such delay. However, if the next business day is in the next calendar year, the, redemption amount will be payable on the preceding business day.
Holdings or its affiliates may, at any time, purchase outstanding preferred securities by tender, in the open market or by private agreement.
Any preferred securities which are repurchased or redeemed will be cancelled.
This is such a shock.
My deepest condolences to his family and friends.
He is on my prayers.
I own a ton of shares here, sold some on the way up, and thinking on getting it back at these prices...
watching closely here.
GLTA
I think it was 21.4 not 24.1
the main difference :
Class 4A from 15.9 Billion to 25.3 billion,
I think they can also suggest Tender Offer, or make an Exchange Offer and Consent Solicitation as part of the new financing transaction for new Co.
ie, 5$ cash, and (3/5/10..etc) shares common stock of new Co.