J dog , I read it and don't have a clue..here's the paste you requested and maybe you can figure it out...good luck !
Introduction
The securities in respect of our Lehman affected Plans were issued by either Lehman Brothers Securities N.V. (“LBS”) or Lehman Brothers Treasury B.V. (“LBT”). In both cases, the guarantor of the obligations of LBT and LBS to meet the payments due from the Securities was Lehman Brothers Holdings Inc (“LBHI”), the US based Lehman parent company. Individual Accounts will hold either LBS or LBT securities, never both. Accounts holding securities originally issued by LBS will therefore receive distributions from LBHI and LBS, Accounts holding LBT securities will receive distributions from LBHI and LBT.
On 9th May 2014 Meteor received an email from LBS indicating that it hopes to make its third distribution in the second half of June 2014. The distribution rate has not yet been announced. We would normally expect the payment to have been made earlier as LBS aims to make its payments as soon as possible after its receipt of distributions from LBHI. Its claim against LBHI is LBS' principal asset. However, LBS have informed us that it has reached a settlement with Lehman Brothers International Europe ("LBIE") and expects to receive a payment from LBIE in settlement of its claim against LBIE at the end of May. To date LBS has paid two distributions totaling 16.1% of the LBS claim valuation. The LBS valuations are not the same as LBT or LBHI valuations. LBS distributions are paid in US Dollars and converted to Sterling before being allocated to individual Accounts. The Dollar/Sterling exchange rate applicable at each distribution therefore affects the relative Sterling value added to Accounts
On 29th/30th April 2014, Meteor received a third distribution from LBT. The distribution was a little under 5.062% of the LBT Claim Amount. It will bring the amount paid by LBT to 21.902% of the LBT claim valuation. The LBT valuations are not the same as LBS or LBHI valuations. LBT distributions are valued in Euros and paid to Meteor in Sterling; but as its principal liquid assets derive from the distributions it receives in US Dollars from LBHI the Dollar/Euro/Sterling exchange rates applicable at each distribution therefore affects the relative Sterling value added to Accounts. LBT’s chief asset is its own claim to LBHI and it intends to pay distributions within 15 business days of its receipt of each LBHI distribution.
LBHI paid its fifth distribution on 3rd April 2014. The distribution was a little under 3.962% of the Allowable Claim Amount for each security. LBHI distributions are paid to Meteor in US Dollars and converted to Sterling before being allocated to individual Accounts. The Dollar/Sterling exchange rate applicable at each distribution therefore affects the relative Sterling value added to Accounts. The new payment will mean the total amount paid by LBHI is now slightly over 16.73% of the LBHI Allowable Claim Amounts.
In January 2014, we sent statements to all customers holding Lehman Brothers securities. The statements, which were also copied to customers' advisers, detail the distributions received and paid to date. The statements also remind those customers who have not yet claimed their distributions to contact us with payment instructions. This will include investors who hold their Lehman securities within an ISA and may wish to transfer the distributions received to date to another ISA manager. If the Lehman securities are held through a pension arrangement, wrap or other platform the statement will have been sent to the pension/wrap/platform provider and the beneficial owner is advised to liaise with that provider and their adviser for further information.
The Claim Amounts for LBHI, LBS and LBT are based on their respective valuations and are (i) different from one another, (ii) specific to the individual security (iii) not the same as the amounts invested and (iv) expressed in currencies other than Sterling. The Sterling value of any distribution will depend on the relevant valuation of the security, the distribution percentage payable and the relevant currency exchange rate at the time the distribution is made.
Distributions are processed and allocated to individual Accounts and, where we have received payment instructions, paid to customers as soon as possible after receipt. Customers who have not given payment instructions should contact us to arrange the receipt of distributions.
Please click on the PDF links below to access previous Lehman information.
January 2013 Lehman Update (LBT)
January 2013 Lehman update (LBS)
October 2012 Lehman Update
June 2012 Lehman Update (LBT)
June 2012 Lehman Update (LBS)
June 2012 Lehman Update (LBT USD)
March 2012 Lehman Update
October 2011 Lehman Update
February 2011 Lehman Update
April 2010 Lehman Update
July 2009 Lehman Update
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