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Wednesday, September 10, 2014 2:54:15 PM
Transfer of claim 66455 from JPM to LBHI pursuant to the CDA:
I believe this is the two sides of the trust coming into play
The common side 3%
The preferred side 97%
The preferred securities will always constitute approximately 97% of the liquidation amount of all issued securities and the common securities will constitute the balance
The claim in Exhibit C was for the total amount of the trusts.
JPM 7.68 billion and was disputed on the amount.
JPM is the trustee to the common side of the trust 3%
I am guessing if the motion was approved LBHI will pay the 3% common side of the trust with this one time payment of 557 million
BNYM is the Trustee of the Preferred side 97%
I am not sure if all of this is correct...There is lots going on in the BK I do not understand, but I do believe this is what is happening at the moment....Use your own DD
Agreement:
• JPMorgan will reduce its remaining aggregate Claim balance from approximately $7.68 billion to approximately $557 million through application of the Cash Collateral consisting of certain cash, cash proceeds of securities and money market funds all posted by the Debtors and LBI. • JPMorgan will transfer the remaining illiquid Collateral to LBHI. • LBHI will make a one time cash payment to JPMorgan in an amount of approximately $557 million, equal to the aggregate unpaid balance of JPMorgan’s Claims. • LBHI will step into the shoes of JPMorgan as a secured creditor of LBI and the guaranteed Debtors as a subrogee of JPMorgan without any prejudice or impairment of any and all rights of LBI or the other Debtors as to the validity or enforceability of such claims and without any waiver of any further rights of any parties-in-interest. • Each Lehman entity Transfer of claim 66455 from JPM to LBHI pursuant to the CDA
I've read that the common side could not be paid before the preferred was paid if the subordinated debentures are in default
(provided for or paid in full) read below
(Payment of distributions or any redemption or liquidation amounts regarding the preferred and common securities will be made proportionately based on the aggregate liquidation amounts of the preferred and common securities. However, if the subordinated debentures are in default, no payments may be made on the common securities until all unpaid amounts on the preferred securities have been provided for or paid in full)
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