Lehman Brothers Financial SA (LEHNQ)

[irishintelligence]

---------- Forwarded message ----------
From:
Date: Fri, Mar 21, 2014 at 8:44 AM
Subject: Re: Your Call - Lehman
To: "Lavine, Adam" <[e-mail]>

??
Yesterday LEHNQ was uplisted from the grey market to otc pink. That was the the last of the four. When you have a moment please try to engage on these questions:


-which entity is currently responsible for the unconditional guaranty?
-which entities are the current trustees?
-which entity is a trustee under the guaranty?
-which entity is the indenture trustee?


Thank you.




On Thu, Aug 8, 2013 at 1:37 PM, wrote:


Adam:

Thought I would follow up on this note - 3/4 have now been "uplisted" and continue to hold the 100% gains. I would sincerely appreciate it if you could answer the following:

-which entity is currently responsible for the unconditional guaranty?
-which entities are the current trustees?
-which entity is a trustee under the guaranty?
-which entity is the indenture trustee?





On Tue, Jul 30, 2013 at 12:06 PM, wrote:

Probably also worth mentioning that all four securities are up over 100% in less than one week. I cannot be the only person asking these questions.


Thanks again.



On Tue, Jul 30, 2013 at 10:58 AM, wrote:


Adam:

Of course I agree, that is exactly what you stated. Some notes:


**LHHMQ (6.00% Preferred Securities, Series M ) as an example http://www.sec.gov/Archives/edgar/data/806085/000104746904010912/a2132819z424b2.htm is fully and unconditionally guaranteed (to the extent set forth herein) by LEHMAN BROTHERS HOLDINGS INC.
**Each preferred security represents an undivided beneficial interest in the assets of the trust.

**Assets of the trust: junior subordinated debt.


When these securities were issued:
**LBHI was responsible for the unconditional guaranty.
**JPMorgan Chase, Chase Manhattan, and LBHI were trustees.
**JPMorgan Chase was a trustee under the guarantee.
**Chase Manhattan was the indenture trustee.


I understand that recovery is highly, highly unlikely. That said, if you could you please tell me: a) which entity is currently responsible for the unconditional guaranty b) which entities are the current trustees, c) which entity is a trustee under the guaranty d) which entity is the indenture trustee.


Many thanks for this continued dialogue. I am simply trying to understand.






On Tue, Jul 30, 2013 at 10:21 AM, Lavine, Adam <[e-mail]> wrote:

,



I can’t comment on the trading of LEH securities. Likewise, my comments yesterday related solely to claims in LBHI Class 10B generally, and I was not commenting on any specific security or opining as to the classification of claims based on those securities under LBHI’s plan of reorganization.



I’m not sure what you mean by “current obligor” but please feel free to call me to discuss these issues further.



Adam






Adam M. Lavine

Associate

Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, NY 10153
[e-mail]
[phone] Direct
[phone] Fax



From:
Sent: Tuesday, July 30, 2013 11:17 AM
To: Lavine, Adam
Subject: Re: Your Call - Lehman





Adam:



It appears that
LHHMQ also moved from the Grey Market to the OTC Pink with LEHLQ. LEHNQ and LEHKQ remain on the Grey Market.



I appreciate your insight from our call yesterday, but don't you find it odd that these securities are now actively trading after a market upgrade?





Question please: who is the current obligor for these securities?





Thank you.





On Mon, Jul 29, 2013 at 11:21 AM, wrote:

Adam:


Received your call earlier this am - thank you for calling. I have two questions:



1)
From this statement from the 2013+ Cash Flow Estimates:

"Additionally, in accordance with section 8.13(c) of the Plan, to the extent that any Debtor has Available Cash as defined in section 1.5 of the Plan, after all Allowed Claims against that Debtor have been satisfied in full, each holder of each such Allowed Claim shall be entitled to receive post-petition interest on the Allowed amount of such Claim. The Company has not included estimates for accrued post-petition interest in the 2013+ Cash Flow Estimates."

Question: will class 10b receive a post-petition interest after the POR is satisfied in full? I own LHHMQ and LEHLQ.







2)

Earlier today LEHLQ moved from the Grey Market to the OTC Pink. LEHNQ, LEHKQ, and LHHMQ did not, they remain on the Grey Market.



Question: given that these securities are essentially the same, do you know why one moved to pink and the rest did not?







Thank you.







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