"all Allowed Claims in LBHI Classes 1 through 11 have been satisfied in full" now = "all claims against LBHI"
We know that several LBHI subsidiaries have paid off their creditors allowed claims 100% and expect to have funds to pay off their creditors post petition interest 100% (LOTC, LBIE,...). Therefore, the Plan Trust will receive remaining assets, from the above subsidiaries, even though all claims against LBHI will not be paid in full.
On October 1, 2014, LBHI and LOTC are expected to enter into an agreement for a $560 million loan from LOTC to LBHI to be secured by certain LBHI assets, such loan to mature on March 1, 2015. The proceeds from this loan agreement will be included in the sixth Plan Distribution.
Also, we know that the Debtors do not have enough cash to pay off all claims against LBHI 100%. Per the FAQ's, the Debtors have stated that all distributions will be in cash.
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In the event that all claims against LBHI have been satisfied in full in accordance with the Bankruptcy Code and the Plan, former stockholders of LBHI (through their interest in the New Common Stock) may receive their share of any remaining assets of LBHI consistent with such holders’ rights of payment existing immediately prior to the Commencement Date.
In the event that all Allowed Claims in LBHI Classes 1 through 11 have been satisfied in full in accordance with the Bankruptcy Code and the Plan, the Plan Trust may receive Stock Distributions which will then be distributable among the Beneficiaries
*** Docket 46509 ***
08-13555-scc Doc 46509 Filed 10/14/14 Entered 10/14/14 17:23:43 Main Document
10. In the event that all claims against LBHI have been satisfied in full in accordance with the Bankruptcy Code and the Plan, former stockholders of LBHI (through their interest in the New Common Stock) may receive their share of any remaining assets of LBHI consistent with such holders’ rights of payment existing immediately prior to the Commencement Date. Plan at § 4.17(c). Any distribution from the assets of LBHI that is made to the Plan Trust, as holder of the New Common Stock, shall be for the benefit of such former stockholders in accordance with Section 4.17(b) of the Plan. It is not currently anticipated that any former stockholder of LBHI will receive any distributions as a result of its beneficial interests in the Plan Trust.
PLAN TRUST AGREEMENT
1.5 Rights of Beneficiaries. The Beneficiaries shall be the beneficial owners of the Plan Trust created by this Trust Agreement and the Trustees shall retain only such incidents of ownership as are necessary to undertake the actions and transactions authorized herein. In the event that all Allowed Claims in LBHI Classes 1 through 11 have been satisfied in full in accordance with the Bankruptcy Code and the Plan, the Plan Trust may receive Stock Distributions which will then be distributable among the Beneficiaries consistent with each Beneficiary’s rights of payment as holders of LBHI Stock existing immediately prior to the Commencement Date, subject to all of the terms and provisions of this Trust Agreement, the Plan and the Confirmation Order (the Beneficiaries’ interests in such Stock Distributions and the Plan Trust Stock, the “Interests”).
*** Docket 46422 ***
08-13555-scc Doc 46422 Filed 10/01/14 Entered 10/01/14 18:10:33 Main Document
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 recorded an estimate for post-petition interest in LOTC as of June 30, 2014.
On October 1, 2014, LBHI and LOTC are expected to enter into an agreement for a $560 million loan from LOTC to LBHI to be secured by certain LBHI assets, such loan tomature on March 1, 2015. The proceeds from this loan agreement will be included in the sixth Plan Distribution;
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