Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

A look into the past!

***Old Post ***

Read it again Cotton! Something to think about this week!

Fact pattern:

1) LBI subordinate notes (claim 5615) indenture created prior to September 2008: Indenture is active.

2) Barclays will not buy LBI (USA/Canada) until LBI file Chapter 7 on September 19, 2008.

3)Barclays and LBHI added line item 6 in the September 20, 2008 clarification letter to get around or break the terms of the LBI subordinate notes indenture (article ten). LBI subnote indenture is not enforced for "assumption" by SIPA Trustee and/or Judge Peck????

4) LBI order 7849 demote claim 5615 on December 13, 2013 (no objections ???). LBI subnote indenture is enforced for "subordination" by SIPA Trustee and/or Judge Peck.

7489 10/23/2013 Motion for Objection to Claim(s)
Number: 5615.

Docket 7489 filed on 10/23/13
Docket 7489 response date 12/9/13 - no objections???
"Order signed on 12/13/13"
Docket 7489 hearing date 1/16/14

5)Judge Peck retires on 1/31/14


a)Can a bankruptcy Judge cherry pick when to enforce and not enforce a subnote indenture?

b)What bearing did the September 20, 2008 clarification letter have on the LBI subnote indenture?

c) What impact did the September 20, 2008 clarification letter have on Mr. Kelly's $2.25 billion estimated for Barclays contract cure cost?

d) Who wrote the clarification letter on the Lehman side of the deal/contract? Why did they give in to Barclays demands on contract cure cost?

*** Read this old post again Cotton ***

Another tale or fact:

"The talk of unbelievable tales just keep rolling along."


1) LBI has a $201 million subordinate note that was not assumed by Barclays (claim # 5615) in September 2008.

Why? Barclays added line item 6 in the September 20, 2008 clarification letter to get around or break the terms of the LBI subordinate notes indenture (article ten). Can a contract be written to break a subnote indenture? tale or fact

2) Despite the fact that the SIPA Trustee demoted the LBI subordinate notes, a motion is still open on the LBI subnotes: docket 8485.

3) Will the oldest investment bank in America prevail (BBH, founded in year 1818)with motion 8485?

4) Will hope prevail?

5)Will justice/law prevail?

6) Perhaps, this is part of the reason why Barclays assumed liabilities of only $238 million versus billions.

It is easy to understand why you think that this Lehman bankruptcy reads like a tall tale, however, this is the real deal. Wakeup out of your dream and keep on reading.


***

5615 THE BANK OF NEW YORK MELLON, AS TRUSTEE 06/01/2009 $201,949,500.00 Image
Creditor Address:
ATTN: JOHN GUILIANO
101 BARCLAY, 8W
NEW YORK, NY 10286


Debtor:
08-01420 SIPC vs. Lehman Brothers, Inc. Amounts:
Allowed Unsecured: $201,949,500.00
Claimed Unsecured: $201,949,500.00


Remarks: This claim is subordinated.
Related Dockets
Docket No. Docket Date Docket Text Related Documents
8485 03/14/2014 Motion for Omnibus Objection to Claim(s) / Trustees Two Hundred Nineteenth Omnibus Objection to General Creditor Claims (Insufficient Documentation Claims) [Amended] filed by Christopher K. Kiplok on behalf of James W. Giddens, as Trustee for the SIPA Liquidation of Lehman Brothers Inc. with hearing to be held on 4/24/2014 at 10:00 AM at Courtroom 621 (SCC) Responses due by 4/4/2014, . (Kiplok, Christopher)


Case: SIPC vs. Lehman Brothers, Inc.


Related: none Document
7849 12/13/2013 Order Signed on 12/13/2013 Regarding the Proof of Claim of The Bank of New York Mellon, as Indenture Trustee for Certain Subordinated Notes of Lehman Brothers Inc. (Claim No. 5615). (Related Doc # [7489]) (Nulty, Lynda)


Case: SIPC vs. Lehman Brothers, Inc.


Related: 7489 Document
7489 10/23/2013 Motion for Objection to Claim(s) Number: 5615 / Trustees Objection to the General Creditor Proof of Claim of The Bank of New York Mellon as Indenture Trustee for Certain Subordinated Notes of LBI (Claim No. 5615) filed by Christopher K. Kiplok on behalf of James W. Giddens, as Trustee for the SIPA Liquidation of Lehman Brothers Inc.. with hearing to be held on 1/16/2014 at 10:00 AM at Courtroom 601 (JMP) Responses due by 12/9/2013, (Kiplok, Christopher)


Case: SIPC vs. Lehman Brothers, Inc.


Related: none

***Old Post ***

cottonisking Monday, 01/25/16 12:38:57 PM
Re: cottonisking post# 64316
Post # of 69766

d) Who wrote the clarification letter on the Lehman side of the deal/contract? Why did they give in to Barclays demands on contract cure cost?

Four individuals signed the September 20, 2008 clarification letter. One person from each entity listed below (sign name, print name and job title):

1) Barclays Capital Inc. - No job title filled in: WOW and Bull$hit
2) Lehman Brothers Inc. - Attorney for SIPA Trustee
3) LB 745 LLC - President - 1 of 8 entities scheduled to close bankruptcy case soon!
4) Lehman brothers Holdings Inc - Vice President

Note: Access LBHI docket 280 to view clarification letter

Another team of people may have written the clarification letter. However, the SIPA Trustee attorney (Anson B. Frelinghuysen)was probably on the team that drafted the clarification letter.

The LBHI Vice President who signed the September 20, 2008 clarification letter went to work at Barclays in 2008:

Steven L. Berkenfeld J.D.

"Prior to joining Barclays in September 2008, he served as the Chief Investment Officer and Global Head of Legal, Compliance of Lehman Brothers, Private Equity Division. Mr. Berkenfeld served as the Vice President and Head of Corporate ... Advisory Division of Lehman Brothers Holdings Inc"

Steven L. Berkenfeld J.D.
Director, The Sierra Club Foundation Inc.

Age Total Calculated Compensation This person is connected to 1 Board Members in 1 different organizations across 2 different industries.

See Board Relationships
-- --

Background
Mr. Steven L. Berkenfeld, J.D. serves as Managing Director in the Investment Banking Division at Barclays Capital. Mr. Berkenfeld's roles at Barclays include Co-Head of the Firm's Cleantech Initiative and Head of Industrial Cleantech Banking. Prior to joining Barclays in September 2008, he served as the Chief Investment Officer and Global Head of Legal, Compliance of Lehman Brothers, Private Equity Division. Mr. Berkenfeld served as the Vice President and Head of Corporate ... Advisory Division of Lehman Brothers Holdings Inc. As an Attorney at Lehman Brothers from 1987 to 2001, he had responsibility for all legal matters relating to Lehman Brothers' Investment Banking and Private Equity activities, as well as many of its Fixed Income and Equities businesses. Prior to joining Lehman Brothers in 1987, Mr. Berkenfeld was an Associate at the law firm of Fried, Frank, Harris, Shriver & Jacobson and was engaged primarily in advising clients on mergers and acquisitions. He serves as Director of RSI Holding Corporation. He has been Director of The Sierra Club Foundation Inc since June 27, 2013. He also is the sponsor of the Employment Sustainability Initiative on Employment and Technology at the ILR School of Cornell University. He also serves on the Sierra Club's Clean Tech Advisory Council. Mr. Berkenfeld holds a J.D. from Columbia Law School and a B.S. from Cornell University.
Read Full Background

Corporate Headquarters
85 Second Street
San Francisco, California 94105

United States

Phone: [phone]
Fax: [phone]
Board Members Memberships
2013-Present
Director
The Sierra Club Foundation Inc.
Education
BS
Cornell University
JD
School Of Law, Columbia University
Other Affiliations
Lehman Brothers, Private Equity Division
Lehman Brothers Holdings, Inc.
Cornell University
School Of Law, Columbia University
NB Private Equity Partners Limited

http://www.bloomberg.com/research/stocks/private/person.asp?personId=1711280&privcapId=6490854

***

Steven Berkenfeld, Managing Director, Investment Banking Division, Barclays

Steven Berkenfeld is a Managing Director in the Investment Banking Division of Barclays. His current roles include chairing the Equities Commitment Committee and the Fairness Opinion Committee, co-heading the Firm’s Cleantech Initiative, leading the banking effort for Emerging Industrial Technology companies, and serving as a senior advisor to the Industrial Group and the M&A Group. He also is chair of the Investment Bank’s Reputational Risk Committee.

Prior to joining Barclays Capital in September 2008, Steven had spent over 21 years at Lehman Brothers. His most recent responsibilities were as (i) Chairman of the Firm’s Transaction Approval Committees for Investment Banking, including Commitment Committee, Bridge Loan Committee, Fairness Opinion Committee and Strategic Acquisition Review Committee, (ii) the Global Head of Legal, Compliance and Audit and (iii) Chief Investment Officer for Lehman Brothers’ Principal Investing activities and Chairman of the Firm’s Investment Committee.

From 2001 through 2005, Steven was Chief Investment Officer of Lehman Brothers’ Private Equity Division, with responsibilities including serving as Chairman of the Firm’s Investment Committee, reviewing and approving all potential principal investment opportunities for Lehman Brothers’ Private Equity Funds and assisting in the execution of transactions for each of the Private Equity asset classes. Earlier in his career at Lehman Brothers, Steven had responsibility for all legal matters relating to Lehman Brothers’ Investment Banking and Private Equity activities, as well as many of its Fixed Income and Equities businesses.

Prior to joining Lehman Brothers in 1987, Steven was an associate at the law firm of Fried, Frank, Harris, Shriver & Jacobson engaged primarily in mergers & acquisitions and leveraged buy-outs. He holds a J.D. from Columbia Law School and a B.S. from Cornell University.

Steven is Chairman of the Board of Directors of the Sierra Club Foundation. He also is a member of the Board of Directors of Green City Force. In addition, Steven is the sponsor of the Employment Sustainability Initiative on Employment and Technology at the ILR School of Cornell University, and is actively engaged in various projects relating to the “Future Of Work”.

http://www.greencityforce.org/about-us/board/steven-berkenfeld-bio/

*** Old Post ***

cottonisking Monday, 01/25/16 08:49:52 AM
Re: cottonisking post# 64307
Post # of 69767

d) Who wrote the clarification letter on the Lehman side of the deal/contract? Why did they give in to Barclays demands on contract cure cost?

Four individuals signed the September 20, 2008 clarification letter. One person from each entity listed below (sign name, print name and job title):

1) Barclays Capital Inc. - No job title filled in: WOW and Bull$hit
2) Lehman Brothers Inc. - Attorney for SIPA Trustee
3) LB 745 LLC - President - 1 of 8 entities scheduled to close bankruptcy case soon!
4) Lehman brothers Holdings Inc - Vice President

Note: Access LBHI docket 280 to view clarification letter

Another team of people may have written the clarification letter. However, the SIPA Trustee attorney (Anson B. Frelinghuysen)was probably on the team that drafted the clarification letter.

***

Anson B. Frelinghuysen - Hughes Hubbard and Reed
www.hugheshubbard.com/Anson-B-Frelinghuysen - Cached - Similar
Anson B. Frelinghuysen represents companies restructuring their financial affairs
both in and out of court as well as representing secured and general creditors ...

***

Rodney Frelinghuysen


Member of the U.S. House of Representatives
from New Jersey's 11th district
Incumbent
Assumed office
January 3, 1995
Preceded by Dean Gallo
Member of the New Jersey General Assembly
from the 25th district
In office
January 10, 1984 – January 3, 1995
Preceded by James Barry
Succeeded by Anthony Bucco
Personal details
Born (1946-04-29) April 29, 1946 (age 69)
New York City, New York, U.S.
Political party Republican
Spouse(s) Virginia Robinson (1980–present)
Children 2
Alma mater Hobart College
Trinity College, Connecticut
Religion Episcopalian
Military service
Allegiance United States
Service/branch United States Army
Years of service 1969–1971
Rank Specialist 5[1]
Unit 93rd Engineer Battalion[2]
Battles/wars Vietnam War
Rodney Procter Frelinghuysen (/'fri?l??ha?s?n/; born April 29, 1946) is the U.S. Representative for New Jersey's 11th congressional district, serving since 1995. The district includes most of Morris County, an affluent suburban county west of New York City. It also includes some of the wealthier areas near Newark and Paterson, and is one of the richest congressional districts in the nation in terms of median income. He is a member of the Republican Party.

Frelinghuysen was born in New York City to Peter Hood Ballantine Frelinghuysen II, a New Jersey politician and Beatrice Sterling Procter, an heir to the Procter & Gamble fortune. He attended St. Mark's School, an exclusive Episcopal preparatory school in Southborough, Massachusetts.[3] Rejected from Princeton,[4] the alma mater of his father and grandfather, Frelinghuysen instead matriculated at Hobart College in New York. There he served as president of the Kappa Alpha Society and earned a BA in American history in 1969.[5] Frelinghuysen next enrolled in a graduate program at Trinity College but was soon drafted into the United States Army. Following basic training at Fort Dix, he was assigned as a clerk to the commanding officer of the 93rd Engineer Battalion, which was primarily responsible for building roads and water supply systems in the Mekong Delta of Vietnam.[5][6]

*** Old Post ***

cottonisking Monday, 01/25/16 09:48:13 AM
Re: cottonisking post# 64316
Post # of 69767

"Lehman Downgrades Procter & Gamble A Little Late
Jun. 8, 2007 9:33 AM ET| | About: The Procter & Gamble Company (PG)
by: Todd Sullivan
The Procter & Gamble Company (NYSE:PG) was downgraded to equal-weight from overweight at Lehman Brothers, which said it will be "tough" for the Dow industrials component to deliver above-average returns.

"As we see it, P&G's business is healthy, but without much upside to fiscal 2008 margins versus our estimates nor likelihood of sustained re-acceleration in revenue growth," the broker said on Monday.

I posted the very same sentiment in less esoteric terms. It is simple; huge discounts are a sign of slowing sales. If the discounting produces the sales, it does so at the expense of margins. Either scenario mean profits will come under pressure . . .

And yes, that makes it "tough," although I did not know it is usually "easy." "

http://seekingalpha.com/article/37792-lehman-downgrades-procter-and-gamble-a-little-late

"Frelinghuysen was born in New York City to Peter Hood Ballantine Frelinghuysen II, a New Jersey politician and Beatrice Sterling Procter, an heir to the Procter & Gamble fortune."

***


"Rodney Procter Frelinghuysen (/'fri?l??ha?s?n/; born April 29, 1946) is the U.S. Representative for New Jersey's 11th congressional district, serving since 1995. The district includes most of Morris County, an affluent suburban county west of New York City. It also includes some of the wealthier areas near Newark and Paterson, and is one of the richest congressional districts in the nation in terms of median income. He is a member of the Republican Party.

Frelinghuysen was born in New York City to Peter Hood Ballantine Frelinghuysen II, a New Jersey politician and Beatrice Sterling Procter, an heir to the Procter & Gamble fortune. He attended St. Mark's School, an exclusive Episcopal preparatory school in Southborough, Massachusetts.[3] Rejected from Princeton,[4] the alma mater of his father and grandfather, Frelinghuysen instead matriculated at Hobart College in New York. There he served as president of the Kappa Alpha Society and earned a BA in American history in 1969.[5] Frelinghuysen next enrolled in a graduate program at Trinity College but was soon drafted into the United States Army. Following basic training at Fort Dix, he was assigned as a clerk to the commanding officer of the 93rd Engineer Battalion, which was primarily responsible for building roads and water supply systems in the Mekong Delta of Vietnam.[5][6] "


***

"People with the surname[edit]Frederick Frelinghuysen (general) (1753–1804), U.S. Army general and New Jersey politician
Frederick Frelinghuysen (businessman) (1848–1924), Insurance company president
Frederick Frelinghuysen (lawyer) (1788–1820), lawyer who married Jane Dumont
Frederick Theodore Frelinghuysen (1817–1885), U.S. senator and Secretary of State
George Griswold Frelinghuysen (1851-1936), of Ballantine beer
John Frelinghuysen (minister) (1727–1754), American clergyman and son of Theodorus Jacobus Frelinghuysen
John Frederick Frelinghuysen (1776–1833), U.S. Army general and lawyer
Joseph Sherman Frelinghuysen, Sr. (1869–1948), U.S. senator from New Jersey
Joseph Sherman Frelinghuysen, Jr. (1912-2005), U.S. soldier, prisoner of war, author, and businessman
Peter Hood Ballantine Frelinghuysen II (1916-2011), U.S. congressman from New Jersey
Rodney Frelinghuysen (born 1946), U.S. congressman from New Jersey
Suzy Frelinghuysen (née Estelle, 1911-1988), American artist
Theodore Frelinghuysen (1787–1862) New Jersey Attorney General, U.S. senator, and mayor of Newark, New Jersey
Theodorus Jacobus Frelinghuysen (1691–1748), Dutch immigrant to U.S. and theologian
Theodorus Jacobus Frelinghuysen II (1724–1761), theologian "

https://en.wikipedia.org/wiki/Frelinghuysen