Syncora Holdings Ltd. (fka SYCRF)

[DennyCrane550]

For the LEHMAN RMBS TRUSTEE SETTLEMENTS: (Syncora's has some Lehman LXS/Luxor Cusips - see my prior posts)


Relevant Deadlines & Court Hearings

March 17, 2017 – date on which the LBHI Debtors provided the Proposed RMBS Settlement Agreement to the RMBS Trustees

May 5, 2017 – date by which Certificateholders were required to provide input to the RMBS Trustees regarding LBHI’s Proposed RMBS Settlement Agreement to ensure that the RMBS Trustees have sufficient time to consider such input

June 1, 2017 – deadline by which RMBS Trustees were required to accept or reject LBHI’s Proposed RMBS Settlement Agreement on an RMBS trust-by-RMBS trust basis

June 22, 2017 at 12:00 p.m. (ET) – deadline for objections to the 9019 Motion (as defined and described in LBHI’s Proposed RMBS Settlement Agreement)

June 22, 2017 – deadline by which Certificateholders were required to offer a direction and indemnity to the RMBS Trustees concerning whether the RMBS Trustees should terminate the Proposed RMBS Settlement Agreement with respect to a particular Accepting Trust (as defined and described in LBHI’s Proposed RMBS Settlement Agreement)

July 6, 2017 at 9:00 a.m. (ET) – hearing on the 9019 Motion

July 6, 2017 – entry by Bankruptcy Court of Order Approving the RMBS Settlement Agreement and Including Certain Proposed Findings of Fact and Conclusions of Law

October 16, 2017 – expected commencement of Estimation Proceeding (as defined and described in LBHI’s Proposed RMBS Settlement Agreement)





The Plan
Administrator’s determination to request allowance at $2.416 billion is a reasonable
determination in view of the wide range of potential outcomes and the time and expense that will
be saved by the Estimation Process.



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https://www.housingwire.com/articles/40327-rmbs-trustees-accept-24-billion-toxic-mortgage-settlement-from-lehman-brothers



RMBS trustees accept $2.4 billion toxic mortgage settlement from Lehman Brothers
BlackRock, Goldman Sachs among institutional investors in settlement

June 2, 2017 Ben Lane 0 Comments
KEYWORDS LEHMAN LEHMAN BROTHERS MORTGAGE BOND TRUSTEES MORTGAGE BONDS RMBS RMBS LAWSUIT RMBS SETTLEMENT
Money
The trustees in a series of residential mortgage-backed securities trusts reached a settlement with the remains of Lehman Brothers Holdings that could be worth more than $2.4 billion over claims that the RMBS deals contained toxic mortgages.

Robert Madden, an attorney with Gibbs & Bruns, which represented the institutional investors, said that that the settlement is “an important step in finally resolving the Lehman RMBS claims, and obtaining value for certificateholders in the trusts.”


All in all, the trustees for 238 RMBS trusts accepted a settlement that establishes a minimum payout of $2.4 billion.

The trustees involved in the settlement are Deutsche Bank National Trust Company, TMI Trust Company, U.S. Bank National Association, and
Wilmington Trust Company.

Also included in the settlement are 14 institutional investors, including: AEGON USA Investment Management, BlackRock Financial Management, Cascade Investment, the Federal Home Loan Bank of Atlanta, Goldman Sachs Asset Management, Invesco Advisers, Kore Advisors, Metropolitan Life Insurance Company, Pacific Investment Management Company, Sealink Designated Activity Company, The TCW Group, Thrivent Financial for Lutherans, Voya Investment Management, and Western Asset Management Company.

As the Wall Street Journal notes:

Before its collapse, Lehman purchased and funneled millions of residential mortgages to its securitization subsidiary, which then bundled the loans into marketable financial products. The subsidiary, known as Structured Asset Securities Corp or SASCO, established hundreds of trusts and special-purpose vehicles that in turn issued the securities to pension funds, insurance companies and other institutional buyers.

And this settlement covers investors that bought into the SASCO trusts and others, which, in some cases, included mortgages with faulty underwriting.

Now, the settlement waits for approval by the judge overseeing the liquidation of Lehman.