Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

https://www.law360.com/articles/968531/-4b-jpmorgan-award-shows-modest-impact-of-mega-punitives

*** Old Post 9/26/2017 ***

I am looking for another LBHI and JPMCB Settlement Agreement for “Unaffected Matters” no later than February 2018! Why? These Settlement Agreements like to show up in January or February!

I cannot vision JPMCB releasing any more cash to LBHI until “Unaffected Matters” are resolved in a Settlement Agreement.

Therefore, we should focus on clues and this forthcoming Settlement Agreement.

***

LBHI's TRuPS has an interest in their respective BNYM allowed claim.

For example, 8 or 9 million shares of LEHNQ has an interest in one claim number (or one junior subordinated note in LBHI's class 10B) held by the BNYM. The junior subordinated note is held in a trust. We hold the Preferred Securities (also called debt securities because the trust holds a note or debt) issued by the trust and LBHI holds the common securities issued by the trust. Therefore, the trust is an affiliate of LBHI via ownership. LBHI and JPMCB are co-debtors in the Lehman Brothers Bankruptcy.

Each of LBHI's TRuPS has two claim numbers:

1) An allowed claim number filed by the BNYM

2) A corresponding Guarantee claim number filed by JPMCB based on the August and September 2008 guaranties and security agreements and/or Guarantee Resolution and/or Indenture.


"2.10. Guarantee Trustee May File Proofs of Claim."

LEHKQ, LEHLQ, LEHNQ & LHHMQ: means claims filed in which any affiliates of a JPMorgan Entity has an interest, and any other claims that JPMorgan did not assert were covered by LBHI’s August and September 2008 guaranties and security agreements in favor of JPMCB’s subsidiaries and affiliates.


*** LBHI's AND JPMCB's SETTLEMENT AGREEMENT DATED 2/1/2017 - Docket 54683



“Unaffected Matters” means claims filed by or on behalf of any JPMorgan Entity
or any affiliates or funds of a JPMorgan Entity, or in which any JPMorgan Entity or any
affiliates or funds of a JPMorgan Entity has an interest, that are not Settled Matters,
including without limitation claims filed by or on behalf of a JPMorgan Entity as agent,
for a customer or for a fund that it manages, claims relating to Canary Wharf, claims held
from time to time by a JPMorgan Entity’s distressed claims trading desk, and any other
claims that JPMorgan did not assert were covered by LBHI’s August and September
2008 guaranties and security agreements in favor of JPMCB’s subsidiaries and affiliates.

For the avoidance of doubt, claims relating to the LBSF Action are not Unaffected
Matters. Lehman reserves all objections and defenses to the Unaffected Matters."

***

Quote:
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GUARANTEE AGREEMENT


This GUARANTEE AGREEMENT (the "Guarantee"), dated as of March 17, 2003, is executed and delivered by Lehman Brothers Holdings Inc., a Delaware corporation (the "Guarantor"), and JPMorgan Chase Bank, as trustee (the "Guarantee Trustee"), for the benefit of the Holders (as defined herein) from time to time of the Securities (as defined herein) of Lehman Brothers Holdings Capital Trust III, a Delaware statutory trust (the "Trust").
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(g) the following terms have the following meanings:

"Affiliate" has the same meaning as given to that term in Rule 405 of the Securities Act of 1933, as amended, or any successor rule thereunder.
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2.10. Guarantee Trustee May File Proofs of Claim. Upon the occurrence of a Guarantee Event of Default, the Guarantee Trustee is hereby authorized to (a) recover judgment, in its own name and as trustee of an express trust, against the Guarantor for the whole amount of any Guarantee Payments remaining unpaid and (b) file such proofs of claim and other papers or documents as may be necessary or advisable in order to have its claims and those of the Holders of the Securities allowed in any judicial proceedings relative to the Guarantor, its creditors or its property.
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http://www.sec.gov/Archives/edgar/data/806085/000104746903008869/a2105775zex-4_05.htm