Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

cottonisking Monday, 08/07/17 06:18:04 AM
Re: cottonisking post# 73995
Post # of 74950

"Lehman Brothers Holdings plc – In Administration
Joint Administrators’ progress report for the period 15 September 2016 to 14 March 2017

12 April 2017
.
.
.
Guarantee creditors
As creditors are aware, LBH guaranteed the
following Lehman Brothers Capital funds (“the
Funds”):
? Lehman Brothers UK Capital Funding LP
(ISIN: XS0215349357);
? Lehman Brothers UK Capital Funding II LP
(ISIN: XS0229269856); and
? Lehman Brothers UK Capital Funding III
LP (ISIN: XS0243852562).
Investors in the Funds are entitled to submit a claim
against LBH for the amount they invested in each
fund. However, the guarantee provided by LBH is
subordinated to LBH’s ordinary unsecured and
other subordinated creditors.
The Administrators estimate that there is unlikely to
be any surplus available to pay a dividend to
creditors with guarantee claims.
The Administrators understand that certain
investors in the Funds have taken steps to re-instate
the general partner of the Funds, LB GP No 1
Limited (“LBGP”), with a viewto providing a conduit
to a potential subordinated claim into LBH.
The Administrators also understand that LBGP has
been placed into creditors’ voluntary liquidation
The liquidators are BruceMackay and MatthewHaw
(“the Liquidators”) of RSM Restructuring Advisory
LLP, based at 25 Farringdon Street, London EC4A
4AB. Investors should contact the Liquidators with
regard to potential claims."

http://www.pwc.co.uk/business-recovery/administrations/lehman/lbh-plc-17th-progress-report-to-creditors-with-form-224b.pdf


***


LB GP No.1 Ltd. may need a company director! Which case or Lehman affiliate is Law360 referring too below?


"3.17 The Company's directors and the Company's secretary all resigned prior to the Company being struck off the Register of Companies."

http://www.rns-pdf.londonstockexchange.com/rns/9507I_1-2017-6-22.pdf

*** Cluster of February 2017 events ***

The London courts added LB GP No.1 Ltd. to the Register of Companies effective February 3, 2017. Just after the February 1, 2017 LBHI and JPMCB Settlement Agreement was announced to the public and one year after Judge Richard Sullivan's Affiliate order 115 was signed on February 4, 2016.


***

"Court OKs Move By Lehman Brothers Unit To Dodge Tax
By Alex Davis
Law360, London (August 4, 2017, 5:41 PM BST) -- London’s High Court has agreed to let the administrators for a unit of defunct investment bank Lehman Brothers appoint a company director in order to distribute assets to a separate Lehman unit, a move that will allow it to avoid capital gains tax and speed up the prospect of settling a suit over related assets.

Judge Robert Hildyard, who agreed to the request at the end of July before publishing his detailed reasons for the decision on Thursday, said the proposal was “legally permissible as well... "

https://www.law360.com/articles/951336/court-oks-move-by-lehman-brothers-unit-to-dodge-tax#

***
SOURCE: Lehman Brothers UK Capital Funding IV LP
June 23, 2017 07:00 ET

Lehman Brothers UK Capital Funding LP: Notice to Holders of Preferred Securities
LONDON, UNITED KINGDOM--(Marketwired - Jun 23, 2017) - Lehman Brothers UK Capital Funding LP (LSE: 41YF)
LSE : 41YF
NOTICE TO THE HOLDERS OF:
EUR 200,000,000 EURO FIXED RATE ENHANCED CAPITAL ADVANTAGED PREFERRED SECURITIES ("LP IV ECAPS")
ISSUER: LEHMAN BROTHERS UK CAPITAL FUNDING IV LP ("LP IV")
ISIN: XS0282978666
LIQUIDATION OF LB GP NO.1 LTD ("the Company") AND IMPLICATIONS FOR HOLDERS OF LP IV ECAPS
THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE SUBJECT SECURITIES. IF APPLICABLE, ALL DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO EXPEDITE THE RE-TRANSMITTAL TO BENEFICIAL OWNERS OF THE SECURITIES IN A TIMELY MANNER.
Your attention is drawn to the formal notice contained in the PDF link below concerning the Company, LP IV and the LP IV ECAPS. In order to view the formal notice, it is recommended that you copy and paste the link into your browser.
http://www.rns-pdf.londonstockexchange.com/rns/9507I_1-2017-6-22.pdf
If you have any difficulties in opening the link, please contact Samantha Hawkins at RSM Restructuring Advisory LLP by e-mail: [e-mail].
Dated: 23 June 2017
This notice is given by
Bruce Alexander Mackay
RSM Restructuring Advisory LLP
as Joint Liquidator of LB GP No.1 Ltd

*** CASE 11-CV-6760 ***

115 ORDER: The Court is in receipt of two letters from non-party Ricky M. Gregory-dated January 27, 2016 and January 29, 2016, and received in chambers on February 1, 2016 and February 2, 2016, respectively-setting forth his views regarding the proposed settlement in this matter. (Doc. Nos. 113, 114.) Since the settlement agreement is currently being reviewed by the Bankruptcy Court (Doc. No. 111), the Court will take no action on these submissions at this time. (Signed by Judge Richard J. Sullivan on 2/4/2016) (mro) (Entered: 02/05/2016)

***

The UK Preferred Securities (LP IV and LP V) versus LBHI's Preferred Securities connection:

Ranking:

UK Preferred Securities -
"The Subordinated Guarantee will rank pari passu with the noncumulative perpetual preferred securities or preferred stock of
LBHI (whether or not in issue)."

http://web3.cmvm.pt/sdi2004/emitentes/docs/fsd11583.pdf


LBHI Preferred Securities -
"on a parity with the most senior preferred or preference stock now or hereafter issued by Lehman Brothers Holdings and with any guarantee now or hereafter entered into by Lehman Brothers Holdings in respect of any preferred securities of any affiliate of Lehman Brothers Holdings,"

Note: The UK Preferred Securities (LP IV and LP V) are junior to LBHI's Preferred Securities.


***

"
8,000,000 Preferred Securities

LEHMAN BROTHERS HOLDINGS CAPITAL TRUST VI

6.24% Preferred Securities, Series N

(Liquidation amount $25 per preferred security)

fully and unconditionally guaranteed, to the extent set forth herein, by

LEHMAN BROTHERS HOLDINGS INC.

Maturity Date January 18, 2054
.
.
.
Deferral of Distributions

If the subordinated debentures are not in default, Holdings can, on one or more occasions, defer interest payments on the subordinated debentures for up to 20 consecutive quarterly periods. A deferral of interest payments cannot extend, however, beyond the maturity date of the subordinated debentures. If Holdings defers interest payments on the subordinated debentures, the trust will also defer quarterly distributions on the preferred securities. During a deferral period, interest on the subordinated debentures would continue to accrue, and, accordingly, distributions otherwise due to you would continue to accumulate. See "Certain Terms of the Subordinated Debentures—Option to Defer Interest Payments" for a discussion of how you will be notified of a deferral of interest by Holdings.

Once Holdings makes all deferred interest payments on the subordinated debentures, it can again defer interest payments on the subordinated debentures as discussed above.

Holdings does not currently intend to defer interest payments on the subordinated debentures. However, if Holdings does defer such interest payments, it will be subject to certain restrictions relating to the payment of dividends on or purchases of its capital stock and payments on its debt securities that rank equal with or junior to the subordinated debentures. See "Certain Terms of the Subordinated Debentures—Option to Defer Interest Payments."
.
.
.
Option to Defer Interest Payments

Holdings can defer interest payments on the subordinated debentures for up to 20 consecutive quarterly periods if the subordinated debentures are not in default. A deferral of interest payments cannot extend, however, beyond the maturity date of the subordinated debentures. During the deferral period, interest will continue to accrue on the subordinated debentures, compounded quarterly and deferred interest payments will accrue additional interest. No interest will be due and payable on the subordinated debentures until the end of the deferral period except upon a redemption of the subordinated debentures during a deferral period.

Holdings may pay at any time all or any portion of the interest accrued to that point during a deferral period. At the end of the deferral period or on any redemption date, Holdings will be obligated to pay all accrued and unpaid interest.

Once Holdings makes all interest payments on the subordinated debentures, with accrued and unpaid interest, it can again defer interest payments on the subordinated debentures as described above.

During any deferral period, neither Holdings or any of its subsidiaries will be permitted to:

•
pay a dividend or make any other payment or distribution on Holdings' capital stock;


•
redeem, purchase or make a liquidation payment on any of Holdings' capital stock;


•
make an interest, principal or premium payment, or repay, repurchase or redeem, any of Holdings'
S-13


--------------------------------------------------------------------------------


debt securities that rank equal with or junior to the subordinated debentures; or

•
"

https://www.sec.gov/Archives/edgar/data/806085/000104746905000357/a2149684z424b2.htm