RSM Restructuring Advisory LLP restored LBGP No. 1 to the Register of Companies to pay the ECAPS. The LP's main assets are the subordinated notes. The LP's pay their ECAPS holders via an exchange. Read the June 23, 2017 notice again!
I read ECAPS payments coming from LBGP = "LBGP has claimed
on behalf of three Lehman Brothers Capital Funding
partnerships (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).
The Funds are managed by their general partner,
LBGP. The liquidators are Bruce Mackay and
Matthew Haw of RSM Restructuring Advisory LLP,
based at 25 Farringdon Street, London EC4A 4AB.
These claims are subordinated to the claims of
unsubordinated, unsecured creditors and will only
be entitled to receive distributions if the
unsubordinated, unsecured creditors have been
paid in full, including statutory interest.
The Administrators consider it possible that there
may be a surplus available in due course for a
distribution to subordinated creditors but, as stated above, there remain a number of variables that would have a significant impact on the quantum of any such surplus."
***
This has been solved with the waterfall II deal except for a withholding tax on statutory interest!
=
"there remain a number of variables that would have a significant impact on the quantum of any such surplus."
