Lehman Brothers Financial SA (LEHNQ)

[notrich2day]

it looks like this Mach 6th, 2012 Effective date is related to OBS(Trust). Note sure there may be a different Effective date that impacts the CTs.

Item 1.01
Entry into a Material Definitive Agreement.

In accordance with the Plan (as defined below), Lehman Brothers Holdings Inc. (“LBHI” and certain of its subsidiaries collectively, with LBHI, the “Debtors”) will enter into the Plan Trust Agreement to be effective as of March 6, 2012 (the “Effective Date”), described in Item 1.03 below creating and setting forth the terms and conditions that govern the Plan Trust described therein.

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Conditions Precedent to Effective Date

The occurrence of the Effective Date was subject to satisfaction or waiver of the following conditions precedent with respect to each Debtor:

(a) The Confirmation Order, in form and substance acceptable to the Debtors and the Creditors’ Committee (as defined in the Plan) appointed in the Debtors’ chapter 11 cases, shall have been entered;

(b) All actions and all agreements, instruments or other documents necessary to implement the terms and provisions of the Plan are effected or executed and delivered, as applicable, in form and substance satisfactory to the Debtors;

(c) All authorizations, consents and regulatory approvals, if any, required by the Debtors in connection with the consummation of the Plan are obtained and not revoked; and

(d) The certificate of incorporation, by-laws and limited liability company agreements, as applicable, of the Debtors shall have been amended to the extent necessary to effectuate the Plan.

Each of the foregoing conditions to the effectiveness of the Plan was satisfied and the Effective Date occurred on March 6, 2012.

The Plan Trust

The Plan provides for the creation of the Lehman Brothers Holdings Inc. Plan Trust (the “Plan Trust”) that will have a term of three years, subject to extension for a term not to exceed nine years from the date of the Confirmation Order (subject to certain limited exceptions) with the approval of the Bankruptcy Court.

As of the Effective Date, all existing shares of common stock and preferred stock issued by LBHI were cancelled. One new share (the “Plan Stock”) of LBHI’s common stock, which represents all issued and outstanding shares of capital stock of LBHI, was issued to the Plan Trust which holds such share for the benefit of such former common and preferred stockholders of LBHI. As of the Effective Date, the Plan Stock comprised the sole asset of the Plan Trust. The beneficial interests in the Plan Trust are un-certificated and non-transferable (except with respect to a transfer by will or under the laws of descent and distribution) (“Trust Interests”). Holders of former shares of capital stock of LBHI did not receive or retain any property or interest in property on account of such shares other than the Trust Interests. There is no change in the economic beneficial ownership of LBHI. Since all creditors of LBHI must be satisfied in full before any distribution would be made to the Plan Trust, LBHI does not expect holders of Trust Interests to receive any distributions. The Plan Trust is intended to qualify as a “liquidating trust” for federal income tax purposes.


https://www.sec.gov/Archives/edgar/containers/fix030/806085/000090951812000100/mm03-1212_8k.htm