Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

Proof that the Debtors value and will enforce LBHI's CTs/TRuPS prospectuses:

"Response: The Trust Preferred Securities were issued by the non-Debtor entities identified above (the “Trusts”). Based on relevant prospectuses, the sole assets of the Trusts were certain
subordinated debt securities (the “Subordinated Securities”) issued by Lehman Brothers Holdings Inc. (“LBHI”)."



*** Old Post ***

jwnoble3 Thursday, 02/27/14 04:58:36 PM
Re: None
Post # of 76551

This was posted on the EPIQ site yesterday RE CTs...

http://dm.epiq11.com/LBH/Document/GetDocument/2465387

February 26, 2014

LEHMAN BROTHERS HOLDINGS INC., AS PLAN ADMINISTRATOR

RESPONSE TO QUESTIONS RECEIVED FROM CREDITORS


The reader should refer to the respective documents referenced herein. Capitalized terms used but not
defined herein shall have the meanings ascribed to them in the Modified Third Amended Joint Chapter 11
Plan of Lehman Brothers Holdings Inc. and Its Affiliated Debtors (the “Plan”). The response below is not
provided for and should not be relied upon for investment guidance. The response is subject to change
from time to time, without prior notice.

(1) Are the holders of the following securities (the “Trust Preferred Securities”) likely to receive

any recoveries?

Ticker Cusip Number Issuer/Trust
LEHKQ 52519Y209 Lehman Brothers Holdings Capital Trust III
LEHLQ 52520B206 Lehman Brothers Holdings Capital Trust IV
LHHMQ 52520E200 Lehman Brothers Holdings Capital Trust V
LEHNQ 52520X208 Lehman Brothers Holdings Capital Trust VI

Response: The Trust Preferred Securities were issued by the non-Debtor entities identified above (the “Trusts”). Based on relevant prospectuses, the sole assets of the Trusts were certain
subordinated debt securities (the “Subordinated Securities”) issued by Lehman Brothers Holdings Inc. (“LBHI”). Under the Plan, claims against LBHI on account of the Subordinated Securities have been classified in LBHI Class 10B. Based on the 2013+ Cash Flow Estimates filed on July 23, 2013 [ECF No. 38954], it is unlikely that the Trusts will receive any Distributions from LBHI on account of their class 10B claims. LBHI is not aware of any other assets currently owned or
expected to be realized by the Trusts.

*** Old Post ***

cottonisking Tuesday, 12/26/17 05:37:55 AM
Re: onco post# 76545
Post # of 76552

Judge Chapman's hearing for the ECAPS Preferred Securities substitution is in the second quarter of 2018. Two items will be on the table for the UK's Financial Conduct Authority or Judge Chapman: LBHI's Preferred Stock or cash. It is a no-brainer!

"No-brainer | Definition of No-brainer by Merriam-Webster
https://www.merriam-webster.com/dictionary/no-brainer - Cached - Similar
Define no-brainer: something that requires a minimum of thought."

Anytime LBHI's ECAPS Preferred Securities are paid cash, our prospectus entitlements or "what we bargained for" has been violated!


"Violate | Definition of Violate by Merriam-Webster
https://www.merriam-webster.com/dictionary/violate - Cached - Similar
: to do something that is not allowed by (a law, rule, etc.) : to take away, interfere with, or ignore (something, such as a person's rights or privacy) in an unfair or illegal way. : to abuse or show disrespect for (something, such as a holy place) usually by damaging it."

*** Old Post ***

cottonisking Friday, 12/22/17 04:14:16 PM
Re: cottonisking post# 76500
Post # of 76552

LBHI's ECAPS allowed claims payment plan: docket 41667

If you want to look at the current LBHI's ECAPS allowed claims payment plan review docket 41667. Go to the section in the docket that list the ECAPS claim numbers for various holders (Exhibit A ) and use EPIQ to view a particular claim number. Most claims numbers will show a separate entry for principal and back interest. The principal and/or back interest may be an allowed claim. Perhaps in class 4a or class 7 or class 6 (if less than $50,000). Maybe the ECAPS holders had an option to select their principal or back interest to be an allowed claim.


*** Docket 41667 for ECAPS

"16. LBH Plc was not liable for any Funded Distributions or Unfunded Distributions as of the Commencement Date. There is no evidence that the Issuers failed to make any required Distribution through the Commencement Date. There is no evidence that the 08-13555-jmp Doc 41667 Filed 12/20/13 Entered 12/20/13 17:38:58 Main Document Pg 10 of 194 8 US_ACTIVE:\44390121\8\58399.0011 Issuers had funds sufficient to make Funded Distributions subsequent to the Commencement Date. Accordingly, LBH Plc may be liable for Unfunded Distributions from the Commencement Date through, at the latest, June 22, 2010, when the Issuers dissolved and the LBH Plc Guarantees terminated. See Prospectuses at 28-31. 17. LBH Plc is not liable for the Redemption Amounts. The Redemption Amounts were due from the Issuers only in the event of a redemption of the Preferred Securities. See Prospectus I at 9-10; Prospectus II at 7-8. There is no evidence that the Preferred Securities upon which the Claims are based were ever redeemed.
.
.
.
In the interim, LBHI is required by the Plan to maintain a reserve based on the aggregate filed amount of the Claims. Plan at ¶ 8.4. The Claims appear to have been filed in amounts that equal or exceed the Claimants’ notional investment in the Preferred Securities: an aggregate amount in excess of $52 million. See Clack Declaration at ¶ 7. Assuming, arguendo, that LBHI could be liable for the Claims, LBHI’s maximum liability for the Claims would be limited to LBH Plc’s Maximum Liability: an aggregate amount of less than $6.5 million. See id. Accordingly, the Claims are overstated by at 08-13555-jmp Doc 41667 Filed 12/20/13 Entered 12/20/13 17:38:58 Main Document Pg 12 of 194 10 US_ACTIVE:\44390121\8\58399.0011 least $45.6 million. Under such circumstances, it would be prejudicial to LBHI’s allowed creditors to require LBHI to maintain reserves based on the filed amounts of the Claims. RESERVATION OF RIGHTS 22. LBHI continues to dispute that it has any liability for the Claims. Further, LBHI does not concede that LBH Plc’s Maximum Liability represents LBH Plc’s actual liability to the Claimants. Similarly, LBHI does not concede that if it has liability for the Claims, such liability equals LBH Plc’s Maximum Liability. The Plan Administrator reserves its rights to prosecute the Objections and object to any of the Claims on any other basis as to which the Court does not grant the relief requested herein. LBHI also reserves its rights to seek further reductions to the Claims. NOTICE 23. No trustee has been appointed in these Chapter 11 Cases. The Plan Administrator has served notice of this objection on (i) the United States Trustee for Region 2; (ii) the Securities and Exchange Commission; (iii) the Internal Revenue Service; (iv) the United States Attorney for the Southern District of New York; (v) each claimant listed on Exhibit A; and (vi) all other parties entitled to notice in accordance with the procedures set forth in the second amended order entered on June 17, 2010 governing case management and administrative procedures for these cases [ECF No. 9635]. The Plan Administrator submits that no other or further notice need be provided. 24. No previous request for the relief sought herein has been made by the Plan Administrator or the Chapter 11 Estates to this or any other Court. 08-13555-jmp Doc 41667 Filed 12/20/13 Entered 12/20/13 17:38:58 Main Document Pg 13 of 194 11 US_ACTIVE:\44390121\8\58399.0011 WHEREFORE the Plan Administrator respectfully requests that the Court grant the relief requested herein and such other and further relief as is just. Dated: December 20, 2013 New York, New York /s/ Garrett A. Fail Peter D. Isakoff Garrett A. Fail WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Telephone: [phone] Facsimile: [phone] Attorneys for Lehman Brothers Holdings Inc. and Certain of Its Affiliates"

*** Old Post ***

P.S. LBHI's and JPMCB's SETTLEMENT AGREEMENT DATED 2/1/2017 - Docket
54683 - should include LBHI's TRuPS and ECAPS per "Unaffected Matters." Also,
the Guarantee Resolution should apply to LBHI's TRuPS.

“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."




*** I reviewed this documentation last night:

LBHI's TRuPS are governed by, and construed in accordance with, English law?

a) Major prospectus language: "on a parity 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,"


b)Statement 1 created as early as March 2003:

"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, and"


c) Statement 2 created in March 2005:

"Governing Law: The Limited Partnership Agreement establishing the
Issuer, the Preferred Securities and the Subordinated Guarantee will
be governed by, and construed in accordance with, English law."

**** Statement from LEHNQ 52520X208 Lehman Brothers Holdings Capital
Trust VI Prospectus

"The guarantee will constitute an unsecured obligation of Lehman
Brothers Holdings and will rank:

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, and
"

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