Lehman Brothers Financial SA (LEHNQ)

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https://www.boerse-online.de/nachrichten/zertifikate/lehman-pleite-insolvenzverfahren-fuer-deutsche-privatanleger-abgeschlossen-102821791

"Uncertain investor was Monika K. (name known). In January, she had received from her savings bank a difficult to understand exchange offer for their still in the deposit Lehman certificates. A little later it was said: Command back - the exchange offer does not apply to them. You get paid a final cash distribution. BÖRSE ONLINE explains what's up:
Is the Lehman settlement over?
Yes, at least for private investors who still hold certificates of the Dutch subsidiary Lehman Brothers Treasury (LBT) in their accounts. The LBT also went bankrupt in 2008 as a result of the spectacular bankruptcy of its parent Lehman Brothers Holding Inc. (LBHI); she was mostly the issuer of the Lehman certificates sold in Germany. The insolvency procedure in the USA, however, is not over yet (more info under: www.lehman-docket.com). There one would have had to register his claims directly. It was not necessary in the Netherlands.
What's up with the final cash distribution on LBT's certificates?

Only so-called "qualified noteholders", ie professional investors, were given the opportunity to exchange their certificates for an exchange bond. The information about the exchange offer has apparently also been misleadingly sent to private investors such as Monika K. by some German banks. But the offer was not meant for them. As the responsible liquidators of the LBT of the law firm Houthoff in the Netherlands informed the BÖRSE-ONLINE editorship, more than $ 400 million were distributed in 14 tranches alone to date for the 59 issues with the German Securities Identification Number. In addition, a final final payment of approximately $ 187 million was made on May 2 for both private and professional investors who have opted out of the exchangeable bond. Of this, $ 13 million was paid out on German securities numbers.

Why do professionals receive an exchange offer, private investors a final payment? Is that a disadvantage?

You cant say it like that. Unlike professional investors, the liquidators would have to offer private investors worldwide a public exchange offer - a virtually impossible endeavor. Something else was added: The Dutch settlement process was always on the US procedure. The payouts from there, according to information from Houthoff recently lower, so it was increasingly uneconomic to make the payments to more than 3700 securities identification numbers in 22 currencies. Therefore, the liquidators have sold a large portion of about $ 10.5 billion of their total claim of just over $ 34.5 billion. The proceeds plus other monies released have now been distributed. Since many Lehman investors were a bit older in the bankruptcy, they would probably be better served, also because the settlement in the US can take years. "The Lehman settlement in the Netherlands is now closed to private