Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

I agree... "it is the Holders of the Securities that
have standing to enforce the subordinated guarantee."

Monitor case 19-cv-06397

***

"lEHMAN BROTHERS UK CAPITAL FUNDING lP ("lP I")
EUR 225,000,000 FIXED RATE TO CMS-LiNKED GUARANTEED NON-VOTING, NON-CUMULATIVE
PERPETUAL PREFERRED SECURITIES ("lP I PREFERRED SECURITIES")
ISIN XS0215349357
25 September 2019
Notice to Holders
Liquidation of lB GP No.1 Ltd ("the Company") and implications for holders of lP I Preferred
Securities

.
.
.
POTENTIAL CLAIMS AGAINST THIRD PARTIES (SUBORDINATED GUARANTEE)
4.11 LBH provided a subordinated guarantee to the Holders of the Securities in relation to
LP I, LP II and LP III. The wording of the subordinated guarantee included in the
prospectus suggests that the Holders of the Securities issued by LP I, LP II and LP III
have subordinated guarantee claims against LBH, although it is unclear how those
claims would be made in practice. Holders of the relevant Securities should take their
own independent legal advice in relation to the subordinated guarantee and any claims
they may wish to make (including whether claims could potentially be made against
any other entity within the Group pursuant to any intra Group guarantees). The Joint
8
Liquidators' initial assessment is that the Company has no separate right to make a
claim pursuant to the subordinated guarantee and it is the Holders of the Securities that
have standing to enforce the subordinated guarantee.
4.12 LBHI also provided a subordinated guarantee to the Holders of the Preferred Securities
in relation to LP IV and LP V. Please see paragraph 4.11 above as the Joint Liquidators'
initial assessment is the same for LP IV and LP V and accordingly Holders of the
relevant Securities should take their own independent legal advice in relation to the
subordinated guarantee and any claims they may wish to make."




https://www.rns-pdf.londonstockexchange.com/rns/6600N_1-2019-9-25.pdf

Thanks for the link Argus63!