Lehman Brothers Financial SA (LEHNQ)

[SwissCheeseAccount]

Finds from latest SEC document:

(f) Guarantee Clawbacks

On April 30, 2019, LBHI filed an adversary proceeding in the Bankruptcy Court against Lehman Brothers Limited (in administration) (“LBL”), MBAM Investor Limited (“MBAM”), Eldon Street Holdings Limited (“ESH”) and Lehman Brothers Holdings Intermediate 2 Ltd. (“LBHI2”), seeking the return of $260 million in excess distributions on guarantee claims allowed against LBHI because, subsequent to LBHI’s payment of the distributions on such guarantee claims, the primary obligor fully satisfied the corresponding primary claim. On May 23, 2019, Deutsche Bank was permitted to intervene as a defendant by stipulation. On June 28, 2019, the defendants answered and denied the allegations in the complaint, and LBL, ESH, and LBHI2 each asserted a counterclaim that their guarantee claims had not yet been satisfied. MBAM did not initially assert a counterclaim, but subsequently amended its answer to counterclaim and interplead Lehman Brothers Holdings PLC. A status conference was held on July 18, 2019, during which the Court directed the parties to meet and confer in order to develop a set of stipulated facts and to determine the scope of discovery necessary for addressing disputed facts.

case is still going on. but thats not the point. lehman filed adversary proceedings against over 150 mortage lenders dated back in 2016. these cases are still going on (clearly because of the above quote) but if one of these are worth 260 million thats a nice chunk of change IF won. I believe 130 of the adversary proceedings are still going on because according to this post it is against against 130, so yeah I would say 20 could have been settled because I know 1 of them was the citibank case for the 1.74b. heres the article:

https://www.natlawreview.com/article/lehman-brothers-seeks-to-expand-lawsuits-against-loan-originators

Also dont forget about the idemification claims! here is one of my old post on them:

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143924728

check the docket that post: 42153 (this is against fannie mae)

now here is another one of my old post that relates too this idemification claim:

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=142971267

so out of the 6,200 counter parties, lehman is suing one of them for 750mil! not saying all of them will be sued for this amount, but it the total amount should be upwards in the billions if you factor in the average home loan back in 08 was 200-300k x 72k(mortgage loans) = 21bil. on the low end. some could be settled but some amounts are huge, so 21 bil a good figure, also the companies lehman is suing arent bankrupt, so they have money so a settlement for a far lower amount will be harder too convince the judge imo.

72k mortages that they are trying to get money back from!!! lehman has adversary proceedings + indemnification claims being settled (cash on the way)





new finds regarding ECAPS: they for a fact are listed in the LBHI claims list. but I'm thinking different ones are in different classes. for instance:

Lehman Brothers Holdings PLC (“PLC”) has outstanding approximately €0.79 billion of subordinated notes issued to ECAPS

I-III
and approximately $1.9 billion of subordinated debt since LBHI is the sole owner of all subs. any claim it has against another entitiy will be towards itself is how I'm seeing it. check toogoods post

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143887421

and $1.9 billion of Class 9B Claims.

could be the ecaps which makes these ones class 9B. perhaps 1-3 are in 9B? idk just saw the 1.9 numbers and linked them together with the other stuff I said.


Thats pretty much all I found. lots of trials will begin this year or next with lehman entities.