Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

March 2020 "CTs' Prospectus/Indenture Setoff" verification in progress! Pass 14 Status Code: P

or

March 2020 "no duplicate allowed claim held by the Trust" verification in progress! Pass 14 Status Code: P

$$$$$ "In connection with such a direct action, Holdings will have the right under the indenture to set off any payment made to such holder by Holdings." $$$$$


From docket 60482 filed 03/24/20

"PLAN ADMINISTRATOR'S OBJECTION TO MOTION TO RESERVE
.
.
.
LBHI did not extend an open offer following the Petition Date to guarantee Trust Preferred Securities that Waske or others could reasonably rely upon or accept in 2019."

ANSWER: The CTs have been trading or outstanding since 2003! The Cts are still active on OTC.

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Status Codes:

P = Pennies
D = Dollars
F = Fraud dollars+


" ver·i·fi·ca·tion
/?ver?f?'kaSH(?)n/

noun
the process of establishing the truth, accuracy, or validity of something."

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"In Re: Lehman Brothers Holdings, Inc.
New York Southern District Court
Judge: Paul A Engelmayer
Case #: 1:19-cv-06397
Nature of Suit 422 Bankruptcy - Appeal 28 USC 158
Cause 28:0158 Notice of Appeal re Bankruptcy Matter (BA
Case Filed: Jul 10, 2019
Case in other court: USBC-SDNY, 08-B-13555 (SCC)
Docket
Parties (4)
Debtor?

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https://en.wikipedia.org/wiki/Paul_A._Engelmayer

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"Filed Pursuant to Rule 424(b)(2)
Registration Nos. 333-060474-03

PROSPECTUS SUPPLEMENT

(To prospectus dated June 5, 2001)

12,000,000 Preferred Securities

LEHMAN BROTHERS HOLDINGS CAPITAL TRUST IV

6.375% Preferred Securities, Series L

(Liquidation amount $25 per preferred security)

fully and unconditionally guaranteed, to the extent set forth herein, by

LEHMAN BROTHERS HOLDINGS INC.

.
.
.


Holdings has the right to set-off any payment it is otherwise required to make under the subordinated indenture with and to the extent Holdings makes a related payment under the guarantee.

Enforcement Rights of Holders of Preferred Securities

If a trust enforcement event occurs, the holders of preferred securities would rely on the enforcement by the property trustee of its rights as registered holder of the subordinated debentures against Holdings. In addition, the holders of a majority in liquidation amount of the preferred securities will have the right to direct the time, method, and place of conducting any proceeding for any remedy available to the property trustee or to direct the exercise of any trust or power conferred upon the property trustee under the declaration of trust, including the right to direct the property trustee to exercise the remedies available to it as the holder of the subordinated debentures. The subordinated indenture provides that the indenture trustee shall give holders of subordinated debentures notice of all events of default within 30 days after occurrence.

If the property trustee fails to enforce its rights under the subordinated debentures in respect of an indenture event of default after a holder of preferred securities has made a written request, such holder may, to the extent permitted by applicable law, institute a legal proceeding against Holdings to enforce the property trustee's rights under the subordinated debentures. In addition, if Holdings fails to pay interest or principal on the subordinated debentures, a holder of preferred securities may directly institute a proceeding for enforcement of payment to such holder of the principal of or interest on the subordinated debentures having a principal amount equal to the aggregate stated liquidation amount of the preferred securities of such holder (a "direct action"). In connection with such a direct action, Holdings will

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have the right under the indenture to set off any payment made to such holder by Holdings. The holders of preferred securities will not be able to exercise directly any other remedy available to the holders of the subordinated debentures."


https://www.sec.gov/Archives/edgar/data/1083328/000104746903033240/a2119989z424b2.htm