Monday, July 20, 2020 8:50:32 PM
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Check this clause out from the CTs' prospectus: " and all existing and future liabilities of its subsidiaries."
It does not say: "and all existing and future liabilities and [equity] of its subsidiaries."
Major point to think about: This is proof that the CTs' reach beyond the Debtors New York chapter 11 case. Because LBHI's subsidiaries are all over the world and many never filed chapter 11 or 7. The CTs' must live to see another payday.
I share my info. Only rely on your own DD.
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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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"Judicial economy refers to efficiency in the operation of the courts and the judicial system. It is the efficient management of litigation so as to minimize duplication of effort. ... For example, a court may consolidate two cases for trial to save the court and parties from having two trials"
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"PROSPECTUS SUPPLEMENT
(To prospectus dated June 5, 2001)
8,000,000 Preferred Securities
LEHMAN BROTHERS HOLDINGS CAPITAL TRUST VI
6.24% Preferred Securities, Series N
(Liquidation amount $25 per preferred security)
fully and unconditionally guaranteed, to the extent set forth herein, by
LEHMAN BROTHERS HOLDINGS INC.
Maturity Date January 18, 2054
Distributions Payable
Quarterly, beginning April 18, 2005. May be postponed for up to five years, but not past the maturity date.
Subordination
The preferred securities are effectively subordinated to all senior indebtedness of Lehman Brothers Holdings and all existing and future liabilities of its subsidiaries. ***In conflict with language above***
Listing
An application will be filed with The New York Stock Exchange for listing of the preferred securities.
Issuer
The trust that is issuing the preferred securities will have no assets other than subordinated debentures issued by Lehman Brothers Holdings. These debentures will have essentially the same terms as the preferred securities. Therefore, the trust can only make payments on the preferred securities if Lehman Brothers Holdings first makes payments on the subordinated debentures.
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Important Covenants Of Lehman Brothers Holdings
In the guarantee, Lehman Brothers Holdings will covenant that, so long as any trust securities remain outstanding, if:
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there shall have occurred any event of default under the indenture,
•
Lehman Brothers Holdings shall be in default with respect to its payment of any obligations under the guarantee, or
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Lehman Brothers Holdings shall have given notice of its election to defer interest payments and shall not have rescinded such notice, and while such interest is deferred,
then Lehman Brothers Holdings will not, and will not permit any subsidiary to:
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declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of Lehman Brothers Holdings' capital stock, or
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make any payment of principal, interest or premium, if any, on or repay, repurchase or redeem any debt securities of Lehman Brothers Holdings that rank on a parity with or junior in interest to the junior subordinated debt securities or make any guarantee payments with respect to any guarantee by Lehman Brothers Holdings of the debt securities of any subsidiary of Lehman Brothers Holdings if such guarantee ranks on a parity with or junior in interest to such junior subordinated debt securities, other than
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dividends or distributions in common stock of Lehman Brothers Holdings,
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payments under the guarantee made by Lehman Brothers Holdings in respect of the trust securities of the trust,
•
any declaration of a dividend in connection with the implementation of a shareholders' rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto, and
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purchases of common stock related to the issuance of common stock or rights under any of Lehman Brothers Holdings' benefit plans.
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Indenture Events of Default
The indenture provides that the following are events of default relating to the junior subordinated debt securities:
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failure to pay required interest on any debt security of such series for 30 days;
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failure to pay principal or premium, if any, on any debt security of such series when due;
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failure to make any required scheduled installment payment for 30 days on debt securities of such series;
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failure to perform for 90 days after notice any other covenant in the relevant indenture other than a covenant included in the relevant indenture solely for the benefit of a series of debt securities other than such series;
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certain events of bankruptcy or insolvency, whether voluntary or not; and
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certain dissolutions of the related trust.
If any indenture event of default shall occur and be continuing, the property trustee, as the holder of the junior subordinated debt securities, will have the right to declare the principal of and the interest on the junior subordinated debt securities and any other amounts payable under the indenture to be immediately due and payable. An indenture event of default also constitutes a trust enforcement event. The holders of preferred securities in limited circumstances have the right to direct the property trustee to exercise its rights as the holder of the junior subordinated debt securities. See "Description of the Preferred Securities—Trust Enforcement Events" and "—Voting Rights."
Despite the foregoing, if a trust enforcement event has occurred and is continuing and such event is attributable to the failure of Lehman Brothers Holdings to pay interest or principal on the junior subordinated debt securities when such interest or principal is payable, Lehman Brothers Holdings acknowledges that, in such event, a holder of preferred securities may sue for payment. Lehman Brothers Holdings may not amend the indenture to remove this right to bring a direct action without the prior written consent of all of the holders of preferred securities."
https://www.sec.gov/Archives/edgar/data/806085/000104746905000357/a2149684z424b2.htm
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