Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

This new subordinated claim will perhaps rank parity/equal 🤞with LBHI2's subordinated debt claim, that routes distributions' to LBH PLC's Creditors (ECAPS' Holders and LBHI):

Who will the claim pay?

The Administrators have formally lodged a subordinated
claim of £1,852.8m against LBHI2, which comprises a
total claim of US$3,186.0m less £337.0m which has been
paid by LBHI2 to date.
Given the above, the outcome for LBH’s creditors is highly
dependent on recoveries from LBHI2, which in turn is
dependent on the final outcome in the LBIE estate (after
taking account of LBHI2’s sharing arrangements under the
Wentworth Joint Venture (“WW”) sharing agreement).
.
.
.
There remains great uncertainty as to the final outcome of
the LBIE estate. To date, LBHI2 has received from LBIE
equity distributions totalling £337.0m, of which it has
retained £168.5m under the WW sharing arrangements.
The current status of the main issues in the LBIE estate is
as follows:
? AGFP litigation:
On 8 March 2023, Justice Crane issued her
decision finding in favour of AGFP with the
Clerk’s office entering judgment on 30 June
2023.
During the Reporting Period, LBIE decided to
appeal against Justice Crane’s judgment and on
22 September 2023 LBIE filed its initial appeal
brief.
LBIE anticipates that the earliest date for the
appeal to be heard is February 2024 with the
appeal process taking up to two years to be
concluded.

Source: LBH PLC's 30th Progress Report