Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

All of the Lehman Group Senior Creditors' received 99.9% or 100% of their cash ($250 Billion plus) from the Lehman Brothers' Bankruptcies, then the car has a $500 million flat tire and they lose or delay the race for years and years. The CTs Holders' want their cash now! Damn Shame

Other potential recoveries
As set out in our previous reports, the Internal Revenue Service (“IRS”) approved LBIE's request for treaty benefits
through the competent authority process in August 2021 allowing recovery of taxes. Tax returns were filed with the IRS in
Q4 2021.
Our tax team continues to liaise with the IRS regarding payment of the refund. The necessary documentation to enable
repayment has been signed by LBIE. 👉️LBIE is unable to influence the timing of the refund payment.
As advised in the last report, LBIE has a claim in an overseas liquidation. LBIE continues to be a member of the
Liquidation Committee, however no further recoveries are expected in the near future.
The Administrators have also continued to pursue a potential recovery relating to a 50% holding of a claim in an overseas
bankruptcy. Due to the nature of the bankruptcy, any potential recovery could be minimal and is likely to take a significant
amount of time. The Administrators have very limited access to information following a decision by the Trustee in
bankruptcy that all information and documents relating to the bankruptcy process be treated as confidential and not be
shared with creditors. LBIE and a number of other creditors challenged that decision and on 27 September 2023, the court
ruled in favour of the creditors. The Trustee immediately challenged that decision. Dialogue continues to try and obtain
further information and clarity in relation to the confidentiality order, the estate and potential realisations.
Tax
Our tax team has continued to carefully manage LBIE’s tax position, filing and submitting the tax return for the year ended
14 September 2022 and working on the preparation of the tax return for the year ended 14 September 2023.
The Administrators have met their obligations under the Senior Accounting Officer (“SAO”) legislation and submitted their
2023 certification and notification. They have complied with their obligations regarding the Lehman group 👉️Tax Strategy
published for the period ended 30 November 2023 and adhered to the UK and US Foreign Account Tax Compliance Act
and Common Reporting Standards.
Tax reserves have also been reviewed and adjusted as appropriate.

Source: LBIE's 31st Progress Report