Lehman Brothers Financial SA (LEHNQ)

[BREAKER098]

I apologize to everyone. I found what I’m looking for. This will be my last post until the FINAL resolution (this is a long post - read it - it’s important - and it hasn’t been mentioned before on the board ever - dots just got connected and yours truly got it done)

There’s only $10,330.40 Allowed Claims Eligible for Distribution to Class 10B as of the document posted from the 30th distribution.

Someone else asked me about the N/A reference and the *2 footnote for the Class 10B distributions. If you read that footnote it says Distributions Reallocated in accordance with section 6.4 of the Plan.

Since I’m so good at research I went to go look at section 6.4 of the Plan (page 67)

https://document.epiq11.com/document/getdocumentbycode/?docId=1456969&projectCode=LBH

Those Class 10B recoveries have been redistributed to the following classes: LBHI Class 3, LBHI Class 4A, LBHI Class 4B and LBHI Class 5

6.4
Redistribution of Subordinated Claims Recoveries.

To give effect to agreements of holders of Subordinated Claims, all Distributions under the Plan made by LBHI shall be calculated as if each holder of an Allowed Claim in LBHI Class 10A, LBHI Class 10B and LBHI Class 10C were to receive its Pro Rata Share of Available Cash from LBHI, and, in the case of each holder of an Allowed Claim in LBHI Class 10A and LBHI Class 10B, its Pro Rata Share of the Subordinated Class 10C Distribution; provided, however, that:

(b) the Subordinated Class 10B Distribution shall be automatically distributed
to holders of Allowed Claims in LBHI Class 3, LBHI Class 4A, LBHI Class 4B and LBHI Class 5 pursuant to Sections 4.3(b), 4.4(b), 4.5(b) and 4.6(b) of the Plan, respectively, until all such Claims are satisfied in full;


Section 6.4 effectively nullifies any recovery for Class 10B, which explains the lack of distributions. Given that the funds have already been reallocated to higher-priority classes until full satisfaction, there’s nothing left for Class 10B claimants.

It’s a tough outcome, but I’ve provided clear evidence, and I’m sure others will appreciate the clarity—even if it’s not the news they were hoping for. Go figure…