Lehman Preferred Series "J" Preferred (fka LEHJQ)

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Petition to Honorable James M. Peck
* LEHMQ, LEHCQ, LEHDQ, LEHFQ, LEHGQ, LEHJQ, LEHPQ, LBHGP


Petition to Honorable James M. Peck for appointment of a Lehman Brothers Equity Committee

Public Release here

Equity owners of Lehman Brothers Holdings Inc. have lost a tremendous amount of money. A mere 39 days before filing for bankruptcy protection Lehman issued a $0.17 dividend and was trading at $19.59. One year before the filing Lehman was trading at $58.55. The Equity owners of Lehman Brothers have been wiped out, losing nearly $50B in the year leading up to the filing. It is here that Equity Owners of Lehman Brothers are asked to file a Proof of Interest in the bankruptcy proceeding and petition for appointment of an Equity Committee.

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Petition to Honorable James M. Peck for appointment of a Lehman Brothers Equity Committee

On September 15, 2008, Lehman Brothers Holdings Inc. ("LBHI") filed a petition in the United States Bankruptcy Court for the Southern District of New York seeking relief under chapter 11 of the United States Bankruptcy Code. Subsequently, 22 additional affiliates of LBHI (together with LBHI, the "Debtors") filed petitions in the United States Bankruptcy Court for the Southern District of New York seeking relief under chapter 11 of the United States Bankruptcy Code. At the time of filing, Lehman Brothers Holdings Inc. listed assets of $639B and total debts of $613B.

On March 15, 2010 the Debtors filed their joint chapter 11 plan (the “Plan”) with the United States Bankruptcy Court for the Southern District of New York. The Plan proposes an economic resolution of the allowed claims of creditors of all of the Debtors and incorporates various inter-Debtor, Debtor-creditor and inter-creditor resolutions designed to achieve a global, fair and efficient resolution of the Lehman cases.

According to Lehman “The formulation of the Plan has consumed substantial time and effort on the part of the Debtors and their professional advisors. The interconnectedness of the Debtors and the Lehman enterprise as well as the need to accumulate and analyze relevant information have been extremely difficult and demanding, particularly within the time constraint imposed by the Bankruptcy Code that does not take into account the facts and circumstances of these highly complex cases. Although the Debtors have had limited opportunity to engage with key creditor constituents on the proposed Plan, we have met with key creditor constituents to listen to their views. We look forward to engaging in meaningful discussions with our key creditor constituencies.”

Holders of Lehman equity support a plan of reorganization. However, we believe that Equity interests must also be considered. The Debtor’s have stated that the "chapter 11 cases are of an unprecedented size and complexity, which has required that the Debtors devote substantial efforts and resources over the past 18 months to administer diverse assets of the Lehman Enterprise which literally extend throughout the globe and involve over 80 different insolvency-related proceedings in approximately 16 jurisdictions. In the effort to maximize recoveries, the Debtors under the leadership of the Chief Executive Officer of LBHI, Bryan P. Marsal, and with the extended assistance of the Debtors’ financial advisors, Alvarez & Marsal, have implemented global strategies to: coordinate with foreign fiduciaries to maximize the value of assets, particularly in connection with the resolution of derivative transactions; preserve the value of tens of billions of dollars of real estate investments; as well as defend the Lehman Enterprise in numerous adversary proceedings and contested matters; and, protect the worldwide interests of the Debtors. In addition, the Debtors have been extensively engaged in the process of formulating a joint chapter 11 plan (the “Plan”). This has not been a simple task. The complexities and different claimant interests as they relate to the Debtors and the Lehman Enterprise are staggering."

In addition to these staggering complexities the Anton Valukas report indicates that several entities may have played a role in accelerating the demise of Lehman Brothers. In light of the overwhelming and acknowledged complexity of the bankruptcy proceedings and the recently released Examiners report, we as equity holders wish to be represented by an appointed committee to ensure that our interests are adequately and fairly represented.

If you hold any of the following equities you are requested to submit a Proof of Interest Letter (http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter11.html) to assert your interest in the Plan or Reorganization and petition the Honorable James M. Peck for appointment of a Lehman Brothers Equity Committee: LEHMQ, LEHCQ, LEHDQ, LEHFQ, LEHGQ, LEHJQ, LEHPQ, LBHGP

Specific instructions can be found at http://lehmanequity.com

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Instructions

-Each Shareholder should submit a SINGLE Letter
-Address the Letter to the Honorable James M. Peck
-List the applicable* securities you currently hold (share count MUST be included)

* LEHMQ, LEHCQ, LEHDQ, LEHFQ, LEHGQ, LEHJQ, LEHPQ, LBHGP

Do NOT mail or fax directly to the Court.
Letters must be addressed to the Honorable James M. Peck but NOT sent to him.

Letters must go to:

Lehman Sec.
c/o Finesse Inc.
Po Box 1828
Greenwood Lake NY 10925

(OR)

Fax [phone]

Sample letter could look something like this.

The Honorable James M. Peck
United States Bankruptcy Court
One Bowling Green
New York, NY 10004-1408
Courtroom: 601
Chambers: [phone]

Honorable James M. Peck

I am writing to file my Proof of Interest in the case of Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan) and request that you appoint an Official Equity Committee to represent and protect the rights of the equity owners of Lehman Brothers Inc.

Shareholders have suffered egregious losses, and I feel it is necessary to take any legal steps possible, as provided for by law, to protect our interests.


http://lehmanlotto.blogspot.com/2010/03/petition-to-us-trustee-mr-james-w.html