Replies to post #49351 on Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

JPMCB and U.S. Bank and the BNYM Indenture Trustees are working on the same project! The February 1, 1996 Indenture.



**** From the BNYM CTs July 25, 2011 Notice ****

Lehman Brothers Holdings Inc. ("LBHI") guaranteed payment under the
Securities on the terms and conditions provided in the Guarantee Agreement, dated as of October 3 1,
2003 (the "Guarantee"). Under the Indenture, the Trustee holds $300,000,000 6.375% Subordinated
Deferrable Interest Debentures Due 2052 (the "Subordinated Debt Instruments") issued by LBHI under
that certain Indenture, dated as of February 1, 1996 (the "Subordinated Debt Indenture").

******** From Docket 16853 ********

12. LBHI and Bank of New York, as successor trustee to Chemical
Bank, entered into an indenture on February 1, 1996 (the “Bank of New York
Indenture”). The terms of the Bank of New York Indenture authorize the indenture
trustee to file a proof of claim on behalf of all holders of securities issued under the Bank
of New York Indenture. (See Bank of New York Indenture attached to Claim No. 22122
as Ex. A.)


14. LBHI and U.S. Bank, as successor trustee to Chemical Bank,
entered into an indenture on February 1, 1996 (the “U.S. Bank Indenture”). The terms of
the U.S. Bank Indenture authorize the indenture trustee to file a proof of claim on behalf
of all holders of the Debentures issued under the U.S. Bank Indenture. (See U.S. Bank
Indenture § 504, excerpt attached hereto as Exhibit B.)

16. In their review of the claims filed on the claims register in these
cases and maintained by the Court-appointed claims agent, the Debtors have identified
the Duplicative of Indenture Trustee Claims on Exhibit A as substantively duplicative of
the Indenture Trustee Claims. Each Duplicative of Indenture Trustee Claim was filed by
an individual claimant/noteholder and asserts a general unsecured, secured,
administrative expense, and/or priority claim relating, in whole or in part, to the Senior
Notes, the Notes, and/or the Debentures. The Indenture Trustee Claims are general
unsecured claims filed by Wilmington Trust, the Bank of New York, and/or U.S. Bank as
indenture trustees, on behalf of the individual claimants/noteholders on account of the
securities issued under the Wilmington Indenture, the Bank of New York Indenture,
and/or the U.S. Bank Indenture. Thus, each Duplicative of Indenture Trustee Claim
seeks to recover, in whole or in part, for the same alleged obligation and on behalf of the
same individuals as the respective Indenture Trustee Claims.

20. The Duplicative of Indenture Trustee Claims should be disallowed
as substantively duplicative, in whole or in part, of the Indenture Trustee Claims.
Wilmington Trust, the Bank of New York, and/or U.S. Bank were the proper parties to
file claims on behalf of the individual claimants/noteholders. The terms of the
Wilmington Indenture, the Bank of New York Indenture, and the U.S. Bank Indenture
provide for the respective trustee filing a proof of claim on behalf of all holders of the
securities issued under the Wilmington Indenture, the Bank of New York Indenture, and
the U.S. Bank Indenture. (See Wilmington Indenture § 504; Bank of New York
Indenture § 504; U.S. Bank Indenture § 504.) Moreover, the Bar Date Order specifically
states that any holder of a security listed on the Master List of Securities, which includes
the Senior Notes, the Notes, and the Debentures, need not file a proof of claim “due to the
fact that the indenture trustee for such securities will file a global proof of claim on behalf
of all holders of securities issued thereunder; []Wilmington Trust Company, US Bank
National Association, and the indenture trustee for each of the other securities included
on the Master List of Securities, each will file a global proof(s) of claim on behalf of all
holders of securities for which it is identified as Indenture Trustee on the Master List of
Securities[]. . . .” (See Bar Date Order at 3-4.) Finally, the Bankruptcy Rules provide
that “[a]n indenture trustee may file a claim on behalf of all known or unknown holders
of securities issued pursuant to the trust instrument under which it is the trustee.” See
Fed. R. Bank. P. 3003(c)(5).