Feedback! Bingo! Do the math!
$2.8B - $1.4B = $1.4B - If the Debtors are forced to pay back $1.4B, the creditors still received $1.4B on June 16, 2016. In the long run, $1.4B may be only a loan to the Debtors.
Now the reading!
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08-13555-scc Doc 52752 Filed 05/11/16 Entered 05/11/16 17:41:54 Main Document
NOTICE OF PRESENTMENT OF MOTION OF PLAN ADMINISTRATOR FOR
AN ORDER IN AID OF EXECUTION OF THE MODIFIED THIRD AMENDED
JOINT CHAPTER 11 PLAN OF LEHMAN BROTHERS HOLDINGS INC.
AND ITS AFFILIATED DEBTORS
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.
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4. Replacement Settlement Agreement. In the event that a court enters a final order, not
subject to Further Appellate Review, that makes it impossible for the Approval Order to become
final (a “Replacement Event”), then the Parties shall use their best efforts in good faith to enter
into and obtain any required approval for a new settlement agreement on the same economic and
legal terms as the Settlement Agreement (a “Replacement Settlement Agreement”), except for
such changes as may be required to accommodate any issues raised by the court order that gave
rise to the Replacement Event.
5. Repayment. If a Replacement Event occurs and a Replacement Settlement Agreement is
not feasible (a “Repayment Event”), LBHI shall be obligated to immediately repay an amount
equal to the Repayment Reserve Amount to JPMCB. LBHI shall first satisfy this repayment
obligation by immediately transferring to JPMCB all funds in the Repayment Reserve, and
JPMCB shall apply the Tassimo Amount (if any) to such repayment obligation. In the event that
the Repayment Reserve and the Tassimo Amount are inadequate to satisfy the full amount of the
Repayment Reserve Amount, JPMCB and any other JPMorgan Parties shall have the right to
setoff any shortfall in the Repayment Reserve Amount against any obligations of JPMCB and the
other JPMorgan Parties in respect of any Actions that a Lehman Party may have against a
JPMorgan Party, including without limitation the Tassimo Action, the LBSF Action and the
Other Objections. If a Replacement Event occurs, LBHI shall be prohibited from making any
further distributions to its creditors until a Replacement Settlement Agreement has been
consummated or JPMCB has been fully repaid an amount equal to the Replacement Reserve
Amount through payment and/or setoff.
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115 ORDER: The Court is in receipt of two letters from non-party Ricky M. Gregory-dated January 27, 2016 and January 29, 2016, and received in chambers on February 1, 2016 and February 2, 2016, respectively-setting forth his views regarding the proposed settlement in this matter. (Doc. Nos. 113, 114.) Since the settlement agreement is currently being reviewed by the Bankruptcy Court (Doc. No. 111), the Court will take no action on these submissions at this time. (Signed by Judge Richard J. Sullivan on 2/4/2016) (mro) (Entered: 02/05/2016)
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