Replies to post #71364 on Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

"were covered" can be a greater dollar amount than, "secured by the collateral posted by LBHI," $8.6B in collateral!

*** From docket 54683 ***

"New Non-CDA claims definition = "claims filed by or on behalf of a JPMorgan Entity as agent, for a customer or for a fund that it manages, claims
relating to Canary Wharf and claims held from time to time by a JPMorgan entity’s
distressed claims trading desk, and any other filed claims that JPMorgan did not
assert were covered by LBHI’s August and September 2008 guaranties and security agreements."

*** LBHI AND JPMCB SETTLEMENT AGREEMENT DATED 1/25/2016 - DOCKET 51904 ***

"14 “Non-CDA Claims” refers to claims filed by JPMorgan for a customer, as agent, as trustee, in any
other representative capacity, or otherwise in respect of which JPMorgan did not assert in the relevant proofs of
claim that such claims were secured by the collateral posted by LBHI pursuant to the parent level guaranties at issue
in the Avoidance Action."


"“Non-CDA Claims” means any claims filed by JPMorgan for a customer, as
agent, as trustee, in any other representative capacity, or otherwise in respect of which
JPMorgan did not assert in the relevant proofs of claim that such claims were secured by
the collateral posted by LBHI pursuant to its August and September 2008 Guaranties and
Security Agreements in favor of JPMorgan."



****
08-13555-jmp Doc 24851 Filed 02/01/12 Entered 02/01/12 16:18:12 Main Document

"MOTION OF THE DEBTORS AND THE COMMITTEE, PURSUANT TO SECTIONS
105(A) AND 363 OF THE BANKRUPTCY CODE AND RULES 6004 AND 9019 OF THE
FEDERAL RULES OF BANKRUPTCY PROCEDURE, FOR APPROVAL OF THE
SETTLEMENT TRANSACTION RESOLVING THE TWO HUNDRED TWENTYNINTH
OMNIBUS OBJECTION TO JPMORGAN’S ASSET MANAGEMENT FUND
CLAIMS (NO LIABILITY, MISCLASSIFIED AND DUPLICATIVE CLAIMS)
.
.
.
3. On or about September 22, 2009, the Funds filed over $710 million of
purportedly secured claims against LBHI on the basis that, as “affiliates” of JPMorgan Bank,
their claims were guaranteed by LBHI under the September Guaranty and secured by the
collateral posted by LBHI in connection therewith. The proofs of claim filed by the Funds
included claims for losses related to, among other things, bonds (including claims related to
contractually subordinated debt issued by LBHI), unsettled trades, cancelled trades, derivatives
unwinds, futures contracts, corporate actions and prime brokerage exposure.
4. On October 26, 2011, Movants filed the Claim Objection seeking a ruling
that the Funds were not “affiliates” of JPMorgan Bank and, thus, were not entitled to rely upon
the September Agreements as a basis for asserting secured claims against LBHI.1 The Funds
filed their opposition on December 16, 2011, and the Movants filed their reply on January 23,
2012.
.
.
.
16. The Movants filed the Claim Objection on October 26, 2011 seeking a
ruling that the Funds were not “affiliates” of JPMorgan Bank, as that term is used in the
September Agreements, and thus were not entitled to rely upon such agreements as a basis for
asserting secured claims against LBHI.
17. As set forth in more detail in the Claim Objection, the Movants argued
that in light of the context of the September Agreements, it was overreaching in the extreme to
claim that the losses to customers of Funds advised by JPMorgan entities would be covered
under LBHI’s pre-bankruptcy guaranty. Movants argued that neither JPMorgan Chase & Co.
nor any of its subsidiaries share in the Funds’ profits and losses. Movants posited that
“affiliates,” especially in the context of a parent level guaranty, must mean corporations who
share controlling ownership and not contractual service advisor or trustee relationships.
Moreover, a conclusion that the Funds are “affiliates” of JPMorgan Bank would lead, in the
Movants’ view, to absurd results including elevating certain of the Funds’ claims based on
subordinated notes to fully secured claims. The Movants argued that this result is contrary to
specific indenture provisions governing the treatment of such subordinated notes and that it
would be inequitable for the Funds to receive 100% of their claim based on contractuallysubordinated debt while other holders of subordinated debt receive no recovery and senior debt
receives pennies on the dollar.
.
.
.

****

The BNYM hold LBHI's TRuPS junior subordiated notes - asserted by JPMCB "by LBHI’s August and September 2008 guaranties and security agreements."

We hold the TRuPS issued by the BNYM. Never asserted by JPMCB "by LBHI’s August and September 2008 guaranties and security agreements."

Now read LBHI's TRuPS underwriters guarantee below:

Quote:
--------------------------------------------------------------------------------
GUARANTEE AGREEMENT


This GUARANTEE AGREEMENT (the "Guarantee"), dated as of March 17, 2003, is executed and delivered by Lehman Brothers Holdings Inc., a Delaware corporation (the "Guarantor"), and JPMorgan Chase Bank, as trustee (the "Guarantee Trustee"), for the benefit of the Holders (as defined herein) from time to time of the Securities (as defined herein) of Lehman Brothers Holdings Capital Trust III, a Delaware statutory trust (the "Trust").
.
.
.
2.10. Guarantee Trustee May File Proofs of Claim. Upon the occurrence of a Guarantee Event of Default, the Guarantee Trustee is hereby authorized to (a) recover judgment, in its own name and as trustee of an express trust, against the Guarantor for the whole amount of any Guarantee Payments remaining unpaid and (b) file such proofs of claim and other papers or documents as may be necessary or advisable in order to have its claims and those of the Holders of the Securities allowed in any judicial proceedings relative to the Guarantor, its creditors or its property.
--------------------------------------------------------------------------------
http://www.sec.gov/Archives/edgar/data/806085/000104746903008869/a2105775zex-4_05.htm

[cottonisking]

Yes 8lang - JPMCB IS A TRANSFER AGENT FOR LBHI'S TRUPS LEHLQ:

***

"JPMorgan Chase Bank

Transfer Agent
ADR Department
1 Chase Manhattan Plaza
New York, NY 10005



No business description available.
Associated Companies/Securities All OTCQX Sponsored Companies
Name City Country Symbol Tier
ASML Holding N.V. Veldhoven Netherlands ASML
ASML Holding N.V. Veldhoven Netherlands ASMLF Pink Current
Danone Paris France GPDNF OTCQX International Premier
Lehman Brothers Holdings, Inc. Capital Trust IV New York United States LEHLQ Grey Market
Lupatech S.A. Sao Paulo Brazil LUPTQ Grey Market
.
.
.
"

http://www.otcmarkets.com/research/service-provider/JPMorgan-Chase-Bank?id=2288