Will a LP IV or LP V Preferred Securities holder (or holders) assert their "Proceedings and Disputes" in the courts of England?
The English courts told the LB GP No.1 Ltd. Joint Liquidators to send out a notice and keep their (LP I thru V) Preferred Securities holders up to date concerning the movement of their cash:
"14.1 The Limited Partnership Agreement and the Preferred Securities shall be governed by, and construed in accordance with, English law."
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"LEHMAN BROTHERS UK CAPITAL FUNDING IV LP (a limited partnership organised under the laws of England and Wales) Euro Fixed Rate Enhanced Capital Advantaged Preferred Securities (Euro ECAPSSM) having the benefit of a subordinated guarantee of LEHMAN BROTHERS HOLDINGS INC. (incorporated with limited liability in the State of Delaware)
The Euro Fixed Rate Enhanced Capital Advantaged Preferred Securities (the Euro ECAPSSM or the Preferred Securities), each with a liquidation preference of ¤1,000, will comprise limited partnership interests in Lehman Brothers UK Capital Funding IV LP (the Issuer). . . .
13. Prescription
Claims against the Issuer for payment of Distributions and sums in respect of the Optional Redemption Price or Liquidation Distribution of the Preferred Securities will be prescribed in accordance with English law unless made within ten years from the date on which such payment becomes due or, if later, the date on which the Issuer makes such payment available to Holders.
14. Governing Law and Jurisdiction
14.1 The Limited Partnership Agreement and the Preferred Securities shall be governed by, and construed in accordance with, English law.
14.2 The Guarantor agrees for the benefit of the Holders that the courts of England shall have jurisdiction to hear and determine any suit, action or proceedings, and to settle any disputes, which may arise out of or in connection with the Preferred Securities (respectively Proceedings and Disputes) and, for such purposes, irrevocably submits to the jurisdiction of such courts."
"“Unaffected Matters” means claims filed by or on behalf of any JPMorgan Entity or any affiliates or funds of a JPMorgan Entity, or in which any JPMorgan Entity or any affiliates or funds of a JPMorgan Entity has an interest, that are not Settled Matters, including without limitation 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, claims held from time to time by a JPMorgan Entity’s distressed claims trading desk, and any other claims that JPMorgan did not assert were covered by LBHI’s August and September 2008 guaranties and security agreements in favor of JPMCB’s subsidiaries and affiliates.
For the avoidance of doubt, claims relating to the LBSF Action are not Unaffected Matters. Lehman reserves all objections and defenses to the Unaffected Matters."