Two $13 billion (10 billion pounds) claims were blocking the flow of money in Europe. The Settlement Agreement removed the block. The river of money will start flowing again in Europe.
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"3.19 At a hearing on 20 January 2017 in the Central London County Court an order was made by District Judge Hart restoring the Company to the Register of Companies. The restoration was effective from 3 February 2017.
3.20 The reason it was sought to restore the Company to the Register of Companies was that it was the general partner of the Partnerships and it had become apparent that the Partnership might be entitled to assets which would need to be distributed to those who are ultimately entitled to them."
Apparent | Define Apparent at Dictionary.com www.dictionary.com/browse/apparent - Cached capable of being easily perceived or understood; plain or clear; obvious: The solution to the problem was apparent to all. 3. according to appearances, initial evidence, incomplete results, etc.; ostensible rather than actual: He was the apparent winner of the election.
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Administrators Hearing dates: 24 July 2017 - - - - - - - - - - - - - - - - - - - - - Approved Judgment I direct that pursuant to CPR PD 39A para 6.1 no official shorthand note shall be taken of this Judgment and that copies of this version as handed down may be treated as authentic. . . . 9. There is a complex web of substantial claims and cross-claims between the various companies in the Lehman Group. As a result, several of the parties to the Proposed Settlement have submitted numerous claims in the administrations of other parties, each of which is typically valued in the tens or hundreds of millions of pounds. Of particular significance for the purposes of Waterfall III (described below) are two £10 billion claims submitted by LBIE, one in each of LBL’s and LBHI2’s administrations, in respect of those companies’ respective contingent liabilities to LBIE as contributories under section 74 (“section 74”) of the Insolvency Act 1986 (“the 1986 Act”) which arose according to the decisions at first instance and of the Court of Appeal in the Waterfall I litigation referred to below.
10. As of the date of the present applications: i) The LBIE Administrators have paid dividends to LBIE’s ordinary unsecured creditors, with proved claims of 100 pence in the pound (in aggregate) in respect of such claims. ii) The LBL Administrators have paid a dividend of 100 pence in the pound to former employees of LBL with preferential unsecured claims (comprising claims for unpaid wage and holiday pay) and a first interim dividend of 1.66 pence in the pound to ordinary unsecured creditors. iii) The LBHI2 Administrators obtained permission on 15 June 2017 to make interim distributions to unsecured creditors, subject to a requirement to give four weeks’ notice to the LBIE Administrators before filing a notice of intended distribution. However, the LBHI2 Administrators have not made any distributions to creditors to date. iv) The LBEL Administrators have paid dividends to LBEL’s ordinary unsecured creditors totalling 100 pence in the pound. In addition, the LBEL Administrators received permission of the Court on 24 July 2017 to appoint a director of LBEL and authorise him and LBEL’s sole member, LBH, to implement (after reserving for statutory interest and other matters) a capital reduction and distribution to LBH. v) The LBH Administrators have paid dividends to LBH’s unsecured, nonpreferential (unsubordinated) creditors of 6.08 pence in the pound in respect of such claims. . . . 44. Finally, Mr Lewis identifies in his witness statement, the following advantages of the Proposed Settlement for LBH and its creditors:
THE HONOURABLE MR JUSTICE HILDYARD Approved Judgment Lehman Brothers Waterfall III i) LBL will withdraw and release the claims pursued against LBH in Waterfall III, by which LBL seeks to pass on any liability for a contribution claim to LBH or to rectify LBIE’s share register so as to substitute LBH as a member of LBIE in its place. ii) In addition to removing the threat of that liability, such release will remove the need for LBH to reserve for that claim (and no other party has asserted any claim of that sort), thereby removing the present block upon any distributions being made by LBH to its creditors (which might otherwise remain for several years to come while Waterfall III runs its course). iii) The dismissal of Waterfall III will lead to substantial savings in legal costs and expenses. iv) LBHI2 will not be obliged to continue to reserve for a contingent contribution liability as a member of LBIE, meaning that its administrators would be able to pay dividends to its admitted unsecured creditors. LBH has a substantial unsecured claim in LBHI2 which is to be admitted and form the basis of distributions to LBH, together with statutory interest, as part of the Proposed Settlement. There is also a possibility that LBH might in due course receive a return from LBHI2 in respect of LBHI2’s subordinated debt liability to LBH and any such return will be increased to the extent that LBHI2 makes distributions to its unsecured creditors more quickly and thereby limits the accrual of statutory interest in that estate. v) It is anticipated that as a consequence of the Proposed Settlement, LBEL will make a substantial distribution to LBH as its sole member. vi) There will be an agreed resolution of intercompany positions as between LBH and the other affiliate entities, which reduces the scope for further litigation between those entities."
The trifecta in wamu Lehman and the already made us big time winners. Lehman CTs will be in the money too through the NOLs. I am not embarrassed to admit I have a good chunk of CT stake and stand to make money. I am proud of it.
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