Replies to post #74945 on Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

"Netherlands April 3 2013
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As part of the overall settlement between LBHI and LBT, 100 percent of the shares in LBT were transferred to a Dutch foundation, Stichting Lehman Brothers Treasury Co. (the “Foundation”). The board of the Foundation consists of the JBTs together with Mr. H.P. de Haan.

The fact that the sanction decision and therefore the LBT Composition Plan have become final and no longer subject to appeal also results in the occurrence of the so-called Effective Date (as defined in the LBT Composition Plan). Following the Effective Date, the articles of association of the Foundation will be amended to allow for a change in corporate governance to administer a liquidation proceeding (vereffening) overseen by the JBTs as joint liquidators (vereffenaars).

As part of the change in corporate governance, the board of LBT (and therefore also the joint liquidators) will in principle have to follow the directions given by the Foundation, thereby creating a supervisory role for the Foundation. Every quarter, the board of LBT/the joint liquidators will have to report to the Foundation about the progress made in executing the LBT Composition Plan. This obligation mirrors the obligation of LBT under the LBT Composition Plan to provide an update report to the creditors through the LBT website.

The board of the Foundation consists of three members. In case a vacancy arises, the board will fill the vacancy only after consultation with the president of the insolvency department of the Amsterdam District Court. In case the board fails to fill the vacancy, each interested party is entitled to request the summary injunction judge (Voorzieningenrechter) of the District Court of Amsterdam to appoint a new director. The amended articles of association of the Foundation also provide for creditors’ protection against certain amendments to the articles of association going forward or certain other significant resolutions, all of which will require the prior consent from the president of the insolvency department of the Amsterdam District Court. Prior to appointing or firing a director of LBT, advice from the president of the insolvency department of the Amsterdam District Court and the so-called Board of Advisors of the Foundation (if one has been created) is required. Following the Effective Date, the JBTs will step down as directors of the Foundation and be replaced by Mr. J.L.R.A. Huydecoper and by Mr. M.H. Reuchlin.

The board of the Foundation is entitled to appoint a Board of Advisors consisting of creditors of LBT. In the execution of its duties, the Board of Advisors is required to consider the interests of the joint creditors. The Board of Advisors will have the right to provide advice to the board of the Foundation on the appointment, suspension or resignation of directors of LBT and/or the joint liquidators. The Board of Advisors is further entitled to receive all necessary information in the interest of the execution of its tasks.

Next Steps

As distributions from the LBHI estate are expected to be received by the LBT estate for at least the next four years, it will take at least another four years before the liquidation of LBT is fully completed."

https://www.lexology.com/library/detail.aspx?g=b362f42e-5224-4300-9a2b-8f73ee32c52f

[stockmojo9]

cotton,

Does this $35.458B LBT Class 4A claim include the LP ECAPS I referenced in the prior post?

Furthermore, the LP ECAPS are Tier 1 as are the CTs.

Unless there is a press release stating otherwise, the ECAPS & CTs payments are withheld by LBHI.

Additionally, LBT can withhold payments as they've done for ISIN IT0006578600 as of the 7th Distribution.

Do you know what this ISIN claim is? It is not ECAP V.

Can you explain in further detail why you made the two posts?

Thanks.

mojo