Replies to post #75952 on Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

"Lehman Names Its Wind-Down Board - WSJ - Wall Street Journal
https://www.wsj.com/.../SB10001424052970204083204577080601856470394
Dec 5, 2011 ... Lehman Brothers' bankruptcy estate named a new slate of directors ... are to take
their seats on the "effective date" of Lehman's wind-down plan"


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"No Preferred Securities Substitution will take place and the Holders will continue to hold their Preferred Securities and all their rights thereunder if prior to the Substitution Date, a winding-up of LBHI occurs."


*** The Lehman Spirit in the UK is principal plus back dividends (The Waterfall Applications)

Who can find a good post on a LBHI wind-down plan?

Will the Financial Conduct Authority pump the ECAPS windfall into the UK economy?

Substituted Preferred Stock will wipe out the ECAPS back dividends. ECAPS issued by LP IV only received one dividend payment over a ten year period on April 25th 2008.


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"5. Substitution for Preferred Stock

5.1 If a Trigger Event occurs, then, provided that (if required at such time) no relevant Supervisory
Authority has objected, the General Partner shall take all reasonable steps to cause the substitution of
the Preferred Securities by depositary shares representing Substituted Preferred Stock (the “Preferred
Securities Substitution”) on the Substitution Date, as defined below.
.
.
.
Each share of Substituted Preferred Stock allotted will rank for any dividend from the immediately
preceding Distribution Payment Date but otherwise will have no entitlement to any accrued
Distributions or any other payment in respect of the Preferred Securities.

Upon a Preferred Securities Substitution, each Holder (or, as the case may be, accountholder) shall
receive in respect of each A1,000 Liquidation Preference of Preferred Securities, one depositary share
representing Substituted Preferred Stock with a nominal amount of A1,000.

No Preferred Securities Substitution will take place and the Holders will continue to hold their
Preferred Securities and all their rights thereunder if prior to the Substitution Date, a winding-up of
LBHI occurs."

https://www.bancobest.pt/ptg/bestsite/best_docs/lehman_xs0215349357.pdf

[zulual]

“
Item 27 below leads me to think that the Debtors will match LBHI's Equity Plan Trust percentage recovery with LBHI's creditors recovery percentage (currently around 40%) prior to December 6, 2020. By law the Debtors cannot tell us that equity will have a recovery. “

There are two debtors, Lehman and JPM

JPM endorsed certain Lehman’s notes that is reason JPM is responsible for its endorsement papers if Lehman couldn’t pay back.
Fortunately, JPM had contracts with Lehman before Lehman’s BK filing, JPM was holding all Lehman’s cash as collaterals for its endorsement papers. We CTs are sitting here. Our recovery should be 100% principal from JPM, owed interests may come from UK. IMHO.