“ JPMCB is holding LBHI's TRuPS and UK's ECAPS (Global certificate is in the name of a JPMCB affiliate “
Is that possible to order our Capital Trust Certificates from our brokerage? TD rejected me, they can’t order for me. They couldn’t transfer to Fidelity either.
Search for "wind" in docket 57049: QUARTERLY FINANCIAL REPORT
*** LBHI's ECAPS Guarantee: winding-up rule
"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."
*** "orderly wind down and/or sale" ???? Got it? ***
" and are based on estimated cash flows from assets managed in an orderly wind down and/or sale (and related costs of operations) over the period from October 6, 2017 through December 31, 2019 (the "Estimate Period" or "PostD13")."
***
08-13555-scc Doc 57049 Filed 11/29/17 Entered 11/29/17 16:42:12 Main Document
UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re: Chapter 11 Case No. Lehman Brothers Holdings Inc., et al., 08-13555 Jointly Administered Debtors. QUARTERLY FINANCIAL REPORT AS OF OCTOBER 5, 2017 BALANCE SHEETS AND POST-THIRTEENTH DISTRIBUTION CASH FLOW ESTIMATES DEBTORS’ ADDRESS: LEHMAN BROTHERS HOLDINGS INC. c/o KRISTINE DICKSON – CHIEF FINANCIAL OFFICER 277 PARK AVENUE 46th FLOOR NEW YORK, NY 10172 DEBTORS’ ATTORNEYS: WEIL, GOTSHAL & MANGES LLP c/o JACQUELINE MARCUS, GARRETT A. FAIL 767 FIFTH AVENUE NEW YORK, NY 10153 REPORT PREPARER: LEHMAN BROTHERS HOLDINGS INC., AS PLAN ADMINISTRATOR Date: November 29, 2017 . . . Note 1 – Basis of Presentation Objectives On the Effective Date, the Plan became effective and the Debtors emerged from bankruptcy with a new Board of Directors (LBHI’s Board of Directors hereinafter referred to as the “Board”). The Company continues to pursue the objectives of asset value maximization and timely distributions to creditors of available cash through the optimal execution of an orderly wind down process and the judicious and timely resolution of claims. Pursuant to the Plan, the Plan Administrator has made and expects to continue to make semi-annual distributions to creditors of Debtors, with each entity subject to review at each distribution date. . . . A. Basis of Presentation The information and data included in these cash flow estimates and notes thereto (the "Post-D13 Cash Flow Estimates") were prepared to update the Post-Twelfth Distribution Cash Flow Estimates filed July 20, 2017 (the "Post-D12 CFE"), and are based on estimated cash flows from assets managed in an orderly wind down and/or sale (and related costs of operations) over the period from October 6, 2017 through December 31, 2019 (the "Estimate Period" or "PostD13"). As the Company cannot definitively specify a date for the final termination of its activities, these PostD13 Cash Flow Estimates include an estimate for expenses for potential residual activities (remaining asset dispositions, disputed claims resolutions, outstanding litigations, and administrative winddown) that may extend beyond 2019. All cash flows in the Estimate Period are presented on an undiscounted basis. . . . Wind Down Expenses The estimates herein assume that costs will continue to be incurred to monetize remaining financial assets, resolve outstanding litigations and disputed claims, and to execute the wind-down of operations. As the inventory of remaining assets is reduced, the Company expects that it will continue to focus on the management and resolution of claims, pursuit of outstanding litigations, and administrative winddown activities. This continued focus is reflected in these Post-D13 Cash Flow Estimates for Compensation & Benefits and Professional Fees for litigation, claims resolution, and wind-down activities. The estimates herein reflect the assumption that although the preponderance of final asset dispositions, resolution of remaining disputed claims, pursuit of outstanding litigations, remaining collections from Non-Controlled Affiliates, corporate entity dissolutions, and financial and tax reporting requirements will be completed by the end of 2019, these Post-D13 Cash Flow Estimates include an estimate for residual activities that may extend beyond 2019.
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."
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