Replies to post #76143 on Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

Great Argus63: My money (Free English law) is on the RSM Restructuring Advisory LLP Joint Liquidators legal team.

"Governing Law: The Limited Partnership Agreement establishing the Issuer, the Preferred Securities and the Subordinated Guarantee will be
governed by, and construed in accordance with, English law."


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


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"LONDON, UNITED KINGDOM--(Marketwired - December 01, 2017) -

NOTICE TO THE HOLDERS OF:

EUR 225,000,000 FIXED RATE TO CMS-LINKED GUARANTEED NON-VOTING, NON-CUMULATIVE PERPETUAL PREFERRED SECURITIES ("LP I Securities")

ISSUER: LEHMAN BROTHERS UK CAPITAL FUNDING LP ("LP I")

ISIN: XS0215349357

LIQUIDATION OF LB GP NO.1 LTD ("the Company") AND IMPLICATIONS FOR HOLDERS OF LP I SECURITIES
.
.
.

The Joint Liquidators' legal team is currently reviewing the Subordination Documentation.

The Joint Liquidators have collated copies of certain key documents ("the Key Documents") contained within the Subordination Documentation bundle and these are available for view here:

http://www.rns-pdf.londonstockexchange.com/rns/1829Y_1-2017-12-1.pdf
http://www.rns-pdf.londonstockexchange.com/rns/1829Y_2-2017-12-1.pdf

The Joint Liquidators have not made any determination as to whether any of the information contained within the Key Documents constitutes material non-public information. To prevent selective disclosure of the information contained within the Key Documents, the website links above are accessible by any person (whether or not a verified holder of the LP I securities) and this notice is being published through the relevant stock exchanges as well as via the clearing systems and other public platforms.

http://www.digitaljournal.com/pr/3581943

[cottonisking]

The RSM Joint Liquidators are aware of "Unaffected Matters" amongst other TRuPS and ECAPS concerns via my email messages! = The 2018 $6 Billion question for the payment of TRuPS and ECAPS windfall (principal and back interest).

Find "Chase Nominees Limited" below = JPMCB's affiliate! = payday or big debtors delay!

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The Joint Liquidators 13 November 2017 Notice to ECAPS Holders


"LP IV and LP V *** LBHI's class 10A notes ***

4.17 It was LBHI and not LBH that issued subordinated notes to LP IV and LP V in return for the payment of the regulatory capital that was raised by the issuance of the Securities by LP IV and LP V. The Partnerships may have a claim for the payment of a dividend by LBHI in relation to the subordinated notes that were issued. This is a matter that the Joint Liquidators are investigating further. However it is the Joint Liquidators understanding that LBHI's subordinated debt holders are currently not expected to receive any distribution.


5.1 The Joint Liquidators are aware... fully paid non-cumulative preferred stock issued directly by LBHI.
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5.6 The Joint Liquidators have ... LBHI's intentions were only outlined to the Joint Liquidators in the week commencing 6 November 2017..."


https://www.rns-pdf.londonstockexchange.com/rns/3570W_-2017-11-13.pdf
***
"Lehman and its creditors argued that the 2008 agreement — which it
said was "forced" upon it — allowed JPMorgan to apply the $8.6 billion
in collateral to its affiliates, subsidiaries and successors, but that
customers do not qualify as any of those.
"

http://www.law360.com/articles/305329/jpmorgan-to-return-700m-to-lehman-in-settlement

***


Form of the Preferred Securities: The Preferred Securities will be in
registered form.
On or about the Closing Date, a single global certificate (the
“Global Certificate”) in respect of the Preferred Securities will be
deposited with JPMorgan Chase Bank N.A., London Branch (the
“Common Depositary”) as common depositary for Euroclear Bank
SA./N.V. as operator of the Euroclear System (“Euroclear”) and
Clearstream Banking, société anonyme (“Clearstream,
Luxembourg”). Such certificate will be issued, and the Preferred
Securities will be registered, in the name of Chase Nominees
Limited (the “Initial Limited Partner”) as nominee of the
Common Depositary.For so long as the Preferred Securities are
deposited and registered
as described above, book-entry interests in the Preferred Securities
will be shown on, and transfers thereof will be effected only
through, records maintained by Euroclear and Clearstream,
Luxembourg.
Definitive certificates will not be made available to Holders other
than in certain limited circumstances. See “Summary of Provisions
Relating to the Preferred Securities in Global Form”.
.
.
.
Governing Law: The Limited Partnership Agreement establishing the Issuer, the
Preferred Securities and the Subordinated Guarantee will be
governed by, and construed in accordance with, English law."


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

***

LBHI's and JPMCB's SETTLEMENT AGREEMENT DATED 2/1/2017 - Docket 54683 - should include LBHI's TRuPS and ECAPS per "Unaffected Matters."

Also, the Guarantee Resolution should apply to LBHI's TRuPS.

“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."