I was looking for Deutsche Bank to roll out some facts on LBHI's Preferred Securities. Why did LBHI wait on paying LP 3 thru 5 the money market cash?
A theory: Prior to 12/6/2011 the CTs contracts were enforceable for back interest payments. The plan had not rejected any contracts (3/6/2012)!
Will LUK and LPTSI assume a big executory contract? IDK
"Unaffected Matters" or JPMCB Affiliates opened the door for any CTs held by JPMCB affiliates in class 10B to open the door for all of class 10B CTs. All of Class 10B must be treated the same in bankruptcy.
Class 10A ECAPS has the money market cash (LP 4 and 5)! WLOLW
We are in a storm with lots of flying debris. Seek shelter and ride this baby out! Why? There are many moving parts in our favor! Use your own investment advice! Why? ECAPS will be a nasty fight!
***
Look at docket 21254 (Plan Supplement) and view the assumed executive contracts! I cannot pull this PDF up at home. Do you see the CTs contract? Library bound tomorrow!
*** Docket 57490
08-13555-scc Doc 57490 Filed 01/17/18 Entered 01/17/18 16:04:07 Main Document
"8. Second, the Plan Administrator assures this Court that the relief sought in the
Motion is "exactly what the ECAPS [H]olders bargained for." Deutsche Bank completely
disagrees. But the bargained-for rights of the parties to the Partnership Agreements are not
before this Court and should be determined by an English Court, as the Plan Administrator
acknowledges (Motion ~ 22). It is relevant to this Court's consideration, however, that the
current ECAPS Holders, including Deutsche Bank, acquired many of their ECAPS long after the
Plan went effective, in the very reasonable expectation that the Plan (which rejected the
Partnership Agreements and prohibits the Preferred Securities Substitution) would be binding on
all parties in interest, including LBHI.
.
.
.
64. Section 11.1 of the Plan expressly provides that "all prepetition executory
contracts and unexpired leases that exist between a Debtor and any person or entity shall be
deemed rejected by such Debtor, as of the Effective Date, except for any prepetition executory
contract or unexpired lease (a) that has been assumed pursuant to an order of the Bankruptcy
Court entered prior to the Effective Date, (b) as to which a motion for approval of the assumption
or rejection of such executory contract or unexpired lease has been filed prior to the
Confirmation Date, or (c) that is specifically designated in the Plan Supplement as a contract or
lease to be assumed by the Debtor .... " Any rights under the Plan to amend the Plan Supplement
to remove or add a contract to the Plan Supplement expired as of the Confirmation Date. See
Plan §11.1; In re Warldearn, Inc., 2006 WL 898029, at *3-4 (S.D.N.Y. Mar. 9,2006) (denying
post-confirmation rejection of contract where all contracts not explicitly rejected were assumed
and "rejection of the [contract] clearly was not sought prior to confirmation of the [p]lan and
[was] not provided for in the [p]lan itself'); see also Collier on Bankruptcy ~ 365.10[5] ("[O]nce
a contract is rejected it stays rejected.")."
*** Docket 57493
08-13555-scc Doc 57493 Filed 01/17/18 Entered 01/17/18 17:07:16 Main Document
"5. Deutsche Bank acquired the substantial majority of its ECAPS holdings after the
Effective Date with the expectation that any Preferred Securities Substitution, if ever viable, had
been foreclosed by, among other things, the Plan.
6. Deutsche Bank considers that the ECAPS might have material value depending
on, among other things, the surplus at LBIE being sufficient to reach through LBHI2 and LBH to
the Partnerships that issued the ECAPS."
***Docket 44
$$$ "including certain assets with restrictions on
transferability or that are highly illiquid." $$$
"Following the commencement of the LBHI Debtors’ cases, LUK and LPTSI’s balance sheets
were incorporated into the balance sheets filed on the docket of the LBHI Debtors’ chapter 11
cases. As disclosed in publicly filed balance sheets and cash-flow forecasts, the LBHI Debtors
and the entities controlled by them (the “Debtor-Controlled Entities”) have a variety of
complex assets with a range of durations, including certain assets with restrictions on
transferability or that are highly illiquid."
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