Replies to post #76844 on Lehman Brothers Financial SA (LEHNQ)

[JERSEYHAWG]

Cotton ,, "if" we loose, were still having a shindig. Your invited.

[cottonisking]

Marvin Gaye: "What's Going On" with Lehman Brothers!

King Solomon:

King Solomon - The Wisest Man Who Ever Lived - ThoughtCo
https://www.thoughtco.com/king-solomon-wisest-man-who-ever-lived-701168 - Cached - Similar
10 Aug 2017 ... King Solomon was the wisest man who ever lived and also one of the most
foolish. God gifted him with unsurpassed wisdom, which Solomon squandered by
disobeying God's commandments. Solomon was the second son of King David
and Bathsheba. His name means "peaceable." His alternative name ...

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"OBJECTION OF DEUTSCHE BANK AG, LONDON BRANCH
TO MOTION OF THE PLAN ADMINISTRATOR FOR AN ORDER
IN AID OF EXECUTION OF THE PLAN
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08-13555-scc Doc 57490 Filed 01/17/18 Entered 01/17/18 16:04:07 Main Document

6. Furthermore, as discussed below, there is in fact evidence that LBHI knew, or
should have known, of the potential value at three of the Partnerships as early as 2008. The
August 2008 accounts of those Partnerships showed assets that included significant investments
in money market funds, which were redeemed for cash following an announcement on January
21, 2009. LBHI held these funds for these Partnerships and therefore knew or should have
known of potential value in at least three of the Partnerships well before the Effective Date in
2012. Notwithstanding this knowledge, LBHI (the sole member of the GP) apparently permitted
4the GPs of the Partnerships to be stricken from the Register of Companies without even
distributing these investment proceeds.
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A. The Plan Nullified What the Motion Proposes to Revive.

41. The Plan (1) nullified the prepetition charter under which LBHI proposes to issue
the Substituted Preferred Stock, Plan § 7.7; Plan Suppl., Ex. 1, Part A, and (2) cancelled all of
the common and preferred stock of LBHI that was outstanding as of the Effective Date (except
for a single share of common stock held by the Plan Trust), Plan §§ l. 79, 4.17(b). Indeed, asnoted above, on the Effective Date, LBHI filed a form 15 with the Securities and Exchange
Commission publicly disclosing and notifying the world that its preferred shares were cancelled.
The only securities that the Plan contemplates any Debtor ever issuing are "New Securities" that
may be issued to holders of Claims against Debtors whose assets are being transferred to
investment vehicles. Plan § 15.2. There is not the slightest hint in the Plan (or its Disclosure
Statement) that Post-Effective-Date LBHI might someday issue any form of equity in itself for
any reason - much less retroactively issue prospectively cancelled stock. In no way and on no
theory is the Motion consistent with the Plan."

***Docket 44

"DISCLOSURE STATEMENT FOR JOINT
CHAPTER 11 PLAN OF LEHMAN BROTHERS U.K. HOLDINGS
(DELAWARE) INC. AND LEHMAN PASS-THROUGH SECURITIES INC.

17-12442-scc Doc 44 Filed 01/12/18 Entered 01/12/18 15:15:04 Main Document

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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Ultimately, after several months of arms-length negotiations with Brookfield Asset Management
Inc., a global alternative asset-management company (“BAM”) and certain of its affiliates, the
Plan Administrator and the BAM parties agreed on a transaction, which included certain
elements of the reorganizations described above together with a planned restructuring in these
chapter 11 cases.
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Currently, the business of each of LUK and LPTSI consists of managing a portfolio of global
assets. They each employ two employees and operate out of LBHI’s corporate offices.
LUK’s principal assets are debt and equity positions and include: (i) claims against certain noncontrolled
foreign affiliates of the LBHI Debtors; (ii) an equity investment in New Omaha
Holdings L.P., a Delaware limited partnership that holds Class B Common Stock in First Data
Corporation; and (iii) claims against LBHI and certain other LBHI Debtors.
LPTSI’s principal assets are primarily real-estate-related assets and include: (i) a portfolio of
approximately 1,400 residential-mortgage-backed securities; (ii) loan receivables from Huntlee
17-12442-scc Doc 44 Filed 01/12/18 Entered 01/12/18 15:15:04 Main Document
Pg 6 of 96
Pty Limited, an Australian real-estate development company; (iii) an equity interest in a lender to
certain French real-estate companies; (iv) claims against a certain non-controlled foreign affiliate
of the LBHI Debtors; and (v) a limited partner interest in Silverpeak Legacy Pension Partners III,
L.P., a Delaware limited partnership that invests in commercial real-estate assets globally, which
LPTSI holds through a wholly owned nondebtor subsidiary.
In addition, LUK’s and LPTSI’s assets include net operating loss carryforwards for federal, New
York State, and New York City income tax purposes, the value of which is uncertain and
depends in part on their ability to utilize losses to offset income, tax rates, and any applicable
limitations.
The primary business objective of each of LUK and LPTSI is to manage and maximize the value
of its portfolio of assets. This includes interacting with borrowers, joint venture partners, and
other parties related to the assets; monitoring the real-estate development projects; assessing key
variables that influence the recovery values of such entities’ assets; and evaluating market
conditions in order to determine whether to hold or sell."