Replies to post #78228 on Lehman Brothers Financial SA (LEHNQ)

[JERSEYHAWG]

Docket # 22010
Filed Nov 11 2011
Objection /OBJECTION OF THE BANK OF NEW YORK MELLON, THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AND BNY MELLON CORPORATE TRUSTEE SERVICES LIMITED TO ASSUMPTION OF DERIVATIVE CONTRACTS PURSUANT TO THE THIRD AMENDED JOINT CHAPTER 11 PLAN OF LEHMAN BROTHERS HOLDINGS INC. AND ITS AFFILIATED DEBTORS (related document(s)[19627], [21254]) filed by Michael J. Venditto on behalf of The Bank of New York Mellon, The Bank of New York Mellon Trust Company, N.A., and BNY Mellon Corporate Trustee Services Limited, in their representative capacities. with hearing to be held on 12/6/2011 (check with court for location) Objections due by 11/11/2011, (Attachments: # (1) Schedule 1# (2) Affidavit of Service) (Venditto, Michael) Less
Debtor: 08-13555 Lehman Brothers Holdings Inc.

[cottonisking]

It will take time to get LUK setup as a going concern!

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"25. Additionally, the Debtors have made no attempt to demonstrate adequate
assurance of future performance. The Plan and Assumption Notices are silent on this issue.
Considering that the Plan essentially is one of liquidation, the Debtors must establish that they
will continue to perform for the duration of the Derivative Contracts. Of course, LBHI does not
propose to perform at all."

"26. The requirement that the Debtors provide adequate assurance of future
performance is particularly significant where the Debtors are proposing to assume significant
financial obligations. A derivative is a risk transfer agreement, the value of which is derived
from the financial standing of the issuing counterparty. The premium that the issuing party
receives is due, in large measure, on the basis of its ability to perform according to the terms of
the agreement."

*** Docket 22010 *** LUK is the answer!