Replies to post #86458 on Lehman Brothers Financial SA (LEHNQ)

[VivaLasVegas]

Love it.
Similar to when Brad got yelled at and then lost his job at All-American Burger in the movie Fast Times at Ridgemont High.

You know what the definition of 100% guaranteed is..... Brad?!

[Joe Stocks]

>>"Status of the Guarantees
The guarantee will constitute an unsecured obligation of Lehman Brothers Holdings and will rank: subordinate and junior in right of payment to all other liabilities of Lehman Brothers Holdings,<<

Cotton, So you must agree that your guarantee is subordinate since you posted this. Since the CTs are subordinate, how do you justify thinking they should be in a higher class and on par with more senior debt???

[cottonisking]

The CTs' subordinated guarantee is the vehicle that will take you to a non-subordinated guarantee via [route 66] or ECAPS' 2005 written consent or LBHI's 2008 guarantee in favor of JPMCB affiliates' CTs or LBIE's class A preference shares.

Excerpt from the CTs' June 19, 2019 hearing:

"Mr. Gregory also referred to, I believe, a 2005
6 written consent by the Board of Directors of LBHI that have
7 been referred to from time to time as the corporate
8 resolution. We've discussed that in numerous pleadings,
9 Your Honor, and I believe Your Honor referred to it in her
10 recent decision with SRM.
11 That guarantee has been argued that it guaranteed
12 the obligations, certain obligations, from PLC. Mr.
13 Gregory, and perhaps Mr. Wu, are trying to now say somehow
14 that this written consent gives a non-subordinated guarantee
15 because HI allegedly guaranteed PLC, which guaranteed
16 something else."

******


ECAPS' holders do what after 9/25/2019? File a claim under your Subordinated Guarantee!

"Holders of the relevant Securities should take their
own independent legal advice in relation to the subordinated guarantee and any claims
they may wish to make (including whether claims could potentially be made against
any other entity within the Group pursuant to any intra Group guarantees)."

****


"lEHMAN BROTHERS UK CAPITAL FUNDING lP ("lP I")
EUR 225,000,000 FIXED RATE TO CMS-LiNKED GUARANTEED NON-VOTING, NON-CUMULATIVE
PERPETUAL PREFERRED SECURITIES ("lP I PREFERRED SECURITIES")
ISIN XS0215349357
25 September 2019
Notice to Holders
Liquidation of lB GP No.1 Ltd ("the Company") and implications for holders of lP I Preferred
Securities

.
.
.
POTENTIAL CLAIMS AGAINST THIRD PARTIES (SUBORDINATED GUARANTEE)
4.11 LBH provided a subordinated guarantee to the Holders of the Securities in relation to
LP I, LP II and LP III. The wording of the subordinated guarantee included in the
prospectus suggests that the Holders of the Securities issued by LP I, LP II and LP III
have subordinated guarantee claims against LBH, although it is unclear how those
claims would be made in practice. Holders of the relevant Securities should take their
own independent legal advice in relation to the subordinated guarantee and any claims
they may wish to make (including whether claims could potentially be made against
any other entity within the Group pursuant to any intra Group guarantees). The Joint
8
Liquidators' initial assessment is that the Company has no separate right to make a
claim pursuant to the subordinated guarantee and it is the Holders of the Securities that
have standing to enforce the subordinated guarantee.
4.12 LBHI also provided a subordinated guarantee to the Holders of the Preferred Securities
in relation to LP IV and LP V. Please see paragraph 4.11 above as the Joint Liquidators'
initial assessment is the same for LP IV and LP V and accordingly Holders of the
relevant Securities should take their own independent legal advice in relation to the
subordinated guarantee and any claims they may wish to make."




https://www.rns-pdf.londonstockexchange.com/rns/6600N_1-2019-9-25.pdf