Replies to post #91165 on Lehman Brothers Financial SA (LEHNQ)

[camaro4me]

Oh man, I hope so.

Continue, what can we learn from the lp 4 and lp 5 ECAPS' payments scheduled for 10/28/20? More good stuff!

1) ECAPS' LP 4 and LP 5 are being paid their money market funds, $11.61 million and $25 million, respectively. These two partnerships invested in the money market with some of their funds, when their ECAPS were first sold to the public, and purchased class 10a notes from LBHI with the remaining funds. The LBSF $2 million swap payment may not be included in this payout!
Note: ECAPS' LP 3 has money market funds as well, but no scheduled payout yet! Read the tea leaves...

2) The BNYM is the paying agent for the ECAPS and CTs. The notice came out on 10/19/20 with a settlement date of 10/21/20, leaving very little time to buy more ECAPS. CTs may follow the same payment method and short settlement notice timeframe.

3) LP 5 has a face value of $500 million. You can always play with numbers. If the face value is $1000 per share, that means that their are 500,000 shares outstanding for LP 5. So a, $25 million payout is 5% of $500 million or $50 a share for a price that was low as 3 cents per share for LP 5.

4) LBHI's bankruptcy waterfall would pay any class 10a ECAPS' liabilities due before paying any class 10b CTs' liabilities due.

5) LBHI and Barclays and LBIE may have our CTs' obligations on the table in the war room!

Use your own data to invest your money.

[cottonisking]

October 2020 [All the CTs' holders need is good news (Too the moon!)]: "On 11 August 2020 the first preferred equity dividend distribution of £29m was made to the Shareholder. It is anticipated that further distributions will be made to the Shareholder at the directors’ request when funds allow, providing consent is given by the Administrators. Consent will only be given if the Administrators are confident that the funds can properly be paid to the Shareholder and are not required for any other purpose."] verification in progress Pass 47 Status Code: P

$$$$$ LBHI's Covid-19 stimulus package

Paying the CTs' interest creates another purpose and removes the CTs' subordinated Guarantee dividend stopper, in the CTs' prospectuses, for LBHI's solvent subsidiaries!

"if the Administrators are confident that the funds can properly be paid to the Shareholder and are not required for any other purpose."

$$$$$

Major Point:

The CTs' "Successors and Assigns" rights make the ranking of the CTs LBHI class 10B junior subordinate notes claims' a moot point as it relates to cash payments to the CTs' holders.

"A moot point is an expression meaning that something doesn't matter so there is no point for debate because of certain circumstances."

Basis:

"SECTION 9

MISCELLANEOUS


9.1. Successors and Assigns.

All guarantees and agreements contained in this Guarantee shall bind
the successors, assigns, receivers, trustees and representatives of
the Guarantor and shall inure to the benefit of the Holders of the
Securities then outstanding.,"



Status Codes:

P = Pennies
D = Dollars
F = Fraud dollars+


" ver·i·fi·ca·tion
/?ver?f?'kaSH(?)n/

noun
the process of establishing the truth, accuracy, or validity of something."

$$$$$

" ba·sis
/'bas?s/

noun
the underlying support or foundation for an idea, argument, or process.
"trust is the only basis for a good working relationship"

Basis for post: My words alone are not worth two cents! So read the CTs' guarantee below, written by LBHI.

$$$$$


"Judicial economy refers to efficiency in the operation of the courts and the judicial system. It is the efficient management of litigation so as to minimize duplication of effort. ... For example, a court may consolidate two cases for trial to save the court and parties from having two trials"


I) The CTs' "Successors and Assigns" rights make the ranking of the CTs LBHI class 10B junior subordinate notes claims' a moot point as it relates to cash payments to the CTs' holders.

"SECTION 9

MISCELLANEOUS


9.1. Successors and Assigns.

All guarantees and agreements contained in this Guarantee shall bind
the successors, assigns, receivers, trustees and representatives of
the Guarantor and shall inure to the benefit of the Holders of the
Securities then outstanding.,"


https://www.sec.gov/Archives/edgar/data/806085/000104746903008869/a2105775zex-4_05.htm



$$$$$ Is LBIE debt free? profits! profits! profits!



Continue, Source: LBIE's 24th progress report:

"A court hearing took place on 15 July 2020, following which Sir
Geoffrey Vos, the Chancellor of the High Court, granted the
directions sought by the Administrator. The Chancellor accepted
in the course of his judgment that LBIE is now clearly solvent,
that it is in possession of a surplus which will ultimately fall to be
paid to its Shareholder, and that the objective of the LBIE
Administration is to rescue the company as a going concern.
The Chancellor directed that the Administrators be at liberty to
consent to the directors’ request to make equity distributions to
the Shareholder.
On 11 August 2020 the first preferred equity dividend distribution
of £29m was made to the Shareholder. It is anticipated that
further distributions will be made to the Shareholder at the
directors’ request when funds allow, providing consent is given
by the Administrators. Consent will only be given if the
Administrators are confident that the funds can properly be paid
to the Shareholder and are not required for any other purpose.


.
.
.


The Administrators anticipate that the Administration will in due
course be brought to an end following an application under
paragraph 79 of Schedule B1 to the 1986 Act and that the
company will be returned to the full control of its directors. With
this in mind, it is anticipated that the directors will assume
responsibility for long-tail asset recovery for the benefit of the
Shareholder as the Administration draws to a close.
Managing the affairs of the company continues to sit with the
Administrators until such time as LBIE exits administration; and
is returned fully as a solvent entity to the control of directors to
be managed as a going concern for the benefit of the Shareholder."

.
.
.

Foote Notes:

LBHI Lehman Brothers
Holdings Inc.
Ultimate parent of the Lehman group, incorporated in the USA and formerly
subject to Chapter 11 bankruptcy protection from 15 September 2008. LBHI’s
plan of reorganisation became effective on 6 March 2012


LBHI2 LB Holdings Intermediate
2 Limited
Affiliate entity subject to insolvency proceedings in the UK and LBIE’s
Shareholder and sole holder of LBIE’s preferred equity


LBIE Lehman Brothers
International (Europe) –
In Administration
Private unlimited UK subsidiary of LBHI, acting as its main European broker
dealer, subject to an administration order dated 15 September 2008




https://www.pwc.co.uk/services/business-restructuring/administrations/lehman.html