Replies to post #99600 on Lehman Brothers Financial SA (LEHNQ)

[JERSEYHAWG]

Joe. GO to another thread.

A differant symbol stock.

Theres plenty out there to pick from.

Save someone else. Its plain to see.

YOUR NOT WANTED HERE, NEVER WERE.

THE PLEASURE OF NO REPLY is requested. EOM ....LOLOL

[cottonisking]

BNYM/LBHI'S Assumption:

There is/were no need for LBHI to assume contracts and run up legal fees from 2011 to 2018 and beyond to go out of business.

1)

Holdings Inc. and its Affiliated Debtors [Docket No. 19627] (the “Plan”), which incorporates the
Plan Supplement dated October 25, 2011 [Docket No. 21254] (the “Plan Supplement”).
PRELIMINARY STATEMENT
1. Section 11.1 of the Plan provides that executory contracts that exist
between a Debtor and any other entity are deemed rejected as of the effective date of the Plan,
except for any executory contract that is designated specifically in the Plan Supplement as a
contract to be assumed. Plan at § 11.1. The Plan Supplement designates for assumption certain
derivative contracts (the “Derivative Contracts”) for which the Trustee serves as trustee or
indenture trustee. See Plan Supplement at Ex. 2, Part A. A list of the Derivative Contracts is
attached hereto as Schedule 1.
2. As a general matter, the Trustee takes non-ministerial action, such as the
exercise of most rights or remedies in a bankruptcy proceeding, only where Holders have given
the Trustee direction and indemnification in accordance with the governing documents. This
precondition applies to the proposed assumption of Derivative Contracts. While some Holders
have provided specific direction with regard to the proposed assumption of Derivative
Contracts,1
a great majority of the Holders have not done so. In many instances, this may be
because Holders have not received sufficient notice of the proposed assumptions. The Trustee
did not receive any notices of proposed cure amounts before November 2, 2011, when some
notices were received in London by standard post, and many other notices were not received
until November 8, 2011. The Trustee objects to the proposed assumptions to the extent they are

1
See Objections or Joinders filed by the Trustee at Docket Nos. 21616, 21639, 21908, 21943, 21946,
21956, and 21959.
08-13555-jmp Doc 22010 Filed 11/11/11 Entered 11/11/11 14:13:23 Main Document
Pg 2 of 16

2)

predicated upon notice that was either inadequate under the circumstances or not in accordance
with applicable law.
3. The Trustee also objects generally to the assumption of Derivative
Contracts for the following reasons:
a. the Debtors may not assume Derivative Contracts that terminated prepetition or
postpetition, whether as a result of a consensual settlement, a termination notice
given in accordance with the governing documents and applicable law, or the
contracts’ maturity;
b. the Debtors may not assume Derivative Contracts without curing existing defaults
and providing adequate assurance of future performance; and
c. the Debtors may not assume the non-terminated Derivative Contracts without
assuming all transaction documents that form part of the parties’ agreement.
4. The Debtors bear the burden of proving that the requirements for
assumption of executory contracts have been met. See In re M. Fine Lumber Co., Inc., 383 B.R.
565, 573 (Bankr. E.D.N.Y. 2008) (citing In re Embers 86th Street, Inc., 104 B.R. 892, 902
(Bankr. S.D.N.Y. 1995)); see also In re Chemtura Corp., 439 B.R. 561, 608 (Bankr. S.D.N.Y.
2010) (“proponent of confirmation bears the burden of proof by a preponderance of the
evidence”). Objections to assumption are governed by Fed. R. Bankr. P. 9014 and, accordingly,
the Trustee and the Holders are entitled to take discovery. See Fed. R. Bankr. P. 3020(b)(1)
(“An objection to confirmation is governed by Rule 9014.”); see also In re Dynamic Tooling
Sys., Inc., 349 B.R. 847, 853 (Bankr. D. Kan. 2006) (non-debtor contracting party is entitled to
“equivalent due process [whether] its contract is rejected in the plan context … [or] under Fed.
08-13555-jmp Doc 22010 Filed 11/11/11 Entered 11/11/11 14:13:23 Main Document
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3)

Docket # 57792
Filed Mar 16 2018
Notice of Withdrawal of the 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 Inc. and its affiliated debtors (related document(s)[22010], [22766], [22970]) 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. (Venditto, Michael) Less
Debtor 08-13555 Lehman Brothers Holdings Inc.
Related Dockets
VIEW
Related Dockets
Docket # 22010
Filed Nov 11 2011
Objection /OBJECTION OF THE BANK OF NEW YORK MELLON, THE BANK OF NEW YORK MELLON T... More
Debtor 08-13555 Lehman Brothers Holdings Inc.