Replies to post #103925 on Lehman Brothers Financial SA (LEHNQ)

[stoxjock]

Like I said, Scoundrels abound on Wal Street & also the BK Courts...the whole BK Court system is in the pockets of Hedge Fund guys & Fed, FDIC, UST & Wall Street Bosses...Otherwise, Waske would have won his Appeal in the first place instead of his getting his Appeal rejected...
At this point the only Hope is LBHI wanting to 'emerge' as New Going Concern intent to utilize its NOLs, for which they have to re-instate/redeem/issue New Stock to make CTs whole...

[cottonisking]

Why assume that news articles and NOLs will earn a Payday in 2028 upon their expiration? Let the soldiers fight and win this war for you. Enjoy the popcorn and fight and music in the press box.

” (Plan § 11.1.) As LBHI did not explicitly assume the
Subordinated Guarantees under the Plan, the Subordinated Guarantees were deemed rejectedpursuant to the plain language of the Plan. As such, LBHI has no present, remaining obligation to
perform under the Subordinated Guarantees or to cure any alleged breaches under these rejected
agreements. For these reasons, the Court denies the Wossileks’ request to compel LBHI to file
certificates stating that LBHI has been and will remain in compliance with all the conditions and
covenants contained in the Subordinated Guarantees.
15. With respective to the injunctive relief

7
10. The Motions are denied with prejudice based on the Movants’ lack of
standing. While the Court finds that lack of standing provides an independent basis for dismissal
of each of the Motions, the Court will nonetheless address the merits of each of the Motions below.
11. The Motion to Compel. By the Motion to Compel, the Wossileks seek an
order from this Court compelling LBHI to file certificates stating that LBHI has been and will
remain in compliance with all the conditions and covenants contained in the Subordinated
Guarantees. Additionally, the Motion to Compel seeks an order (i) enjoining LBHI from making
further distributions under the Plan until LBHI files such certificates and (ii) enjoining LBHI from
receiving any distributions from its affiliates until LBHI files such certificates.
12. LBHI, by its objection, submits that it is not bound today by any prepetition
contractual obligations encompassed by the Subordinated Guarantees. The Court agrees.
13. Section 365(a) of the Bankruptcy Code authorizes a debtor to assume or
reject unexpired leases and executory contracts during the pendency of its bankruptcy case. See
11 U.S.C. § 365(a). Should the debtor elect to assume an executory contract, section 365(b) of
the Bankruptcy Code expressly provides the debtor with the ability to cure any prepetition breaches
and provide adequate protection of future performance. See 11 U.S.C. § 365(b).
14. Here, LBHI’s obligations with respect to prepetition contracts such as the
Subordinated Guarantees are now governed by the confirmed Plan, which has long been effective.
Specifically, on March 6, 2012, each of the conditions to the effectiveness of the Plan was satisfied,
and the Effective Date occurred under the Plan. Section 11.1 of the Plan provides that “[A]ll
prepetition executory contracts and unexpired leases that exist between [LBHI] and any person or
entity shall be deemed rejected by [LBHI].” (Plan § 11.1.) As LBHI did not explicitly assume the
Subordinated Guarantees under the Plan, the Subordinated Guarantees were deemed rejected
08-13555-scc Doc 61352 Filed 11/18/21 Entered 11/18/21 15:36:27 Main Document
Pg 7 of 15

[newflow]

Joseph Waske should talk about issuing 1 big share for class 12 ahead of class 10A,10B and 10C.