Replies to post #105702 on Lehman Brothers Financial SA (LEHNQ)

[SwissCheeseAccount]

https://document.epiq11.com/document/getdocumentbycode?docId=1428327&projectCode=LBH&source=DM

If a Trigger Event occurs and is continuing, then, provided that (if required at such time) any relevant Supervisory Authority has not objected, the General Partner shall take all reasonable steps to cause the substitution of the Preferred Securities by depositary shares representing Substituted Preferred Stock. On the substitution date, each Preferred Security of €1,000 in nominal amount will be substituted for one depositary share representing Substituted Preferred Stock which will have a nominal amount of €1,000 (or its equivalent in US$).

https://document.epiq11.com/document/getdocumentbycode?docId=3369470&projectCode=LBH&source=DM

On January 20, 2009, the General Partner sent a letter to LBHI: (a) notifying LBHI that a Trigger Event occurred as of the Petition Date; (b) detailing the General Partner’s multiple previous oral and written requests to LBHI’s advisors to issue the Substituted Preferred Stock; (c) noting that the General Partner “must advise the holders of the Preferred Securities as soon as possible of the status of the Preferred Securities and whether Substituted Preferred Stock will be issued”; and (d) urgently requesting a response to the General Partner’s request for LBHI to issue Substituted Preferred Stock. See McKane Decl., Ex. 3. A month later, on February 24, 2009, LBHI sent a response letter to the General Partner, stating that “we cannot say at this time whether Lehman Brothers Holdings Inc. will be able to issue Substituted Preferred Stock, nor give you any indication as to when we will be in a position to determine the same.” See McKane Decl., Ex. 4.5

Commencing on September 15, 2008 and periodically thereafter, LBHI and certain of its subsidiaries commenced the above-captioned chapter 11 cases. In those cases, two of the Partnerships were creditors of LBHI. Specifically, LPs IV and V held Subordinated Notes claims against LBHI that were addressed in LBHI’s Plan. See Plan § 4.13 (treatment of Subordinated Class 10A Claims against LBHI).

Although LBHI has undertaken that, in the event that the Preferred Securities are substituted by depositary shares representing Substituted Preferred Stock, LBHI will apply for admission to trading of the Substituted Preferred Stock on a regulated market for the purposes of the Investment Services Directive (outside the United States). However, there can be no assurance that a competent authority will agree to such admission of Substituted Preferred Stock. In addition, the tax treatment for holders of Substituted Preferred Stock may be different from that for Holders of the Preferred Securities.

lehman then tried to issue the shares in 2019: https://www.aciclaw.org/news/2019/mid-atlantic-update-in-re-lehman-brothers-holdings-inc/

[stockanalyze]

i would like to buy some more at these prices but how?

[s404n1tn0cc]

Never brought up in court they surmized that LBHI was gone. Anyway LHIE paid off all their debts and still had surpluses. They had the triggering event. loans turned into liabilities then turned into debts . Which required proofs of claims. The Royal court steps in proceeded to pass along claim numbers for those who could prove their claims. One by one claims were cancelled as claims were remunerated(Paid). So they can't get double dipp on remunerated claims. All claims are already accounted for period They might have assets, investments but belong exclusively to LBIE of which LBHI is the master. But another windfall is not in the Cards for LBIE imo.Lawyers just playing a waitng game ..."When will LBHI run out of money"