Replies to post #110753 on Lehman Brothers Financial SA (LEHNQ)

[toogoodfella]

YOUR POST DOES NOT BELONG HERE. THIS IS NOT FOR LBH LPC, NEITHER FOR LBHIE. THIS IS FOR LBHI, The mother company bankruptcy. YOUR POST IS IRRELEVANT.

[cottonisking]

🤣🤑🤣

2.2 Creditor claims and dividend
prospects
Unsubordinated creditors
As creditors are aware from previous reports and prior to the Reporting Period:
? dividends totalling approximately £1,074.8m (100p in the £) had been paid on admitted, unsecured,
unsubordinated claims; and
? further distributions of £354.1m had been paid in relation to admitted, unsecured, unsubordinated creditors'
statutory interest entitlements.
As a result of the Framework Agreement and the conclusion of the Priority Litigation, the Administrators were able to
make further dividend payments to LBH’s unsubordinated creditors. In the Reporting Period, the Administrators paid
their eighth and ninth interim dividends to unsubordinated creditors of £24.4m and £33.0m respectively, as set out
below:
? Eighth interim distribution: On 28 November 2023, a dividend was paid to certain unsubordinated creditors
being LBIE (£14.6m), Thayer (£6.0m) and ESH (£3.8m). Payments to LBIE and Thayer were final
distributions with no further amounts being owed to those estates. In respect of ESH, further amounts (of
up to £9m) may be due to it depending on the outcome of the Partial Discharge Issue.
? As part of the eighth interim distribution, PAMI/LBHI, LBL and MBAM agreed to defer receipt of their
unsubordinated statutory interest on this occasion to allow LBH to pay (i) the other unsubordinated
creditors and (ii) Tier X (in full) - see below.
? Ninth interim distribution: A dividend of £33.0m was paid to LBHI on 11 March 2024.
? As part of the ninth interim distribution, LBL and MBAM agreed to defer receipt of their unsubordinated
statutory interest on this occasion to allow LBH to pay LBHI in respect of its unsubordinated
post-administration statutory interest entitlement.
Based on current information, the Administrators are of the view that there will ultimately be sufficient realisations to
allow unsubordinated creditors’ remaining entitlements to post-administration statutory interest to be paid in full.
Subordinated creditors and the Framework Agreement
The claim from LBGP in respect of the PLC Sub-Notes has now been agreed and admitted at c.£187.2m. This is
after discounting in accordance with IR16 and in line with the outcome of the Priority Litigation, as detailed in
previous progress reports. 👉️The claim from LBHI (in respect of the PLC Sub-Debt) totals c.£1,059.0m.👈️
The Framework Agreement, which became effective on 8 October 2023, sets out a structure under which LBH will
make payments to LBGP and LBHI of funds available for subordinated creditors. These payments are governed by
a specific sharing formula, summarised below:
Tier X - first available funds of £187.2m:
In the Period, the first £187.2m of funds available for the subordinated creditors was paid, as set out below:
? On 24 November 2023, 92% of Tier X (being £172.2m) was paid to LBGP.
? On 29 December 2023, 👉️the remaining 8% of Tier X (being £15.0m) was paid to LBHI.
As a consequence of the above, Tier X has been paid in full.
Tier Y - next available funds of up to £225.0m:
Distributions under Tier Y can only take place once:
? Tier X funds have been distributed in full (which is now the case);
? There has been a final adjudication or settlement of Priority Legal Issue 1; and
? The unsubordinated creditors’ remaining entitlement to post-administration statutory interest has been
satisfied in full, if necessary adjusted for the resolution of the Partial Discharge Issue.
11 Administrators’ progress report from 15 September 2023 to 14 March 2024