Replies to post #111647 on Lehman Brothers Financial SA (LEHNQ)

[toogoodfella]

RE; Lehman Brothers', use some of our cash….

—-//——

WHAT CASH ARE YOU TALKING ABOUT??

WHILE THE MONTHLY REPORT IS SHOWING AVAILABLE CASH OF ONLY 98.8M PRIOR TO THE LAST DISTRIBUTION OF ABOUT 33M,

EXPLAIN!! …

…BE RESPONSIBLE WITH YOUR POSTS BECAUSE THERE IS AN OLD MAN GETTING SO CONFUSED!!

[cottonisking]

Category Description of tasks
Cashiers and treasury
This is an essential function
for the management of
funds held by the
Administrators on behalf of
the Company. The
Administrators’ treasury
and cash management
teams monitor and control
the movement of funds,
mitigate risk and seek to
maximise the interest made
on investments for the
benefit of the Company’s
creditors.
? Managed the funds held by the Administrators, to ensure optimal level of funds held
on deposit within risk policy;
? Monitored and controlled the movement of funds, mitigated risk and maximised the
interest made on investments;
? Performed regular bank reconciliations for all bank accounts; and
? Carried out daily monitoring and processing of cash receipts and payments and
notification of movements to the Core Team.
Tax and VAT
Work reported in this
category includes
compliance with tax
legislation under the
Administrators’ obligations
as proper officers for tax,
and planning to ensure the
efficient realisation of
assets for the benefit of the
Company’s creditors as a
whole.
? Dealt with Tax and VAT queries and liaised with HMRC;
? Submitted tax return for y/e 14 September 2022;
? Drafted tax return for y/e 14 September 2023;
? Provided advice on the sale of MCF’s trading subsidiaries (SPML & PML);
? Finalised the 2021 group tax loss position & drafted the 2022 group tax loss
position;
? Prepared and submitted quarterly VAT returns;
? Reviewed various documents prepared by legal team and accountants;
? Calculated tax provisions;
? Provided tax advice and prepared accounts to support preferred equity distribution;
? Liaised with Internal Revenue Service in the US; and
? Ongoing consideration of group relief/losses position to determine amounts
available for surrender.
Other PwC Staff
Other PwC staff who
provided the Administrators
with advice and assistance
as necessary for the
completion of the
Administration.
? Supported regarding SPML and PML, reviewed monthly management accounts
and documentation;
? Meetings and discussions held with various counterparties and lawyers prior to
entering into NDA’s with parties that were interested in acquiring the shares in
SPML and PML, including review of offers received and drafted a sale and
purchase agreement; and
? Support received from members of the Disputes and Investigation team regarding
ongoing litigation matters including preparation of the reply to the SoD.
Future work
Examples of work remaining to be done to achieve the purpose of the Administration are shown below. This is not an
exhaustive list.
? Statutory reporting and compliance with the Insolvency Rules;
? Ongoing tax and VAT returns;
? Review and maintenance of financial information including reserves;
? Ongoing realisation of remaining assets;
? Progress continuing legal matters as set out earlier in this report;
? Seek consensual resolution on outstanding matters, where it is appropriate to do so;
? Continuing to wind down the portfolio of securities;
? Consider further proposals from the Directors to make equity distributions to LBHI2 provided there are future
funds to do so;
? Progress the sale of MCF’s trading subsidiaries (SPML & PML); and
? Regular reporting and discussions with the Operating Committee.
On a regular basis the Administrators provide detailed reports to the Operating Committee in relation to the expected work
required to complete the Administration. These reports include estimated costs and benefits to the creditors of LBIE.
15 Administrators’ progress report from 15 September 2023 to 14 March 2024