Replies to post #112471 on Lehman Brothers Financial SA (LEHNQ)

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Section 1: Introduction
Introduction
This is the 32nd progress report prepared by the Administrators of the Company.
This report provides an update on the work the Administrators have undertaken, with a particular focus on progress
made in the Reporting Period. Earlier reports can be viewed on the Administrators’ website at
https://www.pwc.co.uk/lbhi2
Objective of the Administration
The Administrators are pursuing the objective of achieving a better result for the Company’s creditors as a whole than
would be likely if the Company were wound up (without first being in Administration), and continue to manage the
Administration in accordance with the proposals approved by creditors.
Outcome for creditors
Unsubordinated Creditors
As previously reported, the claims of the unsubordinated, unsecured creditors, including post-administration statutory
interest, have been paid in full.
Subordinated Creditors
We previously confirmed that the dispute between the Company’s two subordinated creditors, LBH and SLP3 had been
decided in favour of LBH meaning that SLP3 will not receive any distributions from the Company.
👉️Shortly after the reporting period, LBIE advised that it has been unsuccessful in its application to appeal the previous
judgment in favour of AGFP, an update reflecting the conclusion of the litigation and the impact on the LBIE
administration will be published in LBIE’s next progress report.👈️
The level of further returns to LBH as the successful subordinated creditor continues to be uncertain at this time; we
will be able to provide an updated outcome in the next report when we are able to incorporate the expected updated
information from LBIE. The factors affecting the eventual outcome are detailed in Section 2.
During the Reporting Period the Company paid £13m to its priority subordinated creditor, LBH. We also anticipate an
updated illustrative outcome for the ultimate unsecured creditors of LBH will be shared on the LBH website in due
course.
During the period, a final sum of £41.4m was received in respect of Statutory interest on the Company’s unsecured
claim against LBL.
On 16 December 2024, a notice of intended dividend was issued with the distribution to be declared and paid shortly.
Why we remain in office
The Administrators remain in office to continue to receive dividends from the Company’s subsidiary, LBIE; to make
further distributions to its creditors and to comply with the Company’s obligations to Wentworth.
They also continue to deal with ongoing tax and VAT matters and statutory tasks.
Further details are contained within the body of this report.
What you need to do
This report is for your information and you don’t need to do anything.
This report and future updates
👉️We are currently considering whether a further extension to the administration will be required. We will provide another
update on this in our next report.👈️
The Administrators’ next formal progress report to creditors will be in approximately six months’ time, and will be
posted to the website. If you have any questions, please contact the Administrators at [e-mail]
Signed
Gillian Bruce
Joint Administrator
LB Holdings Intermediate 2 Limited - in administration
4 Joint Administrators’ progress report from 14 July 2024 to 13 January 2025