Replies to post #115594 on Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

AI, better known as the 'Internet Vacuum Cleaner' of Humans' Intellectual Dirt.

Humans' previous endeavors, never took this long. This Bankruptcy is pure legal tennis ball with legal cases! 💲

Basis (small sample size):

Quarterly Financial Report as of October 2, 2025 (Unaudited)
Page 12
Note 4 – Legal Proceedings
The Company’s cash flow estimates may be impacted
by judicial proceedings, including the judicial
proceeding listed below. This proceeding could affect
the timing and amount of future distributions. As
more information becomes available, the Company
may revise its cash flow estimates in future Quarterly
Financial Reports. (See Note 1 – Basis of
Presentation – Litigation for further discussion.)
LBF– Enasarco
Enasarco v. LBF is a dispute regarding the
appropriate valuation of a terminated derivative
transaction. Enasarco filed a claim of CHF 67 million
against LBF based on the alleged loss incurred on the
replacement of its derivative trade. The replacement
trade was executed several months after the
termination date of the original trade with LBF. LBF
argued, among other things, that Enasarco had an
obligation to value the trade as of the Early
Termination Date, which would have resulted in a
receivable to LBF, but in any event by a date earlier
than that used by Enasarco.
LBF pursued the receivable in the UK courts but was
not successful. In Switzerland, LBF rejected
Enasarco’s claim and Enasarco objected. Enasarco’s
claim was litigated in first instance Swiss Court (on
remand), and in December 2021, that court ruled in
favor of Enasarco, granting Enasarco the full amount
of its filed claim plus certain legal costs. LBF
appealed this ruling to the High Court of the Canton
of Zurich and in October 2022, the High Court
denied LBF’s appeal on procedural grounds. LBF
appealed this decision to the Swiss Federal Supreme
Court, and in September 2023, the Court granted
LBF’s appeal. In May 2025, the High Court of the
Canton of Zurich ruled against LBF. Subsequently,
LBF filed an appeal with the Swiss Federal Supreme
Court and is awaiting a decision.
LBHI is the largest creditor of LBF, a non-controlled
affiliate in liquidation in Switzerland. LBF’s
remaining future distributions will be materially
impacted by the outcome of this legal proceeding.
In addition, the outcome of LBHI’s lone remaining
disputed claim will be based on the outcome of this
litigation (see footnote (3) on page 5 for more
information).
08-13555-mg Doc 61868 Filed 11/20/25 Entered 11/20/25 10:16:46 Main Document
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