Replies to post #116052 on Lehman Brothers Financial SA (LEHNQ)

[solgari]

Gemini deep research:
While priority claims, secured creditors, LBI SIPA customers, and specific overcollateralized derivative subsidiaries (such as LBFP and LBDP) successfully achieved total 100% satisfaction and were made whole, the core institutional debt housed in LBHI Class 3 Senior Unsecured Claims remains starkly impaired at approximately 46.7% cumulative recovery. This insurmountable impairment mathematically guarantees that pre-petition subordination agreements will be permanently upheld, leaving Class 10 Subordinated Claims and Class 12 Equity Interests fully out of the money. Their rights to recovery exist only as conditional, hypothetical clauses within the Plan that will extinguish entirely upon the final closure of the estate.  

[solgari]

Gemini deep research on Class 3 unsecured debts: 
As of the thirty-second distribution on April 2, 2026, the cumulative recovery for Class 3 claims has reached 46.819040%. This mathematically equates to the return of approximately $39.2 billion in cash to the institutional and retail holders of the senior notes and structured securities over the past fourteen years. Ultimately, the resolution and recovery of the LBHI Class 3 debts serves as the definitive empirical baseline for the pricing, management, and restructuring of senior unsecured corporate debt in the era of modern global finance. 

[cottonisking]

I am the holder of thousands of LBHI's capital trust preferred securities on March 6, 2012 (LBHI's Plan Effective Date) and held escrow markers in my brokerage account for these securities:

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cottonisking
03/06/12 3:10 PM
Post #8038 on Lehman Brothers Financial SA (LEHNQ)
You will have an escrow cusip as a placeholder for any future distribution and the money will show up in your broker account.


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cottonisking
03/06/12 2:55 PM
Post #8037 on Lehman Brothers Financial SA (LEHNQ)
The plan states that the debtors will file SEC form 15 as soon as possible after the effective date to cancel equity.

The language in the JPM dockets(25298/25383)that we reviewed stated that the effective date was defined in the motion.

In summary and in hindsight: The JPM dockets used effective date to mean the effective date for the dockets/motions/final order and not the effective date for the plan.

However, the debtors did not announce the effective date until the form 15 was filed and coordinated the debtors news release on the day that the various brokers would take action on the SEC form 15.


03/06/12 3:10 PM