Replies to post #116193 on Lehman Brothers Financial SA (LEHNQ)

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LBHI has equity interest in its Plan Trust for LBHI's former stockholders. And, LBHI has its capital trust preferred securities (class 10B claims) e.g., lehnq trading on the Expert Market. Who will receive LBHI's class 10B capped guaranteed distributions?


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Distributions on Class 10B Subordinated Claims (which include those related to Lehman Brothers Capital Trust preferred securities, often traded under tickers like LEHNQ) are paid to the beneficial holders of those claims, provided they are allowed by the Bankruptcy Court. These distributions are part of the broader Lehman Brothers Holdings Inc. (LBHI) Chapter 11 Plan, managed by Epiq.
Key details based on the latest information:
10B Capped Distributions: The Class 10B capped guaranteed distributions are a part of the "third-party guarantee claims" against LBHI. These claims are designed to provide payments based on the remaining value of the estate after superior claims are paid.
Who Receives Them: The individuals or entities who are listed on the records as holders of the Capital Trust Preferred Securities (or have officially filed the Class 10B claim) as of the record date for a distribution.
Method of Distribution: As of 2024 and 2025, LBHI has been making semi-annual distributions, typically around March/April and September/October, based on the Modified Third Amended Joint Chapter 11 Plan.
Important Distinction: As of March 2026, it is not anticipated that any distribution will be made to the LBHI Plan Trust (which holds the single share of stock for former stockholders) or to holders of general Equity Interests in LBHI. This implies that if a 10B holder is relying on the Plan Trust for recovery rather than an allowed Class 10B claim, they are unlikely to receive a distribution.
"Final" Distribution Option: In 2021, the Bankruptcy Court approved a Voluntary Final Distribution for "Eligible Creditors" (generally those with claims under $25,000). Those who did not opt-in for that specific program continue to receive standard distributions over time.
Epiq
Epiq
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Distributions for LBHI are currently overseen by Epiq, and updates on the 32nd distribution (as of February 2026) are available on their website.
Epiq
Epiq
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