Replies to post #10754 on Lehman Preferred Series "J" Preferred (f

[xZx]

coach, i think we'll see the magic happen here when huge claims are knocked down to a much smaller number. i already posted this, but it's worth another look. check out this paragraph:

Lehman’s filing estimated the real debt of its affiliates at about $115 billion, including its European companies. Claims against the parent company for guarantees of those affiliates’ debt “significantly” exceed that amount, Suckow said.

http://www.businessweek.com/news/2010-03-15/lehman-brothers-might-put-all-creditors-in-same-payment-pool.html

we still have some missing pieces, but in light of the language above, how does the $272B in assets stack up now? especially if a fair portion of it continues to appreciate under LAMCO management.

[New Waters]

Where is the updated Balance Sheet? Shouldn't that info already be available? At the very least, soon to be forthcoming?

What's the hold up ... is the April date now holding it in limbo? The new numbers would certainly shed some much needed light on where we stand on the progress curve.

TIA to any who has a clue. Cheers!

Where is the Balance Sheet at so we know? Why are we in the dark? Are we supposed to figure this out without the necessary information? Take A&M's word for it? That is how Lehman got here. Taking the word of CFO's

http://investorshub.advfn.com/boards/read_msg.aspx?

message_id=47849622
Posted by: coach tequila
Date: Monday, March 15, 2010 7:56:22 PM
In reply to: mci who wrote msg# 10621
Post # of 10957

Has anyone seen a reorg plan before?

Is this a boiler plate way of cancelling Equity (starting on page 22)or something with a new twist on the Administrator holding the new shares until everyone else gets paid? Then Equity holders of record would get paid leftovers.

I can't recall hearing of this before...

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Lehman's Chapter 11 Reorganization Plan

http://www.scribd.com/doc/28423136/Lehman-s-Chapter-11-Reorganization-Plan

ARTICLE IV
Treatment of Claims Against and Equity Interests in LBHI

4.1 LBHI Class 1 – Priority Non-Tax Claims against LBHI
.
(a) Impairment and Voting
. LBHI Class 1 is impaired by the Plan. Each holder of an Allowed Priority Non-Tax Claim in LBHI Class 1 is entitled to vote to accept or reject the Plan.

(b) Distributions
. Except to the extent that the holder of an Allowed Priority Non-Tax Claim in LBHI Class 1 agrees to less favorable treatment or has been paid by or on behalf of LBHI on account of such Priority Non-Tax Claim prior to the Effective Date, on the later of the Effective Date and the date such Priority Non-Tax Claim becomes an Allowed Priority Non-Tax Claim, or as soon thereafter as is practicable, each holder of an Allowed Priority Non-Tax Claim in LBHI Class 1 shall be paid by LBHI in Cash in an amount equal to the Allowed amount of such Priority Non-Tax Claim.

4.2 LBHI Class 2 – Secured Claims against LBHI
.
(a) Impairment and Voting
. LBHI Class 2 is impaired by the Plan. Each holder of an Allowed Secured Claim in LBHI Class 2 is entitled to vote to accept or reject the Plan.

(b) Distributions
. Except to the extent that the holder of an Allowed Secured Claim agrees to less favorable treatment, each holder of an Allowed Secured Claim in LBHI Class 2 shall be satisfied by, at the option of LBHI: (i) payment in Cash by LBHI in an amount equal to the Allowed amount of such Secured Claim on the later of the Effective Date and the date such Secured Claim becomes an Allowed Secured Claim; (ii) the sale or disposition proceeds of the Collateral securing such Allowed Secured Claim to the extent of the value of the Collateral securing such Allowed Secured Claim; (iii) surrender to the holder of such Allowed Secured Claim of the Collateral securing such Allowed Secured Claim; or (iv) such treatment that leaves unaltered the legal, equitable, and contractual rights to which the holder of the Allowed Secured Claim is entitled. In the event an Allowed Secured Claim is treated under clause (i) or (ii) above, the Liens securing such Claim shall be deemed released and extinguished without further order of the Bankruptcy Court.

4.3 LBHI Class 3 – Senior Unsecured Claims against LBHI
.
(a) Impairment and Voting
. LBHI Class 3 is impaired by the Plan. Each holder of an Allowed Senior Unsecured Claim in LBHI Class 3 is entitled to vote to accept or reject the Plan.

(b) Distributions
. Each holder of an Allowed Senior Unsecured Claim in LBHI Class 3 shall receive (i) its Pro Rata Share of Available Cash from LBHI, and (ii) its Pro Rata Senior Unsecured Claim Share of Reallocated Distributions.

4.4 LBHI Class 4 – General Unsecured Claims against LBHI
.
(a) Impairment and Voting
. LBHI Class 4 is impaired by the Plan. Each holder of an Allowed General Unsecured Claim in LBHI Class 4 is entitled to vote to accept or reject the Plan.

(b) Distributions
. Each holder of an Allowed General Unsecured Claim in LBHI Class 4 shall receive its Pro Rata Share of Available Cash from LBHI.

4.5 LBHI Class 5 – Subordinated Unsecured Claims against LBHI
.
(a) Impairment and Voting
. LBHI Class 5 is impaired by the Plan. Each holder of an Allowed Subordinated Unsecured Claim in LBHI Class 5 is deemed to have rejected the Plan and is not entitled to vote to accept or reject the Plan.

(b) Distributions
. Holders of Allowed Subordinated Unsecured Claims against LBHI shall not receive any Distributions on account of such ubordinated Unsecured Claims unless and until all holders of Allowed Senior Unsecured Claims are fully satisfied in the Allowed amount of such Senior Unsecured Claims, in which case each holder of an Allowed Subordinated Unsecured Claim shall receive its Pro Rata Share of Available Cash from LBHI.

4.6 LBHI Class 6 – Intercompany Claims against LBHI
.
(a) Impairment and Voting
. LBHI Class 6 is impaired by the Plan. Each holder of an Allowed Intercompany Claim in LBHI Class 6 is entitled to vote to accept or reject the Plan.

(b) Distributions
. Each holder of an Allowed Intercompany Claim in LBHI Class 6 shall receive its Pro Rata Share of Available Cash from LBHI.

4.7 LBHI Classes 7A through 7R – Third-Party Guarantee Claims against LBHI
.
(a) Separate Classes and Treatment
. LBHI Classes 7A through 7R are separate independent Classes, as set forth in Article III of the Plan, but are described together in this Section 4.7 of the Plan.

(b) Impairment and Voting
. LBHI Classes 7A through 7R are impaired by the Plan. Each holder of an Allowed Third-Party Guarantee Claim in LBHI Classes 7A through 7R is entitled to vote to accept or reject the Plan in its respective Class.

(c) Participation in Distributions
. Each holder of an Allowed Third-Party Guarantee Claim in LBHI Classes 7A through 7R shall participate in all Distributions under the Plan solely on the basis of its Permitted Third-Party Guarantee Claim.

(d) Distributions
. Each holder of a Permitted Third-Party Guarantee Claim in LBHI Classes 7A through 7R shall receive its Pro Rata Share of Available Cash from LBHI; provided, however, that in no event shall a holder of an Allowed Third-Party Guarantee Claim be entitled to a total recovery on such Allowed Third-Party Guarantee Claim and Primary Claim of more than 100% of the Allowed amount of such Primary Claim.

4.8 LBHI Class 8 –Affiliate Guarantee Claims against LBHI
.
(a) Impairment and Voting
. LBHI Class 8 is impaired by the Plan. Each holder of an Allowed Affiliate Guarantee Claim in LBHI Class 8 is entitled to vote to accept or reject the Plan.

(b) Allowance
. The aggregate amount of all Allowed Affiliate Guarantee Claims shall be equal to $21,186,000,000. Within a period of 6 months after the Effective Date, the Plan Administrator shall review and consult with holders of Affiliate Guarantee Claims as necessary and propose an allocation of $21,186,000,000 to each holder of an Affiliate Guarantee Claim. If the proposed allocation is accepted by holders of at least two-thirds in amount of Allowed Affiliate Guarantee Claims and more than one-half in number of holders of such Allowed Claims within 30 days, such allocation shall be binding on all holders of Allowed Affiliate Guarantee Claims. If such proposal is not accepted, the allocation of the total $21,186,000,000 among the holders of Allowed Affiliate Guarantee Claim shall be determined by the Bankruptcy Court.

(c) Distributions
. Subject to subsection (b) above, each holder of an Allowed Affiliate Guarantee Claim in LBHI Class 8 shall receive its Pro Rata Share of Available Cash from LBHI.

4.9 LBHI Class 9 – Equity Interests in LBHI
.
(a) Impairment and Voting
. LBHI Class 9 is impaired by the Plan. Each holder of an Equity Interest in LBHI Class 9 is not entitled to vote to accept or reject the Plan and is conclusively deemed to have rejected the Plan.

(b) Distributions
. On the Effective Date, all Equity Interests in LBHI shall be cancelled and one new share of LBHI’s common stock shall be issued to the Plan Administrator which will hold such share for the benefit of the holders of such former Equity Interests consistent with their former economic entitlements; provided, however, that the Plan Administrator may not exercise any voting rights appurtenant thereto in conflict with Article VII of the Plan. Each holder of an Equity Interest in LBHI shall neither receive nor retain any property or interest in property on account of such Equity Interests; provided, however, that in the event that all Allowed Claims in LBHI Classes 1 through 8 have been satisfied in full in accordance with the Bankruptcy Code and the Plan, each holder of an Equity Interest in LBHI may receive its Pro Rata Equity Share of any remaining assets of LBHI consistent with such holder’s rights of priority of payment existing immediately prior to the Commencement Date. The rights of the holders of former Equity Interests in LBHI shall be nontransferable. On or promptly after the Effective Date, the Plan Administrator shall file with the Securities and Exchange Commission a Form 15 for the purpose of terminating the registration of any of its publicly traded securities. Unless otherwise determined by the Plan Administrator, on the date that LBHI’s Chapter 11 Case is closed in accordance with Section 6.6 of the Plan, all such former Equity Interests in LBHI shall be deemed cancelled and of no force and effect provided that such cancellation does not adversely impact the Debtors’ estates.

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Share for share, plus xtra cash based upon A/L -- balance sheet?