AZCowboy
10 hours ago
~ IMO, just a cowboy's TWO cents, Class 11 (J preferred) & Class 12 (commons), could become financially active, IF' ? LBHI, after zeroing out, and then LBHI is eventually & separately funded and is able to move forward as a "reorganized" going concern, and the ability to use the NOL's ... the CT's are Class 10-B and, as TRUST's, have separated payment guarantees (imbedded covenants) ... ~
CT's currently show their potential interest returns ... "subject to an extraordinary distribution" ... the only concern currently is ... IF ?, LBHI ends up as a "going concern" which affects Class 11 and Class 12 ... but along with the Class 10-A's, the Class 10-B's will be in the money ... just my opinion ? ...
IMO, the conversational combining of ... Class 10-A / Class 10-B in this type of forum, ... with Equity Class 11' and Class 12' confuses the conversation. there's a difference' between them' ...
"DISCLOSURE" ... this ol' cowboy is an ACTUAL OWNER of quite a lot of all four CT's, Class 10-B's ... No Class 11 (J's) or Class 12's though ...
just sayin'
AZ
cottonisking
18 hours ago
All guarantees and agreements contained in this Trust Securities Guarantee shall bind the successors, assigns, receivers, trustees and representatives of the ...
The End
11. SUCCESSORS
11.1 GP1 shall not at any time assign, transfer or dispose of its interest in the PLC Sub-Notes
without the prior written consent of the Parties.
11.2 LBHI shall not assign, transfer or dispose of its interest in the PLC Sub-Debt:
(a) on or before 15 December 2024, in any circumstances; and
👉️(b) on and from 16 December 2024, unless:
(i) the assignee or transferee of LBHI’s interest agrees to be bound by the
terms of this Agreement; and
(ii) each of GP1 and DB (in the case of DB, only if it then holds 10% or more
of the ECAPS in issue) have consented to such assignment or transfer,
such consent not to be unreasonably withheld or delayed. 👈️LBHI, GP1 and
DB each agree that it shall not be reasonable to withhold or delay consent
if the proposed transfer, assignment or disposal by LBHI of the PLC Sub-
Debt is for value, save for if there is a genuine demonstrable risk that the
assignment or transfer could undermine this Agreement or that the
proposed assignee or transferee intends to breach, undermine or take
action inconsistent with this Agreement.
11.3 DB shall not assign, transfer or dispose of its interest in the ECAPS, including the ECAPS
Deeds of Guarantee, unless the relevant assignee or transferee has agreed to be bound
by the terms of this Agreement as if it were DB.
11.4 If at any time after the Effective Date DB acquires
cottonisking
18 hours ago
Is this why you purchased lower priority J stock shares, in 2011, versus higher priority securities' linked to subordinate bonds, such as our CTs? Thanks, for your posts. Look up and not down to see the waterfall.
toogoodfella
Re: None
Sunday, 09/22/2024 8:46:47 PM
RE: 6.00% SUBORDINATED DEFERRABLE INTEREST DEBENTURE DUE 2053
——//——-//———
YOU CAN READ BUT IT DOESNT MEAN YOU HAVE THE COMPREHENSION.
IT IS SO CLEAR SAYING “SUBORDINATED”.. AND THERE IS STILL 130 BILLION DEBT AHEAD OF IT.
IT IS ALSO CLEAR IT IS DUE ON 2053 SO A GOING CONCERN LBHI IS NOT OBLIGATED TO REDEEM UNTIL 2053.
Common sense or just a coconut shell??
cottonisking
2 days ago
Amendment and
restatement of
Agreed
Distributions:
The Framework Agreement shall be amended and restated such that the
concepts of ECAPS Outcome, LBHI Outcome and Alternative Outcome shall be
removed and Available Funds shall instead be distributed according to the
following scheme (subject in each case to the relevant terms of and the other
relevant distribution conditions set out in the Framework Agreement):
Tier X: As set out in the Framework Agreement (which Tier X Distributions have
already been made in accordance with the Framework Agreement)
Tier Y: To be split 73.8 % (GP1) and 26.2% (LBHI)
Tier Z: To be split 40% (GP1) and 60% (LBHI)
The Parties shall agree in the Amended and Restated Framework Agreement
that a PLI 1 Settlement has occurred.
dhyan40
Re: None
Friday, 09/20/2024 6:58:05 AM
Lehman Brothers UK Capital Funding IV LP: Notice to the Holders of the Preferred Securities
https://finance.yahoo.com/news/lehman-brothers-uk-capital-funding-121200926.html
LONDON, Sept. 19, 2024 (GLOBE NEWSWIRE) --
NOTICE TO THE HOLDERS OF:
EUR 200,000,000 EURO FIXED RATE ENHANCED CAPITAL ADVANTAGED PREFERRED SECURITIES ("LP IV ECAPS")
ISSUER: LEHMAN BROTHERS UK CAPITAL FUNDING IV LP ("LP IV")
ISIN: XS0282978666
LIQUIDATION OF LB GP NO.1 LTD ("the Company") AND IMPLICATIONS FOR HOLDERS OF LP IV ECAPS
Your attention is drawn to the formal notice contained in the PDF link below concerning the Company, LP IV and the LP IV ECAPS. In order to view the formal notice, it is recommended that you copy and paste the link into your browser.
http://www.rns-pdf.londonstockexchange.com/rns/8664E_1-2024-9-19.pdf
cottonisking
2 days ago
https://www.wmd-law.com/wmd-practice-areas/news/firm-obtains-appellate-victory-on-behalf-of-holders-of-over-200-million-in-trups-debentures
WOLLMUTH MAHER & DEUTSCH LLP
500 Fifth Avenue
Brant D. Kuehn
New York, New York 10110
Counsel for Lehman Brothers Holdings Inc.
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re
LEHMAN BROTHERS HOLDINGS INC., et al.,
Debtors.
CHAPTER 11
Case No. 08-13555 (MG)
NOTICE OF WITHDRAWAL
TO THE CLERK OF THE COURT AND ALL PARTIES IN INTEREST:
PLEASE TAKE NOTICE that Wollmuth Maher & Deutsch LLP (“WMD”) pursuant
to Local Rule 2090-1(e) hereby withdraws counsel Brant Kuehn, as counsel of record for
Lehman Brothers Holdings Inc., and requests that Brant Kuehn be removed from all notices,
including the Court’s CM/ECF electronic notification list, notices, pleadings, and any
applicable service lists given or filed in the above captioned matter.
PLEASE TAKE FURTHER NOTICE that this withdrawal is limited to Brant Kuehn,
Esq., and does not impact the representation of Lehman Brothers Holdings Inc. by WMD 👈️
attorneys in the above-captioned matter.
08-13555-mg Doc 61676 Filed 07/30/24 Entered 07/30/24 17:09:17 Main Document
Pg 1 of 3
cottonisking
2 days ago
Represents holders of more than $200 million in Trust Preferred Securities (“TruPS”) against certain Defendants who allegedly facilitated and/or participated in wrongdoing that greatly diminished the value of Plaintiffs’ TruPS. In October 2022, the New York Appellate Division, First Department, largely affirmed two decisions in the Trial Court that had largely denied Defendants’ motion to dismiss the amended complaint. Alesco Preferred Funding VIII, Ltd., et al. v. ACP Re, Ltd., et al., 209 A.D.3d 558 (1st Dep’t 2022). The case is now in the discovery phase.
· Represents a class of entities adversely affected by an alleged conspiracy by certain financial entities to inflate the interest rates for Variable Rate Demand Obligations (“VRDOs”), bonds issued by public entities to raise funds for infrastructure and public services. The City of Philadelphia, et al. v. Bank of America Corp., et al., Case No. 19-cv-1608 (JMF) (S.D.N.Y.)
· Represented Lehman Brothers Holdings Inc. and certain of its affiliated entities (collectively, “Lehman”) in litigations asserting indemnification claims against hundreds of mortgage loan sellers relating to Lehman’s multi-billion-dollar settlements of claims litigation with Fannie me, Freddie Mac and trustees for hundreds of RMBS trusts. In re Lehman Brothers Holdings Inc., et al., Case No. 08-13555 (Bankr. S.D.N.Y.), Adversary Proceeding No. 16-01019 (SCC). Collaborating with the client, Brant led a settlement mediation campaign that, with other settlements, resulted in the resolution of approximately 200 adversary proceedings filed by Lehman.
https://lawyers.findlaw.com/profile/view/4200950_1
cottonisking
3 days ago
WITHOUT PREJUDICE SAVE AS TO COSTS
SUBJECT TO CONTRACT
LEGAL02/44871304v9
Reserve and Reimbursement Agreement and 7(f) Application Settlement shall
remain in full force and effect without amendment or variation.
Clause 8 of the Framework Agreement shall be amended to record that the
Effective Date occurred on 8 October 2023.
Binding terms: Confidentiality:
All drafts of and the substance of all negotiations in connection with this Term
Sheet are confidential to the Parties and their advisers, who shall not disclose or
otherwise communicate them to any third party without the written consent of
the other Parties other than:
a) the final agreed term sheet may be sent to ECAPS Account Holders and
Beneficial ECAPS Interest Holders who are not party thereto and in that
process may also be circulated by the JLs via RNS;
b) the final agreed term sheet may be sent by DB or Whitefort to ECAPS
Account Holders and Beneficial ECAPS Interest Holders with a view to
obtaining Letters of Support;
c) to the Parties' respective auditors, insurers (and their
insurers/reinsurers), firm (in the case of the JLs and PLC
Administrators), and their respective advisors, and lawyers on terms
which preserve confidentiality;
d) pursuant to an order of a court of competent jurisdiction, or pursuant
to any proper order or demand made by any competent authority or
body where they are under a legal or regulatory obligation to make
such a disclosure;
e) the final agreed term sheet may be disclosed by the PLC Administrators
or the JLs to the extent they reasonably consider necessary or
appropriate in the performance of their functions as office holders;
f) pursuant to any express requirement under the rules of any listing
authority or stock exchange on which a Party's shares are traded; or
g) LBHI may publish the final agreed term sheet, and final settlement
documentation (including the Amendment and Restatement
Agreement and relevant consent orders), on the Bankruptcy Court
docket and report and refer to the settlement terms in its quarterly
reporting and discuss its terms with LBHI’s creditors and investors.
Costs and expenses:
All Parties will pay their own costs and expenses (including legal fees) incurred in
connection with the preparation, negotiation and execution of the Amendment
and Restatement Agreement, and the settlement agreement in respect of the
Partial Discharge Issue, whether or not those agreements are signed or come
into effect (and without prejudice to (i) the PLC Administrators’ costs and
expenses being paid from the PLC estate; or (ii) the JLs’ costs and expenses being
paid from GP1 and/or the ECAPS Issuers; or (iii) the Reserve and Reimbursement
Agreement).
Without Prejudice:
Thanks,
dhyan40
Re: None
Friday, 09/20/2024 6:58:05 AM
Lehman Brothers UK Capital Funding IV LP: Notice to the Holders of the Preferred Securities
https://finance.yahoo.com/news/lehman-brothers-uk-capital-funding-121200926.html
LONDON, Sept. 19, 2024 (GLOBE NEWSWIRE) --
NOTICE TO THE HOLDERS OF:
EUR 200,000,000 EURO FIXED RATE ENHANCED CAPITAL ADVANTAGED PREFERRED SECURITIES ("LP IV ECAPS")
ISSUER: LEHMAN BROTHERS UK CAPITAL FUNDING IV LP ("LP IV")
ISIN: XS0282978666
LIQUIDATION OF LB GP NO.1 LTD ("the Company") AND IMPLICATIONS FOR HOLDERS OF LP IV ECAPS
Your attention is drawn to the formal notice contained in the PDF link below concerning the Company, LP IV and the LP IV ECAPS. In order to view the formal notice, it is recommended that you copy and paste the link into your browser.
http://www.rns-pdf.londonstockexchange.com/rns/8664E_1-2024-9-19.pdf
cottonisking
3 days ago
13
4.34 The main economic outcome of the settlement agreed in 2023 was to agree percentage
splits for the distribution of funds across Tiers X, Y and Z. Tier X has already been paid.
The percentage splits for Tier Y and Z turned upon the outcome of the ECAPS 2 Appeal
Hearing. 👉️The 2024 Proposed Terms remove the uncertainty concerning the potential
monetary outcome for GP1 for Tiers Y and Z by fixing the possible percentage return
for Tier Y and Tier Z. 👈️This is on the basis of the proposed settlement of the ECAPS 2
Appeal Hearing which also includes the resolution of the Partial Discharge issue (it
being a condition precedent that the Partial Discharge Issue is also settled). The JLs
are satisfied with the proposed resolution of the Partial Discharge Issue, the outcome
of which sees the parties reach the middle ground of the financial value of the dispute
as a compromise. This aspect of the 2024 Proposed Terms removes a further
impediment to the resolution of the relevant estates involved and the potential future
distribution of funds from LBH. The material economic impact of the 2024 Proposed
Terms are as follows to be compared with the summary of the current position
summarised as paragraphs 4.22 above):
4.34.1 Tier Y: To be split 73.8 % (the Company) and 26.2% (LBHI).
4.34.2 Tier Z: To be split 40% (the Company) and 60% (LBHI)
4.35 The above percentages would be fixed and not dependant on the outcome of ECAPS
2 Appeal Hearing as it is proposed that Priority Legal Issue 1 is settled. The 2024
👉️Proposed Terms would require implementation ahead of the ECAPS 2 Appeal Hearing, 👈️
due to start on 3 October 2024.
4.36 Appendix 3 is a comparative estimated outcome statement that demonstrates some of
the possible Base Case Recovery / High Case Recovery (terms as per table in
paragraph 4.31 above) in relation to the ECAPS 2 Applications and interrelation with
the 2024 Proposed Terms. Please note that the sums disclosed are after accounting
for the costs incurred in the LBH administration estate but are subject to costs incurred
in the Company’s liquidation estate that are attributable to LP I, LP II and LP III.
👉️4.37 The Joint Liquidators are aware that efforts are being made by certain Account Holders,
that have taken an active participation in the winding up of the Company and the
Partnerships, to determine whether support for the 2024 Proposed Terms can be
confirmed in writing by certain known and significant Account Holders in each of LP I,
LP II and LP III. A template letter of support (the “Letter of Support”) is set out in
Schedule 2 of Appendix 2 to this notice. One of the purposes of canvassing levels of
support from Account Holders is to allow the Joint Liquidators to informally ascertain
levels of support for the 2024 Proposed Terms on a non-binding basis. The Joint
Liquidators are supportive of the 2024 Proposed Terms but before entering final binding
agreements in relation to the 2024 Proposed Terms want: (i) evidence of support (in
the form of a Letter of Support) from at least a simple majority of Account Holders in
each of LPI, LP II and LP III; and/or (ii) to understand whether there are any significant
objections from Account Holders in relation to the 2024 Proposed Terms.👈️