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LEHMAN BROTHERS QUARTO ATTO (1 Viewer)
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Docket # 58381
Filed Jul 10 2018
Motion to Authorize / Motion of the Plan Administrator for an Order in Aid of Execution of the Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and Its Affiliated Debtors filed by Garrett A. Fail on behalf of Lehman Brothers Holdings Inc. with hearing to be held on 8/14/2018 at 10:00 AM at Courtroom 623 (SCC) Responses due by 7/31/2018,. (Fail, Garrett)
Debtor: 08-13555 Lehman Brothers Holdings Inc.
Filed Jul 10 2018
Motion to Authorize / Motion of the Plan Administrator for an Order in Aid of Execution of the Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and Its Affiliated Debtors filed by Garrett A. Fail on behalf of Lehman Brothers Holdings Inc. with hearing to be held on 8/14/2018 at 10:00 AM at Courtroom 623 (SCC) Responses due by 7/31/2018,. (Fail, Garrett)
Debtor: 08-13555 Lehman Brothers Holdings Inc.
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Lehman Brothers trustee offers accelerated final payout for some creditors
Jul. 11, 2018
Almost 10 years after Lehman Brothers collapsed, the trustee in charge of the defunct Wall Street firm's estate is offering creditors an option to cash out by participating in an accelerated final distribution.
Eligible general unsecured creditors can either: 1) receive a distribution equal to 0.75% of the allowed general unsecured claim and retain the rights to any future distributions the trustee may make; or 2) sell the claim to the sponsor--Deutsche Bank London branch--for a distribution equal to 2.23% of the allowed general unsecured claim (the 0.75% plus an additional payment of 1.48%).
Claimants choosing the second option will no longer own their claim and will not receive future distributions.
The deadline to participate in the accelerated final distribution election is Aug. 16, 2018 and disbursements are expected to occur in the second week of September.
As of March 31, 2018, the trustee reported LBI estate assets at $547M, which are projected to decrease to about $377M after the sixth interim distribution in September.
The final claim still in litigation by a group of claimants relates to over $260M, which the trustee has reserved for at 100% and is included in the estate's assets figure reported above.
https://seekingalpha.com/news/33693...tee-offers-accelerated-final-payout-creditors
Quanto sopra non dovrebbe generare conseguenze sulle nostre posizioni
Jul. 11, 2018
Almost 10 years after Lehman Brothers collapsed, the trustee in charge of the defunct Wall Street firm's estate is offering creditors an option to cash out by participating in an accelerated final distribution.
Eligible general unsecured creditors can either: 1) receive a distribution equal to 0.75% of the allowed general unsecured claim and retain the rights to any future distributions the trustee may make; or 2) sell the claim to the sponsor--Deutsche Bank London branch--for a distribution equal to 2.23% of the allowed general unsecured claim (the 0.75% plus an additional payment of 1.48%).
Claimants choosing the second option will no longer own their claim and will not receive future distributions.
The deadline to participate in the accelerated final distribution election is Aug. 16, 2018 and disbursements are expected to occur in the second week of September.
As of March 31, 2018, the trustee reported LBI estate assets at $547M, which are projected to decrease to about $377M after the sixth interim distribution in September.
The final claim still in litigation by a group of claimants relates to over $260M, which the trustee has reserved for at 100% and is included in the estate's assets figure reported above.
https://seekingalpha.com/news/33693...tee-offers-accelerated-final-payout-creditors
Quanto sopra non dovrebbe generare conseguenze sulle nostre posizioni
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Lehman Brothers Inc. Trustee Offers Opportunity for Eligible General Unsecured Creditors to Cash Out by Participating in Accelerated Final Distribution Election
SOURCE The Lehman Brothers Inc. Trustee
- The Accelerated Final Distribution Election provides eligible general unsecured creditors the opportunity to: (1) receive a distribution equal to 0.75% of the allowed general unsecured claim and retain the rights to any future distributions the Trustee may make; OR (2) sell the claim to the Sponsor for a distribution equal to 2.23% of the allowed general unsecured claim (the 0.75% plus an additional payment of 1.48%).
- The Deadline to participate in the Accelerated Final Distribution Election is August 16, 2018.
NEW YORK, July 11, 2018 /PRNewswire/ -- James W. Giddens, trustee for the liquidation of Lehman Brothers Inc. (LBI) under the Securities Investor Protection Act, is now offering eligible general unsecured creditors the opportunity to cash out of the LBI estate by participating in the Accelerated Final Distribution Election (AFDE). Under this plan, eligible claimholders may choose to sell and transfer their claim to the Sponsor (Deutsche Bank AG, London Branch) at a court-approved, market-determined rate and will be immediately cashed out of the LBI estate. Participating claimants will no longer own their claim and will not receive future distributions. Instead, claimants will receive a final distribution equaling 1.48 percent of their allowed general unsecured claim. This amount is in addition to the 0.75 percent being distributed to all allowed general unsecured creditors pursuant to the sixth interim distribution.
The Trustee's professionals mailed out AFDE solicitation packages in early July, and eligible claimants have until August 16, 2018 to opt-in to the AFDE. To participate, claimants must execute and return the Election, Assignment, and Release form enclosed in their solicitation packages by mail or email, or complete the electronic Election, Assignment, and Release form on the Trustee's website (www.lehmantrustee.com) using the individualized access code included in their solicitation package. Disbursements to electing claimholders are scheduled to occur with the sixth interim distribution in the second week of September 2018.
"We are pleased with the rate offered by Deutsche Bank, which is the result of a highly competitive, market-driven bid process to identify the highest and best rate," Giddens said. "The Accelerated Final Distribution Election provides creditors with a mechanism to cash out of the LBI estate, which is approaching its ten-year anniversary."
Approval of the AFDE follows a May 31, 2018 court order approving the Trustee's request to make a sixth interim distribution to LBI's general unsecured creditors constituting 0.75 percent of allowed general unsecured claims and totaling $170 million. This distribution would bring total payments to allowed general unsecured creditors up to 39.75 percent. As of March 31, 2018, the Trustee reported LBI estate assets at $547 million,1 which are projected to decrease to approximately $377 million following the sixth interim distribution in September 2018.2 Future interim and final distributions to general unsecured creditors will be made from any other assets the Trustee may recover, which may or may not be material.
While the estate remains in a phase of substantial completion, the potential for any future distribution of this magnitude is uncertain. Additionally, the timing of any future distribution will largely depend on the outcome of ongoing litigation with one group of claimants that has appealed the Court's ruling in favor of the Trustee's claims determinations. This sole remaining claims litigation relates to over $260 million, which the Trustee has reserved for at 100 percent and is included in the estate's assets figure reported above.
Additional information can be found on the Trustee's website. The Trustee is represented by Hughes Hubbard & Reed LLP.
The information in this statement does not apply to any other Lehman entity, including separate insolvency proceedings involving Lehman Brothers Holding, Inc. (LBHI) and Lehman Brothers International (Europe) (LBIE).
Quindi vogliono elidere dalla procedura fallimentare i general unsecured creditors i quali avrebbero due possibilità: o ricevere lo 0,75 e continuare a partecipare alle future distribuzioni, oppure ricevere il 2,23 cedendo ad un soggetto terzo ( chiamato sponsor ) i relativi diritti.
Ribadisco che, a mio parere, questa situazione, qualunque sia l'alternativa, non dovrebbe avere effetti sulle nostre posizioni.
Continuo a monitorare.
SOURCE The Lehman Brothers Inc. Trustee
- The Accelerated Final Distribution Election provides eligible general unsecured creditors the opportunity to: (1) receive a distribution equal to 0.75% of the allowed general unsecured claim and retain the rights to any future distributions the Trustee may make; OR (2) sell the claim to the Sponsor for a distribution equal to 2.23% of the allowed general unsecured claim (the 0.75% plus an additional payment of 1.48%).
- The Deadline to participate in the Accelerated Final Distribution Election is August 16, 2018.
NEW YORK, July 11, 2018 /PRNewswire/ -- James W. Giddens, trustee for the liquidation of Lehman Brothers Inc. (LBI) under the Securities Investor Protection Act, is now offering eligible general unsecured creditors the opportunity to cash out of the LBI estate by participating in the Accelerated Final Distribution Election (AFDE). Under this plan, eligible claimholders may choose to sell and transfer their claim to the Sponsor (Deutsche Bank AG, London Branch) at a court-approved, market-determined rate and will be immediately cashed out of the LBI estate. Participating claimants will no longer own their claim and will not receive future distributions. Instead, claimants will receive a final distribution equaling 1.48 percent of their allowed general unsecured claim. This amount is in addition to the 0.75 percent being distributed to all allowed general unsecured creditors pursuant to the sixth interim distribution.
The Trustee's professionals mailed out AFDE solicitation packages in early July, and eligible claimants have until August 16, 2018 to opt-in to the AFDE. To participate, claimants must execute and return the Election, Assignment, and Release form enclosed in their solicitation packages by mail or email, or complete the electronic Election, Assignment, and Release form on the Trustee's website (www.lehmantrustee.com) using the individualized access code included in their solicitation package. Disbursements to electing claimholders are scheduled to occur with the sixth interim distribution in the second week of September 2018.
"We are pleased with the rate offered by Deutsche Bank, which is the result of a highly competitive, market-driven bid process to identify the highest and best rate," Giddens said. "The Accelerated Final Distribution Election provides creditors with a mechanism to cash out of the LBI estate, which is approaching its ten-year anniversary."
Approval of the AFDE follows a May 31, 2018 court order approving the Trustee's request to make a sixth interim distribution to LBI's general unsecured creditors constituting 0.75 percent of allowed general unsecured claims and totaling $170 million. This distribution would bring total payments to allowed general unsecured creditors up to 39.75 percent. As of March 31, 2018, the Trustee reported LBI estate assets at $547 million,1 which are projected to decrease to approximately $377 million following the sixth interim distribution in September 2018.2 Future interim and final distributions to general unsecured creditors will be made from any other assets the Trustee may recover, which may or may not be material.
While the estate remains in a phase of substantial completion, the potential for any future distribution of this magnitude is uncertain. Additionally, the timing of any future distribution will largely depend on the outcome of ongoing litigation with one group of claimants that has appealed the Court's ruling in favor of the Trustee's claims determinations. This sole remaining claims litigation relates to over $260 million, which the Trustee has reserved for at 100 percent and is included in the estate's assets figure reported above.
Additional information can be found on the Trustee's website. The Trustee is represented by Hughes Hubbard & Reed LLP.
The information in this statement does not apply to any other Lehman entity, including separate insolvency proceedings involving Lehman Brothers Holding, Inc. (LBHI) and Lehman Brothers International (Europe) (LBIE).
Quindi vogliono elidere dalla procedura fallimentare i general unsecured creditors i quali avrebbero due possibilità: o ricevere lo 0,75 e continuare a partecipare alle future distribuzioni, oppure ricevere il 2,23 cedendo ad un soggetto terzo ( chiamato sponsor ) i relativi diritti.
Ribadisco che, a mio parere, questa situazione, qualunque sia l'alternativa, non dovrebbe avere effetti sulle nostre posizioni.
Continuo a monitorare.
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A 140% Return From Lehman Brothers Debt
Buying Lehman Brothers debt has worked out to be the deal of the decade...
July 12, 2018
A 140% Return From Lehman Brothers Debt – ValueWalk Premium
Buying Lehman Brothers debt has worked out to be the deal of the decade...
July 12, 2018
A 140% Return From Lehman Brothers Debt – ValueWalk Premium
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The estimates herein assume that costs will continue to be incurred to monetize remaining financial assets, resolve outstanding litigations and disputed claims, and to execute the wind-down of operations. As the inventory of remaining assets is reduced, the Company expects that it will continue to focus on the management and resolution of claims, pursuit of outstanding litigations, and administrative winddown activities. This continued focus is reflected in these Post-D12 Cash Flow Estimates for Compensation & Benefits and Professional Fees for litigation, claims resolution, and wind-down activities. The estimates herein reflect the assumption that although the preponderance of final asset dispositions, resolution of remaining disputed claims, pursuit of outstanding litigations, remaining collections from Non-Controlled Affiliates, corporate entity dissolutions, and financial and tax reporting requirements will be completed by the end of 2019, these Post-D12 Cash Flow Estimates include an estimate for residual activities that may extend beyond 2019.
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Resignation and replacement of Joint Administrators - 16 July 2018
The approval of the Scheme of arrangement, pursuant to Part 26 of the Companies Act 2006 and the retirement of Tony Lomas from PwC LLP provided an opportunity for the named office-holders to be reviewed in LBIE and elsewhere in UK Lehman Brothers' affiliates. Accordingly, an application to court was made to make certain changes.
Pursuant to a court order dated 2 July 2018, it was ordered that Anthony Victor Lomas and Steven Anthony Pearson (the "Outgoing Office-Holders") each be removed as Joint Administrators of LBIE. Both have made a very significant contribution to the success of the administration over many years.
The Outgoing Office-Holders will be replaced with Gillian Eleanor Bruce and Edward John MacNamara to take effect on 16 July 2018. Russell Downs and Julian Guy Parr will remain in office as Joint Administrators.
Resignation and replacement of Joint Administrators - 16 July 2018
Cambi al vertice!
The approval of the Scheme of arrangement, pursuant to Part 26 of the Companies Act 2006 and the retirement of Tony Lomas from PwC LLP provided an opportunity for the named office-holders to be reviewed in LBIE and elsewhere in UK Lehman Brothers' affiliates. Accordingly, an application to court was made to make certain changes.
Pursuant to a court order dated 2 July 2018, it was ordered that Anthony Victor Lomas and Steven Anthony Pearson (the "Outgoing Office-Holders") each be removed as Joint Administrators of LBIE. Both have made a very significant contribution to the success of the administration over many years.
The Outgoing Office-Holders will be replaced with Gillian Eleanor Bruce and Edward John MacNamara to take effect on 16 July 2018. Russell Downs and Julian Guy Parr will remain in office as Joint Administrators.
Resignation and replacement of Joint Administrators - 16 July 2018
Cambi al vertice!
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Honorable Shelley C. Chapman
Tuesday, July 24, 2018
09:30 AM
08-13555-scc Lehman Brothers Holdings Inc. Ch. 11
Adversary proceeding: 13-01676-scc Lehman Brothers Holdings Inc. et al v. Credit Suisse AG et al
Doc #115 Motion for Approval of Settlement Agreement Among Credit Suisse AG, and Certain of Its Affiliates, And Lehman Brothers Holdings Inc., and Certain of Its Affiliates
Mezza ora per decidere
Tuesday, July 24, 2018
09:30 AM
08-13555-scc Lehman Brothers Holdings Inc. Ch. 11
Adversary proceeding: 13-01676-scc Lehman Brothers Holdings Inc. et al v. Credit Suisse AG et al
Doc #115 Motion for Approval of Settlement Agreement Among Credit Suisse AG, and Certain of Its Affiliates, And Lehman Brothers Holdings Inc., and Certain of Its Affiliates
Mezza ora per decidere
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