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Lehman Brothers

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DeZwarteRidder 24 augustus 2018 11:07

Sixteenth Distribution Date

PLEASE TAKE NOTICE that in accordance with sections 1.48 and 8.3 of the Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and its Affiliated Debtors (the "Plan"), the sixteenth Distribution Date shall be October 4, 2018 (the "Sixteenth Distribution Date").

PLEASE TAKE FURTHER NOTICE that pursuant to section 8.11 of the Plan, for purposes of the Sixteenth Distribution Date, the Debtors and the Plan Administrator will not recognize any transfer of Claims recorded on the claims register after August 25, 2018 (the "Record Date").

PLEASE TAKE FURTHER NOTICE that the Debtors may not make any Distribution to a holder of an Allowed Claim unless such Claim holder submits, on or before September 6, 2018, both the appropriate (i) Internal Revenue Service tax form ("Tax Form") and (ii) certification pertaining to Office of Foreign Assets Control compliance ("OFAC Certification"). For further information concerning the Tax Form and OFAC Certification, please review the below "Notice to Holders of Allowed Claims Regarding Plan" Distributions.

DeZwarteRidder 24 augustus 2018 11:13

quote:
shaai schreef op 24 augustus 2018 09:42:
Op de 'gewone' Lehman (LBT bv) Notes komt ook weer geld.
seekingalpha.com/news/3369355-lehman-...
Ik neem aan dat LBT niet aan die final payout meedoet, dus weer 0,75% en ongoing

The information in this statement does not apply to any other Lehman entity, including separate insolvency proceedings involving Lehman Brothers Holding, Inc. (LEH) (LBHI) and Lehman Brothers International (Europe) (LBIE).

1. See Lehman Brothers Inc. Liquidation Balance Sheet as of March 31, 2018 (ECF No. 14567), available on the Trustee's website at www.lehmantrustee.com.

DeZwarteRidder 15 september 2018 09:38

Het beste van De Telegraaf
Faillissement van Lehman nog altijd niet afgewikkeld

Door Edwin van der Schoot
Gisteren, 21:44 in FINANCIEEL

Het afwikkelen van het faillissement van Lehman gaat nog jaren duren. De Nederlandse jurist Rutger Schimmelpenninck speelt een cruciale rol in de afwikkeling van het bankroet dat de kredietcrisis inluidde als vereffenaar namens Lehmans Brothers Treasury Co, de grootste schuldeiser in het proces.

Rutger Schimmelpenninck (69) was onder meer curator van Fokker, Van der Hoop Bankiers en nog altijd van DSB Bank. „Maar de afwikkeling van Lehman is wel echt een unieke zaak”, zegt de door de wol geverfde jurist, destijds partner bij Houthoff.

Schimmelpenninck is met collega Frederic Verhoeven al tien jaar verantwoordelijk voor Lehman Brothers Treasury Co. B.V (LBT), de in Nederland gevestigde dochter van de gevallen zakenbank. Tussen 2008 en het faillissementsakkoord in 2013 waren ze curator, sindsdien zijn ze vereffenaar.

Particulieren kochten ook

LBT was een financieringsvehikel voor de Amerikaanse bank zelf en gaf voor ruim $34,5 miljard aan gestructureerde obligaties uit. Een groot deel daarvan werd gekocht door professionele beleggers zoals pensioenfondsen. Veel Notes eindigden echter ook in handen van particuliere beleggers in Nederland, Duitsland, Spanje, Frankrijk, Italië, Hongkong en Taiwan. Zelfs op de vrijdagavond voor het faillissement op maandag 15 september 2008, werden de notes in Nederland nog verkocht.

„Het faillissement van Lehman is niet alleen wereldwijd het grootste, het is ook één van de meest complexe,” zegt Schimmelpenninck. De Nederlandse dochter LBT is in dit faillissement de grootste schuldeiser. LBT verkocht ingewikkelde beleggingsproducten, waarvan sommige destijds in de VS al niet meer verkocht mochten worden. Volgens de curator was de formule die aan de derivaten ten grondslag lag, soms één pagina lang. „Ik schat dat de afwikkeling in de VS nog zeker drie jaar gaat duren.”

Nog diverse rechtszaken

Schimmelpenninck houdt als afgevaardigde van de grootste schuldeiser bij moederbedrijf Lehman Brothers Holdings Inc (LBHI) toezicht op de afwikkeling in de VS. Hij weet daarom uit eerste hand dat er nog talloze procedures lopen en er nog geld moet komen van internationale dochterbedrijven van LBHI. „Er wordt nog geprocedeerd over honderden miljoenen dollars. Daarom is het zo moeilijk om te voorspellen hoeveel geld er uiteindelijk terugkomt.”

Eigenaren van de Lehman Notes hebben inmiddels 39,2% van de oorspronkelijke inleg teruggekregen, zo staat in het meest recente faillissementsverslag van 14 september 2018. „De 40% hopen we wel te halen.”

Veel van die producten zijn opgekocht door hedgefondsen met een neusje voor ’distressed debt’. Deze ’aasgierfondsen’, zoals ze wel genoemd worden, kochten tegen fikse korting Lehman Notes op bij beleggers.

Dertigduizend uur

Schimmelpenninck en Verhoeven staken inmiddels met hun team bijna dertigduizend uur in de afwikkeling, die voor hen al op 19 september 2008 begon. „Die vrijdag belde de rechtbank mij, of ik deze taak op me wilde nemen.” Schimmelpenninck erkent dat het in de dagen daarvoor al een beetje was gaan kriebelen, omdat hij wist dat Lehman een hypotheekbedrijf in ons land had. „Maar dat er ook een dochterbedrijf van deze omvang was gevestigd in ons land, wist ik niet.”

Voor de ervaren jurist was Lehman een kantelpunt in de crisis. „Sinds 2007 was de securitisatiemarkt natuurlijk al wel opgedroogd. Banken leenden niet meer aan elkaar. Ze vertrouwden elkaar niet meer. Maar nu bereikte het wantrouwen ook de consument. Nederlandse beleggers bijvoorbeeld, die in Lehman Notes zaten die synthetisch gekoppeld waren aan Nederlandse aandelen. Die beleggers dachten de onderliggende aandelen in bezit te hebben en veilig te zijn, maar de ontgoocheling was groot toen bleek dat ze louter eigenaar waren van schuldpapier aan Lehman.”

shaai 21 september 2018 21:23

Ouwetje van 6 juli:
www.lehmanbrotherstreasury.com/genera...

Lehman Brothers Treasury to Explore Opportunities to Consolidate Claims
Amsterdam, The Netherlands — 6 July 2018 Lehman Brothers Treasury Co. B.V. in liquidation
(“LBT”) today, through its U.S. counsel Kramer Levin Naftalis & Frankel LLP, announced that
the liquidators of LBT are exploring various strategies to, among other things, facilitate the
consolidation of the LBT creditor base. To that end, the liquidators of LBT intend to engage
with certain of LBT’s creditors and other market participants regarding potential strategies. No
assurances can be made that any strategy will be employed, or if one is employed, the timing of
its implementation. LBT does not undertake to publicly update its disclosure to reflect
developments in this matter.
Contact: Daniel Eggermann, Kramer Levin Naftalis & Frankel LLP
Tel: 212-715-9495

shaai 21 september 2018 21:24

www.lehmanbrotherstreasury.com/genera...

Last updates:

14-09-2018
Published the sixth liquidation report.

(Staat daar als pdfs)

shaai 21 september 2018 21:25

quote:
shaai schreef op 21 september 2018 21:23:
Ouwetje van 6 juli:
www.lehmanbrotherstreasury.com/genera...

Lehman Brothers Treasury to Explore Opportunities to Consolidate Claims
Amsterdam, The Netherlands — 6 July 2018 Lehman Brothers Treasury Co. B.V. in liquidation
(“LBT”) today, through its U.S. counsel Kramer Levin Naftalis & Frankel LLP, announced that
the liquidators of LBT are exploring various strategies to, among other things, facilitate the
consolidation of the LBT creditor base. To that end, the liquidators of LBT intend to engage
with certain of LBT’s creditors and other market participants regarding potential strategies. No
assurances can be made that any strategy will be employed, or if one is employed, the timing of
its implementation. LBT does not undertake to publicly update its disclosure to reflect
developments in this matter.
Contact: Daniel Eggermann, Kramer Levin Naftalis & Frankel LLP
Tel: 212-715-9495

Wat zouden ze bedoelen met:
among other things, facilitate the
consolidation of the LBT creditor base.

shaai 21 september 2018 21:44

Als ik annex 2 goed lees Zeggen ze dat per eind 2017 ze de nog uit te keren Verwachte gelden waarderennop 3,6%gebaseerd op marktwaarden van Lehman fonds, maar daar gaat dan de in 2018ca 1,4 en 0,4% weer vanaf imo. Plus dat die Lehman bonds denk ik laag gewaardeerd zijn/hoge Verwacht/vereist rendement hebben

shaai 4 oktober 2018 22:07

www.businesswire.com/news/home/201809...

2mrd, vorige keer 2.6mrd
Dan zal imo Schimmelpenninck tzt ca 0,35% doorstoten, vorige keer 0,43%v acknowledged Claim (die veelal op 60-65% v nominaal ligt)
Het droogtop, Maar de volgende is wel al weer gepland rond 30 maart 2019

jus1711 15 oktober 2018 20:56

Dan valt het toch mee,
The indicative distribution rate of this fourteenth distribution, calculated as Available Cash
converted into EUR1 and expressed as a percentage of the sum of Acknowledged Claims
(denominated in EUR) is 0.75%.
Uitkering vanaf 23 October

DeZwarteRidder 24 oktober 2018 15:22

Notice from Lehman Brothers Treasury Co. B.V. in liquidation ("LBT")
9 October 2018
Reference is made to the Composition Plan which became effective on 3 April 2013.
Capitalised terms used in this notice have the meaning ascribed to them in the Composition
Plan, which is available on the LBT Website: www.lehmanbrotherstreasury.com.
LBT advises that it intends to make its fourteenth distribution on Outstanding Series of Notes
and on Acknowledged Other Ordinary Claims commencing on 23 October 2018. This date is
set as the Distribution Date, but distributions may be delayed should market circumstances so
dictate.
The indicative distribution rate of this fourteenth distribution, calculated as Available Cash
converted into EUR1 and expressed as a percentage of the sum of Acknowledged Claims
(denominated in EUR) is 0.75%.2
Distributions are made in accordance with and subject to the Composition Plan; explicit
reference is made to the Distribution Provisions described in Article 3.3. of the Composition
Plan.
Direct Participants are responsible for allocating distributions to Noteholders.

jus1711 7 januari 2019 21:46

www.lehmanbrotherstreasury.com/pdf/en...

Iemand al enig idee wat dit gaat betekenen? Waarde indicatie?

shaai 8 januari 2019 02:21

quote:
jus1711 schreef op 7 januari 2019 21:46:
www.lehmanbrotherstreasury.com/pdf/en...

Iemand al enig idee wat dit gaat betekenen? Waarde indicatie?

Interessant, had ik gemist, ik snap dat betalingen kleiner worden, en dat dat minder efficient wordt, maar verkoop door LBT is logischerwijs alleeen aan niet risk-aversie Hedgefunds die het kopen, met say 10-15% IRR Verwachting en mooie state cushion zeker nu verkoop Van HUGE (yuuge) Pakket is aangekondigd. Oftewel: lage verkoopprijs.

Tijd voor massale navraag bij je broker?

DeZwarteRidder 17 januari 2019 16:18

Lehman UK:
------------------------------------------------------------------
Update: Announcement of additional distributions - 16 January 2019

Following the publication of LBIE’s 20th Progress Report on 11 October 2018, the Joint Administrators have made additional distributions to the subordinated creditor given the further progress made in the administration generally.

£408m on 18 December 2018
£130m on 16 January 2019

This brings the total distributed to date to the subordinated creditor, in respect of its subordinated debt for both principal and interest, to £1,812m.

jus1711 28 januari 2019 18:15

Nieuws van Lehman Treasury :

www.lehmanbrotherstreasury.com/genera...

www.lehmanbrotherstreasury.com/genera...

Wat te doen : Meegaan met de finale distributie, of je notes laten omzetten in substitute notes?

DeZwarteRidder 28 januari 2019 18:22

Lehman Brothers Treasury Announces Launch of Partial Wind-Down and Related Consent Solicitation

Amsterdam, The Netherlands – 24 January 2019 Lehman Brothers Treasury Co. B.V. in liquidation (“LBT”) today, through its U.S. counsel Kramer Levin Naftalis & Frankel LLP, announced that, in furtherance of its previously announced partial wind-down and in preparation of a final distribution, LBT has launched a solicitation process pursuant to which certain qualified noteholders will have the option to receive substitute notes in exchange for their eligible notes.
Those creditors of LBT who are not eligible (or do not elect) to receive substitute notes will receive a final cash distribution from LBT funded in large part with the proceeds of the sale of a portion of LBT’s intercompany claim against Lehman Brothers Holdings Inc.
For more information on the partial wind-down, including information about the intercompany claim sale, the final cash distribution, the substitute notes, eligibility requirements, and anticipated timelines, an Information Notice will be posted to LBT’s website at www.lehmanbrotherstreasury.com.
The foregoing is subject to further consents and authorizations and LBT retains sole discretion to abandon or otherwise discontinue any solicitation or sale process at any time. Accordingly, there can be no assurances that either the solicitation or the sale process will be conducted or consummated, or if conducted or consummated, the timing thereof. There also can be no assurance as to the amount of cash distributions, if paid, now or in the future.
LBT does not undertake to publicly update its disclosure to reflect developments in this matter.
Contacts: Niels Huurdeman, Houthoff
Tel:

DeZwarteRidder 28 januari 2019 18:23

Lehman Brothers Treasury Announces Plans for Partial Wind-Down
Amsterdam, The Netherlands – 14 December 2018 Lehman Brothers Treasury Co. B.V. in liquida-tion (“LBT”) today, through its U.S. counsel Kramer Levin Naftalis & Frankel LLP, announced that LBT is planning a final cash distribution to its creditors. Professional holders of eligible notes will have the option to retain their investment by electing to receive substitute notes of one (or a few) series. Such election shall take place through a solicitation process. As a consequence, LBT will be able to reduce the number of series of notes outstanding from more than 3,700 to one or a few.
Noteholders electing to receive substitute notes will be afforded the same economic entitlement to distributions received by LBT from Lehman Brothers Holdings Inc. (“LBHI”) through the substitute notes. The substitute notes will be denominated in U.S. dollars and future distributions will be made in U.S. dollars only. Noteholders who are not professional investors, or hold notes that are not eligible for substitution, or do not elect to receive substitute notes, will receive a final cash distribution. It is expected that the solicitation process will be made available only to professional holders (e.g., QIBs or similar holders) and only with respect to notes bearing the following ISIN prefixes: XS, US, CH, DE, and AU (being the vast majority of outstanding notes).
Other ordinary creditors of LBT (i.e., LBT creditors other than noteholders) will also be given an op-portunity to elect to amend their claim entitlement as creditors of LBT, meaning (amongst others) that they will receive future distributions in U.S. dollars only. If no such election is made, an “other ordinary creditor” of LBT will receive a final cash distribution.
To fund a final cash distribution, LBT will sell a pro rata portion of its allowed Class 4A intercompany claim against LBHI. The precise portion of the intercompany claim that will be sold will be determined at the conclusion of the solicitation process and will correspond to the portion of LBT creditors, by admissible claim amount, who will not remain creditors of LBT.
LBT has entered into agreements with investors holding claims against LBT, pursuant to which those creditors have agreed to elect to receive substitute notes, when properly solicited to do so. On this basis, it is expected that no more than 57% of LBT’s Class 4A Claim should be available for sale. The actual amount of LBT’s Class 4A Claim available for sale may be less than that, after giving effect to the solicitation process.
LBT is in the process of retaining Seaport Loan Products LLC as its exclusive placement agent in connection with any such sale. Deutsche Bank AG (London) has been retained as consent agent.
LBT expects to commence and finalize the solicitation and sales process in the first four months of 2019.
2

DeZwarteRidder 28 januari 2019 18:31

1. Who may elect to substitute all or part of their Eligible Notes with Substitute Notes?
Only Qualified Noteholders can substitute all or part of their Eligible Notes with Substitute Notes. Cash-Out Creditors will automatically receive a final distribution in cash from LBT.
2. Which Noteholders are Qualified Noteholders? Am I a Qualified Noteholder?
Qualified Noteholders are Noteholders who satisfy the criteria set forth in the section entitled "Definitions – Part 2 – Qualified Noteholders" on page 11.
3. What are Eligible Notes?
Eligible Notes are Notes bearing ISIN codes with the prefixes XS, US, CH, DE and AU. Notes that bear ISIN codes with the prefixes IT, NO, DK, SE or FI that trade on the clearing systems Monte Titoli S.p.A., Verdipapirsentralen ASA, VP Securities A/S, Euroclear Sweden AB or Euroclear Finland Ltd. respectively, are not Eligible Notes. A list of Eligible Notes and Notes that are not Eligible Notes will be published on the LBT Website.
4. Do I need to take any action if I wish to receive the Final Distribution?
There is no need to take any action if you wish to receive a final cash distribution from LBT. Only Qualified Noteholders who wish to substitute all or part of their Eligible Notes with Substitute Notes must submit, or cause their Direct Participant to submit, Instructions to Retain in accordance with the procedures described in the Solicitation Memorandum.
5. Who can obtain a copy of the Solicitation Memorandum?
Because of securities laws and regulations, only Direct Participants and Qualified Noteholders may obtain a copy of the Solicitation Memorandum.
6. Where can I get a copy of the Solicitation Memorandum?
Qualified Noteholders who are not Direct Participants should contact their Direct Participants or Intermediary Institutions through which their Eligible Notes are held or the Principal Consent Agent to receive a copy of the Solicitation Memorandum.
7. I am a Qualified Noteholder. When must I submit an Instruction to Retain?
Instructions to Retain must be submitted by the Direct Participants to the Principal Consent Agent or U.S. Consent Agent before the Expiration Deadline, being 11 March 2019 at 17:00 CET. However, Direct Participants or Intermediary Institutions may set their own earlier deadlines by which a Qualified Noteholder should submit an Instruction to Retain. Qualified Noteholders are advised to contact the relevant Direct Participants or Intermediary Institutions directly regarding any earlier deadlines.
8. I am a Qualified Noteholder. What will happen if I do not submit an Instruction to Retain?
If an Instruction to Retain for Eligible Notes is not submitted, you, as a Qualified Noteholder, will automatically receive a portion of the Final Distribution.
9. Can I still trade or transfer my Notes during the Solicitation Period?
Yes, in all markets, except for the market with Eligible Notes starting with the prefix AU or US. In these markets, all Notes will be blocked on the record date, being 31 January 2019.
10. When can I expect to receive the cash from the Final Distribution?
It is currently expected that LBT will make the Final Distribution on or about 2 May 2019. The Final Distribution will serve as the last and final distribution to Cash-Out Creditors in respect of their rights and entitlements against LBT under the Composition Plan.

DeZwarteRidder 28 januari 2019 18:32

quote:
jus1711 schreef op 28 januari 2019 18:15:
Nieuws van Lehman Treasury :

www.lehmanbrotherstreasury.com/genera...

www.lehmanbrotherstreasury.com/genera...

Wat te doen : Meegaan met de finale distributie, of je notes laten omzetten in substitute notes?

Het laatste lijkt mij het beste tenzij je er helemaal vanaf wil.

shaai 29 januari 2019 01:28

quote:
DeZwarteRidder schreef op 28 januari 2019 18:32:
[...]
Het laatste lijkt mij het beste tenzij je er helemaal vanaf wil.

gaat dat lukken?
of je moet jezelf aan kunnen laten wijzen als institutional investor en/of je broker moet er voor jou voor kunnen kiezen en jou die substitution notes leveren.

benito c. 29 januari 2019 07:53

quote:
shaai schreef op 29 januari 2019 01:28:
[...]

gaat dat lukken?
of je moet jezelf aan kunnen laten wijzen als institutional investor en/of je broker moet er voor jou voor kunnen kiezen en jou die substitution notes leveren.

Ik denk inderdaad dat we (in mijn geval) van Binck afhankeljk zijn of dit gaat lukken. Binck zou de stukken namens zichzelf moeten omruilen en doorleveren, zoals je zegt.

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