LEHMAN BROTHERS QUARTO ATTO (1 Viewer)

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Docket # 59580

Filed Mar 11 2019

Transfer Agreement FRBP. /Partial Transfer of Claim other than for Security Transfer Agreement 3001 (e) 2 Transferors: Merrill Lynch, Pierce, Fenner & Smith Incorporated (Claim No. 55530, Amount $23,344.80); Merrill Lynch, Pierce, Fenner & Smith Incorporated (Claim No. 55533, Amount $5,236,445.86); Merrill Lynch, Pierce, Fenner & Smith Incorporated (Claim No. 55539, Amount $2,110,101.03); Merrill Lynch, Pierce, Fenner & Smith Incorporated (Claim No. 55541, Amount $4,126,186.58); Merrill Lynch, Pierce, Fenner & Smith Incorporated (Claim No. 62744, Amount $5,428.30) To Merrill Lynch International filed by Merrill Lynch International.(ORR, SIMON)
Debtor: 08-13555 Lehman Brothers Holdings Inc.

 

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Crack Lehman: Tribunale Padova, da PattiChiari e C.R. Veneto 700mila euro a risparmiatori

21/2/2019


Il Tribunale di Padova ha riconosciuto circa 700mila euro a titolo di risarcimento del danno ad un gruppo di settanta risparmiatori coinvolti nel crack della Lehman Brothers Holding. L'azione risarcitoria degli investitori (assistiti dall'avvocato Mario Azzarita dello Studio SAT di Padova) è stata promossa contro il Consorzio delle banche italiane PattiChiari e contro Cassa di Risparmio del Veneto, l'intermediario responsabile della vendita dei titoli. Nel processo gli investitori avevano dedotto di non essere stati avvisati della reale rischiosità dell'investimento e di non aver avuto per tempo notizia dell'aumento di pericolosità dell'emittente americana nella primavera del 2008, quando le obbligazioni avevano perso circa il 20 % del loro valore. Il Giudice Maria Antonia Maiolino del Tribunale di Padova ha accolto le domande, condannando l'intermediario ed il Consorzio delle banche italiane PattiChiari a risarcire i pregiudizi patiti dall'intero gruppo. Dopo aver interposto appello e chiesto senza successo la sospensione dell'efficacia esecutiva della decisione alla Corte d'Appello di Venezia, l'intermediario ha adempiuto la decisione, rifondendo ai risparmiatori gli importi liquidati dal Tribunale.

http://www.diritto24.ilsole24ore.co...veneto-700mila-euro-risparmiatori--154138.php

 

[duca77]

Caro Duetto, ci sono novità relative all'udienza del Giudice Chapman?
un caro saluto e grazie come sempre.

 

[duetto]

Caro Duetto, ci sono novità relative all'udienza del Giudice Chapman?
un caro saluto e grazie come sempre.

Ciao duca77, al momento nulla.

Forse ne sapremo qualcosa fra poche ore, con l'udienza di oggi.

Honorable Shelley C. Chapman

Wednesday, March 13, 2019





2:00 PM
08-13555-scc Lehman Brothers Holdings Inc. Ch. 11
Doc #59409 Joint Liquidators Motion for an Order Enforcing the Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and Its Affiliated Debtors for Purposes of Distributions

 

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Ricordo che la liquidazione finale, prevista per il 2 Maggio 2019, dei titoli LBT in mano ai non istituzionali ( oppure anche di questi ultimi che non si avvarranno della facoltà del cambio ) dovrebbe avvenire con la liquidazione definitiva della Classe 4.

 

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Commissioners for HMRC v Joint Administrators of Lehman Brothers International

Per LBI

 

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JPMorgan to pay $20m to settle Lehman case: CFTC

The Commodity Futures Trading Commission said on Wednesday that JPMorgan Chase & Co will pay USD 20 million to settle charges that it unlawfully handled customer segregated funds at Lehman Brothers Holdings Inc.

Last Updated : Mar 13, 2019

The Commodity Futures Trading Commission said on Wednesday that JPMorgan Chase & Co will pay USD 20 million to settle charges that it unlawfully handled customer segregated funds at Lehman Brothers Holdings Inc.


The CFTC's order also requires JPMorgan to implement reforms to ensure the proper handling of customer segregated funds in the future and to release customer funds upon notice and instruction from the CFTC.


A JPMorgan spokeswoman did not immediately return a request for comment. Lehman spokeswoman Kimberly Macleod declined to comment.


The CFTC said that for about 22 months, ending with Lehman's bankruptcy in September 2008, JPMorgan had improperly extended intra-day credit to Lehman Brothers based in part on customers' segregated funds Lehman had deposited at the bank.


JPMorgan also violated rules by refusing to release customers' segregated funds for nearly two weeks after the bankruptcy, the CFTC said.


The action comes as regulators continue to probe what happened to segregated customer funds in the October 2011 collapse of MF Global Holdings Ltd , a commodity trading firm that also did business with JPMorgan.

JPMorgan had 2011 net income of USD 19 billion and recorded USD 4.9 billion in litigation expenses. It paid Chief Executive Officer Jamie Dimon USD 20.8 million in 2010.

JPMorgan to pay $20m to settle Lehman case: CFTC

 

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HMRC wins £1bn Lehman Brothers battle


The Supreme Court has ruled to reject the appeal of the Lehman Brothers’ administrators, ending a more-than-three-year dispute involving nearly £1bn in tax


Lehman Brothers International Europe (LBIE) went into administration in 2008 after its parent group declared bankruptcy during the financial crisis.

However, the European company had generated a roughly £7bn surplus. An estimated £5bn was payable as statutory interest and all unsecured creditors had been repaid the sums owed prior to 2014.

“We welcome the Supreme Court ruling that confirms our analysis and means over £5bn is in scope of withholding tax rules,” a HMRC spokesperson said.

They said this was another example of “robust challenges” from the Revenue securing money for public funds.

In the UK, companies are usually required to withhold tax at 20% on interest payments.

Until late 2015, HMRC had said that any interest paid in the course of the administration or liquidation could be paid without deducting income tax, but later changed its position.

In 2016, the High Court ruled in favour of administrators PwC saying that statutory interest is not “yearly interest” for the purposes of the Income Act 2007.

The High Court agreed that creditors should not pay income tax on interest earned while their money was tied up in the collapsed bank.

HMRC’s appeal was upheld by the Court of Appeals in 2017, which also refused the administrators permission to appeal its decision – this lead to PwC’s appeal to the Supreme Court.

In yesterday’s judgement the High Court dismissed the appeal, therefore confirming that income tax must be deducted before statutory interest is paid to creditors.

“We are pleased that the Supreme Court has handed down this important decision on a technical tax issue,” a PwC spokesperson said.

“It provides the clarification needed in the rare circumstances where insolvency officeholders pay interest to creditors out of an estate’s surplus -having paid creditors in full- as has been achieved in the case of LBIE, and other UK Lehman companies, by PwC,” they added.

However, PwC also raised questions regarding the £1bn in withholding tax payments to HMRC that it claims LBIE has made to date.

“Notwithstanding the court judgement consideration must now be given by HMRC as to how much of the £1bn is repayable to creditors because of double taxation treaty claims or other reasons,” the spokesperson said.

“We understand that a large number of double taxation treaty claims have already been made by creditors.” HMRC said it was unable to comment on these details.

HMRC wins £1bn Lehman Brothers battle

Per LBIE

 

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Lehman Brothers Treasury Announces Results of Solicitation and Settlement With Affiliates

March 15, 2019

AMSTERDAM

-In connection with its previously announced partial wind-down, Lehman Brothers Treasury Co. B.V. in liquidation (“LBT”) today, through its U.S. counsel Kramer Levin Naftalis & Frankel LLP, announced that it has obtained the results of its solicitation process pursuant to which certain qualified noteholders were given the option to receive substitute notes in exchange for their eligible notes. Based on the information provided by the relevant clearing systems which remains subject to further review and adjustment, noteholders holding eligible notes representing approximately €14 billion of the €24,755,245,547.91 in total acknowledged or otherwise admitted claims against LBT elected to receive substitute notes in exchange for such eligible notes. Accordingly, in accordance with the partial wind-down procedures, LBT will retain approximately US$19.6 billion of its US$34,548,000,000.00 intercompany claim (the “Intercompany Claim”) against Lehman Brothers Holdings Inc. (“LBHI”) that will be used to fund future distributions to holders of substitute notes.

LBT also announced that, as contemplated by its partial wind-down, it has entered into a settlement agreement (the “Settlement Agreement”) with its former affiliates LBHI and Lehman Brothers Special Financing Inc. (“LBSF”). LBHI and LBSF are holders of admitted ordinary claims against LBT in the aggregate amounts of €2,435,117,645.74 and €750,434,794.48, respectively, representing approximately 9.84% and 3.03% of all acknowledged or otherwise admitted claims against LBT. The Settlement Agreement provides, among other things, that in full and final satisfaction of their respective ordinary claims against LBT, LBHI and LBSF shall receive (i) an in-kind distribution of portions of the Intercompany Claim in the respective amounts of US$3,398,408,804.40 and US$1,047,294,046.41, and (ii) a proportionate amount of LBT’s cash on hand subject to various deductions, addbacks and adjustments for purposes of allocating various expenses and reserves.

In accordance with the partial wind-down, those creditors of LBT who were not eligible (or did not elect) to receive substitute notes will receive a final cash distribution from LBT funded with certain available cash and the proceeds of the sale of a portion of the Intercompany Claim through an auction process which is currently scheduled to occur on Wednesday March 20, 2019. As a result of the solicitation process and the Settlement Agreement, LBT expects to place approximately US$10.5 billion of the Intercompany Claim into the auction.

For more information on the partial wind-down, including information about the intercompany claim sale, the final cash distribution, and anticipated timelines, an Information Notice has been 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 note substitution or sale process at any time, which, if abandoned or discontinued, could result in a termination of the Settlement Agreement. Accordingly, there can be no assurances that either the note substitution, the sale process, or the Settlement Agreement will be effectuated, or if effectuated, 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
Daniel Eggermann, Kramer Levin Naftalis & Frankel LLP
Tel: + 1-212-715-9495


Lehman Brothers Treasury Announces Results of Solicitation and Settlement With Affiliates

 

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Esaminiamo il tutto:

Il cambio è stato chiesto da possessori qualificati LBT per 14 miiardi di euro su un totale di circa 25 miliardi.

Quindi ora sappiamo che circa la metà degli aventi diritto non ha esercitato l'opzione, evidentemente non ritenendola vantagiosa.

IMHO