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2nd Circ. Ponders Lehman 'Mistake' Claim In Safe Harbor Suit
2nd Circ. Ponders Lehman 'Mistake' Claim In Safe Harbor Suit - Law360
2nd Circ. Ponders Lehman 'Mistake' Claim In Safe Harbor Suit - Law360
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LEHMAN BROTHERS QUARTO ATTO
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LEHMAN BROTHERS HOLDINGS INC. AND OTHER DEBTORS AND DEBTOR-CONTROLLED ENTITIES
BASIS OF PRESENTATION SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS MAY 1, 2019 – MAY 31, 2019
The information and data included in this May 2019 Post-Effective Operating Report (the “Operating Report”) are derived from sources available to LBHI, as Plan Administrator, and its Controlled Entities (collectively, the “Company”). The term “Controlled Entities” refers to those entities that are directly or indirectly controlled by LBHI, and excludes, among others, those entities that are under separate administrations in the United States or abroad. LBHI and certain of its Controlled Entities filed for protection under Chapter 11 of the Bankruptcy Code, and those entities are referred to herein as the “Debtors”. The Debtors’ Chapter 11 cases have been consolidated for procedural purposes only and are being jointly administered pursuant to Rule 1015(b) of the Federal Rules of Bankruptcy Procedure. LBHI has prepared this Operating Report, which includes certain information as required by the Office of the US Trustee, based on the information available to LBHI at this time, but notes that such information may be incomplete and may be materially deficient in certain respects. This Operating Report is not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. LBHI reserves all rights to revise this report.
BASIS OF PRESENTATION SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS MAY 1, 2019 – MAY 31, 2019
The information and data included in this May 2019 Post-Effective Operating Report (the “Operating Report”) are derived from sources available to LBHI, as Plan Administrator, and its Controlled Entities (collectively, the “Company”). The term “Controlled Entities” refers to those entities that are directly or indirectly controlled by LBHI, and excludes, among others, those entities that are under separate administrations in the United States or abroad. LBHI and certain of its Controlled Entities filed for protection under Chapter 11 of the Bankruptcy Code, and those entities are referred to herein as the “Debtors”. The Debtors’ Chapter 11 cases have been consolidated for procedural purposes only and are being jointly administered pursuant to Rule 1015(b) of the Federal Rules of Bankruptcy Procedure. LBHI has prepared this Operating Report, which includes certain information as required by the Office of the US Trustee, based on the information available to LBHI at this time, but notes that such information may be incomplete and may be materially deficient in certain respects. This Operating Report is not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. LBHI reserves all rights to revise this report.
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LEHMAN BROTHERS HOLDINGS INC. and other Debtors and Debtor-Controlled Entities Schedule of Cash Receipts and Disbursements May 1, 2019 - May 31, 2019
Unaudited ($ in millions, foreign currencies reflected in USD equivalents)
Debtor-Controlled Entities LBHI LBSF LCPI Other Total Total
Beginning Free Cash and Investments (05/01/19) 92$ 4$ 1$ 9$ 107$ 51$ 158 $ Sources of Cash
Financial Instruments 5 1 - 5 1 6 Receipts from Affiliates (a) 9 5 - 0 14 - 14 Other 1 0 0 0 1 0 1 Total Sources of Cash 14 6 0 0 20 1 22
Uses of Cash Non-Operating (0) - - (0) (0) (0) Operating Expenses (b) (4) (0) (1) (0) (5) (0) (5)
Total Uses of Cash (4) (0) (1) (0) (5) (0) (5)
Total Cash From Operations 10 6 (1) 0 16 1 17
Plan Distributions (c) 3 - - 3 - 3 Total Payments to Creditors 3 - - - 3 - 3
Reclass from/(to) Restricted Cash (d) (5) 2 (0) 0 (4) (12) (15) Net changes in Free Cash and Investments 7 7 (1) 0 14 (10) 4
Ending Free Cash and Investments (05/31/19) 100 11 0 9 120 41 161
Beginning Restricted Cash (05/01/19) 172 18 4 3 196 11 207
Secured, Admin, Priority Claims and Other - - - - 2 2 Operating Expenses and Incentive Fees 7 (2) 0 (0) 5 (1) 5 Other (2) - - (2) 10 9
Net Changes in Restricted Cash 5 (2) 0 (0) 4 12 15
Ending Restricted Cash (05/31/19) 177 17 4 3 200 22 222
Beginning Total Cash and Investments (05/01/19) 264 22 5 12 303 62 365
Net changes in Free Cash and Investments 7 7 (1) 0 14 (10) 4 Net changes in Restricted Cash 5 (2) 0 (0) 4 12 15
Ending Total Cash and Investments (05/31/19) 276$ 28$ 4$ 12$ 321$ 63$ 384
Unaudited ($ in millions, foreign currencies reflected in USD equivalents)
Debtor-Controlled Entities LBHI LBSF LCPI Other Total Total
Beginning Free Cash and Investments (05/01/19) 92$ 4$ 1$ 9$ 107$ 51$ 158 $ Sources of Cash
Financial Instruments 5 1 - 5 1 6 Receipts from Affiliates (a) 9 5 - 0 14 - 14 Other 1 0 0 0 1 0 1 Total Sources of Cash 14 6 0 0 20 1 22
Uses of Cash Non-Operating (0) - - (0) (0) (0) Operating Expenses (b) (4) (0) (1) (0) (5) (0) (5)
Total Uses of Cash (4) (0) (1) (0) (5) (0) (5)
Total Cash From Operations 10 6 (1) 0 16 1 17
Plan Distributions (c) 3 - - 3 - 3 Total Payments to Creditors 3 - - - 3 - 3
Reclass from/(to) Restricted Cash (d) (5) 2 (0) 0 (4) (12) (15) Net changes in Free Cash and Investments 7 7 (1) 0 14 (10) 4
Ending Free Cash and Investments (05/31/19) 100 11 0 9 120 41 161
Beginning Restricted Cash (05/01/19) 172 18 4 3 196 11 207
Secured, Admin, Priority Claims and Other - - - - 2 2 Operating Expenses and Incentive Fees 7 (2) 0 (0) 5 (1) 5 Other (2) - - (2) 10 9
Net Changes in Restricted Cash 5 (2) 0 (0) 4 12 15
Ending Restricted Cash (05/31/19) 177 17 4 3 200 22 222
Beginning Total Cash and Investments (05/01/19) 264 22 5 12 303 62 365
Net changes in Free Cash and Investments 7 7 (1) 0 14 (10) 4 Net changes in Restricted Cash 5 (2) 0 (0) 4 12 15
Ending Total Cash and Investments (05/31/19) 276$ 28$ 4$ 12$ 321$ 63$ 384
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SCHEDULE OF DEBTORS
The twenty three entities listed below (the “Debtors”) filed for bankruptcy in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) on the dates indicated below. On December 6, 2011, the Bankruptcy Court confirmed the Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and its Affiliated Debtors (the “Plan”). On March 6, 2012, the “Effective Date” (as defined in the Plan) occurred. As of the date hereof, the following Debtors’ chapter 11 cases remain open:
Case No.
Date Filed (“Commencement Date”) Lehman Brothers Holdings Inc. (“LBHI”) ............................................................. 08-13555 9/15/2008 Lehman Brothers Special Financing Inc. (“LBSF”) ............................................... 08-13888 10/3/2008 Lehman Brothers OTC Derivatives Inc. (“LOTC”) ................................................ 08-13893 10/3/2008 Lehman Commercial Paper Inc. (“LCPI”) .............................................................. 08-13900 10/5/2008 BNC Mortgage LLC ............................................................................................... 09-10137 1/9/2009
The twenty three entities listed below (the “Debtors”) filed for bankruptcy in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) on the dates indicated below. On December 6, 2011, the Bankruptcy Court confirmed the Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and its Affiliated Debtors (the “Plan”). On March 6, 2012, the “Effective Date” (as defined in the Plan) occurred. As of the date hereof, the following Debtors’ chapter 11 cases remain open:
Case No.
Date Filed (“Commencement Date”) Lehman Brothers Holdings Inc. (“LBHI”) ............................................................. 08-13555 9/15/2008 Lehman Brothers Special Financing Inc. (“LBSF”) ............................................... 08-13888 10/3/2008 Lehman Brothers OTC Derivatives Inc. (“LOTC”) ................................................ 08-13893 10/3/2008 Lehman Commercial Paper Inc. (“LCPI”) .............................................................. 08-13900 10/5/2008 BNC Mortgage LLC ............................................................................................... 09-10137 1/9/2009
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The following Debtors’ chapter 11 cases were closed in 2016, 2018 and 2019, pursuant to final decrees entered by the Bankruptcy Court (Docket No. 51920, No. 54163, No. 58257, and No. 59472):
Case No. Date Filed Date Closed LB 745 LLC ...................................................................................................... 08-13600 9/16/2008 1/28/2016 PAMI Statler Arms LLC................................................................................... 08-13664 9/23/2008 1/28/2016 CES Aviation LLC ........................................................................................... 08-13905 10/5/2008 1/28/2016 CES Aviation V LLC ........................................................................................ 08-13906 10/5/2008 1/28/2016 CES Aviation IX LLC ...................................................................................... 08-13907 10/5/2008 1/28/2016 LB 2080 Kalakaua Owners LLC ...................................................................... 09-12516 4/23/2009 1/28/2016 LB Somerset LLC ............................................................................................ 09-17503 12/22/2009 1/28/2016 LB Preferred Somerset LLC ............................................................................ 09-17505 12/22/2009 1/28/2016 East Dover Limited ........................................................................................... 08-13908 10/5/2008 12/15/2016 Luxembourg Residential Properties Loan Finance S.a.r.l ................................. 09-10108 1/7/2009 12/15/2016 Merit LLC ......................................................................................................... 09-17331 12/14/2009 12/15/2016 Lehman Brothers Derivative Products Inc. (“LBDP”) ..................................... 08-13899 10/5/2008 06/14/2018 Lehman Brothers Financial Products Inc.(“LBFP”) ........................................ 08-13902 10/5/2008 06/14/2018 Lehman Scottish Finance L.P. .......................................................................... 08-13904 10/5/2008 06/14/2018 LB Rose Ranch LLC ........................................................................................ Lehman Brothers Commodity Services Inc. (“LBCS”)……………………… Lehman Brothers Commercial Corporation (“LBCC”)……………………… Structured Asset Securities Corporation……………………………………...
09-10560 08-13885 08-13901 09-10558
2/9/2009 10/3/2008 10/5/2008 2/9/2009 06/14/2018 02/11/2019 02/11/2019 02/11/2019
Case No. Date Filed Date Closed LB 745 LLC ...................................................................................................... 08-13600 9/16/2008 1/28/2016 PAMI Statler Arms LLC................................................................................... 08-13664 9/23/2008 1/28/2016 CES Aviation LLC ........................................................................................... 08-13905 10/5/2008 1/28/2016 CES Aviation V LLC ........................................................................................ 08-13906 10/5/2008 1/28/2016 CES Aviation IX LLC ...................................................................................... 08-13907 10/5/2008 1/28/2016 LB 2080 Kalakaua Owners LLC ...................................................................... 09-12516 4/23/2009 1/28/2016 LB Somerset LLC ............................................................................................ 09-17503 12/22/2009 1/28/2016 LB Preferred Somerset LLC ............................................................................ 09-17505 12/22/2009 1/28/2016 East Dover Limited ........................................................................................... 08-13908 10/5/2008 12/15/2016 Luxembourg Residential Properties Loan Finance S.a.r.l ................................. 09-10108 1/7/2009 12/15/2016 Merit LLC ......................................................................................................... 09-17331 12/14/2009 12/15/2016 Lehman Brothers Derivative Products Inc. (“LBDP”) ..................................... 08-13899 10/5/2008 06/14/2018 Lehman Brothers Financial Products Inc.(“LBFP”) ........................................ 08-13902 10/5/2008 06/14/2018 Lehman Scottish Finance L.P. .......................................................................... 08-13904 10/5/2008 06/14/2018 LB Rose Ranch LLC ........................................................................................ Lehman Brothers Commodity Services Inc. (“LBCS”)……………………… Lehman Brothers Commercial Corporation (“LBCC”)……………………… Structured Asset Securities Corporation……………………………………...
09-10560 08-13885 08-13901 09-10558
2/9/2009 10/3/2008 10/5/2008 2/9/2009 06/14/2018 02/11/2019 02/11/2019 02/11/2019
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Pubblicata la decisione sulla obiezione Rex Wu:
ORDER DENYING 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 FILED BY REX WU (ECF NO. 59614) AND OVERRULING RELATED OBJECTIONS TO THE TIMING OF EIGHTEENTH DISTRIBUTION
Rex Wu (“Wu”), having filed a motion on April 8, 2019 [ECF No. 59614]
(the “Motion”), seeking to Enforce the Modified Third Amended Joint Chapter 11 Plan of
Lehman Brothers Holdings Inc. and Its Affiliated Debtors for Purposes of Distributions, all as
more fully described in the Motion; and the Debtors having filed an objection to the Motion on
April 12, 2019 [ECF No. 59738] (the “Objection”)1; and the Court having jurisdiction to decide
the Motion and the relief requested therein in accordance with 28 U.S.C. §§ 157(a)-(b) and 1334
and the Amended Standing Order of Reference M-431, dated January 31, 2012 (Preska, C.J.); and
consideration of the Motion and the relief requested therein being a core proceeding pursuant to
28 U.S.C. § 157(b); and venue being proper before this Court pursuant to 28 U.S.C. §§ 1408 and
1409; and upon the record of the hearing held by the Court on the Motion on June 19, 2019
(the “Hearing”); and after due deliberation and for the reasons stated by the Court in its bench
ruling at the Hearing, which are incorporated as if set forth herein and made part here
1 Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Objection.
Court having determined that Wu has not established sufficient factual or legal basis for the
requested relief in the Motion, it is hereby
1. ORDERED that the Objection is sustained and the Motion is denied with
prejudice; and it is further
2. ORDERED that any relief sought by the following pleadings is denied and
any objections set forth in the following pleadings are hereby overruled: (a) Objection to the
Timing of the Early Distribution filed by Wu [ECF No. 59772]; (b) Objection to the Motion of
Plan Administrator for an Order in aid of Execution of the Modified Third Amended Chapter 11
Plan of Lehman Brothers Holdings Inc. and its Affiliated Debtors filed by Dan Ianello [ECF No.
59791], (c) Objection to the Motion of Plan Administrator for an Order in aid of Execution of the
Modified Third Amended Chapter 11 Plan of Lehman Brothers Holdings Inc. and its Affiliated
Debtors filed by Julie Ianello [ECF No. 59790]; (d) Objection to the Motion of Plan
Administrator for an Order in aid of Execution of the Modified Third Amended Chapter 11 Plan
of Lehman Brothers Holdings Inc. and its Affiliated Debtors filed by Elizabeth Harrison [ECF
No. 59789]; (e) Motion to Approve Motion to Demand Service filed by Julie Ianello [ECF
No. 59792]; and (f) Motion to Approve Motion to Demand Service filed by Dan Ianello [ECF No.
59793]; and it is further
3. ORDERED that this Court shall retain jurisdiction with respect to all
matters arising from or related to this Order.
Dated: July 1, 2019 New York, New York
/S/ Shelley C. Chapman THE HONORABLE SHELLEY C. CHAPMAN UNITED STATES BANKRUPTCY JUDGE
ORDER DENYING 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 FILED BY REX WU (ECF NO. 59614) AND OVERRULING RELATED OBJECTIONS TO THE TIMING OF EIGHTEENTH DISTRIBUTION
Rex Wu (“Wu”), having filed a motion on April 8, 2019 [ECF No. 59614]
(the “Motion”), seeking to Enforce the Modified Third Amended Joint Chapter 11 Plan of
Lehman Brothers Holdings Inc. and Its Affiliated Debtors for Purposes of Distributions, all as
more fully described in the Motion; and the Debtors having filed an objection to the Motion on
April 12, 2019 [ECF No. 59738] (the “Objection”)1; and the Court having jurisdiction to decide
the Motion and the relief requested therein in accordance with 28 U.S.C. §§ 157(a)-(b) and 1334
and the Amended Standing Order of Reference M-431, dated January 31, 2012 (Preska, C.J.); and
consideration of the Motion and the relief requested therein being a core proceeding pursuant to
28 U.S.C. § 157(b); and venue being proper before this Court pursuant to 28 U.S.C. §§ 1408 and
1409; and upon the record of the hearing held by the Court on the Motion on June 19, 2019
(the “Hearing”); and after due deliberation and for the reasons stated by the Court in its bench
ruling at the Hearing, which are incorporated as if set forth herein and made part here
1 Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Objection.
Court having determined that Wu has not established sufficient factual or legal basis for the
requested relief in the Motion, it is hereby
1. ORDERED that the Objection is sustained and the Motion is denied with
prejudice; and it is further
2. ORDERED that any relief sought by the following pleadings is denied and
any objections set forth in the following pleadings are hereby overruled: (a) Objection to the
Timing of the Early Distribution filed by Wu [ECF No. 59772]; (b) Objection to the Motion of
Plan Administrator for an Order in aid of Execution of the Modified Third Amended Chapter 11
Plan of Lehman Brothers Holdings Inc. and its Affiliated Debtors filed by Dan Ianello [ECF No.
59791], (c) Objection to the Motion of Plan Administrator for an Order in aid of Execution of the
Modified Third Amended Chapter 11 Plan of Lehman Brothers Holdings Inc. and its Affiliated
Debtors filed by Julie Ianello [ECF No. 59790]; (d) Objection to the Motion of Plan
Administrator for an Order in aid of Execution of the Modified Third Amended Chapter 11 Plan
of Lehman Brothers Holdings Inc. and its Affiliated Debtors filed by Elizabeth Harrison [ECF
No. 59789]; (e) Motion to Approve Motion to Demand Service filed by Julie Ianello [ECF
No. 59792]; and (f) Motion to Approve Motion to Demand Service filed by Dan Ianello [ECF No.
59793]; and it is further
3. ORDERED that this Court shall retain jurisdiction with respect to all
matters arising from or related to this Order.
Dated: July 1, 2019 New York, New York
/S/ Shelley C. Chapman THE HONORABLE SHELLEY C. CHAPMAN UNITED STATES BANKRUPTCY JUDGE
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