LEHMAN BROTHERS QUARTO ATTO

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Come sempre, la procedura fallimentare di Amsterdam si allinea subito dopo quella di NY

 

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Update on Court application process, dated 8 October 2023​

The LBH Administrators are pleased to report that the parties to the applications listed to be heard by the Court in the week commencing 9 October 2023 have today, 8 October 2023, agreed the terms of a settlement which substantially narrows the outstanding areas of dispute within the estate of Lehman Brothers Holdings Plc ("LBH"). The settlement will save costs and resolve a variety of issues within the estate, and will accelerate the making of distributions to subordinated creditors of LBH.

In high level summary only:

• The agreement which has been reached provides (subject to the Court’s approval) for a substantial narrowing of the scope of the forthcoming Court hearing which begins on 9 October 2023. In particular, whereas the application issued by the LBH Administrators on 14 March 2023 (the "Application") asked the Court to determine five Priority Legal Issues (numbered 1 to 5, and as described in previous updates), the settlement involves the withdrawal of four of those issues such that the forthcoming hearing will proceed for the purposes of determining Priority Legal Issue 1 only.
• Similarly, in so far as the application issued by Deutsche Bank AG (London Branch) on 27 April 2023 (the "Strike-Out Application") related to any issues other than Priority Legal Issue 1, that application is similarly withdrawn so as now to be limited only to Priority Legal Issue 1.
• Further, the application issued by the LBH Administrators on 25 April 2023 (the "Distribution Application") is withdrawn in its entirety.
• The agreement also makes provision for distributions of approximately £187 million to be made in respect of LBH’s subordinated liabilities in the near future, allowing for such time as is reasonably required to take necessary administrative and practical steps to effect such distributions; and also makes provision for subsequent distributions against subordinated liabilities in due course to the extent that funds become available for that purpose.
• The settlement also contains release provisions whereby the parties have agreed not only to withdraw aspects of the existing Court applications as mentioned above, but have agreed not subsequently to bring claims or complaints against one another and to resolve the issues between them save in respect of certain limited issues where the parties’ rights have been preserved, such as in respect of Priority Legal Issue 1 which, as noted above, will still fall to be determined by the Court.

For those issues which have not been resolved as part of the present settlement agreement, the parties will continue to explore the possibility of resolving those remaining issues too with a view to any further saving of costs and progressing of the administration in the interests of all creditors.

As noted above, Priority Legal Issue 1 remains to be determined by the Court, and the forthcoming hearing will therefore still commence on 9 October 2023 although its scope will now be confined (subject to the Court’s approval) to that issue. The LBH Administrators will continue to provide updates as may be appropriate in relation to the progress of that remaining application.

Should you have any queries regarding this update, please contact [email protected].

Lehman Brothers Holdings Plc (in administration)

This site provides information regarding the progress of the administration of Lehman Brothers Holdings plc (“LBH”) and will be updated as and when new information becomes available.

www.pwc.co.uk

 

[duetto]

Lehman Brothers’ US Parent Battles Deutsche Bank Over UK Cash​

The case matters because a large surplus is very likely to be available for subordinated creditors like ECAPS holders and the Lehman Brothers’ US parent. An estimate of the surplus produced by administrators at PriceWaterhouseCoopers in 2021 suggested that a surplus could range from £280 million ($343 million) to £500 million.

BNN Bloomberg – Canada Business News, TSX Today and Interest Rates

Get the latest Canadian business news, TSX updates, interest rates and Bank of Canada coverage. Explore stock market investing and get expert financial insights on investment portfolio strategies.

www.bnnbloomberg.ca

 

[duetto]

https://bnn.network/politics/courts-law/lehman-brothers-and-deutsche-bank-clash-over-subordinated-notes-in-london-court/

Future Ramifications​

The outcome of this case will likely set a precedent for future disputes over the ranking of subordinated notes. This could have a significant impact on the financial industry, particularly for investment funds. Furthermore, the decision could influence how bankruptcy cases are handled in the UK and potentially worldwide.

 

[duetto]

https://lehmanbrotherstreasury.com/pdf/english/2023.10.10%20Distribution%20overview%2011.0SN%20to%20publish.pdf

 

[pietro17elettra]

Gentile xxxxxxxx,

desideriamo fornirLe un aggiornamento in relazione alla
procedura Lehman Brothers Holdings Inc. (LBHI) pendente
innanzi alla Corte Fallimentare di New York.

Nell’ambito di tale Procedura, in data 28 Settembre 2023,
LBHI ha depositato presso la Corte Fallimentare una
comunicazione concernente la Ventisettesima distribuzione
dell'attivo che e’ stata effettuata in data 05 Ottobre 2023.

Nella Comunicazione, LBHI rende nota, per ciascuna classe di
crediti, la percentuale del valore del credito ammesso al
passivo che e’ stata distribuita ai creditori nell'ambito
delle prime distribuzioni.

Con specifico riferimento ai crediti derivanti dal possesso
dei titoli Lehman Brothers Treasury Co. B.V. (LBT) emessi
dalla controllata olandese e garantiti da LBHI, quali
quello in suo possesso, la Ventisettesima percentuale
distribuita, con accredito dell’importo in contanti,
corrisponde indicativamente al 0,008923% del credito
ammesso al passivo di LBHI.

Per quanto riguarda gli ulteriori futuri riparti in favore
dei creditori, si segnala che, sulla base di quanto
sancito dal Piano di Ristrutturazione, le distribuzioni
saranno effettuate da LBHI il 30 settembre ed il 30 marzo
di ogni anno.

Allo stato attuale non è comunque nota la data di
conclusione dell’attività di riparto.

Per maggiori dettagli la invitiamo a contattare il suo
Personal Financial Advisor o il nostro Customer Care
ai numeri:

•800.52.52.52 (dall'Italia) •02.2899.2899
(da cellulare e dall'estero)

Grazie per aver scelto Fineco, la banca che semplifica la
banca.


Customer Care
FinecoBank

 

[vareddi]

Lehman Brothers’ US Parent Battles Deutsche Bank Over UK Cash​

The case matters because a large surplus is very likely to be available for subordinated creditors like ECAPS holders and the Lehman Brothers’ US parent. An estimate of the surplus produced by administrators at PriceWaterhouseCoopers in 2021 suggested that a surplus could range from £280 million ($343 million) to £500 million.

BNN Bloomberg – Canada Business News, TSX Today and Interest Rates

Get the latest Canadian business news, TSX updates, interest rates and Bank of Canada coverage. Explore stock market investing and get expert financial insights on investment portfolio strategies.

www.bnnbloomberg.ca

E vai

 

[lupo80]

Banca BPER LBT ISIN XS0148360042: sono l'unico a non aver ricevuto la 27^ distribuzione nei giorni scorsi?

 

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[vareddi]