LEHMAN BROTHERS QUARTO ATTO

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Madoff fund has paid millions to administrator, zero to victims

Madoff fund has paid millions to administrator, zero to victims

Tutto sommato ci è andata bene anche su questo versante!

 

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Honorable Shelley C. Chapman

Wednesday, May 24, 2017



10:00 AM
08-13555-scc Lehman Brothers Holdings Inc. Ch. 11
Adversary proceeding: 12-01044-scc Lehman Brothers Holdings Inc. et al v. CITIBANK, N.A. et al
LBHI v. Citibank Trial

Terza udienza consecutiva in questa settimana del processo contro Citi!

 

[carlo27]

10:00 AM
08-13555-scc Lehman Brothers Holdings Inc. Ch. 11
Adversary proceeding: 12-01044-scc Lehman Brothers Holdings Inc. et al v. CITIBANK, N.A. et al
LBHI v. Citibank Trial

Terza udienza consecutiva in questa settimana del processo contro Citi!

Incrociamo le dita...

 

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Honorable Shelley C. Chapman

Thursday, May 25, 2017

11:00 AM

08-13555-scc Lehman Brothers Holdings Inc. Ch. 11
Adversary proceeding: 12-01044-scc Lehman Brothers Holdings Inc. et al v. CITIBANK, N.A. et al
LBHI v. Citibank Trial

Si prosegue anche oggi alle ore 11,00 a New York: sono curioso di sapere come andrà a finire questa faccenda!

 

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New Wave of Lehman Litigation Appears to Be Imminent

May 24, 2017

Thousands of mortgage lenders across the country either recently received, or will soon be receiving, this document from Lehman Brothers Holdings, Inc. (LBHI). It is a notice of a motion to approve a proposed settlement of Residential Mortgage-Backed Securities (RMBS) claims asserted by trustees and investors against LBHI over the last few years. The notice of proposed settlement refers to proposed findings of fact, sets a deadline (June 22) for objections to the settlement, and schedules a hearing date (July 6) for approval of the RMBS settlement.

The companies receiving this document are apparently those that LBHI believes originated and sold loans that are now part of the proposed settlement, which sets an estimated settlement price of $2.416 billion to be paid by LBHI to settle the claims against it. It is therefore a prelude to new payment demands (for alleged breaches of contractual representations and warranties) by LBHI against the mortgage lender/correspondent at some point after the bankruptcy court approves the settlement. This notice likely is also specifically motivated by LBHI’s desire to cut off one of the potential defenses to an indemnity claim, “failure to give notice.” Paragraph 3 of the proposed order appears to relate to that issue.

New Wave of Lehman Litigation Appears to Be Imminent | JD Supra

 

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Una notizia, quella appena riportata, da prendere col beneficio di inventario.

Naturalmente, oltre alla parte che riguarda vicende pregresse, nulla si sa su questa presunta nuova ondata di comunicazioni.

Al momento questo è quanto!

 

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What is the Lehman Brothers Waterfall I litigation all about?

25 May 2017

On 17 May 2017 the Supreme Court handed down an important judgment in the poetically named "Waterfall" litigation involving Lehman Brothers International (Europe) (in administration) – or "LBIE" for short.

When LBIE was placed into administration back in September 2008, no-one could have predicted that the administrators would be able to pay the principal claims of LBIE’s creditors in full and be sitting on a surplus of approximately £8bn. It seems that LBIE was only ever cash flow, and not balance sheet, insolvent. Various parties are now fighting over the £8bn surplus, given the substantial sums involved. In the case of Waterfall I, the litigation went to the highest court in England and Waterfall II looks set to do the same.

So, what is the Waterfall I litigation all about? In this short video, I share some views on the recent decision of the Supreme Court in Waterfall I and the impact it might have on the LBIE administration. At first instance, A&O acted for Lydian, an unsecured creditor that was arguing in favour of the currency conversion claims and we won this issue at this stage. Ironically though, Lydian was owned by one of the funds that bought the sub-debt through the Wentworth joint venture and so another unsecured creditor took over the arguments on appeal.

For a brief summary of all 7 issues considered by the Supreme Court, please see below. It should be noted that all amounts referred to in the video are estimates: the statutory interest claims, in particular, could be significantly impacted by the issues that remain in play in Waterfall II.

Please click here to watch the video.

The Supreme Court's decision in a snapshot - 7 issues

What is the Lehman Brothers Waterfall I litigation all about? - Publications - Allen & Overy

Dopo aver premesso che nel 2008 nessuno poteva prevedere che LBIE potesse pagare totalmente i suoi creditori e che, per giunta, si sarebbe trovata con un surplus di 8 miliardi di sterline, si comincia ad esaminare la decisione della Suprema Corte inglese, anche alla luce di casi similari.

Sta di fatto però che nessun caso precedente contemplava l'esistenza di una società capofila, come nel caso LBHI/LBIE!

 

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Ricordo che Allen&Overy è una vecchia nostra conoscenza: fu incaricata dall'ABI, subito dopo la bancarotta Lehman Brothers, di curare l'insinuazione passiva di tutti i possessori italiani di obbligazioni LBHI/LBT.

Allen & Overy tirò fuori dal suo cilindro l'insinuazione cumulativa per banche. Il suo disegno fu inizialmente contestato ma alla fine andò a buon fine!

 

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Honorable Shelley C. Chapman

Tuesday, May 30, 2017

10:00 AM

08-13555-scc Lehman Brothers Holdings Inc. Ch. 11
Adversary proceeding: 12-01044-scc Lehman Brothers Holdings Inc. et al v. CITIBANK, N.A. et al
LBHI v. Citibank Trial

Il processo LBHI/Citibank riprenderà martedì prossimo.

 

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Finalmente ieri è comparso accredito ultima distribuzione LBT: 1,43%, leggermente al di sotto della percentuale ufficiale!