LEHMAN BROTHERS QUARTO ATTO
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stefanofabb
GAIN/Welcome
Prego, molto onorato per il calibro!Un buon week end
duetto
Forumer storico
Lehman Brothers Holdings Face Trustees Claims
Lehman Brothers Holdings Inc. defended against allegations last week from the residential mortgage-backed securities (RMBS) trustees—as the trustees questioned the bank on the value of the claims submitted during the financial crisis in 2008, according to pretrial briefs in an article released by Law360.
Ultimately the issue here is that trustees argue Lehman Brothers’ “straightforward breach of contract claims” are worth $11.4 billion, while the bank argued they’re worth $2.38 billion or less.”
Lehman Brothers’ pretrial brief begins by clarifying that, “there is no “Lehman” but rather, what remains is a Plan Administrator.” And according to the administrator, many of the trustees’ claims have been “significantly overstated,” despite the plan administrator’s many attempts to “work diligently towards a resolution” in regards to the hundreds of thousands of claims filed by the trustee.
However, the trustees are disagreeing in their own pretrial brief that there’s “overwhelming and largely unrebutted” evidence that Lehman repeatedly breached its contracts on tens of thousands of loans.
The trustees claim that of the approximately $11.4 billion Lehman Brothers’ breaches should owe, that $8.8 billion of that sum consists of breaches based on borrower misrepresentations of income, omissions of debt or failure to use the mortgaged property in accordance with the borrower’s commitments under the application, and mortgage, according to the pretrial brief.
In addition, roughly $370 million consists of DTI breaches, while the remaining approximately $2.3 billion of the trustees’ claim consists of breaches of several additional representations and warranties, “as set forth in the reports of the trustees’ underwriting experts Jim Aronoff and Chip Morrow.”
The trustees’ brief also notes that an additional $370 million consists of breaches related to misrepresentations regarding borrowers’ ratio of debt to income, and the remaining $2.3 billion consists of breaches related to several additional representations and warranties.
According to the trustees’ pretrial brief, these numbers are not surprising.
“The excesses of the pre-2008 mortgage market are now part of the public—and this court’s—record. Lehman’s own documents show it was aware of the widespread problems and deteriorating performance of the loans it had securitized, even as compared to the rest of the industry,” the trustees’ reported
Lehman Brothers Holdings Face Trustees Claims
Lehman Brothers Holdings Inc. defended against allegations last week from the residential mortgage-backed securities (RMBS) trustees—as the trustees questioned the bank on the value of the claims submitted during the financial crisis in 2008, according to pretrial briefs in an article released by Law360.
Ultimately the issue here is that trustees argue Lehman Brothers’ “straightforward breach of contract claims” are worth $11.4 billion, while the bank argued they’re worth $2.38 billion or less.”
Lehman Brothers’ pretrial brief begins by clarifying that, “there is no “Lehman” but rather, what remains is a Plan Administrator.” And according to the administrator, many of the trustees’ claims have been “significantly overstated,” despite the plan administrator’s many attempts to “work diligently towards a resolution” in regards to the hundreds of thousands of claims filed by the trustee.
However, the trustees are disagreeing in their own pretrial brief that there’s “overwhelming and largely unrebutted” evidence that Lehman repeatedly breached its contracts on tens of thousands of loans.
The trustees claim that of the approximately $11.4 billion Lehman Brothers’ breaches should owe, that $8.8 billion of that sum consists of breaches based on borrower misrepresentations of income, omissions of debt or failure to use the mortgaged property in accordance with the borrower’s commitments under the application, and mortgage, according to the pretrial brief.
In addition, roughly $370 million consists of DTI breaches, while the remaining approximately $2.3 billion of the trustees’ claim consists of breaches of several additional representations and warranties, “as set forth in the reports of the trustees’ underwriting experts Jim Aronoff and Chip Morrow.”
The trustees’ brief also notes that an additional $370 million consists of breaches related to misrepresentations regarding borrowers’ ratio of debt to income, and the remaining $2.3 billion consists of breaches related to several additional representations and warranties.
According to the trustees’ pretrial brief, these numbers are not surprising.
“The excesses of the pre-2008 mortgage market are now part of the public—and this court’s—record. Lehman’s own documents show it was aware of the widespread problems and deteriorating performance of the loans it had securitized, even as compared to the rest of the industry,” the trustees’ reported
Lehman Brothers Holdings Face Trustees Claims
duetto
Forumer storico
Ritengo che gli eccessi dei mutui ipotecari sugli immobili precedenti il Settembre del 2008 siano da ascrivere in buona sostanza a tutte le banche USA. Probabilmente Lehman Brothers ne era maggiormente asposta ma con la rivalutazione dei mercati immobiliari degli anni successivi si denota che quei rischi erano ponderati.
Sarebbe opportuno che anche il trastees ne prenda atto e ridimensioni le sue richieste.
Speriamo nel giudice Chapman.
Sarebbe opportuno che anche il trastees ne prenda atto e ridimensioni le sue richieste.
Speriamo nel giudice Chapman.
Proposed Fourteenth Distribution Date
On October 9, 2017 the “Motion of Plan Administrator For An Order In Aid of Execution of the Modified Third Amended Joint Chapter 11 Plan Of Lehman Brothers Holdings Inc. and Its Affiliated Debtors” Docket 56324 was filed, requesting among other things, authority to establish December 7, 2017, as a Distribution Date, nearly four months in advance of the next-scheduled, semi-annual Distribution Date. The Plan Administrator further requests authority to establish October 15, 2017 as the Record Date for such Distribution.
La notizia è stata reperita sul sito Epiq Lehman. L'intero comunicato da cui emerge il proposito da parte dell'Amministratore Straordinario della Lehman BHI di richiedere al Giudice l'autorizzazione per erogare la 14^ tranche ( 7. 12. 2017 ) è allegato alla presente.
Nel caso vi siano informazioni più circostanziate da chi segue la questione ( Duetto ), sarebbe assai gradito e opportuno. Grazie
On October 9, 2017 the “Motion of Plan Administrator For An Order In Aid of Execution of the Modified Third Amended Joint Chapter 11 Plan Of Lehman Brothers Holdings Inc. and Its Affiliated Debtors” Docket 56324 was filed, requesting among other things, authority to establish December 7, 2017, as a Distribution Date, nearly four months in advance of the next-scheduled, semi-annual Distribution Date. The Plan Administrator further requests authority to establish October 15, 2017 as the Record Date for such Distribution.
La notizia è stata reperita sul sito Epiq Lehman. L'intero comunicato da cui emerge il proposito da parte dell'Amministratore Straordinario della Lehman BHI di richiedere al Giudice l'autorizzazione per erogare la 14^ tranche ( 7. 12. 2017 ) è allegato alla presente.
Nel caso vi siano informazioni più circostanziate da chi segue la questione ( Duetto ), sarebbe assai gradito e opportuno. Grazie
duetto
Forumer storico
Grazie Franca49 e benvenuta sul nostro forum.
Per la verità la notizia da te pubblicata fu da me riportata quasi real time in data 11 ottobre ( pag. 81 del forum ).
Il sottostante a questa distribuzione extra è quanto pagato da Citi Group a conclusione di una annosa vertenza, ratificata qualche giorno addietro dal giudice fallimentare.
Approvata la transazione ora è richiesta l'approvazione del giudice Chapman anche in merito alla erogazione. Se ne discuterà il 30 Ottobre ma, ne sono quasi certo, si tratterebbe solo di un passaggio tecnico non avendo il giudice sostanzialmente motivi per negarla.
Probabilmente in cuor suo Chapman ha già deciso.
duetto
Forumer storico
Scusate ma ne approfittto: so per certo che mi leggono qui.
Due forumer mi hanno chiesto informazioni sulla situazione aggiornata di Pop.Vicenza e Veneto Banca.
Come è facile prevedere l'insinuazione al passivo crea ansia e incertezze. Sul sito della Pop. Vi e VB in Liquidazione Coatta Amministrativa ( LCA ) a metà scorsa settimana è comparso un aggiornamento che oggi viene riportato anche sul Sole24Ore.
Buona lettura: attenzione alla Pec!
Banche venete, nuove scadenze per chiedere i rimborsi - Il Sole 24 ORE
Due forumer mi hanno chiesto informazioni sulla situazione aggiornata di Pop.Vicenza e Veneto Banca.
Come è facile prevedere l'insinuazione al passivo crea ansia e incertezze. Sul sito della Pop. Vi e VB in Liquidazione Coatta Amministrativa ( LCA ) a metà scorsa settimana è comparso un aggiornamento che oggi viene riportato anche sul Sole24Ore.
Buona lettura: attenzione alla Pec!
Banche venete, nuove scadenze per chiedere i rimborsi - Il Sole 24 ORE
duetto
Forumer storico
Docket # 56849
Filed Oct 20 2017
Objection to Motion /Limited Objection of RMBS Trustees
"Estimation Proceeding that will begin on October 30, 2017 (and is currently scheduled to
conclude on December 11, 2017), the claims of the Participating Trusts will soon become
Allowed Claims (as that term is used in the Plan).
For the foregoing reasons, the RMBS Trustees ask this Court (i) to establish the
Record Date ... as the day after the date that this Court enters an order in which it estimates the Allowed Claims of the
Participating Trusts as provided by the RMBS Settlement Agreement and the Approval Order,
and (ii) to establish the Distribution Date on the date that is one week later.
Filed Oct 20 2017
Objection to Motion /Limited Objection of RMBS Trustees
"Estimation Proceeding that will begin on October 30, 2017 (and is currently scheduled to
conclude on December 11, 2017), the claims of the Participating Trusts will soon become
Allowed Claims (as that term is used in the Plan).
For the foregoing reasons, the RMBS Trustees ask this Court (i) to establish the
Record Date ... as the day after the date that this Court enters an order in which it estimates the Allowed Claims of the
Participating Trusts as provided by the RMBS Settlement Agreement and the Approval Order,
and (ii) to establish the Distribution Date on the date that is one week later.
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