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  • ezdeek ezdeek Jun 24, 2013 3:15 PM Flag

    Lehman payout will be at least 7 million. Article from two months ago.

    Liquidators of Lehman Brothers' Australian unit Friday sought court approval for a plan that, if approved, would pay back unsecured creditors less than half of what they are owed. The proposed plan would pay creditors between 39.9 cents and 49.2 cents on the dollar, according to IMF. As for Lehman Brothers Holdings' creditors, the company's Chapter 11 plan treats creditors of its subsidiaries better than those of the parent. For instance, it calls for creditors of Lehman's Specialty Finance unit—the heart of the failed investment bank's derivatives business—to get more than 30 cents on the dollar, thought it limits how much they can claim. Bondholders of Lehman's parent are getting less, about 21.1 cents on the dollar, while general unsecured creditors are expected to receive about 20 cents on the dollar.

    This is how it all ties in. Giddens is our guy, and he has stated that a majority of these claims are close to being finalized, and money sent. If Australia unsecured are getting 20 to 49 cents on the dollar, then I would expect that our claims will be no lower than 20 cents on the dollar. If just 20 cents on the dollar, that puts the payout at 6-7 million, which is what the current market cap is now. And that is the low range, as you cannot expect United States general unsecured to get a lower percentage than any other party involved in the whole world. Nobody has gotten under 20 percent.

    Some 110,000 individual retail customers of Lehman's U.S. broker-dealer have also received all their money back, $92.3 billion in all. That unit is being wound down by James Giddens in accordance with the Securities Investor Protection Act. Mr. Giddens and his U.K. counterparts settled their $38 billion dispute last fall.

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