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LEHMAN BROS HLD Message Board

  • sixfoot_flat sixfoot_flat Aug 28, 2013 2:18 PM Flag

    Prorata distribution of "Available Cash" to Class 3 (About 83B allowed)

    LBHI Class 3- Senior Unsecured Claims against LBHI
    Senior Unsecured Claims against LBHI include any Claim against LBHI that is
    entitled to a contractual right of priority in payment to all of the Class 10A Subordinated Notes,
    Class 10B Subordinated Notes and Class 10C Subordinated Notes, but excludes (i) any Claim
    asserted that is based on an “Other Financial Obligation” (as such term is defined on Exhibit 10
    annexed hereto), which is generally defined as Derivative Contracts, (ii) any Claim asserted
    against LBHI by an Affiliate of LBHI and (iii) any Guarantee Claim asserted against LBHI by a
    third-party.
    Generally, LBHI Class 3 includes, without limitation, Claims against LBHI
    primarily with respect to bonds issued by LBHI, most of which bonds were issued pursuant to an
    indenture as to which The Bank of New York or Wilmington Trust Company serve as indenture
    trustees. The Claims in LBHI Class 3 are asserted by parties that are not Affiliates of the
    Debtors, are not Guarantee Claims and are senior to all Subordinated Notes. OMX Timber
    80
    Finance Investments II, LLC and Wells Fargo Bank Northwest, N.A, as Indenture Trustee have
    asserted that their Claims (Claim Nos. 17120 and 24151, respectively), to the extent Allowed,
    should be properly classified in LBHI Class 3. The Debtors are reviewing the classification of
    these Claims and have agreed to address this issue prior to the Voting Deadline.
    In addition to the Distribution of their Pro Rata Share of Available Cash, holders
    of Allowed Claims in LBHI Class 3 will receive their Pro Rata Share of amounts that, if not for
    certain contractual subordination language, would have been distributed to holders of Allowed
    Subordinated Class 10A Claims against LBHI, Allowed Subordinated Class 10B Claims against
    LBHI and Allowed Subordinated Class 10C Claims against LBHI. In addition, each holder of
    Allowed Claims in LBHI Class 3 will also receive its Pro Rata Share of the Plan Adjustment.
    Claims in LBHI Class 3 are impaired by th

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    • It seems a black hole.

      • 1 Reply to mikemint1
      • From Wilmington Trust, notice to holders

        "The Senior Noteholder claim is classified as a “Class 3” claim consisting of “Senior Unsecured Claims against LBHI.” The Debtors estimate that Class 3 claimants will recover 21.1% of the allowed amount of their claims after all the distributions have been made pursuant to
        the Plan. On March 6, 2012, the Plan was deemed effective by the Debtors. As detailed in the Notice to Holders dated April 11, 2012, the Debtors made an initial distribution to the Trustee on behalf of Senior Noteholders (the “Initial Distribution”) on April 17, 2012. The Debtors will make subsequent distributions of available cash in accordance with the Plan semi-annually on March 30 and September 30 of each year, provided the aggregate distribution is not less than $10,000,000. "

        The term "available cash" is there. But always the door is open. They aggregate "in accordance with the Plan" term.
        In the original letter, in the paragraph "of their claims after all the distributions have been made pursuant to the Plan.", the word "all" is underlined.

        By the way, Class 3 totalize 48.8B, after objection granted, docket 22837.

 
LEHMQ
0.0265Mar 5 3:52 PMEST

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