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ECF No. 57065 Notice of 14th Distribution

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Southey capital and Lehman LBHI 14th distribution
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    US_ACTIVE:\44221154\2\58399.0011  WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue  New York, New York 10153 Telephone: (212) 310-8000 Facsimile: (212) 310-8007 Garrett A. Fail Attorneys for Lehman Brothers Holdings Inc. and Certain of its Affiliates UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK -------------------------------------------------------------------x In re : Chapter 11 Case No. : LEHMAN BROTHERS HOLDINGS INC., et al., : 08-13555 (JMP) : Debtors. : (Jointly Administered) -------------------------------------------------------------------x NOTICE REGARDING FOURTEENTH DISTRIBUTION PURSUANT TO THE MODIFIED THIRD AMENDED JOINT CHAPTER 11 PLAN OF LEHMAN BROTHERS HOLDINGS INC. AND ITS AFFILIATED DEBTORS As previously disclosed, additional Distributions under the  Modified Third  Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and Its Affiliated Debtors , dated December 5, 2011 [ECF No. 23023] (the “Plan”), 1  will commence on December 7, 2017 (the “Fourteenth Distribution Date”). Attached hereto as Exhibit A is a list that indicates the percentage recovery that will be distributed to holders of Allowed Claims (other than secured, administrative, priority or convenience claims) against each Debtor in each Class under the Plan as well as the cumulative  percentage recovery. Attached hereto as Exhibit B is a summary of the aggregate amount that will be distributed to holders of Allowed non-priority unsecured Claims on the Fourteenth Distribution Date. Attached hereto as Exhibit C is a list that indicates the amount and percentage of the Minimum Cash Reserve and the Asset-to-Reserve Ratio that will be maintained by each Debtor that uses Non-Cash Assets in lieu of Available Cash as reserves for Disputed Claims. 1  Capitalized terms used herein shall have the meanings ascribed to them in the Plan or the Order Authorizing Use of  Non-Cash Assets In Lieu of Available Cash As Reserves for Disputed Claims Pursuant to Section 8.4 of the Debtors’ Confirmed Joint Plan  [ECF No. 25641], as applicable.   08-13555-scc Doc 57065 Filed 11/30/17 Entered 11/30/17 07:01:04 Main Document Pg 1 of 12  US_ACTIVE:\44221154\2\58399.0011 Attached hereto as Exhibit D is a summary of the aggregate amount of Allowed Claims eligible for distributions from certain Debtors, listed by Plan Class. The aggregate amount that will be distributed on the Fourteenth Distribution Date will total approximately $3.0 billion and will include approximately (i) $2.9 billion of Distributions identified in Exhibit B and (ii) $0.1 billion of Distributions to holders of recently Allowed Claims for amounts that would have been received had such Claims been Allowed at the time of previous Distributions. Dated: November 30, 2017  New York, New York Garrett A. Fail WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue  New York, New York 10153 Telephone: (212) 310-8000 Facsimile: (212) 310-8007 Attorneys for Lehman Brothers Holdings Inc. and Certain of its Affiliates   /s/ Garrett A. Fail 08-13555-scc Doc 57065 Filed 11/30/17 Entered 11/30/17 07:01:04 Main Document Pg 2 of 12  Exhibit A 08-13555-scc Doc 57065 Filed 11/30/17 Entered 11/30/17 07:01:04 Main Document Pg 3 of 12  Exhibit A Distribution to Holders of Allowed Non-Priority Unsecured Claims Distribution as a % of Allowed ClaimsPriorFourteenth DistributionCumulativeDistributions (1) on 12/7/2017 (1) Distributions (1) Lehman Brothers Holdings Inc. Class3Senior Unsecured42.671084%1.179150%43.850234%Class4ASenior Affiliate Claims34.431404%0.996633%35.428037%Class4BSenior Affiliate Guarantee33.592163%0.974549%34.566712%Class5Senior Third-Party Guarantee26.878068%0.779639%27.657707%Class6AConvenience Claims26.000000%N/A26.000000%Class6BGuarantee Convenience Claims17.000000%N/A17.000000%Class7General Unsecured39.945358%1.099038%41.044396%Class8Affiliate Claims31.631646%0.916521%32.548167%Class9AThird Party Guarantee Claims other than of the RACERS Trusts25.302510%0.733217%26.035727%Class9BThird Party Guarantee Claims of the RACERS Trusts15.382322%0.445964%15.828286%Class10ASubordinated Class 10A ClaimsN/A (2) N/A (2) N/A (2) Class10BSubordinated Class 10B ClaimsN/A (2) N/A (2) N/A (2) Class10CSubordinated Class 10C ClaimsN/A (2) N/A (2) N/A (2) Lehman Commercial Paper Inc. Class3Convenience Claims60.000000%N/A60.000000%Class4AGeneral Unsecured Claims other than those of Designated Entities76.789410%0.330652%77.120062%Class4BGeneral Unsecured Claims of Designated Entities65.424441%0.307583%65.732024%Class5AAffiliate Claims of LBHI  (3) 81.052357%0.384479%81.436836%Class5BAffiliate Claims of Participating Subsidiary Debtors65.424441%0.307583%65.732024%Class5CAffiliate Claims other than those of Participating Subsidiary Debtors70.331275%0.330652%70.661927% Lehman Brothers Special Financing Inc. Class3Convenience Claims32.000000%N/A32.000000%Class4AGeneral Unsecured Claims other than those of Designated Entities37.457055%1.650964%39.108019%Class4BGeneral Unsecured Claims of Designated Entities19.005429%0.825762%19.831191%Class5AAffiliate Claims of LBHI  (3) 37.950792%1.697062%39.647854%Class5BAffiliate Claims of Participating Subsidiary Debtors31.247164%1.357649%32.604813%Class5CAffiliate Claims other than those of Participating Subsidiary Debtors37.009034%1.616257%38.625291% Lehman Brothers Commodity Services Inc. Class3Convenience Claims55.000000%N/A55.000000%Class4General Unsecured Claims79.964087%0.857408%80.821495%Class5AAffiliate Claims of LBHI  (3) 92.981495%0.996986%93.978481%Class5BAffiliate Claims of Participating Subsidiary DebtorsN/AN/AN/AClass5CAffiliate Claims other than those of Participating Subsidiary Debtors79.964087%0.857408%80.821495% Lehman Brothers OTC Derivatives Inc. Class3Convenience Claims34.000000%N/A34.000000%Class4General Unsecured Claims100.000000%N/A100.000000%Class5AAffiliate Claims of LBHI  (3) 100.000000%N/A100.000000%Class5BAffiliate Claims of Participating Subsidiary Debtors100.000000%N/A100.000000%Class5CAffiliate Claims other than those of Participating Subsidiary Debtors100.000000%N/A100.000000% Lehman Brothers Commercial Corporation Class3Convenience Claims40.000000%N/A40.000000%Class4General Unsecured Claims100.000000%N/A100.000000%Class5AAffiliate Claims of LBHI  (3) N/AN/AN/AClass5BAffiliate Claims of Participating Subsidiary Debtors100.000000%N/A100.000000%Class5CAffiliate Claims other than those of Participating Subsidiary Debtors100.000000%N/A100.000000% 08-13555-scc Doc 57065 Filed 11/30/17 Entered 11/30/17 07:01:04 Main Document Pg 4 of 12
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