Attached files
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8-K - 8-K - LEHMAN BROTHERS HOLDINGS INC. PLAN TRUST | d905137d8k.htm |
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re:
Chapter 11 Case No. | ||
Lehman Brothers Holdings Inc., et al., | 08-13555 | |
Jointly Administered | ||
Debtors. |
QUARTERLY FINANCIAL REPORT
AS OF DECEMBER 31, 2019
DEBTORS ADDRESS: | LEHMAN BROTHERS HOLDINGS INC. | |
c/o KRISTINE DICKSON CHIEF FINANCIAL OFFICER | ||
277 PARK AVENUE | ||
46th FLOOR | ||
NEW YORK, NY 10172 | ||
DEBTORS ATTORNEYS: | WEIL, GOTSHAL & MANGES LLP | |
c/o JACQUELINE MARCUS, GARRETT A. FAIL | ||
767 FIFTH AVENUE | ||
NEW YORK, NY 10153 | ||
REPORT PREPARER: | LEHMAN BROTHERS HOLDINGS INC., AS PLAN ADMINISTRATOR |
Date: March 26, 2020
Quarterly Financial Report as of December 31, 2019 (Unaudited)
Table of Contents
I. |
Schedule of Debtors |
3 | ||||||||
II. |
Cash Flow Estimates |
4 | ||||||||
III. |
Notes to the Cash Flow Estimates |
12 | ||||||||
Note 1 - Basis of Presentation | 12 | |||||||||
Note 2 - Other Receipts | 15 | |||||||||
Note 3 - Due from/to Non-Controlled Affiliates | 16 | |||||||||
Note 4 - Due from/to Debtors and Debtor-Controlled Entities | 20 | |||||||||
Note 5 Disputed Claims | 23 | |||||||||
Note 6 Legal Proceedings | 24 | |||||||||
Note 7 Taxes Payable | 28 | |||||||||
Note 8 Subsequent Events | 29 | |||||||||
IV. |
Balance Sheets |
30 |
QUESTIONS
The Company has established an email address to receive questions from readers regarding this presentation and its other financial disclosures. The Company plans to review questions received, and for those subjects which the Company determines a response would not (i) violate a confidentiality provision, (ii) place the Company in a competitive or negotiation disadvantage, or (iii) be unduly burdensome relative to the value of information requested, the Company shall endeavor to post a response on the website listed below (maintaining the anonymity of the originators of the questions). The Company assumes no obligation to respond to email inquiries.
Please email questions, with document references as relevant, to:
QUESTIONS@lehmanholdings.com
The Companys previously posted responses can be found on the Epiq website maintained for the Company:
www.lehman-docket.com under the Key Documents tab and the Responses to Questions Submitted category
Page 2
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Quarterly Financial Report as of December 31, 2019 (Unaudited)
I. | Schedule of Debtors |
The twenty three entities listed below (the Debtors) filed for bankruptcy in the United States Bankruptcy Court for the Southern District of New York (the Bankruptcy Court) on the dates indicated below. On December 6, 2011, the Bankruptcy Court confirmed the Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and its Affiliated Debtors (the Plan). On March 6, 2012, the Effective Date (as defined in the Plan) occurred. As of the date hereof, the following Debtors chapter 11 cases remain open:
Case No. | Date Filed (Commencement Date) | |||
Lehman Brothers Holdings Inc. (LBHI) |
08-13555 | 9/15/2008 | ||
Lehman Brothers Special Financing Inc. (LBSF) |
08-13888 | 10/3/2008 | ||
Lehman Brothers OTC Derivatives Inc. (LOTC) |
08-13893 | 10/3/2008 | ||
Lehman Commercial Paper Inc. (LCPI) |
08-13900 | 10/5/2008 | ||
BNC Mortgage LLC |
09-10137 | 1/9/2009 |
The following Debtors chapter 11 cases were closed in 2016, 2018 and 2019, pursuant to final decrees entered by the Bankruptcy Court (Docket No. 51920, No. 54163, No. 58257 and No. 59472):
Case No. | Date Filed | Date Closed | ||||
LB 745 LLC |
08-13600 | 9/16/2008 | 1/28/2016 | |||
PAMI Statler Arms LLC |
08-13664 | 9/23/2008 | 1/28/2016 | |||
CES Aviation LLC |
08-13905 | 10/5/2008 | 1/28/2016 | |||
CES Aviation V LLC |
08-13906 | 10/5/2008 | 1/28/2016 | |||
CES Aviation IX LLC |
08-13907 | 10/5/2008 | 1/28/2016 | |||
LB 2080 Kalakaua Owners LLC |
09-12516 | 4/23/2009 | 1/28/2016 | |||
LB Somerset LLC |
09-17503 | 12/22/2009 | 1/28/2016 | |||
LB Preferred Somerset LLC |
09-17505 | 12/22/2009 | 1/28/2016 | |||
East Dover Limited |
08-13908 | 10/5/2008 | 12/15/2016 | |||
Luxembourg Residential Properties Loan Finance S.a.r.l. |
09-10108 | 1/7/2009 | 12/15/2016 | |||
Merit LLC |
09-17331 | 12/14/2009 | 12/15/2016 | |||
Lehman Brothers Derivative Products Inc. (LBDP) |
08-13899 | 10/5/2008 | 06/14/2018 | |||
Lehman Brothers Financial Products Inc. (LBFP) |
08-13902 | 10/5/2008 | 06/14/2018 | |||
Lehman Scottish Finance L.P. |
08-13904 | 10/5/2008 | 06/14/2018 | |||
LB Rose Ranch LLC |
09-10560 | 2/9/2009 | 06/14/2018 | |||
Lehman Brothers Commodity Services Inc. (LBCS) |
08-13902 | 10/3/2008 | 02/11/2019 | |||
Lehman Brothers Commercial Corporation (LBCC) |
08-13901 | 10/5/2008 | 02/11/2019 | |||
Structured Asset Securities Corporation |
09-10558 | 2/9/2009 | 02/11/2019 |
Page 3
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Quarterly Financial Report as of December 31, 2019 (Unaudited)
II. | Cash Flow Estimates |
Lehman Brothers Holdings Inc.
($ in millions) | As of 10/3/19 |
Cash Activity 10/4/19 - 12/31/19 |
Estimate Changes |
Transfers, Reclassifications, Adjustments (e) |
As of 12/31/19 |
|||||||||||||||||
CASH AND INVESTMENTS |
||||||||||||||||||||||
Reserves for Claims: |
||||||||||||||||||||||
Disputed unsecured claims |
$ | 30 | $ | | $ | 0 | $ | | $ | 30 | ||||||||||||
Distributions on Allowed Claims (not remitted) |
9 | | | | 9 | |||||||||||||||||
Secured, Admin, Priority Claims and Other |
11 | | | | 11 | |||||||||||||||||
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SubtotalReserves for Claims |
50 | | 0 | | 50 | |||||||||||||||||
Reserves for Operating Expenses |
97 | (15 | ) | 19 | | 101 | ||||||||||||||||
Reserves for Incentive Fees |
2 | | 0 | | 2 | |||||||||||||||||
Other Reserves (e) |
5 | | 75 | | 79 | |||||||||||||||||
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Total Cash & InvestmentsRestricted |
154 | (15 | ) | 94 | | 233 | ||||||||||||||||
Total Cash & InvestmentsUnrestricted |
70 | 47 | (94 | ) | | 23 | ||||||||||||||||
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TOTAL CASH AND INVESTMENTS [A] |
$ | 224 | $ | 32 | $ | | $ | | $ | 256 | ||||||||||||
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CASH FLOW ESTIMATES |
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Net Receipts |
||||||||||||||||||||||
Commercial Real Estate |
$ | | $ | | $ | | $ | | $ | | ||||||||||||
Residential Real Estate and Other |
6 | (10 | ) | 6 | | 2 | ||||||||||||||||
Private Equity/Principal Investments |
3 | (0 | ) | 0 | | 3 | ||||||||||||||||
Derivatives |
| | | | | |||||||||||||||||
Other |
Note 2 | 69 | (4 | ) | 9 | | 74 | |||||||||||||||
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Sub-TotalNet Receipts |
78 | (15 | ) | 15 | | 79 | ||||||||||||||||
Recoveries From Non-Controlled Affiliates |
Note 3 |
|||||||||||||||||||||
Europe |
304 | (19 | ) | 34 | 0 | 319 | ||||||||||||||||
Asia |
53 | (10 | ) | 12 | | 55 | ||||||||||||||||
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Sub-TotalRecoveries From Non-Controlled Affiliates |
358 | (30 | ) | 45 | 0 | 373 | ||||||||||||||||
Recoveries From Controlled Affiliates |
||||||||||||||||||||||
Pre-Petition Intercompany Receipts (a) |
Note 4 | 100 | (0 | ) | 14 | | 114 | |||||||||||||||
Net Post-Petition Intercompany Receipts from / (Payables to) (b) |
(79 | ) | 0 | (1 | ) | | (79 | ) | ||||||||||||||
Investments in Affiliates (c) |
863 | | 96 | | 959 | |||||||||||||||||
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Sub-TotalRecoveries From Controlled Affiliates |
885 | (0 | ) | 109 | | 994 | ||||||||||||||||
Operating Expenses |
(115 | ) | 15 | (19 | ) | | (119 | ) | ||||||||||||||
Incentive Fees |
(2 | ) | | (0 | ) | | (2 | ) | ||||||||||||||
Estimated Taxes Payable |
Note 7 |
(34 | ) | | | | (34 | ) | ||||||||||||||
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TOTAL CFO + OTHER RECEIPTS [B] |
$ | 1,170 | $ | (29 | ) | $ | 150 | $ | 0 | $ | 1,291 | |||||||||||
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OTHER ADJUSTMENTS |
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(Less): Cash held for the benefit of third parties (d)(e) |
$ | (14 | ) | $ | | $ | (75 | ) | $ | | $ | (89 | ) | |||||||||
Plus/(Less): Plan Adjustments from/(to) Participatory Debtors |
5 | | 2 | | 7 | |||||||||||||||||
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TOTAL OTHER ADJUSTMENTS [C] |
$ | (9 | ) | $ | | $ | (73 | ) | $ | | $ | (82 | ) | |||||||||
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ESTIMATED CASH AVAILABLE FOR DISTRIBUTIONS [A+B+C] |
$ | 1,385 | $ | 3 | $ | 78 | $ | 0 | $ | 1,465 | ||||||||||||
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(a) | The Company estimates that LBHI will receive approximately $0.1 billion, primarily from LCPI and LBSF. |
(b) | Aurora Commercial Corp. (formerly known as Aurora Bank FSB) (Aurora) is a wholly-owned subsidiary of Lehman Brothers Bancorp Inc. (LBB), which is a wholly-owned subsidiary of LBHI. As of December 31, 2019, LBHI had an intercompany loan due to Aurora of $69 million. On March 24, 2019, Aurora and its subsidiary Aurora Loan Services filed chapter 11 petitions in the Bankruptcy Court. Additional information and filings in the cases can be found at https://cases.primeclerk.com/Aurora/. |
(c) | The Company estimates that LBHI will receive approximately $1.0 billion related to Investments in Affiliates, primarily from Lehman Brothers Holdings Scottish LP 2 (SLP2). SLP2 is the parent company of Lehman Brothers Holdings Scottish LP 3 (SLP3) and is wholly owned by LBHI. Estimate Changes include the impact of movements in foreign exchange rates during the period. |
(d) | Amounts excluded from Cash Available for Distributions include Distributions on Allowed Claims (not remitted) and other items. |
(e) | On December 27, 2019, LBHI and LCPI executed a sale and purchase agreement pursuant to which LBHI agreed to purchase LCPIs remaining assets and certain obligations for total consideration of $63.2 million. On December 20, 2019, LBHI and LBSF executed a sale and purchase agreement pursuant to which LBHI agreed to purchase LBSFs Allowed Claims into LBHI for total consideration of $17.7 million. These transactions were effective in January 2020, and thus not reflected in the table above. |
Page 4
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Quarterly Financial Report as of December 31, 2019 (Unaudited)
Lehman Brothers Special Financing Inc.
($ in millions) | As of 10/3/19 |
Cash Activity 10/4/19 - 12/31/19 |
Estimate Changes |
Transfers, Reclassifications, Adjustments (a) |
As of 12/31/19 |
|||||||||||||||||
CASH AND INVESTMENTS |
||||||||||||||||||||||
Reserves for Claims: |
||||||||||||||||||||||
Disputed unsecured claims |
$ | | $ | | $ | | $ | | | |||||||||||||
Distributions on Allowed Claims (not remitted) |
0 | | 0 | | 0 | |||||||||||||||||
Secured, Admin, Priority Claims and Other |
3 | | (1 | ) | | 2 | ||||||||||||||||
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SubtotalReserves for Claims |
3 | | (1 | ) | | 2 | ||||||||||||||||
Reserves for Operating Expenses |
7 | (0 | ) | 0 | | 7 | ||||||||||||||||
Reserves for Incentive Fees |
0 | | 0 | | 0 | |||||||||||||||||
Other Reserves |
| | | | | |||||||||||||||||
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Total Cash & InvestmentsRestricted |
10 | (0 | ) | (0 | ) | | 10 | |||||||||||||||
Total Cash & InvestmentsUnrestricted |
4 | 2 | 0 | | 7 | |||||||||||||||||
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TOTAL CASH AND INVESTMENTS [A] |
$ | 14 | $ | 2 | $ | | $ | | 16 | |||||||||||||
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CASH FLOW ESTIMATES |
||||||||||||||||||||||
Net Receipts |
||||||||||||||||||||||
Commercial Real Estate |
$ | | $ | | $ | | $ | | | |||||||||||||
Residential Real Estate and Other |
| | | | | |||||||||||||||||
Private Equity/Principal Investments |
| | | | | |||||||||||||||||
Derivatives |
11 | (2 | ) | (2 | ) | | 7 | |||||||||||||||
Other |
Note 2 | 2 | (0 | ) | 4 | | 5 | |||||||||||||||
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Sub-TotalNet Receipts |
13 | (2 | ) | 2 | | 12 | ||||||||||||||||
Recoveries From Non-Controlled Affiliates |
Note 3 |
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Europe |
| | | | | |||||||||||||||||
Asia |
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Sub-TotalRecoveries From Non-Controlled Affiliates |
| | | | | |||||||||||||||||
Recoveries From Controlled Affiliates |
||||||||||||||||||||||
Pre-Petition Intercompany Receipts |
Note 4 | 11 | (0 | ) | 6 | | 17 | |||||||||||||||
Net Post-Petition Intercompany Receipts from / (Payables to) |
(1 | ) | | (1 | ) | | (1 | ) | ||||||||||||||
Investments in Affiliates |
| | | | | |||||||||||||||||
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Sub-TotalRecoveries From Controlled Affiliates |
11 | (0 | ) | 5 | | 16 | ||||||||||||||||
Operating Expenses |
(8 | ) | 0 | (0 | ) | | (8 | ) | ||||||||||||||
Incentive Fees |
(0 | ) | | (0 | ) | | (0 | ) | ||||||||||||||
Estimated Taxes Payable |
Note 7 |
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TOTAL CFO + OTHER RECEIPTS [B] |
$ | 15 | $ | (1 | ) | $ | 6 | $ | | 20 | ||||||||||||
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OTHER ADJUSTMENTS |
||||||||||||||||||||||
(Less): Cash held for the benefit of third parties |
$ | (0 | ) | $ | | $ | (0 | ) | $ | | (0 | ) | ||||||||||
Plus/(Less): Plan Adjustments from/(to) Participatory Debtors |
(2 | ) | | (0 | ) | | (2 | ) | ||||||||||||||
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TOTAL OTHER ADJUSTMENTS [C] |
$ | (2 | ) | $ | | $ | (0 | ) | $ | | (2 | ) | ||||||||||
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ESTIMATED CASH AVAILABLE FOR DISTRIBUTIONS [A+B+C] |
$ | 27 | $ | 1 | $ | 6 | $ | | 34 | |||||||||||||
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(a) | On December 20, 2019, LBHI and LBSF executed a sale and purchase agreement pursuant to which LBHI agreed to purchase LBSFs Allowed Claims into LBHI for total consideration of $17.7 million. This transaction was effective in January 2020, and thus not reflected in the table above. |
Page 5
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Quarterly Financial Report as of December 31, 2019 (Unaudited)
Lehman Commercial Paper Inc.
($ in millions) | As of 10/3/19 |
Cash Activity 10/4/19 - 12/31/19 |
Estimate Changes |
Transfers, Reclassifications, Adjustments (a) |
As of 12/31/19 |
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CASH AND INVESTMENTS |
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Reserves for Claims: |
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Disputed unsecured claims |
$ | | $ | | $ | | $ | | | |||||||||||||
Distributions on Allowed Claims (not remitted) |
0 | | | | 0 | |||||||||||||||||
Secured, Admin, Priority Claims and Other |
1 | | 1 | | 2 | |||||||||||||||||
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SubtotalReserves for Claims |
1 | | 1 | | 2 | |||||||||||||||||
Reserves for Operating Expenses |
2 | (0 | ) | (1 | ) | | 1 | |||||||||||||||
Reserves for Incentive Fees |
1 | | 0 | | 1 | |||||||||||||||||
Other Reserves |
1 | | (0 | ) | | 1 | ||||||||||||||||
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Total Cash & InvestmentsRestricted |
5 | (0 | ) | 0 | | 4 | ||||||||||||||||
Total Cash & InvestmentsUnrestricted |
1 | 2 | (0 | ) | | 2 | ||||||||||||||||
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TOTAL CASH AND INVESTMENTS [A] |
$ | 5 | $ | 1 | $ | | $ | | 7 | |||||||||||||
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CASH FLOW ESTIMATES |
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Net Receipts |
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Commercial Real Estate |
$ | 3 | $ | (0 | ) | $ | 0 | $ | | 3 | ||||||||||||
Residential Real Estate and Other |
2 | (1 | ) | 2 | | 2 | ||||||||||||||||
Private Equity/Principal Investments |
0 | | (0 | ) | | | ||||||||||||||||
Derivatives |
| | | | | |||||||||||||||||
Other |
Note 2 | | (0 | ) | 0 | | | |||||||||||||||
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Sub-TotalNet Receipts |
5 | (1 | ) | 2 | | 6 | ||||||||||||||||
Recoveries From Non-Controlled Affiliates |
Note 3 |
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Europe |
0 | | 0 | | 0 | |||||||||||||||||
Asia |
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Sub-TotalRecoveries From Non-Controlled Affiliates |
0 | | 0 | | 0 | |||||||||||||||||
Recoveries From Controlled Affiliates |
||||||||||||||||||||||
Pre-Petition Intercompany Receipts |
Note 4 | 39 | | 18 | | 57 | ||||||||||||||||
Net Post-Petition Intercompany Receipts from / (Payables to) |
(1 | ) | | (1 | ) | | (2 | ) | ||||||||||||||
Investments in Affiliates |
1 | | (0 | ) | | 1 | ||||||||||||||||
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Sub-TotalRecoveries From Controlled Affiliates |
39 | | 17 | | 56 | |||||||||||||||||
Operating Expenses |
(3 | ) | 0 | 1 | | (2 | ) | |||||||||||||||
Incentive Fees |
(1 | ) | | (0 | ) | | (1 | ) | ||||||||||||||
Estimated Taxes Payable |
Note 7 |
(5 | ) | | | | (5 | ) | ||||||||||||||
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TOTAL CFO + OTHER RECEIPTS [B] |
$ | 35 | $ | (1) | $ | 20 | $ | | 54 | |||||||||||||
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OTHER ADJUSTMENTS |
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(Less): Cash held for the benefit of third parties |
$ | (1 | ) | $ | | $ | 0 | $ | | (1 | ) | |||||||||||
Plus/(Less): Plan Adjustments from/(to) Participatory Debtors |
(3 | ) | | (2 | ) | | (5 | ) | ||||||||||||||
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TOTAL OTHER ADJUSTMENTS [C] |
$ | (4 | ) | $ | | $ | (2 | ) | $ | | (6 | ) | ||||||||||
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ESTIMATED CASH AVAILABLE FOR DISTRIBUTIONS [A+B+C] |
$ | 37 | $ | 0 | $ | 18 | $ | | 55 | |||||||||||||
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(a) | On December 27, 2019, LBHI and LCPI executed a sale and purchase agreement pursuant to which LBHI agreed to purchase LCPIs remaining assets and certain obligations for total consideration of $63.2 million. This transaction was effective in January 2020, and thus not reflected in the table above. |
Page 6
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Quarterly Financial Report as of December 31, 2019 (Unaudited)
Lehman Brothers OTC Derivatives Inc.
($ in millions) | As of 10/3/19 |
Cash Activity 10/4/19 - 12/31/19 |
Estimate Changes |
Transfers, Reclassifications, Adjustments |
As of 12/31/19 |
|||||||||||||||||
CASH AND INVESTMENTS |
||||||||||||||||||||||
Reserves for Claims: |
||||||||||||||||||||||
Disputed unsecured claims |
$ | | $ | | $ | | $ | | $ | | ||||||||||||
Distributions on Allowed Claims (not remitted) |
| | | | | |||||||||||||||||
Secured, Admin, Priority Claims and Other |
0 | | 0 | | 0 | |||||||||||||||||
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SubtotalReserves for Claims |
0 | | 0 | | 0 | |||||||||||||||||
Reserves for Operating Expenses |
| | 0 | | 0 | |||||||||||||||||
Reserves for Incentive Fees |
| | | | | |||||||||||||||||
Other Reserves |
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Total Cash & InvestmentsRestricted |
0 | | 0 | | 0 | |||||||||||||||||
Total Cash & InvestmentsUnrestricted |
0 | (0 | ) | (0 | ) | | 0 | |||||||||||||||
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TOTAL CASH AND INVESTMENTS [A] |
$ | 1 | $ | (0 | ) | $ | | $ | | $ | 1 | |||||||||||
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|
|||||||||||||
CASH FLOW ESTIMATES |
||||||||||||||||||||||
Net Receipts |
||||||||||||||||||||||
Commercial Real Estate |
$ | | $ | | $ | | $ | | $ | | ||||||||||||
Residential Real Estate and Other |
| | | | | |||||||||||||||||
Private Equity/Principal Investments |
| | | | | |||||||||||||||||
Derivatives |
| | | | | |||||||||||||||||
Other |
Note 2 | | | | | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Sub-TotalNet Receipts |
| | | | | |||||||||||||||||
Recoveries From Non-Controlled Affiliates |
Note 3 | |||||||||||||||||||||
Europe |
| | | | | |||||||||||||||||
Asia |
| | | | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Sub-TotalRecoveries From Non-Controlled Affiliates |
| | | | | |||||||||||||||||
Recoveries From Controlled Affiliates |
||||||||||||||||||||||
Pre-Petition Intercompany Receipts |
Note 4 | | | | | | ||||||||||||||||
Net Post-Petition Intercompany Receipts from / (Payables to) |
(0 | ) | | (0 | ) | | (0 | ) | ||||||||||||||
Investments in Affiliates |
| | | | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Sub-TotalRecoveries From Controlled Affiliates |
(0 | ) | | (0 | ) | | (0 | ) | ||||||||||||||
Operating Expenses |
| | | | | |||||||||||||||||
Incentive Fees |
| | | | | |||||||||||||||||
Estimated Taxes Payable |
Note 7 | | | | | | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
TOTAL CFO + OTHER RECEIPTS [B] |
$ | (0 | ) | $ | | $ | (0 | ) | $ | | $ | (0 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
OTHER ADJUSTMENTS |
||||||||||||||||||||||
(Less): Cash held for the benefit of third parties |
$ | | $ | | $ | | $ | | $ | | ||||||||||||
Plus/(Less): Plan Adjustments from/(to) Participatory Debtors |
| | | | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
TOTAL OTHER ADJUSTMENTS [C] |
$ | | $ | | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
ESTIMATED CASH AVAILABLE FOR DISTRIBUTIONS [A+B+C] |
$ | 0 | $ | (0) | $ | (0 | ) | $ | | $ | 0 | |||||||||||
|
|
|
|
|
|
|
|
|
|
Page 7
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
BNC Mortgage LLC (BNC)
($ in millions) | As of 6/30/19 |
Cash Activity 7/1/19 - 10/3/19 |
Estimate Changes |
Transfers, Reclassifications, Adjustments |
As of 10/3/19 |
|||||||||||||||||||
CASH AND INVESTMENTS |
||||||||||||||||||||||||
Reserves for Claims: |
||||||||||||||||||||||||
Disputed unsecured claims |
$ | | $ | | $ | | $ | | $ | | ||||||||||||||
Distributions on Allowed Claims (not remitted) |
0 | | | | 0 | |||||||||||||||||||
Secured, Admin, Priority Claims and Other |
| | | | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
SubtotalReserves for Claims |
0 | | | | 0 | |||||||||||||||||||
Reserves for Operating Expenses |
| | 0 | | 0 | |||||||||||||||||||
Reserves for Incentive Fees |
| | | | | |||||||||||||||||||
Other Reserves |
| | | | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Cash & InvestmentsRestricted |
0 | | 0 | | 0 | |||||||||||||||||||
Total Cash & InvestmentsUnrestricted |
2 | 0 | (0 | ) | | 2 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
TOTAL CASH AND INVESTMENTS [A] |
$ | 2 | $ | 0 | $ | | $ | | $ | 2 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
CASH FLOW ESTIMATES |
||||||||||||||||||||||||
Net Receipts |
||||||||||||||||||||||||
Commercial Real Estate |
$ | | $ | | $ | | $ | | $ | | ||||||||||||||
Residential Real Estate and Other |
| | | | | |||||||||||||||||||
Private Equity/Principal Investments |
| | | | | |||||||||||||||||||
Derivatives |
| | | | | |||||||||||||||||||
Other |
Note 2 | | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Sub-TotalNet Receipts |
| | | | | |||||||||||||||||||
Recoveries From Non-Controlled Affiliates |
Note 3 | |||||||||||||||||||||||
Europe |
| | | | | |||||||||||||||||||
Asia |
| | | | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Sub-TotalRecoveries From Non-Controlled Affiliates |
| | | | | |||||||||||||||||||
Recoveries From Controlled Affiliates |
||||||||||||||||||||||||
Pre-Petition Intercompany Receipts |
Note 4 | | | | | | ||||||||||||||||||
Net Post-Petition Intercompany Receipts from / (Payables to) |
1 | | (0 | ) | | 0 | ||||||||||||||||||
Investments in Affiliates |
| | | | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Sub-TotalRecoveries From Controlled Affiliates |
1 | | (0 | ) | | 0 | ||||||||||||||||||
Operating Expenses |
| | | | | |||||||||||||||||||
Incentive Fees |
| | | | | |||||||||||||||||||
Estimated Taxes Payable |
Note 7 | | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
TOTAL CFO + OTHER RECEIPTS [B] |
$ | 1 | $ | | $ | (0 | ) | $ | | $ | 0 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
OTHER ADJUSTMENTS |
||||||||||||||||||||||||
(Less): Cash held for the benefit of third parties |
$ | (0 | ) | $ | | $ | | $ | | $ | (0 | ) | ||||||||||||
Plus/(Less): Plan Adjustments from/(to) Participatory Debtors |
| | | | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
TOTAL OTHER ADJUSTMENTS [C] |
$ | (0 | ) | $ | | $ | | $ | | $ | (0 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
ESTIMATED CASH AVAILABLE FOR DISTRIBUTIONS [A+B+C] |
$ | 2 | $ | 0 | $ | (0 | ) | $ | | $ | 2 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
Page 8
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
Debtor-Controlled Entities
($ in millions) | As of 10/3/19 |
Cash Activity 10/4/19 - 12/31/19 |
Estimate Changes |
Transfers, Reclassifications, Adjustments |
As of 12/31/19 |
|||||||||||||||||||
CASH AND INVESTMENTS |
||||||||||||||||||||||||
Reserves for Claims: |
||||||||||||||||||||||||
Disputed unsecured claims |
$ | | $ | | $ | | $ | | $ | | ||||||||||||||
Distributions on Allowed Claims (not remitted) |
| | | | | |||||||||||||||||||
Secured, Admin, Priority Claims and Other |
| | | | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
SubtotalReserves for Claims |
| | | | | |||||||||||||||||||
Reserves for Operating Expenses |
3 | (1 | ) | 1 | | 3 | ||||||||||||||||||
Reserves for Incentive Fees |
| | | | | |||||||||||||||||||
Other Reserves |
11 | | 4 | | 15 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total Cash & InvestmentsRestricted |
14 | (1 | ) | 5 | | 17 | ||||||||||||||||||
Total Cash & InvestmentsUnrestricted |
75 | 4 | (5 | ) | | 73 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
TOTAL CASH AND INVESTMENTS [A] |
$ | 88 | $ | 2 | $ | | $ | | $ | 91 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
CASH FLOW ESTIMATES |
||||||||||||||||||||||||
Net Receipts |
||||||||||||||||||||||||
Commercial Real Estate |
$ | 1 | $ | | $ | | $ | | $ | 1 | ||||||||||||||
Residential Real Estate and Other |
| (0 | ) | 0 | | | ||||||||||||||||||
Private Equity/Principal Investments |
34 | (5 | ) | 1 | | 30 | ||||||||||||||||||
Derivatives |
| | | | | |||||||||||||||||||
Other |
Note 2 | 3 | (0 | ) | 0 | | 3 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Sub-TotalNet Receipts |
38 | (5 | ) | 1 | | 34 | ||||||||||||||||||
Recoveries From Non-Controlled Affiliates |
Note 3 | |||||||||||||||||||||||
Europe (a) |
803 | (0 | ) | 94 | (0 | ) | 897 | |||||||||||||||||
Asia |
| | | | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Sub-TotalRecoveries From Non-Controlled Affiliates |
803 | (0 | ) | 94 | (0 | ) | 897 | |||||||||||||||||
Recoveries From Controlled Affiliates |
||||||||||||||||||||||||
Pre-Petition Intercompany Receipts |
Note 4 | | | | | | ||||||||||||||||||
Net Post-Petition Intercompany Receipts from / (Payables to) |
80 | (0 | ) | 3 | | 82 | ||||||||||||||||||
Investments in Affiliates |
2 | | (0 | ) | | 2 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Sub-TotalRecoveries From Controlled Affiliates |
82 | (0 | ) | 2 | | 84 | ||||||||||||||||||
Operating Expenses |
(3 | ) | 1 | (1 | ) | | (3 | ) | ||||||||||||||||
Incentive Fees |
| | | | | |||||||||||||||||||
Estimated Taxes Payable |
Note 7 | (2 | ) | | | | (2 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
TOTAL CFO + OTHER RECEIPTS [B] |
$ | 919 | $ | (4 | ) | $ | 96 | $ | (0 | ) | $ | 1,011 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
OTHER ADJUSTMENTS |
||||||||||||||||||||||||
(Less): Cash held for the benefit of third parties |
$ | | $ | | $ | | $ | | $ | | ||||||||||||||
Plus/(Less): Plan Adjustments from/(to) Participatory Debtors |
| | | | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
TOTAL OTHER ADJUSTMENTS [C] |
$ | | $ | | $ | | $ | | $ | | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
ESTIMATED CASH AVAILABLE FOR DISTRIBUTIONS [A+B+C] (b) |
$ | 1,007 | $ | (2 | ) | $ | 96 | $ | (0 | ) | $ | 1,101 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | The Company estimates that Debtor-Controlled Entities will collect approximately $0.9 billion of Recoveries from Non-Controlled Affiliates, primarily from Lehman Brothers Holdings Intermediate 2 Ltd (LBHI2). Estimate Changes include the impact of movements in foreign exchange rates during the period and other changes in estimates. |
(b) | Estimated Cash Available for Distributions from Debtor-Controlled Entities may include potential payments to third parties. |
Page 9
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
Estimated Future Recoveries By Debtor
The following schedules show the estimated remaining recoveries for each of LBHI, LBSF and LCPI by claim class, based on the Estimated Cash Available for Distributions in the preceding tables. The estimated remaining recoveries on the previous pages and the schedules below do not include (a) potential recoveries from the Excluded Litigations, and (b) estimates for potential allowed amounts of disputed claims.
($ in millions)
Lehman Brothers Holdings Inc.
Allowed Claims Eligible for Distributions (1) |
Estimated Remaining Recovery |
Estimated Remaining Recovery % as of 12.31.2019 |
Actual Recovery % Thru D19 |
Estimated End of Case Recovery % |
||||||||||||||||||
Class |
Designation |
$ | $ | A | B | = A + B | ||||||||||||||||
3 | Senior Unsecured |
$ | 82,542 | $ | 753 | 0.913 | % | 45.983 | % | 46.896 | % | |||||||||||
4A | Senior Affiliate Claims |
33,571 | 271 | 0.808 | % | 36.999 | % | 37.807 | % | |||||||||||||
4B | Senior Affiliate Guarantee |
10,463 | 83 | 0.790 | % | 36.103 | % | 36.893 | % | |||||||||||||
5 | Senior Third-Party Guarantee |
31,707 | 200 | 0.632 | % | 28.886 | % | 29.519 | % | |||||||||||||
7 | General Unsecured |
5,242 | 44 | 0.848 | % | 43.051 | % | 43.898 | % | |||||||||||||
8 | Derivative Affiliate / Affiliate Guarantee Claims |
451 | 3 | 0.743 | % | 33.992 | % | 34.735 | % | |||||||||||||
9A | Third Party Guarantee Derivatives |
18,261 | 109 | 0.594 | % | 27.191 | % | 27.785 | % | |||||||||||||
9B | Third Party Guarantee Derivatives RACERs |
| | 0.362 | % | 16.531 | % | 16.892 | % | |||||||||||||
10A | Subordinated Class 10A Claims |
3,399 | | | | | ||||||||||||||||
10B | Subordinated Class 10B Claims |
10,330 | | | | | ||||||||||||||||
10C | Subordinated Class 10C Claims |
1,493 | | | | | ||||||||||||||||
|
|
|
|
|||||||||||||||||||
Total | $ | 197,460 | $ | 1,465 | ||||||||||||||||||
|
|
|
|
Lehman Brothers Special Financing Inc.
Allowed Claims Eligible for Distributions (1) |
Estimated Remaining Recovery |
Estimated Remaining Recovery % as of 12.31.2019 |
Actual Recovery % Thru D19 |
Estimated End of Case Recovery % |
||||||||||||||||||
Class |
Designation |
$ | $ | A | B | = A + B | ||||||||||||||||
4A | GUC not Designated Entities |
$ | 19,675 | $ | 17 | 0.085 | % | 40.300 | % | 40.385 | % | |||||||||||
4B | GUC Designated Entities |
1,948 | 1 | 0.044 | % | 20.433 | % | 20.477 | % | |||||||||||||
5A | Affiliate Claims of LBHI |
15,173 | 14 | 0.090 | % | 40.885 | % | 40.975 | % | |||||||||||||
5B | Affiliate Claims of Participating Subs |
522 | 0 | 0.072 | % | 33.594 | % | 33.666 | % | |||||||||||||
5C | Affiliate claims |
1,689 | 1 | 0.085 | % | 39.799 | % | 39.884 | % | |||||||||||||
|
|
|
|
|||||||||||||||||||
Total | $ | 39,006 | $ | 34 | ||||||||||||||||||
|
|
|
|
Lehman Commercial Paper Inc.
Allowed Claims Eligible for Distributions (1) |
Estimated Remaining Recovery |
Estimated Remaining Recovery % as of 12.31.2019 |
Actual Recovery % Thru D19 |
Estimated End of Case Recovery % |
||||||||||||||||||
Class |
Designation |
$ | $ | A | B | = A + B | ||||||||||||||||
4A | GUC not Designated Entities |
$ | 1,539 | $ | 3 | 0.207 | % | 77.425 | % | 77.632 | % | |||||||||||
4B | GUC Designated Entities |
5,230 | 10 | 0.192 | % | 66.016 | % | 66.208 | % | |||||||||||||
5A | Affiliate Claims of LBHI |
13,738 | 33 | 0.241 | % | 81.792 | % | 82.032 | % | |||||||||||||
5B | Affiliate Claims of Participating Subs |
5 | 0 | 0.192 | % | 66.016 | % | 66.208 | % | |||||||||||||
5C | Affiliate claims |
4,822 | 10 | 0.207 | % | 70.967 | % | 71.174 | % | |||||||||||||
|
|
|
|
|||||||||||||||||||
Total | $ | 25,334 | $ | 55 | ||||||||||||||||||
|
|
|
|
Page 10
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
(1) | Estimated Recovery percentages are calculated based on recoveries of Allowed Claims Eligible for Distributions as reported on Exhibit D of the 19th Distribution Notice filed on September 26, 2019 [Docket No. 59954]. For purposes of this illustrative calculation only: |
a. | Allowed claims exclude (i) claims against LBHI satisfied in full through the combination of the primary obligor and guarantee distributions from LBHI, and (ii) previously Allowed Claims that have been withdrawn. |
b. | Disputed claims are assumed to be allowed at zero, and all cash reserves currently held on behalf of holders of disputed claims are assumed to be released for the benefit of all holders of Allowed Claims. |
c. | Allowed Claims Eligible for Distributions exclude Allowed Claims that each Debtor owns against itself. |
(2) | Through D19, the Debtors have made distributions to creditors totaling $127.9 billion, of which $95.0 billion were payments on account of claims owned or formerly owned by third party creditors. |
On April 2, 2020, the Debtors will make their twentieth Plan Distribution to creditors of $0.2 billion, of which $0.1 billion are payments on account of claims owned or formerly owned by third party creditors.
Page 11
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
III. Notes to the Cash Flow Estimates
Note 1 Basis of Presentation
Page 12
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
Note 1 Basis of Presentation (continued)
Page 13
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
Note 1 Basis of Presentation (continued)
Page 14
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
Note 2 Other Receipts
The following table summarizes the main components of Other Receipts as of December 31, 2019:
$ in millions |
LBHI | LCPI | LBSF | Debtor- Controlled Entities |
||||||||||||
Affiliate Claims (1) |
73 | | 3 | 0 | ||||||||||||
Other |
1 | | 2 | 6 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Assets |
74 | | 5 | 6 |
Note: Totals may not foot due to rounding.
(1) | Includes $76 million of claims against Non-Controlled Affiliates acquired through settlements with third parties valued at estimated recoveries, net of distributions. The largest component of Affiliate Claims is an admitted claim, prior to distributions, against Lehman Brothers Limited for £66 million. |
Page 15
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
Note 3 Due from/to Non-Controlled Affiliates
The following table presents, on an aggregate basis for Debtors and Debtor-Controlled Entities, admitted claims (including statutory interest to date), collections to date from Non-Controlled Affiliates, and aggregate estimated remaining recoveries (including statutory interest):
Estimated Recoveries (5) | ||||||||||||||||||||||||||||||||||||||||
$ in millions |
Local Currency |
Admitted Claims in Local Currency (2) |
Collections To Date in Local Currency (2) |
Admitted and Unsettled Filed Claims in USD (3) |
Collections To Date in USD (2) |
Net Receivables in USD (4) |
LBHI | Other Debtors |
Debtor- Controlled Entities |
Total | ||||||||||||||||||||||||||||||
Europe |
||||||||||||||||||||||||||||||||||||||||
Lehman Brothers Finance S.A. |
CHF | 10,153 | (2,056 | ) | 10,494 | (2,125 | ) | 8,369 | ||||||||||||||||||||||||||||||||
Lehman Brothers Holdings Intermediate 2 Ltd |
GBP | 871 | (871 | ) | 1,955 | (1,148 | ) | 807 | ||||||||||||||||||||||||||||||||
Thayer Properties Limited |
GBP | 172 | (82 | ) | 226 | (108 | ) | 118 | ||||||||||||||||||||||||||||||||
LB (PTG) Ltd |
GBP | 170 | (91 | ) | 224 | (120 | ) | 104 | ||||||||||||||||||||||||||||||||
LB ODC 3 |
GBP | 101 | (59 | ) | 133 | (78 | ) | 56 | ||||||||||||||||||||||||||||||||
Other |
2,402 | (2,323 | ) | 79 | ||||||||||||||||||||||||||||||||||||
Recoveries of Prior Guarantee Distributions (1) |
| | | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total Europe |
15,435 | (5,902 | ) | 9,533 | 319 | 0 | 897 | 1,215 | ||||||||||||||||||||||||||||||||
Asia |
||||||||||||||||||||||||||||||||||||||||
LB Commercial Corp. Asia Limited |
HKD | 14,769 | (9,118 | ) | 1,897 | (1,171 | ) | 726 | ||||||||||||||||||||||||||||||||
LB Asia Pacific (Singapore) PTE |
USD | 621 | (364 | ) | 621 | (364 | ) | 258 | ||||||||||||||||||||||||||||||||
LB Investments PTE Ltd |
USD | 536 | (335 | ) | 536 | (335 | ) | 201 | ||||||||||||||||||||||||||||||||
LB RE Australia Commerical PTY LTD |
AUD | 218 | (66 | ) | 153 | (46 | ) | 106 | ||||||||||||||||||||||||||||||||
LB Australia Holdings PTY LTD |
AUD | 145 | (63 | ) | 102 | (44 | ) | 58 | ||||||||||||||||||||||||||||||||
Lehman Brothers Australia Ltd |
AUD | 111 | (66 | ) | 78 | (47 | ) | 31 | ||||||||||||||||||||||||||||||||
Other |
11,046 | (11,004 | ) | 42 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total Asia |
14,433 | (13,010 | ) | 1,422 | 55 | | | 55 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total |
$ | 29,867 | $ | (18,912 | ) | $ | 10,955 | $ | 373 | $ | 0 | $ | 897 | $ | 1,270 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals may not foot due to rounding.
(1) | The Companys Estimated Recoveries include estimates for recoveries related to prior distributions on Allowed Guarantee Claims against LBHI that are or are expected to be satisfied in full. |
(2) | Admitted Claims in Local Currency, Collections to Date in Local Currency and Collections to Date in USD include statutory interest received to date less any distributions received on the claims prior to the assignments of the claims to LBHI and/or Debtor-Controlled Entities. |
(3) | Admitted and Unsettled Filed Claims in USD includes estimated recoveries on subordinated receivables and statutory interest. |
(4) | As of December 31, 2019, the Company wrote off $1.153 billion of Net Receivables related to counterparties from which the Company has estimated remaining recoveries that are de minimus. |
(5) | Refer to Note 1 Basis of Presentation herein for further information on the estimated recoveries from Non-Controlled Affiliates. |
(6) | Other claims against Lehman Brothers Finance S.A., Bankhaus, and LBIE acquired through settlements with third parties are included in Other Assets (refer to Note 2 Other Receipts for additional information). |
Page 16
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
Note 3 Due from/to Non-Controlled Affiliates (continued)
The table below presents the Due from/to Non-Controlled Affiliates balances as of December 31, 2019, and the related activity since the previously filed Quarterly Financial Report as of October 3, 2019:
Activity 10/4/19 - 12/31/19 | ||||||||||||||||||||||||
$ in millions | As of October 3, 2019 |
Cash Receipts | Cash Distributions |
Claim Assignments |
Other (1) | As of December 31, 2019 |
||||||||||||||||||
Due From Non-Controlled |
||||||||||||||||||||||||
Debtors: |
||||||||||||||||||||||||
Lehman Brothers Holdings Inc. |
$ | 10,949 | $ | (30 | ) | $ | | $ | | $ | (783 | ) | $ | 10,136 | ||||||||||
Lehman Commercial Paper Inc. |
1 | | | | 0 | 1 | ||||||||||||||||||
Lehman Brothers Special Financing Inc. |
0 | | | | (0 | ) | (0 | ) | ||||||||||||||||
Debtor-Controlled |
737 | | | | 81 | 818 | ||||||||||||||||||
Due To Non-Controlled (2) |
||||||||||||||||||||||||
Debtors: |
||||||||||||||||||||||||
Lehman Brothers Holdings Inc. |
$ | 28,885 | $ | | $ | | $ | | $ | | $ | 28,885 | ||||||||||||
Lehman Commercial Paper Inc. |
435 | | | | | 435 | ||||||||||||||||||
Lehman Brothers Special Financing Inc. |
772 | | | | (0 | ) | 772 | |||||||||||||||||
Debtor-Controlled |
29 | | | | | 29 |
(1) | Other primarily includes the write-off of $1.153 billion of allowed claims (net of distributions received) in Due from Non-Controlled Affiliates related to counterparties from which the Company has estimated remaining recoveries that are de minimus, partially offset by $422 million of positive movements in foreign exchange rates during the period calculated on the historical net receivable balances. |
(2) | Due to Non-Controlled balances from Debtors are included in Liabilties Subject to Compromise herein. |
Page 17
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
Note 3 Due from/to Non-Controlled Affiliates (continued)
The following table presents a summary of Due from/to Non-Controlled Affiliates balances for Debtors as of December 31, 2019:
LBHI | LBSF | LCPI | ||||||||||||||||||||||
$ in millions |
Due from | Due to | Due from | Due to | Due from | Due to | ||||||||||||||||||
Europe |
||||||||||||||||||||||||
Lehman Brothers Treasury Co B.V. (1) |
$ | | $ | (12,361 | ) | $ | | $ | | $ | | $ | | |||||||||||
Lehman Brothers Finance S.A. |
8,369 | (671 | ) | | | | | |||||||||||||||||
Thayer Properties Limited |
118 | | | | | (0 | ) | |||||||||||||||||
LB (PTG) Ltd |
104 | | | | | | ||||||||||||||||||
Lehman Brothers Limited |
1 | (232 | ) | | (2 | ) | | (1 | ) | |||||||||||||||
Lehman Brothers International (Europe) (2) |
73 | (651 | ) | | (519 | ) | | | ||||||||||||||||
Eldon Street Holdings Limited |
| (20 | ) | | | | (0 | ) | ||||||||||||||||
LB Holdings Intermediate 2 Ltd |
| (196 | ) | | | | | |||||||||||||||||
Wood Street Investments Ltd |
| (174 | ) | | | | | |||||||||||||||||
Storm Funding Ltd |
(0 | ) | (113 | ) | | (3 | ) | | (32 | ) | ||||||||||||||
Asia |
||||||||||||||||||||||||
LB Commercial Corp. Asia Limited |
726 | | | | | (1 | ) | |||||||||||||||||
LB Asia Pacific (Singapore) PTE |
258 | | | | | | ||||||||||||||||||
LB Investments PTE Ltd |
201 | | | | | | ||||||||||||||||||
Other |
||||||||||||||||||||||||
Claims held by third parties (3) |
| (14,369 | ) | | (180 | ) | | (377 | ) | |||||||||||||||
Other |
285 | (98 | ) | (0 | ) | (67 | ) | 1 | (25 | ) | ||||||||||||||
Totals may not foot due to rounding. |
(1) | LBT is included in the defined term Non-Controlled Affiliates, but LBHI has no direct or indirect equity interest in LBT. |
(2) | LBHI owns allowed claims against LBIE in the aggregate face amount of £646 million. |
(3) | Claims held by third parties represent claims against Debtors, net of distributions, originally held by Non-Controlled Affiliates, according to their respective settlement agreements with the Company, that are currently held by third parties, including: |
($ in millions) | ||||||||||||
Original creditor |
LBHI | LBSF | LCPI | |||||||||
Lehman Brothers Treasury CO BV |
$ | (6,600 | ) | $ | | $ | | |||||
Lehman Brothers Bankhaus A.G. |
(4,721 | ) | (102 | ) | (251 | ) | ||||||
Lehman Brothers Securities NV |
(484 | ) | (43 | ) | | |||||||
Storm Funding Ltd |
(501 | ) | | | ||||||||
LUK |
(440 | ) | ||||||||||
LB Asia Capital Company |
(391 | ) | | | ||||||||
Eldon Street Holdings Limited |
(385 | ) | | | ||||||||
Lehman Re Limited |
(274 | ) | (15 | ) | (86 | ) | ||||||
LB Securities Asia Limited |
(124 | ) | | | ||||||||
Lehman Brothers Asia Limited |
(117 | ) | | | ||||||||
Lehman Brothers Futures Asia Limited |
(55 | ) | | | ||||||||
Lehman Brothers Asia Holdings Limited |
| (20 | ) | (40 | ) | |||||||
LB (Luxembourg) Equity Finance S.A. |
(85 | ) | ||||||||||
Lehman Brothers International (Europe) |
(53 | ) | ||||||||||
Other |
(138 | ) | | | ||||||||
|
|
|
|
|
|
|||||||
Total Claims held by third parties |
$ | (14,369 | ) | $ | (180 | ) | $ | (377 | ) | |||
|
|
|
|
|
|
Page 18
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
Note 3 Due from/to Non-Controlled Affiliates (continued)
Page 19
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
Note 4 Due from/to Debtors and Debtor-Controlled Entities
The table below presents the Due from/to Debtors and Debtor-Controlled Entities balances as of December 31, 2019, and the related activity since the previously filed Quarterly Financial Report as of October 3, 2019:
Activity 10/4/19 - 12/31/19 | ||||||||||||||||||||||||
As of October | Cash | Claim | As of December | |||||||||||||||||||||
$ in millions | 3, 2019 | Cash Receipts | Distributions | Assignments | Other (1) | 31, 2019 | ||||||||||||||||||
Due From Controlled |
||||||||||||||||||||||||
Debtors: |
||||||||||||||||||||||||
Lehman Brothers Holdings Inc. |
$ | 18,892 | $ | | $ | | $ | 3 | $ | 18,895 | ||||||||||||||
Lehman Commercial Paper Inc. |
6,659 | | | (747 | ) | 5,912 | ||||||||||||||||||
Lehman Brothers Special Financing Inc. |
1,014 | | | (0 | ) | 1,014 | ||||||||||||||||||
Debtor-Controlled |
0 | 0 | 0 | |||||||||||||||||||||
Due To Controlled (2) |
||||||||||||||||||||||||
Debtors: |
||||||||||||||||||||||||
Lehman Brothers Holdings Inc. |
$ | 3,789 | $ | | | $ | (0 | ) | $ | 3,789 | ||||||||||||||
Lehman Commercial Paper Inc. |
2,910 | | | $ | | 2,910 | ||||||||||||||||||
Lehman Brothers Special Financing Inc. |
10,030 | | | $ | 0 | 10,030 | ||||||||||||||||||
Debtor-Controlled |
9,300 | (745 | ) | 8,556 |
(1) | Other includes debt forgiveness of $747 million related to the wind down of a Debtor-Controlled Entity. |
(2) | Due to Controlled balances from Debtors are included in Liabilities Subject to Compromise herein. |
Page 20
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
Note 4 Due from/to Debtors and Debtor-Controlled Entities (continued)
The following table presents a summary of Due from/to Debtors and Debtor-Controlled Entities balances for Debtors as of December 31, 2019:
LBHI | LBSF | LCPI | ||||||||||||||||||||||
$ in millions |
Due from | Due to | Due from | Due to | Due from | Due to | ||||||||||||||||||
Lehman Brothers Holdings Inc |
$ | | $ | | $ | 828 | $ | (10,030 | ) | $ | 2,961 | $ | (2,733 | ) | ||||||||||
LB Special Financing Inc |
10,030 | (828 | ) | | | 0 | (177 | ) | ||||||||||||||||
Lehman Commercial Paper Inc |
2,733 | (2,961 | ) | 177 | | | | |||||||||||||||||
RACERS Claims (1) |
536 | | | | | | ||||||||||||||||||
Lehman Ali Inc: |
||||||||||||||||||||||||
Lehman Ali Inc (PCO) |
| | | | 1,928 | | ||||||||||||||||||
LB I Group Inc: |
||||||||||||||||||||||||
LB I Group Inc (PCO) |
1,520 | | 6 | | 43 | | ||||||||||||||||||
LB Offshore Partners Ltd |
339 | | | | 1 | | ||||||||||||||||||
314 Commonwealth Ave Inc: |
||||||||||||||||||||||||
314 Commonwealth Ave Inc (PCO) |
785 | (0 | ) | | | | | |||||||||||||||||
Other: |
||||||||||||||||||||||||
Pami Ali LLC |
1,754 | 0 | 1 | | 980 | | ||||||||||||||||||
Real Estate Private Equity Inc |
625 | | | | | | ||||||||||||||||||
SMF No.1 Limited |
126 | | | | | | ||||||||||||||||||
Repe LBREP LP, LLC |
184 | | | | | | ||||||||||||||||||
Other |
262 | (0 | ) | 1 | | | |
PCO parent company only
(1) | Refer to Section IV.I.b of the Disclosure Statement for further information on the RACERS Claims. |
Page 21
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
Note 4 Due from/to Debtors and Debtor-Controlled Entities (continued)
The following table presents a summary of Due from/to Affiliates balances for Debtor-Controlled Entities as of December 31, 2019:
314 Commonwealth | Other Debtor-Controlled | |||||||||||||||||||||||||||||||
Lehman ALI Inc. | LB I Group Inc. | Ave. Inc. | Entities | |||||||||||||||||||||||||||||
$ in millions | Due from | Due to | Due from | Due to | Due from | Due to | Due from | Due to | ||||||||||||||||||||||||
Debtors: |
||||||||||||||||||||||||||||||||
Lehman Brothers Holdings Inc. |
$ | | $ | | $ | | $ | (1,860 | ) | $ | | $ | (785 | ) | $ | 0 | $ | (2,927 | ) | |||||||||||||
Lehman Commercial Paper Inc. |
| (1,928 | ) | | (43 | ) | | | | (980 | ) | |||||||||||||||||||||
Lehman Brothers Special Financing Inc. |
| | | (6 | ) | | | | (1 | ) | ||||||||||||||||||||||
Debtor-Controlled: |
||||||||||||||||||||||||||||||||
314 Commonwealth Ave Inc |
$ | 45 | $ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||||
Lehman Ali Inc (1) |
| | | | | (45 | ) | 174 | | |||||||||||||||||||||||
Real Estate Private Equity Inc (1) |
| | | | | | 217 | (2 | ) | |||||||||||||||||||||||
LB I Group Inc. |
| | | | | | | (319 | ) | |||||||||||||||||||||||
Pami ALI LLC |
| (174 | ) | 292 | | | | 1 | (217 | ) | ||||||||||||||||||||||
Other |
| (0 | ) | 28 | (25 | ) | (0 | ) | 0 | 2 | (2 | ) | ||||||||||||||||||||
Non-Controlled Affiliates: (2) |
||||||||||||||||||||||||||||||||
Lehman Brothers Holdings Intermediate 2 Ltd |
$ | | $ | | $ | | $ | | $ | | $ | | $ | 807 | $ | | ||||||||||||||||
Other |
(0 | ) | | 0 | (1 | ) | | | 10 | (27 | ) |
(1) | Due from balances at Other Debtor-Controlled Entities are related to receivables recorded by Pami ALI LLC. |
(2) | Certain Due from balances are recorded in the local currency of the respective Non-Controlled Affiliates and as a result, balances may fluctuate as a result of changes in foreign exchange rates. Due from/to Affiliates balances include both settled and unresolved balances with Non-Controlled Affiliates. |
Page 22
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
Note 5 Disputed Claims
The table below presents the remaining Disputed Claims by Debtor, by Class and by Primary Obligor as of December 31, 2019:
$ in millions | ||||||||||||||||||||
Debtor/Class |
Total Number of Filed Claims |
Number of Unliquidated Claims |
Total Filed Amount |
Estimate of Disputed Claims for Reserve Purposes (2) |
Total Cash Reserves for Disputed Claims (3) |
|||||||||||||||
Lehman Brothers Holdings Inc. |
||||||||||||||||||||
Administrative |
2 | 2 | $ | | $ | | $ | | ||||||||||||
1 Priority Non-Tax |
1 | 1 | | | | |||||||||||||||
2 Secured |
1 | 1 | 6 | | | |||||||||||||||
5 Senior Third-Party Guarantee (1) |
2 | | 8 | 5 | 0 | |||||||||||||||
LB UK Capital Funding II |
1 | | 0 | 0 | 0 | |||||||||||||||
LBIE |
1 | | 8 | 5 | 0 | |||||||||||||||
9A Third Party Guarantee other than of the RACERS Trusts (1) |
68 | 4 | 1,124 | 810 | 26 | |||||||||||||||
LBIE |
64 | 1 | 1,062 | 748 | 20 | |||||||||||||||
LBSF |
3 | 3 | | | | |||||||||||||||
LBF |
1 | | 62 | 62 | 5 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TotalLehman Brothers Holdings Inc. |
74 | 8 | $ | 1,138 | $ | 815 | $ | 26 | ||||||||||||
Lehman Brothers Special Financing Inc. |
||||||||||||||||||||
4A General Unsecured Claims other than those of Designated Entities |
3 | 3 | $ | | $ | | $ | | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
TotalLehman Brothers Special Financing Inc. |
3 | 3 | $ | | $ | | $ | |
(1) | The Disputed Claims relate to asserted guarantee obligations related to the primary obligor. |
(2) | Certain Claims have been estimated at less than filed amounts, for reserve purposes only, as agreed through stipulation or settlement agreement or pursuant to Court order. Unless otherwise agreed to or ordered by the Court, there is no reserve for unliquidated Claims. |
(3) | In addition to cash, assets are being maintained as reserves for certain claims pursuant to agreements with creditors and/or Bankruptcy Court order. |
Page 23
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
Note 6 Legal Proceedings
The Company is involved in or will be impacted by a number of judicial, regulatory and mediation proceedings concerning matters arising in connection with the bankruptcy proceedings and various other matters, including the proceedings listed below. The Company has not included in the December 31, 2019 Cash Flow Estimates any estimate of recoveries for the Excluded Litigations in the table shown below, but has included estimates of recoveries for all other affirmative litigation matters it is pursuing. The Company is not aware of any other litigation matters where the amount at issue exceeds $10 million. As more information becomes available, the Company may record revisions, which may be material, in future Quarterly Financial Reports. (See Note 1Basis of PresentationLitigation for further discussion on the impact of these litigations on the cash flow estimates.)
EXCLUDED LITIGATIONS |
||||||||||
Counterparty |
Debtor(s) |
Commenced |
Court |
Court Reference |
Most Recent | |||||
Mortgage Sellers |
LBHI | Various | Various | Various | (a) | |||||
Bank of America National Association et al. (SPV Avoidance Actions) |
LBSF | September 2010 | Bankruptcy Court | 10-03547 (SCC) | (b) | |||||
Ballyrock ABS CDO 2007-1 Limited Wells Fargo Bank N.A. (Ballyrock Litigation) |
LBSF | February 2009 | Bankruptcy Court | 09-01032 (SCC) | (b) |
OTHER LITIGATIONS |
||||||||
Counterparty |
Controlled Entities Party to Litigation |
Debtor(s) Potentially Impacted by Litigation |
Court |
Most Recent | ||||
PLC, LBHI2, LB GP No. 1 Ltd, Deutsche Bank (ECAPs) |
LBHI SLP3 | LBHI | UK Court | (c) | ||||
Guarantee Claims For Which LBIE Is The Primary Obligor |
LBHI | LBHI | Bankruptcy Court | (d) | ||||
LBIE Other |
None | LBHI | Various | (e) | ||||
LBF GuaranteeEnasarco |
None | LBHI | Swiss Court | April 5, 2018 Balance Sheets - Docket No. 58442 | ||||
Guarantee Clawbacks |
LBHI | LBHI | Bankruptcy Court | (f) | ||||
Trilantic |
LB 1 Group and others | LBHI | NY State Supreme Court | (g) | ||||
LBT Clawbacks |
LBHI | LBHI | Bankruptcy Court | (h) | ||||
Sweetwater |
LBHI | LBHI | Delaware Chancery Court | (i) |
Page 24
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
Note 6 Legal Proceedings (continued)
Page 25
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
Note 6 Legal Proceedings (continued)
Page 26
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
Note 6 Legal Proceedings (continued)
Page 27
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
Note 6 Legal Proceedings (continued)
Page 28
|
||||
Quarterly Financial Report as of December 31, 2019 (Unaudited)
Page 29
|
||||
IV. Balance Sheets
LEHMAN BROTHERS HOLDINGS INC. and Other Debtors and Debtor-Controlled Entities
Balance Sheets As of December 31, 2019
(Unaudited)
Lehman | ||||||||||||||||||||||||||||||||
Brothers | Lehman | |||||||||||||||||||||||||||||||
Lehman | Special | Lehman | Brothers OTC | |||||||||||||||||||||||||||||
Brothers | Financing | Commercial | BNC Mortgage | Derivatives | Total Debtor- | |||||||||||||||||||||||||||
Holdings Inc. | Inc. | Paper Inc. | LLC | Inc. | Total Debtor | Controlled | Total | |||||||||||||||||||||||||
($ in millions) |
08-13555 | 08-13888 | 08-13900 | 09-10137 | 08-13893 | Entities (1) | Entities (2) | Company | ||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||||||
Cash and short-term investments |
$ | 23 | $ | 7 | $ | 2 | $ | 2 | $ | 0 | $ | 34 | $ | 73 | $ | 107 | ||||||||||||||||
Cash and short-term investments pledged or restricted |
233 | 10 | 4 | 0 | 0 | 247 | 17 | 264 | ||||||||||||||||||||||||
Financial instruments and other inventory positions: |
||||||||||||||||||||||||||||||||
Commercial Real Estate |
| | 3 | | | 3 | 1 | 5 | ||||||||||||||||||||||||
Residential Real Estate and Other |
2 | | 2 | | | 4 | 0 | 4 | ||||||||||||||||||||||||
Principal investments |
3 | | | | | 3 | 30 | 33 | ||||||||||||||||||||||||
Derivative Receivables and Related Assets |
| 7 | | | | 7 | | 7 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Financial instruments and other inventory positions |
5 | 7 | 6 | | | 18 | 32 | 49 | ||||||||||||||||||||||||
Receivables from Debtors and Debtor-Controlled Entities and other assets |
160 | 5 | 0 | 0 | | 166 | 91 | 256 | ||||||||||||||||||||||||
Investments in Affiliates |
(27,707 | ) | | 1 | | | (27,706 | ) | (20,147 | ) | (47,853 | ) | ||||||||||||||||||||
Due from Affiliates: |
||||||||||||||||||||||||||||||||
Debtors and Debtor- Controlled Entities |
18,895 | 1,014 | 5,912 | | | 25,821 | 0 | 25,821 | ||||||||||||||||||||||||
Non-Controlled Affiliates |
10,136 | (0 | ) | 1 | | | 10,137 | 818 | 10,955 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Due from Affiliates |
29,031 | 1,014 | 5,913 | | | 35,957 | 818 | 36,776 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Assets |
$ | 1,744 | $ | 1,043 | $ | 5,926 | $ | 2 | $1 | $ | 8,716 | $ | (19,116 | ) | $ | (10,400 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Liabilities and Stockholders Equity |
||||||||||||||||||||||||||||||||
Liabilities |
||||||||||||||||||||||||||||||||
Payables to Debtors and Debtor-Controlled Entities and other liabilities |
$ | 106 | $ | 1 | $ | 3 | $ | 0 | $ | 0 | $ | 111 | $ | 8 | $ | 118 | ||||||||||||||||
Due to Affiliates: |
||||||||||||||||||||||||||||||||
Debtor-Controlled Entities |
$ | 0 | | | | | 0 | 8,556 | 8,556 | |||||||||||||||||||||||
Non-Controlled Affiliates |
| | | | | | 29 | 29 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Due to Affiliates |
0 | | | | | 0 | 8,584 | 8,584 | ||||||||||||||||||||||||
Taxes Payable |
34 | | 5 | | | 39 | 2 | 41 | ||||||||||||||||||||||||
Liabilities Subject to Compromise |
135,306 | 22,704 | 4,404 | | (0 | ) | 162,414 | (0 | ) | 162,414 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Liabilities |
135,445 | 22,705 | 4,413 | 0 | 0 | 162,564 | 8,594 | 171,157 | ||||||||||||||||||||||||
Stockholders Equity |
(133,701 | ) | (21,662 | ) | 1,513 | 2 | 0 | (153,848 | ) | (27,709 | ) | (181,557 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Liabilities and Stockholders Equity |
$ | 1,744 | $ | 1,043 | $ | 5,926 | $ | 2 | $1 | $ | 8,716 | $ | (19,116 | ) | $ | (10,400 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Balance Sheets
Note: All values that are exactly zero are shown as . Values between zero and $500,000 appear as 0.
(1) | Balances for Debtors do not reflect the impact of eliminations of intercompany balances and investments in subsidiaries. |
(2) | Certain Debtor-Controlled Entities Balance Sheets are presented on page 31. |
(3) | On December 27, 2019, LBHI and LCPI executed a sale and purchase agreement pursuant to which LBHI agreed to purchase LCPIs remaining assets and certain obligations for total consideration of $63.2 million. On December 20, 2019, LBHI and LBSF executed a sale and purchase agreement pursuant to which LBHI agreed to purchase LBSFs Allowed Claims into LBHI for total consideration of $17.7 million. These transactions were effective in January 2020, and thus not reflected in the table above. |
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LEHMAN BROTHERS HOLDINGS INC. and Other Debtors and Debtor-Controlled Entities
Balance Sheets As of December 31, 2019 (Debtor-Controlled Entities)
(Unaudited)
314 | Debtor - | |||||||||||||||||||||||||||||||||||||||
Property Asset | Common- | Other Debtor- | Controlled | Total Debtor- | ||||||||||||||||||||||||||||||||||||
Lehman ALI | Management | LB I Group Inc. | Lehman Brothers | PAMI Holdings | wealth Ave | PAMI ALI | Controlled | Group Elims | Controlled | |||||||||||||||||||||||||||||||
($ in millions) |
Inc. (2) | Inc. (3) | (3) | Bancorp Inc. (3) | LLC | Inc. (3) | LLC | Entities | (1) | Entities | ||||||||||||||||||||||||||||||
Assets |
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Cash and short-term investments |
$ | 0 | $ | 0 | $ | 1 | $ | 3 | $ | 0 | $ | 0 | $ | 5 | $ | 64 | $ | | $ | 73 | ||||||||||||||||||||
Cash and short-term investments pledged or restricted |
(0 | ) | 0 | 6 | | | | 0 | 11 | | 17 | |||||||||||||||||||||||||||||
Financial instruments and other inventory positions: |
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Commercial Real Estate |
| 1 | | | | | (0 | ) | 0 | | 1 | |||||||||||||||||||||||||||||
Residential Real Estate and Other |
| 0 | 0 | | | | | | | 0 | ||||||||||||||||||||||||||||||
Principal investments |
0 | | 9 | | | | 0 | 21 | | 30 | ||||||||||||||||||||||||||||||
Derivative Receivables and Related Assets |
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Total Financial instruments and other inventory positions |
0 | 1 | 9 | | | | 0 | 21 | | 32 | ||||||||||||||||||||||||||||||
Receivables from Debtors and Debtor-Controlled Entities and other assets |
0 | 0 | 1 | 69 | 0 | 2 | 0 | 32 | (13 | ) | 91 | |||||||||||||||||||||||||||||
Investments in Affiliates |
(25,209 | ) | | | 2 | | 0 | | 0 | 5,060 | (20,147 | ) | ||||||||||||||||||||||||||||
Due from Affiliates: |
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Debtors and Debtor- Controlled Entities |
45 | | 319 | | | (0 | ) | 390 | 3 | (758 | ) | 0 | ||||||||||||||||||||||||||||
Non-Controlled Affiliates |
(0 | ) | | 0 | | 1 | | (0 | ) | 817 | | 818 | ||||||||||||||||||||||||||||
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Total Due from Affiliates |
45 | | 319 | | 1 | (0 | ) | 390 | 820 | (758 | ) | 818 | ||||||||||||||||||||||||||||
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Total Assets |
$ | (25,164 | ) | $1 | $ | 337 | $ | 74 | $ | 2 | $ | 2 | $ | 396 | $ | 948 | $4,289 | $ | (19,116 | ) | ||||||||||||||||||||
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Liabilities and Stockholders Equity |
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Liabilities |
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Payables to Debtors and Debtor-Controlled Entities and other liabilities |
$ | 0 | $ | 0 | $ | 0 | $ | (0 | ) | $ | 0 | $ | (0 | ) | $ | 0 | $ | 220 | $ | (213 | ) | $ | 8 | |||||||||||||||||
Due to Affiliates: |
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Debtor-Controlled Entities |
2,102 | | 1,934 | | | 830 | 3,028 | 1,419 | (758 | ) | 8,556 | |||||||||||||||||||||||||||||
Non-Controlled Affiliates |
| | 1 | | | | | 27 | | 29 | ||||||||||||||||||||||||||||||
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Total Due to Affiliates |
2,102 | | 1,936 | | | 830 | 3,028 | 1,446 | (758 | ) | 8,584 | |||||||||||||||||||||||||||||
Taxes Payable |
| | 2 | | | | | | | 2 | ||||||||||||||||||||||||||||||
Liabilities Subject to Compromise |
| | | | | | | (0 | ) | | (0 | ) | ||||||||||||||||||||||||||||
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Total Liabilities |
2,102 | 0 | 1,938 | (0 | ) | 0 | 830 | 3,028 | 1,666 | (970 | ) | 8,594 | ||||||||||||||||||||||||||||
Stockholders Equity |
(27,265 | ) | 1 | (1,601 | ) | 74 | 2 | (828 | ) | (2,632 | ) | (719 | ) | 5,259 | (27,709 | ) | ||||||||||||||||||||||||
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Total Liabilities and Stockholders Equity |
$ | (25,164 | ) | $1 | $ | 337 | $ | 74 | $ | 2 | $ | 2 | $ | 396 | $ | 948 | $4,289 | $ | (19,116 | ) | ||||||||||||||||||||
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See accompanying Notes to Balance Sheets
Note: All values that are exactly zero are shown as . Values between zero and $500,000 appear as 0.
(1) | Balances reflect the impact of eliminations of (i) intercompany balances only between Debtor-Controlled Entities and (ii) investments in subsidiaries only between Debtor-Controlled Entities. |
(2) | Lehman Ali Inc is reflected on a consolidated basis, excluding (i) separately reported wholly-owned subsidiaries that are Debtor entities (e.g. LCPI, and LBSF) and (ii) separately reported Debtor-Controlled Entities and their direct subsidiaries (e.g. 314 Commonwealth Ave Inc., Property Asset Management Inc. and Pami ALI LLC). |
(3) | Entities are reflected on a consolidated basis. |
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