As an update to the notification of the extension of the period for response to the consensual proposal to facilitate the return of the Omnibus recovery on the 26/03/2013, the Joint Administrators are very pleased to announce that responses in favour of the proposal that have been received via the Portal have exceeded the required thresholds in respect of both the Resolution to amend the Claim Resolution Agreement and the Omnibus Settlement Agreement.
All responses have been in favour and on a combined basis are presently in excess of 90% of the aggregate of best claims with around 1% of the aggregate best claim value subject to an Information Pack Challenge. There have been no votes against.
The Administrators would encourage those that have not yet done so to accept the proposal. They believe that the very strong uptake reflects the fact that this is an attractive and appropriate commercial resolution to the distribution of the omnibus proceeds to be received from LBI. Although the threshold for passing the Resolution has been met, remaining CRA Omnibus Beneficiaries are encouraged to vote and are reminded that if they wish to dispute the values contained in their Information Pack, they need to vote and upload the required information in relation to the dispute onto the Portal prior to midday New York time on 2 April, 2013. Pursuant to the terms of the proposal, those values will be binding unless disputed at the time of voting.
The proposal remains open for acceptance by customers who have not yet done so until 2 April 2013, midday New York time. There will be no further extension of the period for responses beyond that time.
If you have any queries in relation to the content of this update, please call your existing LBIE contact or send an email to generalqueries@lbia-eu.com.
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Lehman Brothers filed for bankruptcy in the US courts on 15 September 2008. PwC were appointed as administrators, on the largest insolvency in history.
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