On 9 November 2012 the Joint Administrators announced their intention to:
The deadline for creditors wishing to participate in either the “catch up” dividend or the SCSO payment is 31 January 2013. For further information on each, please see below.
“Catch up” unsecured dividend
The “catch up” unsecured dividend of 25.2% is available to creditors who missed the 2 November 2012 deadline for participating in the first interim dividend and whose unsecured claims have since been admitted.
To be eligible to receive a “catch up” dividend in February 2013, unsecured creditors must have met the following conditions by 31 January 2013:
SCSO
The SCSO is available to any creditor whose agreed claim does not exceed £150,000 (or who wishes to cap their claim at this level) and who has not received the first interim dividend. In full and final settlement of their claim, LBIE is offering to pay such creditors 90% of their agreed claim amount, up to a maximum payment of £135,000 (being 90% of £150,000).
Please note the SCSO is available to Client Money claimants who, as part of accepting the SCSO, agree to relinquish their Client Money claim by waiving it or assigning it to a nominee of LBIE.
SCSO payments will also be made in February 2013 and therefore creditors wishing to participate in the SCSO must by 31 January 2013:
Creditors who have not already advised LBIE that they wish to participate in the SCSO are advised to register their interest as soon as possible. This can be done by either:
Further information is available in the SCSO Frequently Asked Questions.
Should you have any queries regarding the SCSO please email smallclaimsoffer@lbia-eu.com. For all other queries relating to the content of this update please contact your existing LBIE contact or the Communications and Counterparty Management team at unsecuredcreditors@lbia-eu.com.
Please note that submission of a valid Proof of Debt does not guarantee that the claim will be capable of agreement prior to the 31 January 2013 deadline.
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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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