Client money & assets update - Scheme of Arrangement Letter 26/06/2009

On the 26th of June, the Joint Administrators wrote to clients who, from LBIE's records, it appears may have a claim to certain client assets.

The letter relates to a proposed scheme of arrangement (the 'Scheme') to return certain client assets to clients who have claims to those assets and who may therefore be Scheme creditors. It provides information about i) the purpose of the Scheme and ii) the proposed valuation date for voting purposes of the 30th of June 2009.

Click here to review a generic copy of the letter.

For additional information on the proposed Scheme, see Section 5.3.1 of the Joint Administrators Progress Report dated 14 April 2009.
http://www.pwc.co.uk/assets/pdf/lbie-progress-report-140409.pdf

The letter was not sent to all LBIE counterparties as not all LBIE creditors will be Scheme creditors. However if you believe you have a claim to client assets and do not receive this letter by the 6th of July, please contact us through the newly designated Scheme mailbox generalqueries@lbia-eu.com , re-confirming your postal address at the same time. If you have received your hard copy letter there is no further action required of you at this time.

Please note that by sending this letter to certain creditors, the joint Administrators are not making any representation or warranty that any recipient is in fact entitled to make any claim, or that they will be a Scheme creditor, or if so, what amount of client assets (if any) they will ultimately receive.

Please direct any questions regarding the information contained in this update to generalqueries@lbia-eu.com