The former bankruptcy trustees of Lehman Brothers Treasury Co BV (LBT) have published their first liquidation report.
When the composition plan (which was offered by bankruptcy trustees Rutger Schimmelpenninck and Frédéric Verhoeven to Lehman creditors) became effective, LBT emerged from bankruptcy and was put into voluntary liquidation under Dutch law. As a result, the two trustees of law firm Houthoff Buruma were appointed as liquidators.
SRP has registered 1,023 structured notes issued via Lehman Brothers across all databases and another 134 products which list the demised investment bank as the third party issuer.
The report stated that LBT's main asset is an allowed claim against Lehman Brothers Holding Inc (LBHI) of $34.5bn. To date, LBT has received three payments from LBHI totalling $4.03bn, with further payments expected later this month.
LBT was incorporated for the financing of the business activities of the Lehman Brothers Group by issuing financial instruments - in particular structured notes - to institutional and retail investors.
Click here to read the first LBT liquidation report.
Click here to read the final list of LBT note valuations.
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