Client Money Update - Registration for Client Money Proposal Now Passed - 10/06/10

This update is to inform Pre-Administration Client Money claimants that the registration deadline for claimants who wished to be considered for the Client Money Proposal has now passed.  Over the past weeks, LBIE received hundreds of submissions from claimants indicating that they would like the Joint Administrators to consider making a payment to them under the terms of the Client Money Proposal. 

The Joint Administrators have already commenced reviewing submissions of intentions to participate in the Proposal and are emailing those Eligible Client Money Claimants with appropriate documentation to swiftly move the application process forward.  If you have received a Client Form (by email) from LBIE, we encourage you to fill in the necessary information and return by email to clientpositionresponses@lbia-eu.com as soon as possible so that we are able to process your Client Form and send out your form of agreement in time for you to meet the 30 June 2010 deadline for submission of your executed form of agreement.

Should you have any queries regarding your claim and/or the process, please contact LBIE’s Communications and Counterparty Management (“CCM”) team at clientpositionresponses@lbia-eu.com.  In addition, with respect to Eligible Client Money Claimants who did not submit their Proposal intention within the required deadline (i.e. by 9 June 2010), please contact the CCM team to discuss your individual situation.

By way of background, on 8 April 2010, the Joint Administrators made a proposal indicating that the Administration would consider paying certain smaller Pre-Administration Client Money entitlements (up to a maximum of USD 10,000 (ten thousand US dollars)) in full now (the “Client Money Proposal”).  More information is available in the Client Money Update of 8 April 2010 and in the Client Money Proposal Frequently Asked Questions . The full Client Money Proposal and Client Money Statements- Post Court Directions are available on the Client Information Portal (the “Portal”).   Click here to log on to the Portal .

As always, the Joint Administrators will continue to communicate with you through this website on all matters relating to the administration of LBIE.