Creditors update - LBHI Bar Date Notification 10/06/09

Motion for a bar date of 24 August 2009 for claims to be filed against Lehman Brothers Holdings Inc ("LBHI") and certain other US Lehman Brothers entities in chapter 11

The Joint Administrators of Lehman Brothers International (Europe) (in administration) ("LBIE") understand that a motion has been filed by Weil, Gotshal & Manges LLP with the US Bankruptcy Court requesting that an order be made (the "Bar Date Order") for a bar date of 24 August 2009 to be set for filing proofs of claim against LBHI (including those claims based on guarantees and other promises made by LBHI), as well as a number of other US Lehman Brothers entities in chapter 11.  If granted, we understand that the proposed Bar Date Order would require any claimant (with some limited exceptions) wishing to submit a claim against the estate of LBHI (and/or the other entities) to do so by 5pm Eastern Time ("ET") on 24 August 2009 (the "Bar Date").  Claimants who fail to submit their claim prior to the Bar Date will be barred from ever submitting a claim and LBHI (and the other entities, as relevant) will be forever discharged from such a claim.

As you may be aware, LBHI issued various forms of guarantees relating to, among others, contracts and financing transactions, derivative contracts and other payment performance guarantees. Creditors who wish to obtain access details to the LBIE client information and claims website should follow the email link at //business-recovery/administrations/lehman/index.jhtml

Any potential creditor of LBIE with such a guarantee from LBHI may be able to submit a claim against the estates of both LBIE and LBHI.

We understand that certain claimants who have already submitted a claim may, under the proposed Bar Date Order, be required to resubmit their claim in order to bring it into line with the procedural requirements set out under the Bar Date Order.

The requirements under the Bar Date Order include that claims be filed in the prescribed form in writing and that certain information be uploaded on-line at http://www.lehman-claims.com. Certain claimants will also be required to complete a "Guarantee Questionnaire" and/or a "Derivative Questionnaire", as relevant.  

Objections to the motion can be made by any relevant party, but must, according to the motion, be filed upon the following parties by no later than 12pm (ET) on 12 June 2009:

(i) The Chambers of the Honourable James M. Peck, One Bowling Green, New York, New York 10004, Courtroom 601, USA;
(ii) Weil, Gotshal & Manges LLP, 767 Fifth Avenue, New York, New York, 10153, USA  Attn: Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq.;
(iii) The Office of the United States Trustee for the Southern District of New York, 33 Whitehall Street, 21st Floor, New York, New York, 10004, USA  Attn: Andy Velez-Rivera, Esq., Paul Schwartzberg, Esq., Brian Masumoto, Esq., Linda Riffkin, Esq., and Tracy Hope Davis, Esq.; and
(iv) Milbank, Tweed, Hadley & McCloy LLP, 1 Chase Manhattan Plaza, New York, New York, 10005, USA  Attn: Dennis F. Dunne, Esq., Dennis O'Donnell, Esq., and Evan Fleck, Esq.

We understand that the objection should include the name of the objecting party, the basis for the objection and the specific grounds for the objection.

The Joint Administrators cannot advise creditors on the filing of claims against LBHI (or the other entities referenced in the Bar Date Order) or as to whether they should object to the motion put forward by Weil, Gotshal & Manges LLP.

For further information regarding the Bar Date Order, creditors should visit http://www.lehmanbrothersestate.com

The Joint Administrators act as agents for and on behalf of LBIE and neither they, their firm, employees or representatives shall incur any personal liability under or in relation to this communication. 

The Joint Administratorsare providing this communication for information purposes only and its contents are not intended to constitute legal or other advice and are being provided on a non-reliance basis.  The Joint Administrators make no representation or warranty, express or implied, as to, or assume any responsibility for, the accuracy, reliability or completeness of the information contained in this communication nor shall they be otherwise liable to any person in respect of such information.  In all cases, creditors should conduct their own review of the motion, the Bar Date Order and any related materials and seek independent legal advice or other professional advice, where relevant.

Unless otherwise stated neither LBIE or the Joint Administrators are responsible for any of the websites listed in this communication.