Client Asset Update - LBJ Bilateral Exchange of Custody Assets - 17/12/09

This update concerns assets held for clients of LBIE under sub-custodian arrangements with Lehman Brothers Japan Inc (in civil rehabilitation)("LBJ"). 

The Joint Administrators can now report that a bilateral exchange of certain custody assets has taken place between LBIE and LBJ. This asset exchange has been undertaken to preserve value for both estates, to benefit the clients of the two estates and to facilitate the return of assets to our respective clients. Approximately $1bn of assets were passed by LBIE to LBJ and $1bn from LBJ to LBIE. This significantly increases the client asset pool under the Joint Administrators' control.

The client assets that are part of this exchange will be returned to Trust Asset claimants using the mechanisms contained within the proposed Claims Resolution Agreement ("CRA").

Any queries relating to the above, should be directed to generalqueries@lbia-eu.com. The Administrators will continue to communicate with you through this website regarding their progress in seeking to facilitate the return of trust assets. Please continue to check the website for information on this and other matters relating to the administration of LBIE.

Contact us

Ed  Macnamara

Ed Macnamara

Partner, Head of Restructuring, PwC United Kingdom

Tel: +44 (0)7739 873104

Alison Grant

Alison Grant

Director, PwC United Kingdom

Tel: +44 (0)20 7804 7933

David Kelly

David Kelly

Restructuring and Insolvency Partner, UK Head of Insolvency, PwC United Kingdom

Tel: +44 (0)7974 332659

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