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The 11th report of the joint administrators of Lehman Brothers International (Europe) (LBIE) gives an update on progress so far, including a reaction to the Lehmans waterfall judgment plus details of possible further litigation and the size of the next dividend.
On 11 April 2014, the joint administrators of LBIE issued their eleventh progress report for the period of 15 September 2013 to 14 March 2014 (the 11th report).
What does the report say about the Lehmans waterfall judgment?
The joint administrators of LBIE conclude that while certain matters arising from the fact that a surplus of funds is likely were addressed in the Waterfall Application, it has become clear that further directions will be needed from the court to resolve issues regarding the full extent of the rights of creditors to post-administration interest and non-provable currency conversion claims—unless a compromise can be agreed between the major creditors (and also supported by a requisite majority creditor vote).
The administrators will continue to discuss the compromise w
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