On 30 January 2009 the Court of First Instance of the Netherlands Antilles, venue Curacao, adjudicated bankrupt the limited liability company Lehman Brothers Securities N.V., (“LBS”) seated in Curacao, appointing Ms. A.M.P. Geelhoed as supervising judge in charge of the bankruptcy and Mr. Michiel R.B. Gorsira as bankruptcy trustee. Mr. A.J. Beukenhorst has been appointed as the supervisory judge (the “Supervisory Judge”) as of October 2010. On 24 May 2011 the Supervisory Judge appointed Mr. Robert F. van Beemen as bankruptcy trustee in the bankruptcy of Lehman Brothers Securities N.V. alongside Mr. Michiel R.B. Gorsira (the “Bankruptcy Trustees”).
- Judgment 30 January 2009 (Dutch)
- Judgment 30 January 2009 (English)
- Decision appointment Van Beemen (Dutch)
- Decision appointment Van Beemen (English)
- Approval settlement agreement (Dutch)
- Approval settlement agreement (English)
- Claim filing and claim admission meeting (Dutch)
- Cancellation - Claims Admission Meeting (Dutch)
- Cancellation - Claims Admission Meeting (English)
- Appointment provisional creditors committee (Dutch)
- Appointment provisional creditors committee (English)
- New dates for LBS claim filing and LBS claims admission meeting (Dutch)
- New dates for LBS claim filing and LBS claims admission meeting (English)
- Official report claims admission meeting (Dutch)
- Official report claims admission meeting (English)
- LBS First Interim Distribution List approved by the bankruptcy judge
- Additional Official Report re. article 132 (2) Fb
- Confirmation of no-objection, dated 21 May 2013 (Verklaring van non-verzet) (Dutch)
- Additional official report claims admission meeting, dated 18 September 2013 (Dutch)
- Additional official report claims admission meeting, dated 18 September 2013 (English)
- Confirmation of no-objection, dated 18 October 2013 (Verklaring van non-verzet) (Dutch)
- Confirmation of no-objection, dated 18 October 2013 (English)
Bankruptcy Reports and Notices
The information regarding the bankruptcy of LBS will be published through bankruptcy reports and notices. The Bankruptcy Trustees will publish the bankruptcy reports on a quarterly basis.
- First bankruptcy report, dated 12 March 2009
- Second bankruptcy report, dated 29 July 2009
- Addendum second bankruptcy report
- Third bankruptcy report, dated 24 November 2009
- Fourth bankruptcy report, dated 13 April 2010
- Fifth bankruptcy report, dated 9 August 2010
- Sixth bankruptcy report, dated 30 November 2010
- Seventh bankruptcy report, dated 22 April 2011
- Eighth bankruptcy report, dated 28 September 2011
- Tenth bankruptcy report, dated 22 May 2012
- Eleventh bankruptcy report, dated 31 August 2012
*Annex 1:Replaced by the list of provisionally admitted claims, see Annex 2 of the Twelfth bankruptcy report
*Annex 2: Financial interim report # 1, dated 31 August 2012
- Twelfth bankruptcy report, dated 6 December 2012
*Annex 1: LBS Claim Filing Notice, dated 6 December 2012
*Annex 2: LBS list of provisionally admitted claims, dated 6 December 2012
*Annex 3: LBS list of provisionally disputed claims, dated 6 December 2012
- Thirteenth bankruptcy report, dated 28 March 2013
- Fourteenth bankruptcy report, dated 13 August 2013
- Notice re. claim filing, dated 14 September 2009
- Notice re. U S bar date, dated 6 October 2009
- Notice re. certain voidable warrants, dated 8 June 2010
- Notice re. LBHI settlement, dated 26 October 2011
- LBS Securities Valuation Notice, dated 28 February 2012
- Notice re. claim filing and claims admission meeting, dated 12 November 2012
- Notice re. claims admission meeting, dated 16 January 2013
- LBS First Interim Distribution Notice, dated 06 May 2013
- Update – LBS Distribution Notice, 22 May 2013
- Notice - LBS Record –and Distribution Date, dated 28 June 2013
- Notice to Norwegian market, dated 23 September 2013
- LBS Second Interim Distribution Notice, dated 7 October 2013
- Notice - LBS Record -and Distribution Date II, dated 23 October 2013
- Notice – update, dated 9 May 2014
Cross-Border Insolvency Protocol
The Bankruptcy Trustees are party to the Cross-Border Insolvency Protocol for the Lehman Brothers Group of Companies (the “Protocol”). The purpose of the Protocol is to come to an efficient winding-up of the companies of the Lehman Brothers Group by facilitating the coordination between the various official representatives and the courts involved.
The Protocol intends, among other issues, to provide for a consistent and measured approach to the calculation and adjudication of intercompany claims that avoids unnecessary intercompany litigation. The Bankruptcy Trustees also stress that the Protocol does not aim to restrict or limit any rights the Bankruptcy Trustees or creditors may have under Curacao law.
Please click here for the Report of Activities, through January 15, 2010, of the Official Representatives and Other Participating Affiliates Pursuant to the Cross-Border Insolvency Protocol for the Lehman Brothers Group of Companies (the "Report"). The Report was finalized during the third protocol meeting in New York and signed by the co-chairs, Edward S. Middleton and Rutger Schimmelpenninck, on January 15, 2010.
$ 5.174 Billion settlement by Curacao Lehman Brothers Bankruptcy Trustees
The Bankruptcy Trustees have reached an agreement with Lehman Brothers Holdings Inc. (“LBHI”) to support LBHI’s and its U.S. affiliated debtors’ Third Amended Plan. The settlement agreement also provides LBS with i) an allowed intercompany claim of $ 5.174 billion against LBHI; ii) an allowed intercompany claim of $ 74.6 million against Lehman Brothers Special Financing Inc.; and iii) an allowed derivative claim of $ 1.3 million against Lehman Brothers Commercial Corporation.
Settlement between LBS Trustees and Lehman Brothers Finance SA
The Bankruptcy Trustees have reached an agreement with Lehman Brothers Finance SA (“LBF”) regarding the allowance of LBF’s claim into the LBS estate. The settlement agreement provides LBF with an allowed intercompany claim of $ 4,411 billion against LBS. The agreement was approved by the Supervisory judge on 8 November 2012 after full endorsement by all the members of the LBS provisional creditors committee.
Settlement between LBS Trustees and LBI
On 7 June 2013 the Trustees and the LBI Trustee have entered into a full and final settlement agreement, whereby LBS has an allowed customer claim in the LBI SIPA proceeding, in the amount of USD 2,416,367.11. The settlement agreement has been approved by both the US Bankruptcy Court and the Supervisory Judge in Curacao.
On 21 March 2014, LBS has entered into a Distribution Agreement with Lehman Brothers Holdings Inc. The Distribution Agreement is intended to accelerate distributions to creditors out of the parties’ respective estates, thereby increasing, on any given interim distribution date, the amount of distributions that would otherwise have gone to creditors had the Distribution Agreement not been effective on such interim distribution date.
On 30 April 2014, LBS has entered into a full and final settlement with Lehman Brothers International (Europe) (in administration). As part of the deed of settlement, LBS shall have an unsecured and admitted claim against LBIE for GBP 49,900,687.19.