With this distribution total distributions to all creditors, which include unsecured general creditors and secured, priority and administrative creditors, will come to roughly $9 billion. Customers have received $106 billion, fully satisfying the 111,000 customer claims. Most customer claims were fulfilled within weeks of the liquidation. Secured, priority and administrative creditors have also received 100 percent distributions.
The potential for a fifth interim distribution results in part from assets marshaled in 2016 and the reduction in various expenses and other liability reserves. While the estate remains in a phase of substantial completion, the potential for any future distribution of this size is not certain. Additionally, the timing of any future distribution will largely depend on the outcomes of ongoing litigation where a small number of claimants have appealed Court rulings upholding the Trustee's claims determinations.
The progress in the LBI liquidation would not have been possible without the assistance of the Securities Investor Protection Corporation and the Securities and Exchange Commission, the oversight of United States Bankruptcy Court, the Honorable Shelley C. Chapman, presiding, and the success of the Trustee's professionals at Hughes Hubbard & Reed LLP and Deloitte.
The Trustee is represented by Hughes Hubbard & Reed LLP.
Media Contact for the Trustee:
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lehman-brothers-inc-trustee-plans-additional-228-million-distribution-to-unsecured-general-creditors-300412935.html
SOURCE Hughes Hubbard & Reed LLP