EX-99 2 mm01-3009_8ke991mor.htm

EXHIBIT 99.1

UNITED STATES BANKRUPTCY COURT

 

SOUTHERN DISTRICT OF NEW YORK

 

In re:

Chapter 11 Case No.

 

Lehman Brothers Holdings Inc., et al., (Lead Debtor)

08-13555

and

 

 

Debtors.

 

 

 

MONTHLY OPERATING REPORT

 

BALANCE SHEET AS OF SEPTEMBER 14, 2008

 

 

DEBTORS’ ADDRESS:

LEHMAN BROTHERS HOLDINGS INC.

c/o WILLIAM J. FOX

1271 AVENUE OF THE AMERICAS

45th FLOOR

NEW YORK, NY 10020

 

DEBTORS’ ATTORNEYS:

WEIL, GOTSHAL & MANGES LLP

 

c/o SHAI WAISMAN

767 FIFTH AVENUE

 

NEW YORK, NY 10153

 

 

REPORT PREPARER:

LEHMAN BROTHERS HOLDINGS INC., A DEBTOR IN POSSESSION (IN THE SOUTHERN DISTRICT OF NEW YORK)

 

THIS OPERATING STATEMENT MUST BE SIGNED BY A REPRESENTATIVE OF THE DEBTOR

 

The undersigned, having reviewed the attached report and being familiar with the Debtors’ financial affairs, verifies under penalty of perjury, that the information contained therein is complete, accurate and truthful to the best of my knowledge.

 

 

By: /s/ William J. Fox           

 

William J. Fox

Senior Vice President

Lehman Brothers Holdings Inc.
 

 

Indicate if this is an amended statement by checking here:

 AMENDED STATEMENT ___

 

 

 

 

 

 

 

LEHMAN BROTHERS HOLDINGS INC., (“LBHI”) AND OTHER DEBTOR SUBSIDIARIES AND LBHI CONTROLLED ENTITIES

 

SCHEDULE OF DEBTORS

 

 

 

 

The following entities have filed bankruptcy in the Southern District of New York and are included in this Monthly Operating Report:

 

 

 

 

 

 

 

 

Lead Debtor:

 

Case No.

Date Filed

Lehman Brothers Holdings Inc.

 

08-13555

9/15/2008

 

 

 

 

Related Debtors:

 

 

 

LB 745 LLC

 

08-13600

9/16/2008

Lehman Brothers Commodity Services Inc.

 

08-13885

10/3/2008

Lehman Brothers Special Financing Inc.

 

08-13888

10/3/2008

Lehman Brothers OTC Derivatives Inc.

 

08-13893

10/3/2008

Lehman Brothers Derivative Products Inc.

 

08-13899

10/3/2008

Lehman Commercial Paper Inc.

 

08-13900

10/5/2008

Lehman Brothers Commercial Corporation

 

08-13901

10/5/2008

Lehman Brothers Financial Products Inc.

 

08-13902

10/5/2008

Fundo de Investimento Multimercado Credito Privado Navigator Investimento

 

08-13903

10/5/2008

Lehman Scottish Finance L.P.

 

08-13904

10/5/2008

CES Aviation LLC

 

08-13905

10/5/2008

CES Aviation V LLC

 

08-13906

10/5/2008

CES Aviation IX LLC

 

08-13907

10/5/2008

East Dover Limited

 

08-13908

10/5/2008

 

 

 

 

The Monthly Operating Report excludes the following entities that have filed bankruptcy in the Southern District of New York:

 

 

 

 

PAMI Statler Arms LLC

 

08-13664

9/23/2008

Lehman Brothers Finance SA

08-13887

10/3/2008

Luxembourg Residential Properties Loan Finance S.a.r.l.

09-10108

1/7/2009

BNC Mortgage LLC

 

09-10137

1/9/2009

 

 

 

 

 

 

 

 

 

2

 

 

LEHMAN BROTHERS HOLDINGS INC. AND OTHER DEBTOR SUBSIDIARIES AND LBHI-CONTROLLED ENTITIES

 

BASIS OF PRESENTATION

BALANCE SHEET - MONTHLY OPERATING REPORT (“MOR”)

DATED AS OF SEPTEMBER 14, 2008

 

The information and data included in this report are derived from sources available to Lehman Brothers Holdings Inc. (the “Company”) and its other subsidiaries that have filed proceedings under Chapter 11 of the Bankruptcy Code (collectively, the "Debtors" or the “Estate”). The Debtors’ Chapter 11 cases have been consolidated for procedural purposes only and are being jointly administered pursuant to Rule 101(b) of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”). The Debtors have prepared this presentation, as required by the Office of the United States Trustee, based on the information available to the Debtors at this time, but note that such information may be incomplete and may be materially deficient in certain respects. This MOR is not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. The Debtors reserve all rights to revise this report.

 

 

1.

This MOR is not prepared in accordance with U.S. generally accepted accounting principles (GAAP). This MOR should be read in conjunction with previously filed financial statements and accompanying notes in the Company’s annual and quarterly reports that are filed with the United States Securities and Exchange Commission. Certain exceptions as listed below are not exhaustive of all non-GAAP compliance:

 

 

a.

This MOR does not reflect normal quarterly adjustments that are generally recorded by the Company upon review of major accounts prior to the end of each quarterly accounting period.

 

b.

All information is as of September 14, 2008, unless otherwise indicated.

 

c.

Marks for certain financial instruments and other inventory positions reflect the values as recorded on the books of the Debtors as of the close of business on Friday, September 12, 2008. Such marks may not be up to date and were not subjected to the normal review process by the Company.

 

d.

This MOR does not include explanatory footnotes such as disclosures required under GAAP.

 

e.

This MOR is not presented in a GAAP-based SEC reporting format.

 

f.

Certain items presented in this MOR are under research and may be accounted for differently in future monthly reports.

 

g.

The Short-term and Long-term Borrowings of the Debtors are reflected at notional value. Deferred issuance costs, unamortized discount and the fair value adjustments under Statement of Financial Accounting Standards (“SFAS”) No. 159 previously recorded by the Debtors prior to the bankruptcy filings were adjusted to eliminate such amounts.

 

h.

The amount of deferred tax assets previously recorded by the Debtors prior to the bankruptcy filings has been written off.

 

i.

The cash bonus accrual previously recorded by the Debtors prior to the bankruptcy filings has been written off. In connection with the sale of the U.S. broker dealer operations and certain other operations by Lehman Brothers Inc., approximately 9,000 employees were offered positions by the purchaser and the purchaser assumed the obligation of the bonus payments to such employees. Stockholders’ equity has been adjusted to eliminate certain amounts relating to the stock awards plan as there are no expected issuances of stock.

 

j.

The MOR does not reflect the gross-up of securitized financial assets even though such securitized financial assets did not meet the off-balance sheet criteria under SFAS No. 140. The MOR does not include the consolidation of special purpose entities in those cases where a Debtor is the primary beneficiary under Financial Accounting Standards Board Interpretation No. 46R.

 

 

2.

This MOR is not audited and will not be subject to audit or review by the Company’s external auditors at any time in the future.

 

 

3

 

 

BASIS OF PRESENTATION (CONT’D)

BALANCE SHEET - MONTHLY OPERATING REPORT (“MOR”)

DATED AS OF SEPTEMBER 14, 2008

 

 

3.

This MOR has not been adjusted to reflect realizable or liquidation values. Material impairment to the values of certain assets, as presented herein, has occurred due to market conditions. Accordingly, future monthly reports may reflect write-down of such assets.

 

 

4.

Cash collateral and restricted cash at certain banks are reflected in “Cash and securities restricted, segregated and on deposit”.

 

 

5.

The MOR does not reflect any off-balance sheet commitments, contingencies and guarantees made by the Company or other Debtor Subsidiaries prior to the bankruptcy filings.

 

 

6.

Each Debtor entity balance sheet column included in the MOR presents the respective entity’s assets and liabilities on a separate company basis. Accordingly, assets and liabilities of any subsidiary of any such entity are reflected as a net asset amount on the line entitled “Investment in consolidated subsidiaries” and therefore assets and liabilities of subsidiaries are not consolidated.

 

 

7.

The column entitled “Total LBHI Controlled Entities” represents (for information purposes) the combination of the balance sheets of the Debtor entities and those non-Debtor entities that are directly or indirectly controlled by the Debtors, excluding, among other things, entities under separate proceedings in the U.S. or abroad, including administrations, liquidations, receiverships, and proceedings under the Securities Investors Protection Act.

 

 

8.

The following Debtors have not been included as Debtors in this MOR Report:

 

a.

PAMI Statler Arms LLC (“PAMI”) – Books and records for PAMI are maintained separately and not in a manner similar to the majority of the Company’s subsidiaries. The books and records for PAMI are not yet finalized for the September 14, 2008 reporting period. Total assets for PAMI were approximately $20 million as of September 14, 2008.

 

b.

Lehman Brothers Finance SA (“LBF”) – subsequent to its bankruptcy filing on October 3, 2008, LBF became subject to an insolvency proceeding in Switzerland.

 

c.

Luxembourg Residential Properties Loan Finance S.a.r.l. – petition filed on January 7, 2009

 

d.

BNC Mortgage LLC- petition filed on January 9, 2009

 

 

4

 

 

 

LEHMAN BROTHERS HOLDINGS INC. and Other Debtor Subsidiaries and LBHI Controlled Entities

 

Balance Sheets As of September 14, 2008

DEBTOR ENTITIES

 

 

 

 

 

 

(Unaudited)

Lehman Brothers Holdings Inc.

Lehman Commercial Paper Inc.

Lehman Brothers Special Financing Inc.

Lehman Brothers Commercial Corporation

Lehman Brothers Financial Products Inc.

Lehman Brothers Derivative Products Inc.

Lehman Brothers OTC Derivatives Inc.

Lehman Brothers Commodity Services Inc.

$ in millions

08-13555

08-13900

08-13888

08-13901

08-13902

08-13899

08-13893

08-13885

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

596

$

10

$

-

$

1

$

1

$

9

$

-

$

12

Cash and securities restricted, segregated and on deposit

 

9,607

 

-

 

225

 

-

 

-

 

-

 

-

 

-

Financial instruments and other inventory positions owned:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Governments & agencies, commercial paper, other money market instruments

 

5,911

 

1

 

19,182

 

-

 

311

 

210

 

-

 

-

   Mortgages, asset-backed securities, real estate held for sale and for use

 

10,794

 

8,748

 

386

 

-

 

-

 

-

 

-

 

-

   Total corporate debt and other

 

5,391

 

1,314

 

4,234

 

-

 

-

 

-

 

717

 

322

   Total corporate equities

 

858

 

2

 

8,725

 

-

 

-

 

-

 

811

 

-

   Derivatives and other contractual agreements

 

211

 

-

 

20,843

 

357

 

247

 

497

 

33

 

1,827

Total financial instruments and other inventory positions owned

 

23,165

 

10,064

 

53,369

 

357

 

558

 

707

 

1,562

 

2,149

Collateralized short-term agreements

 

182

 

525

 

-

 

-

 

-

 

-

 

-

 

4

Receivables

 

902

 

617

 

2,418

 

18

 

-

 

14

 

1,184

 

404

Other assets

 

2,017

 

-

 

111

 

-

 

6

 

1

 

-

 

17

Investment in consolidated subsidiaries:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Debtor subsidiaries

 

496

 

106

 

646

 

-

 

-

 

-

 

-

 

-

   Non-debtor subsidiaries

 

10,275

 

2,184

 

6

 

-

 

-

 

-

 

-

 

366

   Non-LBHI controlled subsidiaries(2)

 

15,681

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Total investment in consolidated subsidiaries

 

26,452

 

2,290

 

652

 

-

 

-

 

-

 

-

 

366

Due from subsidiaries and affiliates

 

146,518

 

39,784

 

51,663

 

1,615

 

-

 

3

 

1,084

 

2,268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

209,440

$

53,289

$

108,438

$

1,991

$

565

$

734

$

3,830

$

5,218

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings and current portion of long-term borrowings

$

19,444

$

3,038

$

225

$

-

$

-

$

-

$

487

 

$-

Financial instruments and other inventory positions sold but not yet purchased:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Governments & agencies, commercial paper, other money market instruments

 

-

 

2

 

16,237

 

-

 

-

 

-

 

1

 

-

   Total corporate equities, corporate debt, and other

 

-

 

21

 

4,530

 

54

 

-

 

-

 

1,049

 

-

Derivatives and other contractual agreements

 

242

 

612

 

7,388

 

10

 

38

 

71

 

759

 

1,609

Total financial instruments and other inventory positions sold but not yet purchased

 

242

 

635

 

28,155

 

64

 

38

 

71

 

1,810

 

1,609

Collateralized financings

 

402

 

8,933

 

104

 

-

 

-

 

-

 

-

 

-

Payables

 

784

 

81

 

2,555

 

177

 

25

 

33

 

415

 

36

Deposits at banks

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Due to affiliates and subsidiaries

 

88,163

 

41,463

 

74,104

 

1,444

 

214

 

432

 

808

 

2,636

Long-term borrowings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Senior notes

 

64,829

 

-

 

-

 

-

 

-

 

-

 

-

 

640

   Subordinated notes

 

15,254

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Total long-term borrowings

 

80,083

 

-

 

-

 

-

 

-

 

-

 

-

 

640

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

189,118

 

54,150

 

105,143

 

1,685

 

277

 

536

 

3,521

 

4,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

8,993

 

-

 

-

 

-

 

-

 

-

 

-

 

-

Common stock and additional paid-in capital

 

9,346

 

2,031

 

350

 

11

 

250

 

175

 

100

 

31

Retained earnings and other stockholders' equity, net

 

1,983

 

(2,892)

 

2,945

 

295

 

39

 

23

 

209

 

265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total common stockholders’ equity

 

11,329

 

(861)

 

3,295

 

307

 

289

 

198

 

309

 

296

Total stockholders’ equity

 

20,322

 

(861)

 

3,295

 

307

 

289

 

198

 

309

 

296

Total liabilities and stockholders’ equity

$

209,440

$

53,289

$

108,438

$

1,991

$

565

$

734

$

3,830

$

5,218

 

Totals may not foot due to rounding.

 

 

 

 

 

 

 

(1) Balances do not reflect the impact of intercompany eliminations or investments in subsidiaries.

 

 

 

 

 

 

 

(2) Represents entities that are not directly or indirectly under the control of LBHI.

B-1

 

 

LEHMAN BROTHERS HOLDINGS INC. and Other Debtor Subsidiaries and LBHI Controlled Entities

 

Balance Sheets As of September 14, 2008

DEBTOR ENTITIES (CONT'D) 

 

 

 

 

 

(Unaudited)

Fundo de Investimento Multimercado Credito Privado Navigator Investimento

Lehman Scottish Finance L.P.

LB 745 LLC

CES Aviation LLC

CES Aviation V LLC

CES Aviation IX LLC

East Dover Limited

Total Debtor Entities(1)

 

Total LBHI Controlled Entities(1)

$ in millions

08-13903

08-13904

08-13600

08-13905

08-13906

08-13907

08-13908

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

14

$

2

$

-

$

-

$

-

$

-

$

-

$

646

 

$

3,726

Cash and securities restricted, segregated and on deposit

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

9,832

 

 

9,963

Financial instruments and other inventory positions owned:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Governments & agencies, commercial paper, other money market instruments

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

25,615

 

 

31,233

   Mortgages, asset-backed securities, real estate held for sale and for use

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

19,928

 

 

32,577

   Total corporate debt and other

 

27

 

-

 

-

 

-

 

-

 

-

 

-

 

12,004

 

 

22,818

   Total corporate equities

 

33

 

-

 

-

 

-

 

-

 

-

 

-

 

10,428

 

 

22,720

   Derivatives and other contractual agreements

 

8

 

-

 

-

 

-

 

-

 

-

 

-

 

24,024

 

 

26,050

Total financial instruments and other inventory positions owned

 

67

 

-

 

-

 

-

 

-

 

-

 

-

 

91,999

 

 

135,398

Collateralized short-term agreements

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

711

 

 

4,695

Receivables

 

-

 

49

 

-

 

-

 

-

 

-

 

-

 

5,607

 

 

8,272

Other assets

 

-

 

-

 

572

 

21

 

4

 

8

 

-

 

2,756

 

 

9,571

Investment in consolidated subsidiaries:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Debtor subsidiaries

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

1,248

 

 

1,293

   Non-debtor subsidiaries

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

12,830

 

 

25,392

   Non-LBHI controlled subsidiaries(2)

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

15,681

 

 

34,309

Total investment in consolidated subsidiaries

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

29,759

 

 

60,994

Due from subsidiaries and affiliates

 

380

 

-

 

196

 

-

 

-

 

-

 

109

 

243,620

 

 

393,620

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

462

$

50

 

$ 768

$

22

$

4

$

8

$

109

$

384,929

 

$

626,240

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings and current portion of long-term borrowings

$

-

$

-

$

-

$

-

$

-

$

-

$

-

$

23,194

 

$

23,686

Financial instruments and other inventory positions sold but not yet purchased:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Governments & agencies, commercial paper, other money market instruments

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

16,240

 

 

16,250

   Total corporate equities, corporate debt, and other

 

-

 

1

 

-

 

-

 

-

 

-

 

-

 

5,656

 

 

5,713

   Derivatives and other contractual agreements

 

5

 

-

 

-

 

-

 

-

 

-

 

-

 

10,735

 

 

12,094

Total financial instruments and other inventory positions sold but not yet purchased

 

5

 

1

 

-

 

-

 

-

 

-

 

-

 

32,631

 

 

34,057

Collateralized financings

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

9,439

 

 

10,339

Payables

 

-

 

-

 

4

 

-

 

-

 

-

 

-

 

4,109

 

 

10,623

Deposits at banks

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

 

12,401

Due to affiliates and subsidiaries

 

-

 

-

 

703

 

22

 

8

 

9

 

4

 

210,010

 

 

387,545

Long-term borrowings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

   Senior notes

 

-

 

 

 

-

 

-

 

 

 

-

 

-

 

65,469

 

 

66,491

   Subordinated notes

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

15,254

 

 

15,254

Total long-term borrowings

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

80,723

 

 

81,745

 

 

 

 

-

 

 

 

 

 

-

 

 

 

 

 

 

 

 

 

Total liabilities

 

5

 

1

 

706

 

22

 

8

 

9

 

4

 

360,107

 

 

560,396

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock

 

-

 

-

 

-

 

-

 

-

 

-

 

-

 

8,993

 

 

13,077

Common stock and additional paid-in capital

 

410

 

50

 

-

 

7

 

-

 

-

 

76

 

12,838

 

 

47,431

Retained earnings and other stockholders' equity, net

 

46

 

(1)

 

61

 

(7)

 

(4)

 

(1)

 

30

 

2,992

 

 

5,337

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total common stockholders’ equity

 

456

 

49

 

61

 

(0)

 

(4)

 

(1)

 

106

 

15,830

 

 

52,768

Total stockholders’ equity

 

456

 

49

 

61

 

(0)

 

(4)

 

(1)

 

106

 

24,822

 

 

65,845

Total liabilities and stockholders’ equity

 $

462

 $

50

 $

768

 $

22

 $

4

 $

8

 $

109

 $

384,929

 $

626,240

 

Totals may not foot due to rounding.

 

 

 

 

 

 

 

(1) Balances do not reflect the impact of intercompany eliminations or investments in subsidiaries.

 

 

 

 

 

 

 

(2) Represents entities that are not directly or indirectly under the control of LBHI.

B-2

 

 


LEHMAN BROTHERS HOLDINGS INC., (“LBHI”), AND OTHER DEBTOR SUBSIDIARIES

 

BASIS OF PRESENTATION

SCHEDULES OF CASH RECEIPTS AND DISBURSEMENTS

DATED FROM FILING DATE TO DECEMBER 31, 2008

 

The information and data included in this report are derived from sources available to Lehman Brothers Holdings Inc. (the “Company”) and its other subsidiaries that have filed proceedings under Chapter 11 of the Bankruptcy Code (collectively, the "Debtors" or the “Estate”). The Debtors’ Chapter 11 cases have been consolidated for procedural purposes only and are being jointly administered pursuant to Rule 101(b) of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”). The Debtors have prepared this presentation, as required by the Office of the United States Trustee, based on the information available to the Debtors at this time, but note that such information may be incomplete and may be materially deficient in certain respects. These schedules to the Monthly Operating Report (“MOR”) are not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. The Debtors reserve all rights to revise this report.

 

 

1.

These schedules are not prepared in accordance with U.S. generally accepted accounting principles (GAAP). This MOR should be read in conjunction with the financial statements and accompanying notes in the Company’s annual and quarterly reports that were filed with the United States Securities and Exchange Commission.

 

 

2.

These schedules are not audited and will not be subject to audit or review by the Company’s external auditors at any time in the future.

 

 

3.

The cash flows presented in this report only include activity for bank accounts that are managed and reconciled by the Company’s North American operations. Cash flows related to the Debtors’ bank accounts that were previously managed and reconciled by the Company’s European and Asian operations are excluded from this report.

 

 

4.

The Beginning Cash column includes cash in both demand-deposit accounts (DDA) and money-market funds (MMF).

 

 

5.

Intercompany transfers between the Company’s entities are listed as disbursements for the paying entity and receipts for the receiving entity.

 

 

6.

The following Debtors have not been included in this MOR Report:

 

 

a.

PAMI Statler Arms LLC (“PAMI”) – Books and records for PAMI are maintained separately and not in a manner similar to the majority of the Company’s subsidiaries. This entity does not maintain a separate cash account.

 

b.

Lehman Brothers Finance SA (“LBF”) – subsequent to its bankruptcy filing on October 3, 2008, LBF became subject to an insolvency proceeding in Switzerland.

 

c.

Luxembourg Residential Properties Loan Finance S.a.r.l. – petition filed on January 7, 2009

 

d.

BNC Mortgage LLC - petition filed on January 9, 2009

 

 

C - 1


LEHMAN BROTHERS HOLDINGS INC. and Other Debtor Subsidiaries

 

 

 

 

 

 

 

Schedule of Cash Receipts and Disbursements

 

 

 

 

 

 

 

 

 

Filing Date to September 30, 2008

 

 

 

 

 

 

 

 

 

Americas (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited ($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Cash

 

 

 

 

 

Ending Cash

Legal Entity

Filing Date

 

(Filing Date)

 

Receipts

 

Disbursements

 

(9/30/08)

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Holdings Inc.

9/15/2008

 

$ 659

 

$ 922

 

$ (1,074)

 

$ 507

 

 

 

 

 

 

 

 

 

 

LB 745 LLC

9/16/2008

 

-

 

959

 

-

 

959

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

$ 659

 

$ 1,881

 

$ (1,074)

 

$ 1,466

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Special Financing Inc. ("LBSF")

10/3/2008

 

Not filed in September

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Commodity Services Inc.

10/3/2008

 

Not filed in September

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers OTC Derivatives Inc

10/3/2008

 

Not filed in September

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Commercial Paper Inc. ("LCPI")

10/5/2008

 

Not filed in September

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Commercial Corporation

10/5/2008

 

Not filed in September

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Derivative Products Inc.

10/5/2008

 

Not filed in September

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Financial Products Inc

10/5/2008

 

Not filed in September

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CES Aviation LLC

10/5/2008

 

Not filed in September

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CES Aviation V LLC

10/5/2008

 

Not filed in September

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CES Aviation IX LLC

10/5/2008

 

Not filed in September

 

 

 

 

 

 

 

 

 

 

 

 

 

 

East Dover Limited

10/5/2008

 

Not filed in September

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Scottish Finance L.P.

10/5/2008

 

Not filed in September

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fundo de Investimento Credito Privado Navigator

10/5/2008

 

Not filed in September

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Represents cash flows for bank accounts managed and reconciled by the Company's North American operations.

 

 

 

C-2

LEHMAN BROTHERS HOLDINGS INC. and Other Debtor Subsidiaries

 

 

 

 

 

 

 

 

Schedule of Cash Receipts and Disbursements

 

 

 

 

 

 

 

 

 

 

October 1, 2008 - October 31, 2008

 

 

 

 

 

 

 

 

 

 

Americas (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited ($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Cash

 

 

 

 

 

 

 

 

 

 

(10/01/08 or

 

 

 

 

 

Ending Cash

 

Legal Entity

Filing Date

 

Filing Date)

 

Receipts

 

Disbursements

 

(10/31/08)

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Holdings Inc.

9/15/2008

 

$ 507

 

$ 654

 

$ (54)

 

$ 1,107

 

 

 

 

 

 

 

 

 

 

 

 

LB 745 LLC

9/16/2008

 

959

 

-

 

(205)

 

754

(b)

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Special Financing Inc. ("LBSF")

10/3/2008

 

7

 

232

 

(9)

 

229

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Commodity Services Inc.

10/3/2008

 

33

 

38

 

-

 

71

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers OTC Derivatives Inc

10/3/2008

 

132

 

-

 

-

 

132

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Commercial Paper Inc. ("LCPI")

10/5/2008

 

461

 

1,026

 

(819)

 

668

(c)

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Commercial Corporation

10/5/2008

 

8

 

22

 

-

 

30

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Derivative Products Inc.

10/5/2008

 

297

 

9

 

-

 

306

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Financial Products Inc

10/5/2008

 

319

 

2

 

-

 

320

 

 

 

 

 

 

 

 

 

 

 

 

CES Aviation LLC

10/5/2008

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

CES Aviation V LLC

10/5/2008

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

CES Aviation IX LLC

10/5/2008

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

East Dover Limited

10/5/2008

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Scottish Finance L.P.

10/5/2008

 

2

 

-

 

-

 

2

 

 

 

 

 

 

 

 

 

 

 

 

Fundo de Investimento Credito Privado Navigator

10/5/2008

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

$ 2,724

 

$ 1,983

 

$ (1,088)

 

$ 3,619

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Represents cash flows for bank accounts managed and reconciled by the Company's North American operations.

 

 

 

(b) Disbursements include $5 million transferred to LBHI and reflected in LBHI's receipts.

 

 

 

 

 

 

 

(c) LCPI has continued to make disbursements as an agent bank passing along principal and interest to loan syndicate partners.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C-3

 

LEHMAN BROTHERS HOLDINGS INC. and Other Debtor Subsidiaries

 

 

 

 

 

 

 

 

Schedule of Cash Receipts and Disbursements

 

 

 

 

 

 

 

 

 

 

November 1, 2008 - November 30, 2008

 

 

 

 

 

 

 

 

 

 

Americas (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited ($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Cash

 

 

 

 

 

Ending Cash

 

Legal Entity

Filing Date

 

(11/01/08)

 

Receipts

 

Disbursements

 

(11/30/08)

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Holdings Inc.

9/15/2008

 

$ 1,107

 

$ 135

 

$ (101)

 

$ 1,141

 

 

 

 

 

 

 

 

 

 

 

 

LB 745 LLC

9/16/2008

 

754

 

111

 

-

 

865

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Special Financing Inc. ("LBSF")

10/3/2008

 

229

 

253

 

-

 

482

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Commodity Services Inc.

10/3/2008

 

71

 

104

 

-

 

175

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers OTC Derivatives Inc

10/3/2008

 

132

 

-

 

-

 

132

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Commercial Paper Inc. ("LCPI")

10/5/2008

 

668

 

458

 

(397)

 

730

(b)

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Commercial Corporation

10/5/2008

 

30

 

41

 

-

 

71

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Derivative Products Inc.

10/5/2008

 

306

 

25

 

-

 

331

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Financial Products Inc

10/5/2008

 

320

 

100

 

-

 

420

 

 

 

 

 

 

 

 

 

 

 

 

CES Aviation LLC

10/5/2008

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

CES Aviation V LLC

10/5/2008

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

CES Aviation IX LLC

10/5/2008

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

East Dover Limited

10/5/2008

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Scottish Finance L.P.

10/5/2008

 

2

 

-

 

-

 

2

 

 

 

 

 

 

 

 

 

 

 

 

Fundo de Investimento Credito Privado Navigator

10/5/2008

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

$ 3,619

 

$ 1,227

 

$ (498)

 

$ 4,349

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Represents cash flows for bank accounts managed and reconciled by the Company's North American operations.

 

 

 

(b) LCPI has continued to make disbursements as an agent bank passing along principal and interest to loan syndicate partners.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C-4

 

LEHMAN BROTHERS HOLDINGS INC. and Other Debtor Subsidiaries

 

 

 

 

 

 

 

 

Schedule of Cash Receipts and Disbursements

 

 

 

 

 

 

 

 

 

 

December 1, 2008 - December 31, 2008

 

 

 

 

 

 

 

 

 

 

Americas (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited ($ in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Cash

 

 

 

 

 

Ending Cash

 

Legal Entity

Filing Date

 

(12/01/08)

 

Receipts

 

Disbursements

 

(12/31/08)

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Holdings Inc.

9/15/2008

 

$ 1,141

 

$ 965

 

$ (135)

 

$ 1,971

 

 

 

 

 

 

 

 

 

 

 

 

LB 745 LLC

9/16/2008

 

865

 

-

 

(865)

 

-

(b)

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Special Financing Inc. ("LBSF")

10/3/2008

 

482

 

573

 

(1)

 

1,054

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Commodity Services Inc.

10/3/2008

 

175

 

37

 

-

 

212

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers OTC Derivatives Inc

10/3/2008

 

132

 

-

 

-

 

132

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Commercial Paper Inc. ("LCPI")

10/5/2008

 

730

 

1,114

 

(894)

 

950

(c)

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Commercial Corporation

10/5/2008

 

71

 

16

 

-

 

87

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Brothers Derivative Products Inc.

10/5/2008

 

331

 

19

 

-

 

349

 

 

 

 

 

 

 

 

 

 

 

 

Lehamn Brothers Financial Products Inc

10/5/2008

 

420

 

36

 

(26)

 

429

(d)

 

 

 

 

 

 

 

 

 

 

 

CES Aviation LLC

10/5/2008

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

CES Aviation V LLC

10/5/2008

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

CES Aviation IX LLC

10/5/2008

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

East Dover Limited

10/5/2008

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

Lehman Scottish Finance L.P.

10/5/2008

 

2

 

-

 

-

 

2

 

 

 

 

 

 

 

 

 

 

 

 

Fundo de Investimento Credito Privado Navigator

10/5/2008

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

$ 4,349

 

$ 2,759

 

$ (1,921)

 

$ 5,187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Represents cash flows for bank accounts managed and reconciled by the Company's North American operations.

 

 

 

(b) Disbursements reflected here were transferred to LBHI and are reflected in LBHI's receipts.

 

 

 

 

 

 

(c) LCPI has continued to make disbursements as an agent bank passing along principal and interest to loan syndicate partners.

 

 

 

(d) Disbursements reflected here were transferred to LBSF and are reflected in LBSF's receipts.

 

 

 

 

 

 

 

C-5