--- title: "Distributions to creditors and what remains of LBHI, 2012-2026" language: en canonical: https://dossiertwist.com/dossiers/lehman-brothers-holdings/distributions/ as_of: 2026-10-14 keywords: ["Lehman Brothers Holdings","LBHI","Repo 105","Valukas examiner report","Ernst & Young","Chapter 11","Lehman Brothers Inc.","SIPA liquidation","Lehman Brothers Treasury Co.","Lehman Brothers Bankhaus","Lehman Brothers International (Europe)","Plan Trust","Alvarez & Marsal","Richard Fuld","Aurora Loan Services","BNC Mortgage","JPMorgan Chase","Barclays Capital","American Express","Lehman Brothers Special Financing"] --- # Distributions to creditors and what remains of LBHI, 2012-2026 **Question.** How much have Lehman's creditors been paid, and what is left of LBHI? **Answer.** By the thirtieth distribution in April 2025 the debtors had paid creditors $129.4 billion, and LBHI estimated final recoveries of about 46.9% for senior unsecured claims and nothing for subordinated classes; the indenture trustee's notice for the thirty-third distribution on October 1, 2026 puts senior noteholders' cumulative recovery at 46.827210%. In mid-2025 LBHI's unaudited balance sheet showed $248 million of assets against $128 billion of liabilities subject to compromise. Its own case was the only one still open, and the Plan Trust's sole asset remains the single LBHI share. ## The senior noteholders - Analysis: The indenture trustee's notices to holders of LBHI's senior securities under the indenture of September 1, 1987 begin with a notice of an event of default in October 2008 and continue with a notice for each plan distribution. On September 2, 2009 the trustee filed a consolidated claim for the senior noteholders (Claim Number 10082), later classified in Class 3; according to the trustee's June 2012 notice, the debtors then estimated a Class 3 recovery of 21.1%; the first distribution to the trustee was made on April 17, 2012, with later ones twice a year if they total at least $10 million. The notice for the thirty-third distribution, on October 1, 2026, gives the noteholders' allowed claim as $48,783,940,671.72; with $3,991,978.72 added, cumulative distributions reached 46.827210%. [src-034] [src-118] [src-035] ## Totals and estimated recoveries - Analysis: LBHI's quarterly report as of June 30, 2025 states that through the thirtieth distribution, on April 3, 2025, the debtors had paid $129.4 billion, of which $96.4 billion went to claims owned or formerly owned by third parties. It estimates total recoveries of 46.859% for senior unsecured claims (Class 3), 37.767% for senior affiliate claims (Class 4A), 29.487% for third-party guarantee claims (Class 5) and 43.864% for general unsecured claims (Class 7), with nothing for the subordinated classes and $203 million of future cash distributions. LBHI states that these reports are not prepared under generally accepted accounting principles and are not audited or reviewed. [src-040] ## What remains - Analysis: The unaudited balance sheet as of June 30, 2025 shows total assets of $248 million, mostly $99 million of cash and $133 million due from affiliates, against liabilities subject to compromise of $128,170 million and stockholders' equity of minus $127,936 million; LBHI states that it is not prepared under GAAP or audited. As plan administrator LBHI files such reports with the court and furnishes them through the Plan Trust's Form 8-K filings, for example in September 2024 and August 2025. [src-040] [src-012] [src-008] - Analysis: At June 30, 2025 LBHI's case, No. 08-13555, was the only one of the 23 debtors' cases still open; LBSF's case, for example, had been closed on July 1, 2021. The claims agent's docket listed 61,928 entries in mid-October 2026, including LBHI's monthly operating report for August 2026, the notice of the thirty-third distribution and continuing notices of claim transfers. For tax purposes the Plan Trust is a liquidating grantor trust whose grantors are the former stockholders; its 2025 statement gives its sole asset as the single LBHI share issued on March 6, 2012. [src-040] [src-029] [src-101] [src-015] [src-033] ## Selling claims and assets - Analysis: In a November 2019 declaration LBHI's treasurer Anton Kolev described a court-authorised claims consolidation auction: the plan administrator approached about 30 potential sponsors and chose BKM Holdings (Cayman) Ltd. for Classes 3, 4B and 8, Seaport Loan Products LLC for Classes 4A and 5 and Emery 68, L.L.C. for Classes 7 and 9A, each offering to buy eligible claims at a stated percentage. According to a 2016 case study published by Alvarez & Marsal, A&M took over management of the estate's assets, including a global real-estate portfolio marked at $23 billion, much of it encumbered before the bankruptcy through repurchase agreements and pledges. [src-082] [src-078] ## A post-bankruptcy lawsuit against LBHI - Analysis: LBHI's 2025 report describes a suit filed in New York in July 2017 by 2138747 Ontario Inc., formed by the founder of Skypower Corp., against LBHI and Ontario's own former law firm, seeking at least $175 million for failing to document and convey claims of an indirect non-debtor LBHI subsidiary against Samsung; the court dismissed all claims except breach of contract against LBHI. The defendants had moved to dismiss and both sides moved for summary judgment on liability; the parties agreed to resolve the matter in July 2025. [src-040] ## Sources - [src-034] Company statement source · src-034 - [src-118] Company statement source · src-118 - [src-035] Company statement source · src-035 - [src-040] LBHI quarterly financial report as of June 30, 2025, Exhibit 99.1 to the Plan Trust Form 8-K, U.S. Securities and Exchange Commission (EDGAR), 2025-08-28 - [src-012] Lehman Brothers Holdings Inc. Plan Trust Form 8-K of August 28, 2025, U.S. Securities and Exchange Commission (EDGAR), 2025-08-28 - [src-008] Lehman Brothers Holdings Inc. Plan Trust Form 8-K of September 6, 2024, U.S. Securities and Exchange Commission (EDGAR), 2024-09-06 - [src-029] Court record source · src-029 - [src-101] Court record source · src-101 - [src-015] Company statement source · src-015 - [src-033] Company statement source · src-033 - [src-082] Court record source · src-082 - [src-078] Company statement source · src-078