On May 26, Lehman Brothers Holdings Inc. (LBHI) filed a motion requesting the U.S. Bankruptcy Court for the Southern District of New York to establish August 24 as the deadline for filing proofs of claim against LBHI and its affiliates, and to establish a procedure for such filing, including a required form to be completed online relating to derivatives claims, and a new proof of claim form specific to this case. The proposed documentation imposes on creditors a burden to fully document their claims, without the cooperation of the debtor and to a far greater extent than would ordinarily be required in filing a proof of claim, as developed in case law over the years. The proposed proof of claim would require claimants to provide detailed documentation of each underlying agreement and trade, all correspondence relating to trade termination and valuation as per the proposed “Derivative Questionnaire,” and proof of delivery for all termination and valuation notices. Derivative claims against a guarantor would also require additional information, including completion of a proposed “Guarantee Questionnaire.” Interested parties should file objections with the Court prior to noon on June 12. A hearing is tentatively scheduled for June 17 at 2:00 p.m.
A copy of the motion is available here.