Sixth Notice Regarding Disposition of LBI Estate Securities - February 12, 2014

NEW YORK, Feb. 12, 2014 /PRNewswire/ -- James W. Giddens, Trustee for the liquidation of Lehman Brothers Inc. ("LBI") under the Securities Investor Protection Act, in keeping with his statutory duty and ongoing focus of maximizing the value of the LBI general estate, along with his counsel at Hughes Hubbard & Reed LLP, continues to implement a strategy to liquidate securities and raise cash for distributions to customers and general creditors. 

With the advice and consent of the Securities Investor Protection Corporation and in consultation with advisors to major creditor constituencies, the Trustee retained Miller Buckfire & Co., LLC and Stifel Fixed Income to help sell all remaining securities. 

In October, Miller Buckfire and Stifel Fixed Income began selling individual securities at the market and through four weekly auctions designed to maximize proceeds to the LBI estate. Through 2013 year-end, settled proceeds from securities in this portfolio total approximately $200 million ("Phase 1"), with approximately $80 million of additional proceeds settling in 2014.  The Phase 1 process is now complete.

Miller Buckfire and Stifel Fixed Income will now begin a process where pools of securities are sold through several rounds of auctions. The pool based marketing process will be competitive, transparent, and designed to maximize value for the LBI estate. 

• Miller Buckfire/Stifel will introduce multiple pools of securities to the market at the same time. The first pools of securities to be sold are listed in Exhibit A. Winners will be announced the Monday following the close of the auction period.
• Bidders will bid on the entire pool. All securities will be delivered to the winning bidder. Securities will be delivered to the winning bidder as quickly as the satisfaction of potential administrative issues allow. The Trustee, Miller Buckfire and Stifel make no representation as to the transferability or ability to register sold securities in a specific timeframe.
• A list of the pool's securities will be made publicly available at the beginning of each auction period, the duration of which will be two or three weeks depending on the pool.
• The pools will have reserve prices set at the discretion of the Trustee and Miller Buckfire/ Stifel.  

The commencement of the pooled auctions and composition of the pools may be adjusted from time to time. Sales inquiries can be made to:

Media Contact for the Trustee
Jake Sargent
[email protected] 
T: 202-569-5086

THE SECURITIES SOLD IN ANY AUCTION HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO, OR FOR THE BENEFIT OF, U.S. PERSONS ABSENT REGISTRATION UNDER, OR AN APPLICABLE EXEMPTION FROM, THE REGISTRATION REQUIREMENTS OF THE ACT AND APPLICABLE STATE SECURITIES LAW.  THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY THE AUCTION SECURITIES, AND SHALL NOT CONSTITUTE AN OFFER, SOLICITATION OR SALE IN ANY JURISDICTION IN WHICH, OR TO ANY PERSONS TO WHOM, SUCH OFFERING, SOLICITATION OR SALE WOULD BE UNLAWFUL.

SOURCE Office of the Trustee for the Liquidation of Lehman Brothers Inc.

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