Three note issuers receive distributions from Lehman Brothers debtors

By Caroline Salls

Pittsburgh, Jan. 12 – Southern Pacific Securities 05-3 plc, Preferred Residential Securities 06-1 plc and Marble Arch Residential Securitization No. 4 plc received distributions from Lehman Brothers Holdings Inc. and Lehman Brothers Special Financing Inc., according to three notices to noteholders released Friday.

Southern Pacific said it received $1,093.09 from Lehman Brothers Holdings, representing a distribution of 0.733217% of a $149,082.72 class 9A claim, as well as a $2,461.30 distribution from Lehman Brothers Special Financing, representing a distribution of 1.650964% of a $149,082.72 class 4A claim.

Southern Pacific said these amounts, and all other amounts received by the Lehman debtors, have formed part of an available revenue fund to be applied in accordance with a priority of payments on the basis that no replacement interest rate cap agreement has been entered into by the issuer.

Preferred Residential said it received $3,981.63 from Lehman Brothers Special Financing, representing a distribution of 1.650964% of a $241,170.20 class 4A claim and $1,768.30 from Lehman Brothers Holdings, representing a distribution of 0.733217% of a $241,170.20 class 9A claim.

To date, Preferred Residential has received $157,620.25 in total distributions from the Lehman debtors.

Preferred Residential said the total distribution is being held for application toward payment to a “suitably rated replacement hedge counterparty” for entry into a suitable replacement hedging agreement.

Marble Arch said it received $222,880.14 from Lehman Brothers Special Financing, representing a distribution of 1.650964% of a $13.5 million class 4A claim and $98,984.29 from Lehman Brothers Holdings, representing a distribution of 0.733217% of a $13.5 million class 9A claim.

Marble Arch has received a total of $8.82 million in distributions from the Lehman debtors. This amount is being applied toward payment to a suitably rated replacement hedge counterparty for entry into a suitable replacement hedging agreement.

New York-based Lehman Brothers was the fourth-largest investment bank in the United States. The company emerged from bankruptcy on March 6, 2012.

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