When will LBIE customers receive confirmation of the extent to which positions remain held at LBI?
LBIE Customers should not expect to receive such confirmation. As noted above, the claim in a SIPC proceeding is a net equity claim measured as a dollar value. See FAQ 1 above. Again, there can be no assurance that any particular securities will be returned in the SIPC proceeding. As mentioned, the Joint Administrators and the Trustee are working diligently to reconcile the positions reflected in respect of LBIE and its customers on the books of LBI and on those of LBIE. This reconciliation is made more difficult by the need to bring the records into agreement as at 12 September 2008, and then bring them forward to the commencement date of the LBI SIPC proceeding of 19 September 2008. At this stage, the Trustee has given no indication of the time frame in which the reconciliation process will be completed.
