Are LBIE customers eligible for individual SIPC advances?
LBIE may be treated as a single customer claimant under a strict interpretation of SIPA, in which case there would not be individual SIPC advances to LBIE customers. However, the Joint Administrators and the Trustee are negotiating to permit, where appropriate, separate SIPC advances to LBIE’s customers. In that case, LBIE customers could receive SIPC advances, up to the applicable limits under SIPA, as may be required to satisfy a customer claim to the extent the net equity value of such claim exceeds the customer’s pro rata share of customer property available for distribution.
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