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Last Post: 1/27/2014 12:09:37 PM - Followers: 87 - Board type: Free - Posts Today: 0

Lehman Brothers Holdings Capital Trust III, 6.375% Preferred Securities Series K

 

 

 Lehman Brothers News:

Lehman Brothers Reduces Debt By 2/3!

 

Feb. 2 (Bloomberg) -- Lehman Brothers Holdings Inc., in its fifth month of bankruptcy, has about $200 billion of unsecured liabilities left to pay, down two-thirds from when it sought court protection, Chief Executive Officer Bryan Marsal said.
Lehman originally had $613 billion in debt, of which $400 billion was short term loans offset by a similar amount of assets that “netted out,” Marsal said in an interview. The firm has $7 billion in cash so far to pay creditors.

“We have 500 people working the assets,” Marsal said. Based on Lehman’s bond prices of 15 cents on the dollar or less, investors anticipate recoveries of no more than $30 billion, or 15 percent of liabilities.
Marsal, 57, co-CEO of New York-based restructuring firm Alvarez & Marsal Inc., took over Lehman’s top job this year from Richard Fuld. Creditors may be paid partly in cash and partly in stock as illiquid real estate and private equity are expected to be sold in the next two to three years, said Marsal. The restructuring chief said he’s evaluating a plan to create separate companies for real estate and private equity, which would distribute stock.
 

 

 Lehman Hopes For Bankruptcy Exit Within 2 Years

 

 

Lehman Brothers said on Wednesday it hoped to exit bankruptcy protection in the next 18 to 24 months, but the judge overseeing the case warned that more international coordination would be necessary to meet that goal.

“We would like to be out of this situation with in 18 to 24 months,” Bryan Marsal, the co-founder of turnaround firm Alvarez & Marsal and current chief executive of Lehman, said at a bankruptcy court hearing in Manhattan, according to Reuters.

“Too many people are saying this case is going to take five to six or 10 years. There’s no reason for this thing to be in bankruptcy for that amount of time,” Mr. Marsal said.

Mr. Marsal has been heading a team of more than 500 to wind down operations at Lehman and said he believes the situation there is now “stable,” compared with the chaos that occurred at the 150-year-old firm when it filed for bankruptcy on September 15.

But U.S. bankruptcy Judge James Peck, who also on Wednesday approved the appointment of an examiner to probe the investment bank’s collapse, warned that Lehman would have to think globally to meet such a speedy timeline.

Judge Peck said that, with dozens of insolvency proceedings pending around the world, the Lehman case is “undoubtedly the most massive cross-border insolvency in the history of the world,” and told lawyers they should work out protocols for global issues and creditor claims to be resolved efficiently.

“I am concerned that, absent some ability to tie together all of these (international) estates, that we run the risk of a ‘mouse that roared’ problem in which some estate in some other jurisdiction may control the timing of the exit in this case,” Judge Peck said.

Lehman’s bankruptcy attorney, Harvey Miller, said at the hearing that the firm has been working closely with the Lehman Brothers unit in Europe and its administrators.

Mr. Marsal took over as Lehman’s chief executive this month after serving as the firm’s chief restructuring officer for months.

As part of a status update to the court, Mr. Marsal said that, after sales of Lehman’s core U.S. brokerage unit, money manager Neuberger Berman, and several other assets, the company is focused on an orderly wind-down.

Mr. Marsal said Lehman had a cash balance of about $6 billion as of January 2, compared with about $3.3 billion on September 14, the day before it filed for bankruptcy protection.

Mr. Marsal said Lehman is working to maximize the recovery value of the firm’s assets, by resolving its derivatives book, other claims and funding commitments, and looking to sell hard assets such as real estate, art and Lehman’s fleet of planes.

Judge Peck also approved a request to appoint an examiner to probe Lehman’s collapse.

The U.S. Trustee’s office, which oversees bankruptcy cases in New York, has already interviewed several candidates for the job, U.S. Trustee Diana Adams said at the hearing.

According to U.S. bankruptcy laws an examiner can be appointed in any bankruptcy case if someone requests it and the court finds the company’s debts exceed $5 million.

When Lehman filed for bankruptcy, it listed $613 billion in debts and $639 billion in assets.

The examiner is expected to produce a report on the issues surrounding how Lehman collapsed; how it pursued the sale of key assets such as its core U.S. brokerage business to Barclays; and look for any evidence of fraud, dishonesty, or misconduct, lawyers said at the hearing.

“The examiner has to be someone who is fiercely independent, of the highest integrity and not afraid to take on anyone, including the Federal Reserve,” Mr. Marsal said. “It has to be a process where everyone can be examined.”

Lawyers representing Lehman, its creditors, the U.S. Trustee’s office and other parties are expected to meet over the next few days to work out details relating to the scope of the examiner’s investigation.

“We will support the examiner, we want transparency,” Mr. Miller said at the hearing.

 

REINET TO BUY LEHMAN MERCHANT ASSETS

 

JOHANNESBURG, March 10 (Reuters) - Luxembourg-based investment firm Reinet Investments (REIJ.J) has received approval from Lehman Brothers Holdings Inc's (LEHMQ.PK) partners to buy part of Lehman's merchant banking business.

Reinet, which is controlled by South African billionaire Johann Rupert, said on Tuesday approval was received from Lehman Brothers merchant banking partners IV LP and IV.

Lehman Brothers Holdings Inc filed for bankruptcy protection in mid-September 2008 after trying to finance too many risky assets with too little capital. It has been selling various assets since then.

Reinet was created last year when the Rupert family controlled luxury group Richemont (CFR.VX) was restructured and its stake in British American Tobacco (BAT) (BTIJ.J) spun off.

The deal on the Lehman assets is its first significant investment.

Reinet said it would initially invest up to $10 million in a joint-venture with the current management team and other investors in respect of the Lehman funds.

The Lehman funds have about $4.5 billion in assets, which include money invested and money still to be drawn down from the limited partners.

Reinet added that it would invest up to $230 million in new investments to be made over the remaining lives of the Lehman funds.

The company said the transaction is expected to close within 30 days.

Shares in Reinet were trading 3.5 percent higher at 9.32 rand by 1329 GMT, outperforming the Top-40 index of blue-chips stocks .JTOPI, which was 1.85 percent higher. (Reporting by Gugulakhe Lourie)

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#2994   MM driving this back down - 145 shares catdaddyrt 01/27/14 12:09:37 PM
#2993   That is an excellent idea for everyone, change dine 06/26/12 01:56:05 PM
#2992   At least it's a trade, was begining to eet2 05/24/12 08:59:15 PM
#2991   I really have trouble believing this is an catdaddyrt 05/24/12 08:24:34 PM
#2990   350 shs # .01 - 3.50 trade. eet2 05/02/12 07:23:26 PM
#2989   Not me. But thanks for the news JERSEYHAWG 04/23/12 11:29:52 PM
#2988   A TRADE TODAY! sidedraft 04/23/12 11:05:54 PM
#2987   Maybe some of it will reach us. eet2 04/12/12 10:09:32 AM
#2986   So whaddayathink.....I would say this bodes well for hestheman 04/12/12 09:12:28 AM
#2985   Credit to wamugold on another board. eet2 04/11/12 04:33:56 PM
#2984   yep I have plenty of time - I catdaddyrt 04/11/12 12:32:27 PM
#2983   IMHO. worth the wait in the end ,,,,,,, $ JERSEYHAWG 04/11/12 12:15:58 PM
#2982   very strange indeed - looks to be a catdaddyrt 04/11/12 12:03:04 PM
#2981   I wish i got em. Good luck to whomever. JERSEYHAWG 04/09/12 06:25:42 PM
#2980   None of the others traded. Someone appears to VivaLasVegas 04/09/12 06:20:49 PM
#2979   So much for the theory of keeping CTs JERSEYHAWG 04/09/12 06:08:13 PM
#2978   6,808 shares traded. last trade at .10 for guster0 04/09/12 04:45:07 PM
#2977   Lehkq? Scottrade is showing 12,436 shares traded today with Gilee-68 04/09/12 04:12:35 PM
#2976   Okay, let's get to the bottom of this ... chessman 04/05/12 09:44:49 AM
#2975   I received the following information this morning from sidedraft 03/13/12 10:44:38 AM
#2974   Damn, I knew I should have changed my stripus 03/12/12 11:58:54 PM
#2973   I don't see how they can't lose the cents2ks 03/12/12 11:48:54 PM
#2972   Should be interesting to see what they open dnoto 03/12/12 11:42:37 PM
#2971   Now if these become LEHK, LEHL, LHHM and stripus 03/12/12 11:40:12 PM
#2970   Amazing huh? sidedraft 03/12/12 11:19:02 PM
#2969   I'm looking for a useful explanation to a jethrobodineski2 03/11/12 11:32:50 AM
#2968   OK thanks - yes I think there has linda1 03/09/12 02:46:45 PM
#2967   VIVA. all i can tell you is my JERSEYHAWG 03/09/12 08:08:39 AM
#2966   I only own the LEHKQ securities. The findit 03/09/12 02:08:43 AM
#2965   I thought that form was for PRE-BK holders? VivaLasVegas 03/09/12 01:37:37 AM
#2964   the form was for various preferred and common ,, JERSEYHAWG 03/08/12 05:57:34 PM
#2963   How do you know that the Proof of linda1 03/08/12 05:06:24 PM
#2962   Linda this is how my LEHKQ shares are findit 03/08/12 04:56:00 PM
#2961   Exactly what series/shares are we supposed to file VivaLasVegas 03/08/12 03:52:46 PM
#2960   my wife was sent the form and all JERSEYHAWG 03/08/12 03:12:28 PM
#2959   Did you purchase Lehman Common or Preferred Securities? linda1 03/08/12 02:47:57 PM
#2958   I don't think this form is for the linda1 03/08/12 02:45:27 PM
#2957   Linda all my shares were puchased after the findit 03/08/12 02:44:39 PM
#2956   OK - thank you. There is linda1 03/08/12 02:29:28 PM
#2955   thanks donto and famous!!!! yate 03/08/12 12:53:16 PM
#2954   you're welcome... Wish we were getting something from dnoto 03/08/12 09:35:21 AM
#2953   ahhhh thank you onco 03/08/12 09:34:10 AM
#2952   C. This Proof of Claim is directed to the dnoto 03/08/12 09:17:03 AM
#2951   anybody know why this form and why only onco 03/08/12 08:41:02 AM
#2950   Proof of Claim Form - http://www.lehmansecuritieslitigationsettlement.com/docs/C findit 03/08/12 02:41:57 AM
#2949   That is very strange and new to me. linda1 03/07/12 04:51:46 PM
#2948   I own LEHKQ, guess the term common does findit 03/07/12 04:50:18 PM
#2947   What do you mean by " common LEHKQ linda1 03/07/12 04:45:21 PM
#2946   Linda your insights would be appreciated regarding the findit 03/07/12 04:22:13 PM
#2945   FYI, I already placed a sale order for phong67 02/21/12 01:42:14 PM
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