Lehman Brothers Holdings Inc. (fka LEHMQ)

[WaS]

Important Lehman info...

As per yahoo...

http://messages.finance.yahoo.com/Stocks_(A_to_Z)/Stocks_L/threadview?m=te&bn=10602&tid=241680&mid=241680&tof=1&frt=2#241680

Don't look now but Marsal and team are asking the court to compel Barclay's to hand over documents adding up to large sums of money that Barclay's never paid or got too much in assets among other monies.

Here's the court doc...

http://chapter11.epiqsystems.com/viewdocument.aspx?DocumentPk=f6216d51-1d0d-49c3-9396-12af162cce57

Also from Coach over on yahoo...

I had an interesting conversation with a representative at Marsal about Lehman via telephone. I had a chance to ask her about the secured/unsecured debt and the non-debtor companies. I about fell out of my chair when I had the opportunity to spend time with her (it took me 3 weeks).

She said that there was not much secured debt left...reading between the lines, I got the feeling that it had been matched and liquidated during the sept/oct 2008 timeframe.

I asked her about the remaining debt and non-debtor companies and if they were part of what Mr. Marsal refers to when he talks about the 200B here and there.

She gave me the following info...they are calculating off of the original spreadsheet dated 09/14/08 and released thru the first MOR that had ops thru 12/08 (released 01/29/09). Also, that the non-debtor companies are being included when Mr. Marsal refers to Lehman in general.

Debt:
Short-term borrowings and current portion of long-term borrowings....$23,686B
Total financial instruments and other inventory positions sold but not yet purchased....$34,057B
Collateralized financings....$10,339B
Payables....$10,623B
Deposits at banks....$12,401B
Senior notes....$66,491B
Subordinated notes....$15,254B
Total....$172,851B (basically everything under "Total LBHI controlled entities" liabilities except the monies owed between LBHI companies).

I asked her about the recievables and liabilities between LBHI companies and whether they just about net out and she agreed in lay terms with some accounting adjustments here and there.

When you calculate the total LBHI controlled assests less intercompany receiveables you get about $626,240B total assests less the receivables of $393,620B and you get $232,620B.

$232,620 minus $172,851B leaves 59,769B Net assets. Now they report that the commercial, residential and mortgage has lost half in its value since the filing thru mark to market by third party. Approx. 45B. Now you are down to 59B minus 45B or 14B.

There is 13B of Preferred stock as of the same spreadsheet.

She also did not know whether the preferred trusts were included in the secured unsecured debt categories or part of the preferred shares under stockhoder liability on the speadsheet.

For my money...the risk/reward for bonds and preferreds is there for the taking until bonds move higher and also the preferreds.

Do your own due diligence. This is total speculation until better numbers are released. I just had questions on how to better interpret the numbers released last year and wanted to share my conversation with the people at Marsal.

http://messages.finance.yahoo.com/Stocks_(A_to_Z)/Stocks_L/threadview?m=te&bn=10602&tid=241675&mid=241675&tof=2&frt=2#241675