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Once they know... we know these will move easily.. Glad I got a bunch of them. Will be buying more as funds come by!!
Yes, both the CQ's and DQ's are the best values because fewer people know about them... right now that is. lol
Did you get filled yesterday? I got filled on the DQs but almost half the day yesterday I couldn't get a fill on the CQs..Anyway, among the prefs, these seem to be the better deal as of now anyway!!
I have another order in for the CQ's and hope to get filled today, but with the commons looking strong, all the Lehmans should be moving higher today.
but my order at .3 never got filled and I ended up in a oil play that did well yesterday.. Well, if I pull out today, will have more for CQs I suppose :)
LEHCQ is the D's twin and is only at .30 right now.
This is by far the best deal on the prefs.. I should be getting more of these!!
Well.. I changed my order and decided to buy some cap trusts instead.. think they are just starting their run and should be a good run from here!!
Do you use TDA? Have them call down to the market center to get a bid/ask directly from a MM. I guess the ask must be around .40 or .50 now.
thats what I thought and the girl at the end of the line was like.. " its weird but I dont see a bid/ask. Are you sure you want to put an order for this Sir?"
I was like.. "Thats crazy, but what is the last traded price?"
"Its 30 cents Sir"
"well, this is my order at 30 cents now.. limit please"
So, my order is in at limit .3 since morning and no fills yet on the C!!
But I already got my DQs yesterday and so am not complaining!!
LEHCQ last .30... did they tell you where the bid and ask was? Should be at least .70 by now based on the J's being at .35!
Nice post Coach.. I am glad I loaded this up yesterday.. trying for the CQs.. had to call TDA as it would not accept an online order!! Hope I get filled the CQ too to complete my Lehmann portfolio!!
This is the article that led me to the previous post!
Monday, September 21, 2009
What Is Going on with Lehman Brothers?
Not with the company but the stock price.
Lehman Brothers still trades as a pink sheet, LEHMQ. The company has been in bankruptcy (Chapter 11) since last September. The stock, accordingly, was trading at 5 cents or less, with daily volume of a few million shares, until all of a sudden it went up 200% to 15 cents on August 28 with 73 million shares trading.
It is trading at 23 cents today, up 12%. It was up more than 20% earlier.
The move since late August is dismissed as nothing more than small, retail investors picking out the penny stocks hoping to win big to make up for the loss they have sustained in their investment.
Probably that is the case. However, I have this strange feeling that the firm may get resurrected. I have absolutely no proof, it's just my slight suspicion, probably irrational one, too.
If I am to plead my case for the Lehman resurrection, it is this recent post about two accountants discussing the unwinding of the unwindable derivative positions in Lehman Brothers London operation.
No major counterparty has come forward to settle their accounts with Lehman, after one year. Why? Maybe because their claims are not supported enough by documentation that would satisfy the bankruptcy judge? Instead of unwinding the positions so that the firm can be dissolved, might they end up keeping the firm intact with all remaining positions on its book, so that the counterparties are not harmed by the unwinding (if they owe Lehman)?
They may rather let Lehman Brothers exist as a "bad bank" that holds derivatives that have certain value but no one can figure out exactly what value and are unwindable. After all, Chapter 11 bankruptcy is for reorganization under the bankruptcy code.
http://ex-skf.blogspot.com/2009/09/what-is-going-on-with-lehman-brothers.html
Classic...Enjoy the Ride!
Coach T
I HAVE NEVER POSTED MUST READ! THIS IS A MUST READ!
Lehman Brothers One Year After in London and Still Unraveling
On the other hand, across the Atlantic, BBC Radio aired a very interesting program featuring two accountants sent to Lehman as administrators to sort out the mess and wind down the company's London-based operation. The "mess" is an understatement; as one of the accountants say near the end, "the most complex insolvency ever."
The accountants, Tony Lomas and Steven Pearson of PriceWaterhouseCoopers, speak to Steve Evans in the program Business Daily, aired on September 10. The interview is about 18 minutes long, and you can listen to the program by clicking the link (it opens in a new window).
They tell Evans that they still have over 400 Lehman people working with them. Lehman Brothers still has enormous balance sheet of over $1 trillion, loaded with very complex assets - derivatives and structured finance products, they say.
After one year, they are still in awe how complex and comprehensive the business environment is in a large financial institution like Lehman. And how unfathomable the risk is. They say they are just starting to unravel some of the complexities of the positions with some of the bigger clients.
"Almost a year on, we still have large household-name counterparties out there who have NOT reconciled their position with Lehman. They have not worked out exactly what they think Lehman owes them, or what they owe Lehman... Because of the complexities of the relationship, they still can't finalize what their position is with us, all these months on."
"All it happened here, is the market stopped believing. Suddenly this enormous organization that's been around for 100 years fell apart. It could have been a number of other market counterparties; it happened to be Lehman but it could have been a number of others. If we end up without vote of confidence again, you could have this sort of thing again..."
http://ex-skf.blogspot.com/2009/09/lehman-brothers-one-year-after-in.html
THe Prefect Storm...now they let LEHMAN SURVIVE BECAUSE THEY CANNOT FIGURE OUT HOW TO LET IT DIE (BBC)!
Coach T
Good job. Nice to have some shares of a few million outstanding isn't it. Let's hope this is just the beginning. These things trade so wierd, it can be frustrating. Hang tight, should be a wild ride!!
I got filled at .26 at EOD!! Phew.. I thought I will never get filled. This was a good deal to get into.. I had some issues with TDA not letting me buy the CQs as they had a weird bid/ask. Need to call in tomorrow and get some of those babies before they fly away!!
LEHCQ has only 5M O/S and has a $50 face as well. Very undervalued at .25 IMO.
Remember, these are twice as good as the other preferreds as they have a $50 face value and all others except for the P's and C's are $25. Also these only have 4 million o/s.
Wow up 233.33% .40???
Tell you how strange trading was today, I am showing two transactions, at .08 and .12, I can tell you first hand they were not 100% buys.
I sold a tiny amount today, it took two fills, one at 08. and one at .12.
But the last fill at .12 was for shares that I had for sale at .08!
I bought them on the 5Th, I only got 10% of what I was trying to buy. But since I bought them for .015, and it was just a small amount I decided to see if I could get .08 for them......
Even the best of traders cannot profit with a spread as wide as the MM has to keep the D's. Even with the stock going up today if you sold you would get the bid.
Hold the course...the wind is at our backs for the first time in 24 months.
Good news comes out everyday...just the reverse of 2008 when each news story took shares down.
Keep the Faith,
Coach T
I was lucky to pickup some Cs and Ds before they stopped trading. They are under my pillow for the time being.
Coach,
Great to be on your team !
Holders of the Traditional $50 Preferreds are not IMO trading them. So you can see movement like today due to lack of volume. With only 4M shares outstanding very rarely will you see more than 100K shares trade.
It is not about the price for these $50 shares...it is holding the position. There is not enough liquidity for trading. I am holding my 220K until the end FYI!
Coach T
Up 700% on a few thousand shares. Wow this one can move as there are only 4 million outstanding shares here!!
Yippee!! , It's 'bout time we saw some movement here...
...go LEH!
LEHDQ is $50 face, so this one is still a bargain at .08 cents. Up 433% today.
4m shares at 50.00 face value
LG
do you know what the share structure is here on the LEHDQ ?
tia
we're much bigger than GGWPQ and it's over $2 with very tiny cash I believe
GGWPQ — General Growth Properties, Inc.
chart lookin similar to LEHKQ imo
CQ is in greysheets, DQ pinksheets same traditional preferred
And the LEHGQ is a dime, seems to depend on how the ticker sounds when it is pronounced. LOL
What's the difference between D and C? I thought they are pretty much the same and I couldn't understand why D is at 0.17 and C is at 0.05...
ATTENTION: I made calls and it looks like the bar date deadline is just for LBI not LBHI
So the deadline is for LEHMAN BROTHERS INC.
and thus
NOT FOR
LEHMAN BROTHERS HOLDINGS INC.
These people make everything so damn difficult to get straight.
Geeeeeeesssssshhhhhhh
Then again, please do your own due diligence to back up this post and my due diligence.
Cheers
Lehman eyes spinoff of remaining assets
http://news.yahoo.com/s/nm/20090514/bs_nm/us_lehman_spinoff_2
What's with the bid/ask of .06 and .60 on this? This is the 3rd time I've seen this after hours. By 8:00 am it will be back to .07/.11. Games or signals?
Oh, yeah. I'm holdin 4 even better days. At least to where P's are now. Signal sent to MM's on LEHCQ, probably next to pop soon, I hope. Still gettin D&D on the F's J's and other prefd of similar nature. Will share when I know
LOL
MEANS I HAVE SELL ORDERS THERE.
but some hack it front running my sell orders now at .16
Maybe I'll just PULL MY OFFERS AND LET THE THING PROP UP TO A WHOLE NEW LEVEL.
Cheers
Viva, what do u mean? Sorry
offering out stock from .17 to .24
Just to let you guys know.
Just more MM games. I'm sick of MM's. I know its life in the pennies as usual, but still sick of them. 6000 at .35 then .08. Insanity. Give us a break u sscam artists. Don't u have clients to make money for? If these stocks r going to b woth something, they can't do this forever. Or can they?
By the way crazy spike today, .35 and large spread.
Yes that is great news, now if they had filled all my order today instead of just 1000 shares @ .04 I would be juming for joy.
Government Officials push US Treasury to buy Lehman Paper
http://online.wsj.com/article/BT-CO-20090505-711083.html
Looking Very,Very Good!!!
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SECURITY DESCRIPTION: Lehman Brothers Holdings, Inc., Depositary Shares, each representing 1/100 of a share of 5.67% Cumulative Preferred Stock, Series D, stated value $50.00 per depositary share, redeemable at the issuer's option on or after 8/31/2008 at $50 per depositary share plus accrued and unpaid dividends, with no stated maturity, and with distributions of 5.67% per annum paid quarterly on 2/28, 5/31, 8/31 & 11/30 to holders of record on the 15th day of the month in which that payment is made. In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below. |
Stock Exchange | Cpn Rate Ann Amt | LiqPref CallPrice | Call Date Matur Date | Moodys/S&P Dated | Distribution Dates | 15% Tax Rate |
---|---|---|---|---|---|---|
OTOTC Chart | 5.67% $2.835 | $50.00 $50.00 | 8/31/2008 None | WR / NR 1/25/09 | Suspended! 2/28, 5/31, 8/31 & 11/30 Click for Ex-Div Date | Yes |
NOTE: LBHGP last traded APRIL 9 2008 and has not traded since (As per Scottrade back room) (thanks to waman for info)
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