Lehman Bros 7.25% Pref''d Series P (fka LEHPQ)

[JERSEYHAWG]

its been a while for posts over here, just came in to blow the dust off,,,,,,,,,,,,,,,,,,,,,,,,,,,KEEP THE FAITH AND GLTA

[dominik2]

are lehman brothers ever gonna recover and get on top again???what do u guys think

[stripus]

DJ BANKRUPTCY WEEK AHEAD:Lehman Seeks To Send Plan For Creditor Vote

By Marie Beaudette

Of DOW JONES DAILY BANKRUPTCY REVIEW


On Tuesday, Lehman Brothers Holdings Inc. (LEHMQ) will ask the New York bankruptcy court for approval to send its Chapter 11 payment plan to creditors for a vote.

Judge James Peck is slated to consider the disclosure statement that explains the creditor-repayment plan in plain language. The document must be approved before creditors can vote on the plan and before the failed investment bank can return to court to seek final approval of the proposal.

Lehman is trying to get its plan confirmed by the end of the year.

The disclosure statement is facing some creditor opposition, though not as much as it was expected to face before the company reached a deal with key creditors that were proposing their own repayment plans for Lehman. Those creditors, including hedge-fund manager Paulson & Co. and Goldman Sachs Group Inc. (GS), are now standing behind Lehman's plan.

Earlier this week, Lehman responded to the objectors, saying it would make some changes to the disclosure statement and would address other concerns later in the plan-confirmation process.

Lehman's latest plan could pay creditors up to $65 billion and gives those owed money from its various subsidiaries larger recoveries than they would have received under its original plan, but the plan limits how much they can claim. The deal also means creditors could benefit from quicker payment.

Earlier this year, Lehman said that it would likely have $322 billion in allowed claims against the estate, with $272 billion from the parent company and about $50 billion from its various subsidiaries.

Since Lehman's collapse in September 2008, a team of professionals directed by restructuring firm Alvarez & Marsal has been winding down the investment bank and managing its assets--including real-estate holdings, corporate debt and derivatives--for the benefit of creditors.

[DJN]

Nice grab @ .50 GLTY

[stripus]

You will have to call your broker to find out what the real bid/ask is. They rarely post the correct numbers which, IMO is one way to keep these from trading. The MM's can post what ever numbers they want real or otherwise.

[joyceschoice]

Radium - I've basically accumulated by buying 1/4 to 1/3 of my shares at the lowest ask I can find in the CT's or preferreds while keeping lower GTC bids in. Occasionally then they will partially fill my lower bid.

[FadeMeToWin]

my best luck has occurred when I have seen some volume. You have to keep an eye on this one because it will go for days/weeks with little or no volume and then one day out of the blue there will be some activity.

[radiumsoup]

I've been in an WAMU for several months now and finally tried buying in some Lehman securities over the past few days....

how the heck are you supposed to buy these things? The only issue I was able to get at all was LEHPQ at .50 today, nothing else seems to be trading. (looking only at cap. trusts and preferreds) Other than putting in orders above the ask (which, according to my chart reading skills, limited as they are, is a waste given the ability for shares to trade below even current bid levels)... do you guys just put in a GTC order and exercise some inhuman levels of patience waiting for someone to sell?

[DJN]

Tuesday, August 09, 2011

10:00 AM
08-13555-jmp Lehman Brothers Holdings Inc. Ch. 11


Adversary proceeding: 08-01420-jmp Securities Investor Protection Corporation v. Lehman Brothers Inc.
Motion Filed by the Trustee for an Order Enforcing the Automatic Stay and the Stays in the Liquidation Order and Compelling Payment of Amounts Payable by UBS AG

Objection and Cross- Motion Filed by UBS AG



Adversary proceeding: 08-01420-jmp Securities Investor Protection Corporation v. Lehman Brothers Inc.
Doc# 4354 Notice of Hearing / Notice of State of the Estate Presentation



Doc# 4360 Motion to Expunge Claims / Trustees Motion for an Order Confirming the Trustees Determination of Claims Related to TBA Contracts



Doc# 4402 Statement / Notice of Extension of Briefing Schedule and of Status Conference in Lieu of Hearing on Trustees Motion for an Order Confirming the Trustees Determination of Claims Related to TBA Contracts (related document(s)[4360])



Doc# 4365 Notice of Hearing / Notice of Motion for an Order Confirming the Trustees Determination of Claims Related to TBA Contracts



2:00 PM
08-13555-jmp Lehman Brothers Holdings Inc. Ch. 11


PTBS- MOTION TO APPROVE PROCEDURES RE: CLAIMS OF STRUCTURED SECURITIES

[Huntewr7]

micmac, I got 1000 of thoes. Just in case.

[DJN]

June Cash

http://www.bloomberg.com/news/2011-07-21/lehman-paid-bankruptcy-managers-lawyers-27-5-million-in-fees-last-month.html

Lehman and its affiliates reported cash and investments of $24.4 billion on June 30, compared with $23.5 billion on May 31. Of the June total, $2.6 billion was unavailable for use, according to the filing.

The Lehman parent’s bankruptcy in Manhattan became the most expensive in U.S. history in April 2010, when it topped the $757 million cost of energy trader Enron Corp.’s three-year liquidation, according to data compiled by Lynn LoPucki, a bankruptcy-law professor at the University of California, Los Angeles.

Lehman’s creditors range from banks and hedge funds to the New York Giants and Abu Dhabi Investment Authority, as well as individuals who hold Lehman bonds. Once the world’s fourth- biggest investment bank, Lehman filed for bankruptcy on Sept. 15, 2008, with assets of $639 billion.

[DJN]

MOR: http://www.sec.gov/Archives/edgar/data/806085/000119312511193775/0001193125-11-193775-index.htm

[joyceschoice]

Doubtful it was an institution. More likely a retail buyer that was caught up in the briefly exciting pop a few weeks ago.

Wish I'd sold some J's on that move. They're still trading well below common.

[stripus]

Someone dumped 4500 shares at about .70 cents, but other than that they were all buys. Now that was 4.5 million face value, perhaps another institution bailed????

[DJN]

Love it... move the pps up, up, up...

[VivaLasVegas]

Volume heating up again. Thoughts here?

[FadeMeToWin]

oops, just saw the volume and close price and made a bad assumption. thanks for letting me know.

[VivaLasVegas]

only 100 shs traded .66 today.

Besides that all the volume ( 10,153 ) was at $1.20



Looks like this just might pan out.

[FadeMeToWin]

wish i had been in today to get some of these. Wow.

[the_doctor]

not i

[DJN]

Yes sir. Now we just need someone to slap it :P

[S-BEES-BUMBLEBEE]

Ask: $1.25!

[sidedraft]

This link will get you close, then on to Monthly Reports at the top:

http://www.lehmancreditors.com/Lehman/LehmanCC.nsf/

[sidedraft]

Yes it was filed. However iHub's fascination with the Dollar Sign screws up any link that has a $ in it.

[sidedraft]

Seen, thanks

[sidedraft]

None here, who sent it?

[JERSEYHAWG]

did anyone get a email with this as the header?

" Lehman: Summary Report to Creditors for April 2011 "

16 pages, just asking. i would assume it was also posted in the court docs, like i said, just asking. if so, anyone care to comment on it.

[DJN]

Disclosure, PG371, Annex A-3 (Credit to SixFoot/TooGoodFella)

[VivaLasVegas]

You announced your presence with authority!

Keep up the outstanding due diligence work.
Keep us informed of anything new.



Cheers

[toogoodfella]

I also sometimes think that this is toogood to be true.

[guster0]

Yep I agree with that. IMHO that is what makes it so scary. The chance of EXTREME profit here is UNREAL!

Of course what Six says just makes it....almost...UNBELIEVABLE!

LOL

GLTU

[JERSEYHAWG]

hey GUS, scary close as far as looking for a BIG PAYDAY for us, IMHO, GLTY

[guster0]

SCARY CLOSE IMHO!

[JERSEYHAWG]

me to VIVA, looks good doesnt it.

and CHEERS to you to. IMHO, he has been pretty close with his guestimations to date.

[VivaLasVegas]

Hope that turns out to be correct!

Got a nice stash of P's and CTs


Cheers

[JERSEYHAWG]

THE LINK:

https://docs.google.com/viewer?a=v&pid=e...

[JERSEYHAWG]

heres a post from YAHOO, by goodfella / sixfoot

as follows:

The 52B Intercompany claim is now removed as I predicted on my previous post.


Disclosure, PG371, Annex A-3: Total Claim=272.9B

Dec31 Asset=250.7B
Plus 2B from Barclays= 2B

Deficit= -20.2B


Only 20B is needed to recover from 46.6B investment in Affiliates to balance the A/L. (I predict they will recover the total, minus the settlements from Bankhaus and LBT=About -13B = 33.6B)

Potential for recoveries:
Investment in Affiliates: 46.6B
SIPA: 11B (Almost sure)
JPM: 8B

[PARLAY_IS_ON]

53 Major Block Holders here, 7 Major Institutions and 46 Mutual Funds. So, maybe they think these are still worth holding. Otherwise, wouldn't they have just sold and taken a tax loss over the past two years? LBHGP is the 8.75 version of these, but no info found. Although, LBHGP are convertible as of 07/01/2011 . I am guessing they also have some big holders.

[SINCERELY2]

What does that mean for us? ty

[JERSEYHAWG]

http://www.huffingtonpost.com/2011/06/29/lehman-brothers-bankruptcy-liquidation_n_887114.html?icid=main%7Chtmlws-main-w%7Cdl1%7Csec3_lnk3%7C217470

[VivaLasVegas]

Someone offering $10 million+ worth of Pref Claims for $9000+ right now.
LOL

[stripus]

I like your thinking Viva, settle and then clean up what is left. LOL
I hope there may be "Happy Meals" for life.

[stripus]

Debtors also withdrew their objection to my claim. A combination of settlements and large hedge funds buying up debt did lead to the last run IMO.
Debtors seem to have fast tracked just about everything lately, and all of this seems to be very positive so far.

[VivaLasVegas]

Looks like MM's are settling up with 'real' buyers of Lehman Securities, with all of the Big blocks of shares going off at prices that are way out of range.

Mic, isn't this how the big run started the last time?


Large blocks at crazy levels in F's/G's/LHHMQ's and a few days ago the PQ's.

[stripus]

DJ Judge Approves $861M JP Morgan Settlement With Lehman Trustee

By Joseph Checkler

Of DOW JONES DAILY BANKRUPTCY REVIEW


A judge on Thursday approved a settlement that calls for J.P. Morgan Chase & Co. (JPM) to pay $861 million in cash and securities to customers of Lehman Brothers Holdings Inc.'s (LEHMQ) liquidating U.S. broker-dealer business.

Judge James Peck of U.S. Bankruptcy Court in Manhattan signed off on the settlement, the largest to date reached by James W. Giddens, the trustee winding down Lehman's U.S. brokerage.

"I'm satisfied that this is indeed an excellent result," Peck said of the "complicated settlement." He added, "This is obviously a very substantial step forward of the LBI liquidation." LBI is the brokerage subsidiary, Lehman Brothers Inc.

Hughes Hubbard & Reed LLP's Jeffrey Coleman, a lawyer for the trustee, said the avoidance of long litigation and the fact that most of the money will be paid in cash made it a great deal.

"The court's approval of the J.P. Morgan agreement marks a milestone in the administration of the LBI Estate to recover assets to pay customer claims," Giddens, also a Hughes Hubbard & Reed partner, said in a statement.

Former Lehman customers will receive all of the $861 million, $755 million of which is in cash. No parties objected to the settlement.

The deal largely settles the outstanding claims the trustee has against J.P. Morgan but doesn't affect disputes between J.P. Morgan and Lehman Brothers Holdings. The holding company and J.P. Morgan are embroiled in two pending multibillion-dollar lawsuits.

The settlement, announced in April, came after the conclusion of the trustee's two-year investigation into J.P. Morgan's actions as the principal clearing bank for Lehman's broker-dealer business.

The assets J.P. Morgan will turn over predominately come from cash and securities held in Lehman brokerage accounts that the bank had set aside pending a resolution with the trustee, J.P. Morgan said in a statement.

The settlement "will have no material financial impact" on the bank, J.P. Morgan said back in April.

According to court papers, much of the trustee's claims against J.P. Morgan stem from securities the bank held but didn't liquidate following Lehman Brothers' collapse.

J.P. Morgan disagreed with some of the trustee's findings but consented to turning over most of those funds in order to settle the dispute.

The trustee controls a $20 billion pool of assets, but how those funds will be divided between the broker-dealer's estate and customers is still to be determined.

Giddens is winding down Lehman's broker-dealer business under the authority of the Securities Investor Protection Corp., which governs the liquidation of failed brokerage firms.

His team has transferred some 110,000 brokerage accounts with a value of more than $92 billion out of Lehman Brothers following the investment bank's collapse in 2008. The bulk of the Lehman customer accounts, with assets of more than $40 billion, have been transferred to Barclays PLC.

The broker-dealer's bankruptcy case is being administered separately from Lehman Brothers Holdings' Chapter 11 proceeding.

(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)

[stripus]

DJ Judge Approves $861M JP Morgan Settlement With Lehman Trustee

By Joseph Checkler

Of DOW JONES DAILY BANKRUPTCY REVIEW


A judge on Thursday approved a settlement that calls for J.P. Morgan Chase & Co. (JPM) to pay $861 million in cash and securities to customers of Lehman Brothers Holdings Inc.'s (LEHMQ) liquidating U.S. broker-dealer business.

Judge James Peck of U.S. Bankruptcy Court in Manhattan signed off on the settlement, the largest to date reached by James W. Giddens, the trustee winding down Lehman's U.S. brokerage.

"I'm satisfied that this is indeed an excellent result," Peck said of the "complicated settlement." He added, "This is obviously a very substantial step forward of the LBI liquidation." LBI is the brokerage subsidiary, Lehman Brothers Inc.

Hughes Hubbard & Reed LLP's Jeffrey Coleman, a lawyer for the trustee, said the avoidance of long litigation and the fact that most of the money will be paid in cash made it a great deal.

"The court's approval of the J.P. Morgan agreement marks a milestone in the administration of the LBI Estate to recover assets to pay customer claims," Giddens, also a Hughes Hubbard & Reed partner, said in a statement.

Former Lehman customers will receive all of the $861 million, $755 million of which is in cash. No parties objected to the settlement.

The deal largely settles the outstanding claims the trustee has against J.P. Morgan but doesn't affect disputes between J.P. Morgan and Lehman Brothers Holdings. The holding company and J.P. Morgan are embroiled in two pending multibillion-dollar lawsuits.

The settlement, announced in April, came after the conclusion of the trustee's two-year investigation into J.P. Morgan's actions as the principal clearing bank for Lehman's broker-dealer business.

The assets J.P. Morgan will turn over predominately come from cash and securities held in Lehman brokerage accounts that the bank had set aside pending a resolution with the trustee, J.P. Morgan said in a statement.

The settlement "will have no material financial impact" on the bank, J.P. Morgan said back in April.

According to court papers, much of the trustee's claims against J.P. Morgan stem from securities the bank held but didn't liquidate following Lehman Brothers' collapse.

J.P. Morgan disagreed with some of the trustee's findings but consented to turning over most of those funds in order to settle the dispute.

The trustee controls a $20 billion pool of assets, but how those funds will be divided between the broker-dealer's estate and customers is still to be determined.

Giddens is winding down Lehman's broker-dealer business under the authority of the Securities Investor Protection Corp., which governs the liquidation of failed brokerage firms.

His team has transferred some 110,000 brokerage accounts with a value of more than $92 billion out of Lehman Brothers following the investment bank's collapse in 2008. The bulk of the Lehman customer accounts, with assets of more than $40 billion, have been transferred to Barclays PLC.

The broker-dealer's bankruptcy case is being administered separately from Lehman Brothers Holdings' Chapter 11 proceeding.

(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection.)

[VivaLasVegas]

It sure does. As long as the end payoffs somehow reach the Pref's we'll all do great.

If it only grazes the Cap Trusts well that's okay too, but would love for the Pref Holders to get tapped in on some of that cash.


Cheers

[FadeMeToWin]

$800M here $500M there........... it all adds up.......

[VivaLasVegas]

News 6/23/11 - Court clears Lehman unit settlement with JPMorgan
10:56am EDT
NEW YORK, June 23 (Reuters) - Federal bankruptcy court approved on Thursday a settlement between the Lehman Brothers brokerage and JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) in which the bank will return more than $800 million of cash and securities to resolve claims brought by the Lehman trustee.
The brokerage, which was part of Lehman Brothers Holdings Inc (LEHMQ.PK: Quote, Profile, Research, Stock Buzz), is being liquidated by trustee James Gidden, who is collecting assets to return to customers who held accounts at Lehman when it filed for bankruptcy in September 2008.
The trustee had announced the settlement in April. JPMorgan was the brokerage's "clearing" bank, acting as a go-between in Lehman dealings with other parties and, in that role, holding various Lehman assets.
"This is a significant and positive result from two years of investigation and close cooperation with JPMorgan," Gidden said in an e-mailed statement
The case is In re: Lehman Brothers Inc, U.S. Bankruptcy Court, Southern District of New York, No. 08-01420. (Reporting by Caroline Humer, editing by Gerald E. McCormick)


http://www.reuters.com/article/2011/06/23/lehman-idUSN1E75M0JT20110623?feedType=RSS&feedName=rbssFinancialServicesAndRealEstateNews&rpc=43

[Huntewr7]

Back in. That is my buy 1k at .90.