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IMO It loos like there will be some form of Lehman Brothers that Survives BK. It appears to me that LB may want to bargin with the investors. My guess is that they will probably want to continue paying interest on the shares in return for not cashing them in.
The article says they still have $200b in debt. It also says their assets in non-distressed time are worth $400b. That means if they can just pacify the investors till the market gets better, then they will have more than enough money to pay off creditors and still stay a viable operating company.
It also means I will be selling a lot of my Non-Lehman investments and moving the money into additional LB Shares. This is great news IMO.
What does this mean for the stock? Any thoughts?
John Gyver
Lehman eyes spinoff of remaining assets
http://news.yahoo.com/s/nm/20090514/bs_nm/us_lehman_spinoff_2
I shot in an order for 500 LBHGP this morning just to see if I can get any bites from any MM. Its the only LEHMAN without a Q in it. Also its the "other white meat" 1000 face preferred.
Thanks. I've had an order in at .03 all week. Guess I need to call my broker and see why nothing is getting filled.
Reuters shows the ask on the Cs is 3 cents not 2 cents as Strade trader page shows. ALSO the B/A on LBHGP, while even though on the greys, is .00/ 2.50
Same with LBHGP, no bid, no ask....
I've tried buying these all the way up to .05 but never get filled. I've also tried selling some as low as .03 just to test the waters.
Does anybody know why C's are not trading?????
Local Govt Officials Push US Treasury To Buy Lehman Paper
http://online.wsj.com/article/BT-CO-20090505-711083.html
WUHOO!!! All the LEHs are climbing. Our Ps are at 1.50 right now!!
Thanks. Just checking out some things and as always trying to make as much money as I can. Thanks again.
When I checkd Etrade at 7:30 this morning, lehdq had a bid at .001 and ask at .60. Hour later, bid .07 ask .14. The 1st was either a mistake cuz makes no sense at all. Can anyone explain? All this past week lehm's all games and bull?
Mic and others What do you think?
I find it hard to believe that 25 minutes into trading not ONE PREFERRED OR CAPITAL TRUST share in any of these stocks has traded.
ODD
Anyone got an answer for this one?
Any info on the C and D adr's. I hav had no luck om finding out what foreign entity they represent or if they are mortgage backd securities. If the trusts and preffd's are not, I hope 10-20 percent is plausible?!?
I was lucky enough to get 10k shares of the LEHLQ series trusts for $90.00.... I will take any %!!! I once read that there would be a likely payout of 10-15% for the preferred trusts.
I hope so... that would be a heck of a return for chump change.
John Gyver
I'll take 10%. I paid $45 got over 5K shares. I'll take 20K on a chump change investment. Go lehcq and lehdq!!
LBHGP was the last issue sold before the bankruptcy, and no one is selling this issue. I tried to buy some earlier, then realized that the Trust Preferreds were much safer as they are Junior Debt. So I own only Trust Preferreds and some LEHJQ shares and I believe the preferreds are all equal for any payout but only after the Trust Preferreds are satisfied 100%. I do not own any commons anymore.
THX DAN, That explains what I see.
L2
What I see..
Could someone please post a L2 on LEHCQ and LEHPQ. Would like to see what the MMs are doing on them. Im seeing strange things like BIDS higher than ASKS, whats up with that? Sideways MM trades?
I totally agree, john.
The amount recovered in just about any scenerio will be greater for the Ps versus the Cs. Example; 10% of 1000=100, 10%of 50 = 5. ECT. Also, its less likely the Ps would be left out of consideration by the company due to the massive amount of revenue they brought to the company. I know they are par but I just like the big notes.
LBHGP - I have not seen this one before... from what I understand the K,L,M & N series are the safest plays all at $25 face value (if I remember correctly). How does the LBHGP stand in the whole scheme of things as far as it being somewhat safe? With the Lehmans debt load I expect commons and non trusts to be extremely risky but the trust preferreds to be "normally BK" risky.
How do you see things?
Anybody else have any thoughts?
Thanks!!!
John Gyver
LEHPQ, LBHGP have a $1000 face value and LEHCQ/LEHDQ have a $50 face value. Read the prospectus for these as they also have other differences.
Waman, it seems that you like the P's better than the C's. Can you explain why? thanks.
Treat this as you would the Wams 2 months ago. ACCUMULATE,,,But realise payday is better than a year away. Make a position on them and then ignore them. Wam Ps started at 25 cents last Sept 12. LEH Ps are 75 cents now. Wams are the quick peek of what youll see here.....LATER.
Thanks for posting that! Where do the LEHPQ's fall in that line? Thanks!
Thinking about jumping in on this. Any one got any advice on when to get in and where does everyone see this going. I got a few wampq shares which is making me a lot of money but always looking to make more money. Please pass on any advice you have. Thanks
Pinksheets says LBHGP is on the Greysheets, that's WIERD!
Lehman Series Q Preferred, and on the greys???
I had the Strade back room research it and they couldnt find a letter change to a Q, or any reference to it after april 9 2009. I added it just for accuracy purposes. Well just call it THE LOST LEHMAN, LOL
I think part of the reason is that it does not start with LEH.
Please Note, LBHGP last traded on April 9 2008 and has not traded since (as per Scottrade back room)
HUH? Sorry I havent heard of that one. Ill check it out. THX
Don't forget LBHGP.
Ks,Ls,HHMs,Ns are the trust preferreds and first, rest are par to each other, commons last.
Great info! Thanks! Can someone fill me in as to the payout order for the preferreds. Thanks in advance!
Im having trouble finding references to what the schedule is, maybe you guys can help out here. We dont have the sources here at LEHMANS like we have over at WAMU. We already know that this one is going to take much longer than WAMs 6 months to get thru CHAP 11. Im happy to have the time for accumulation even tho I am CHOMPING AT THE BIT to get on with it. Last OFFICIAL word I have is in VIVAs sticky post. Rest assured that LEH IS still in business and is NOT going to liquidate.
waman are their any important court dates coming up that might help boost the PPS?
Im picking up another 475 Ps this morning to have an even 1000. Thats a MILLION face, WuHoo!!!
7:50 AM Sunday-Everyone Check out NEW SEEKINGALPHA article!
Don't fool yourself into thinking the government's strong-arming of Bank of America (BAC) CEO Ken Lewis into following through with the Merrill deal is a one-off, Mike Stathis warns. "This is just the tip of the iceberg. There are (and continue to be) many more hidden negotiations and power plays from behind the scenes regarding the bank bailouts, seizures and bankruptcies."
http://seekingalpha.com/
http://seekingalpha.com/article/133091-bank-of-america-s-lewis-is-just-another-scapegoat
Bank of America's Lewis Is Just Another Scapegoat
by: Mike Stathis April 26, 2009 | about stocks: BAC
The news of Andrew Cuomo's letter to Congress revealing that former Treasury Secretary Paulson threatened to fire Bank of America's CEO Ken Lewis and oust the board if they tried to block the Merrill Lynch (MER) deal is not at all shocking to me. Nor is it a surprise that Bernanke “requested” this from Paulson. If you’ve been reading my articles, you know that the Treasury Department is the subordinate of the Federal Reserve.
So this latest news confirms much of what I suspected from the very beginning. In fact, I wrote a piece shortly after the announcement of the buyout calling it a bailout orchestrated by the Fed.
It was all too obvious to me based on the sequence of events, as well as the overly generous takeout price offered for Merrill by BAC. I will guarantee you this is just the tip of the iceberg. There are (and continue to be) many more hidden negotiations and power plays from behind the scenes regarding the bank bailouts, seizures and bankruptcies.
Americans need to start asking some key questions, like where is the SEC and why haven't they charged any of the banking executives with securities fraud for orchestrating the biggest Ponzi scheme in world history? Can we trust what Geithner says? When will Obama cut the strings from his puppet masters and take control of the presidency?
Americans need to start demanding some results, like criminal indictments of numerous financial executives, as well as Ben Bernanke, Henry Paulson and several Washington officials. Yet, we now see everything turning to Lewis as if he were the villain. It is likely he will be used as the scapegoat in order to distract attention from the real criminals. As I've explained previously, in large part the media will determine his ultimate fate.
When (or if, I should say) the full details underlying this entire banking / bailout fiasco are uncovered, most Americans are going to be shocked. But I won't. I've been reporting all along what has really been happening. The Federal Reserve is behind all of it. You need to start demanding the truth from the mainstream media, who don’t want the full truth to come out. They want to determine your perception of reality.
ALL THE LEHMAN/WAMU PLAYS COULD REALLY RUN THIS WEEK!!!!
Thank you Waman. A pleasure to be here.
I just hope we all score HUGE ON LEHMAN!!!!!!!
Cheers
ps roll WaMu/LEHMAN Parlay
Lets all welcome our new assistant VIVA, a standup guy who has been here since dirt was invented. His insight and attitude is a treasure to us all, Again, WELCOME VIVA!!!!!
We are still in the accumulation phase here. We have been lucky that prices have stayed to where we can afford more. This wont be the case for very much longer.
I think we're all just holding patiently. Would be nice to get a WAMPQ run
Just picked up over half a million face of the Ps with profits from the wamu runup. Its been awefully quiet in here while we all wait patiently for our day. KEEP THE FAITH BABY!!
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SECURITY DESCRIPTION: Lehman Brothers Holdings Inc., Depositary Shares, each representing a 1/10 interest in a share of the 5.94% Cumulative Preferred Stock, Series C, stated value $50 per depositary share, redeemable at the issuer's option on or after 5/31/2008 at $50 per share plus accrued and unpaid dividends, with no stated maturity, and with distributions of 5.94% per annum paid quarterly on 2/28, 5/31, 8/31 & 11/30 to holders of record on the day fixed by the board, no more than 60 days or less than 15 days prior to the payment date. 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 | 5.94% $2.97 | $50.00 $50.00 | 5/31/2008 None | A3 / BBB+ 6/18/08 | Suspended! 2/28, 5/31, 8/31 & 11/30 Click for Ex-Div Date | Yes |
Notes: September 15, 2008 -- Lehman Brothers Holdings Inc. (LBHI) stated that it has filed a petition under Chapter 11 of the U.S. Bankruptcy Code with the United States Bankruptcy Court for the Southern District of New York. None of the broker-dealer subsidiaries or other subsidiaries of LBHI was included in the Chapter 11 filing and all of the U.S. registered broker-dealers will continue to operate.
Company's Email Address Links |
Inv Rel Email Address | sbutler@lehman.com |
General Email Address | inquiry@lehman.com |
Address: 745 Seventh Avenue, 15th Floor, New York, NY 10019 | |
Main Phone Number | 212-526-7000 |
Fax Number | 212-526-3738 |
Investor Relations Shaun K. Butler | 212-526-3267 |
Toll Free Phone Number | 800-666-2388 |
CEO - Richard S. Fuld, Jr. | CFO - Erin M. Callan |
NOTE: LBHGP last traded APRIL 9 2008 and has not traded since (As per Scottrade back room)
(waman1)
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