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Thank You very much!!
Where can I download a ballot for commons?
Also Where do I send the ballots,I'm with Scottrade?
Thanks in advance
Thank You
did anyone else get an email from Joyce Presnall today?
This is from Scottrade
Washington Mutual, Inc. (Pink Sheets: WAMUQ.PK) ("WMI") today announced that it has reached a Global Settlement Agreement with J.P. Morgan Chase (NYSE: JPM) and the Federal Deposit Insurance Corporation (FDIC). The significant terms of the settlement have been read into the record of the United States Bankruptcy Court for the District of Delaware, the court overseeing Washington Mutual, Inc.'s chapter 11 bankruptcy case.
WMI today issued the following statement:
WMI is pleased to have reached this Global Settlement Agreement. WMI is confident that this agreement will provide substantial recoveries for the company's creditors and that it is consistent with WMI's efforts over the last 18 months to maximize the value of its bankruptcy estate. WMI is also pleased that this agreement vindicates the positions it took in court, as the company believes that its court positions created the pressure necessary to move this agreement forward.
Peter Calamari and David Elsberg of Quinn Emanuel Urquhart Oliver & Hedges, LLP served as legal counsel to WMI with responsibility for the litigation. Brian Rosen of Weil, Gotshal & Manges LLP served as legal counsel to WMI with responsibility for the chapter 11 case.
Goldman, Coller May Buy Stakes in Lehman's Private Equity Funds
Oct. 23 (Bloomberg) -- Goldman Sachs Group Inc., Coller Capital and Lexington Partners Inc. are weighing bids for Lehman Brothers Holdings Inc.'s investments in U.S. and European private-equity funds, people with knowledge of the matter said.
Lehman is trying to sell stakes in real estate, merchant banking and venture-capital funds with about $15 billion of assets, according to the people, who declined to be identified because the talks are confidential. The venture capital portion is expected to be sold by November, the merchant holdings and real estate by year end. As many as a dozen potential buyers have indicated interest, one of the people said.
The disposals may lead a wave of so-called secondary sales, as investors seek to buy others' stakes in private-equity funds at distressed prices. Between $12 billion and $15 billion of secondary interests changed hands last year, and the figure may double in the next 12 months as banks with credit-market losses try to raise cash and pare hard-to-value holdings, according to Coller Capital's Frank Morgan.
``I don't know of a bank that's not considering selling non- core assets including private-equity interests,'' said Morgan, a Coller partner in New York. The London-based firm invests in buyout and venture-capital funds and raised $4.8 billion last year for a fund targeting secondary sales.
Morgan declined to comment on the pending Lehman sale. Representatives of New York-based Lexington, which oversees $10.2 billion of secondary private-equity funds, and Goldman Sachs, which raised $3 billion last year for a fund that invests in secondary sales, declined to comment. Officials at Lehman and Lazard Ltd., which is managing the sale, also declined to comment. Goldman, Lehman and Lazard are based in New York.
D.E. Shaw, SRAM
``The investment teams for these funds remain intact and focused as we actively pursue the best strategic alternatives for these businesses,'' Lehman said in an Oct. 2 statement. ``As always, a primary consideration is the best interests of our investors.''
Once the fourth-largest securities firm in the U.S., Lehman filed the biggest bankruptcy in the nation's history on Sept. 15. A crisis of confidence in Wall Street firms had eroded 94 percent of the company's market value since the beginning of the year.
The fund stakes Lehman plans to dispose of were left behind when the firm agreed to sell most of its investment management business to private-equity firms Bain Capital LLC and Hellman & Friedman LLC on Sept. 29. That sale was challenged by Carlyle Group, the world's second-largest private-equity firm, which may make its own bid by December.
Lehman's private-equity assets include stakes in New York- based hedge-fund firm D. E. Shaw & Co. and investments in companies such as Angelica Corp., the Chesterfield, Missouri- based hospital linens provider, and SRAM Corp., the Chicago-based bicycle components company.
`Perfect Opportunity'
An unresolved question that may complicate the sale is how the funds, which include commitments from institutions other than Lehman, will be managed. Fund managers from Lehman are considering buying some of the general partnerships that oversee the funds, according to two people familiar with the matter.
As more banks seek to shed stakes in private funds, the growing inventory of distressed assets may stoke concern about their diminishing value. Fund interests are already fetching discounts of as much as 25 percent compared with a year ago, said Craig Marmer, a partner at secondary placement agent Probitas Partners in San Francisco.
``It's a perfect opportunity for established secondary funds,'' said Marmer. ``Those teams that are really experienced will be out raising even more money.''
http://www.bloomberg.com/apps/news?pid=20601103&sid=aGosIogJtdnE&refer=news
Lehman has these same people working for them
Monday 09/22/2008 6:11 PM ET - Dow Jones News
Bankrupt Lehman Brothers Holdings Inc. (LEHMQ) on Monday named Bryan Marsal chief restructuring officer and will pay him $850 an hour for his services.
Marsal, 57, is the co-chief executive of Alvarez & Marsal North America LLC, a management consulting firm, according to a Lehman filing with the Securities and Exchange Commission.
Lehman will pay additional restructuring personnel hourly rates from $175 to $850 an hour for their services, the filing said. Lehman will pay Marsal's firm a retainer fee of $2.5 million to be credited against amounts due.
Marsal has assisted restructuring efforts at HealthSouth Corp. (HLS), a healthcare services provider, and accounting firm Arthur Andersen LLP, New York-based Lehman said.
Lehman also said in the filing that the Federal Trade Commission granted early termination of the waiting period under under antitrust law for its sale of assets to Barclays PLC (BCS).
-By David J. Reynolds; Dow Jones Newswires; 202-862-1342; david.reynolds@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=ALzPELgYWIxw1xSbTuiWsg%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
09-22-08 1811ET
Copyright (c) 2008 Dow Jones & Company, Inc.
Your post makes alot of sense also if you think about it.This is off topic but i've noticed a difference in people lately,a kind of tension in the air thing.Anyway,thanks for the welcome and I also like to express my appreciation for the info on this board and your charting skills.I've learned alot from you,claytrader and a few others in the fews months i've been trading.Having a blast and learning something new
IT could be because of the upcoming election.I was listening to talk radio the other day and heard the host report,That if Obama doesn't win the election there will be riots in the streets.I didn't catch the name of the groups that are threatening to riot.
LEHPQ is up 33% today so maybe theres still life in LEHMQ,I still think it's not over for Lehman
They started saying those exact words on CNBC or FOX yesterday.I'm holding,I got in at .79 and will be loading up more if we go under $1
1.52/1.65
FHFA's Lockhart:Fannie, Freddie Could Sell Assets Under Rescue
20 minutes ago - Dow Jones News
DOW JONES NEWSWIRES
The regulator of Fannie Mae (FNM) and Freddie Mac (FRE) said Sunday that the two mortgage giants would be able to sell their troubled assets to the U.S. government under the $700 billion financial-sector rescue package.
"The new facility will be looking at troubled loans and will certainly look at the possibility of potentially buying some loans from Fannie and Freddie. And as well as securities," Federal Housing Finance Agency Director James B. Lockhart said on C-Span's "Newsmakers" program.
Lockhart said that according to his reading of the rescue package, Fannie and Freddie could sell assets to the government. However, he said that no decision to sell these assets has been made. "And whether Fannie and Freddie decide to sell assets will be up to the management teams," Lockhart said.
He said the troubled mortgages held by the two government-sponsored enterprises were only a small percentage of their more than $5 trillion mortgage portfolio. "Certainly they have some troubled mortgages, much lower than overall," Lockhart said. "But certainly in the low, you know, 2%, 3%, 4% in that range..."
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=Kok%2BT9O%2Bbu2TK2UqBflUsw%3D%3D. You can use this link on the day this article is published and the following day
LONDON (AFP)--U.S. bank JPMorgan Chase & Co. (JPM) stands accused of allegedly precipitating the collapse of American investment bank Lehman Brothers Holdings Inc. (LEH) by freezing Lehman assets days before it filed for bankruptcy protection, the Sunday Times newspaper reports.
Citing documents filed with a New York bankruptcy court late last week, the newspaper says that Lehman creditors have accused JPMorgan of freezing $17 billion in cash and securities on Friday, Sept. 12. Lehman filed for bankruptcy the following Monday.
"The creditors' committee understands that LBHI (Lehman Brothers Holding Inc.) had at least 17 billion dollars in excess assets which were held at JPMC (JPMorgan Chase) on the Friday going into the weekend before its bankruptcy filing," the court documents reportedly allege.
"The creditors' committee further understands that, on September 12, 2008, JPMC refused to allow LBHI access to its excess assets and instead 'froze' LBHI's account.
"In freezing LBHI's assets, JPMC was purportedly holding all of LBHI's assets as a potential offset against any claims JPMC may have had against LBHI."
The documents continued to say that "as a result of JPMC's actions, LBHI suffered an immediate liquidity crisis, that could have been averted by any number of events, none of which transpired."
In a statement to the Sunday Times, JPMorgan described the allegations as "unfounded conjecture."
Lehman Brothers - which was America's fourth-biggest investment bank - was the biggest name in international finance to fall prey to the credit crunch when it collapsed last month, though several others have been nationalized, or required some other form of government intervention since.
Last week, lawmakers in Washington finally approved a $700 billion rescue package after much political wrangling, while European governments were forced to ride to the rescue of several major European banks.
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=Kok%2BT9O%2Bbu2TK2UqBflUsw%3D%3D. You can use this link on the day this article is published and the following day.
JPMorgan Blamed For Lehman Collapse In Crt Documents -Report
LONDON (AFP)--U.S. bank JPMorgan Chase & Co. (JPM) stands accused of allegedly precipitating the collapse of American investment bank Lehman Brothers Holdings Inc. (LEH) by freezing Lehman assets days before it filed for bankruptcy protection, the Sunday Times newspaper reports.
Citing documents filed with a New York bankruptcy court late last week, the newspaper says that Lehman creditors have accused JPMorgan of freezing $17 billion in cash and securities on Friday, Sept. 12. Lehman filed for bankruptcy the following Monday.
"The creditors' committee understands that LBHI (Lehman Brothers Holding Inc.) had at least 17 billion dollars in excess assets which were held at JPMC (JPMorgan Chase) on the Friday going into the weekend before its bankruptcy filing," the court documents reportedly allege.
"The creditors' committee further understands that, on September 12, 2008, JPMC refused to allow LBHI access to its excess assets and instead 'froze' LBHI's account.
"In freezing LBHI's assets, JPMC was purportedly holding all of LBHI's assets as a potential offset against any claims JPMC may have had against LBHI."
The documents continued to say that "as a result of JPMC's actions, LBHI suffered an immediate liquidity crisis, that could have been averted by any number of events, none of which transpired."
In a statement to the Sunday Times, JPMorgan described the allegations as "unfounded conjecture."
Lehman Brothers - which was America's fourth-biggest investment bank - was the biggest name in international finance to fall prey to the credit crunch when it collapsed last month, though several others have been nationalized, or required some other form of government intervention since.
Last week, lawmakers in Washington finally approved a $700 billion rescue package after much political wrangling, while European governments were forced to ride to the rescue of several major European banks.
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=Kok%2BT9O%2Bbu2TK2UqBflUsw%3D%3D. You can use this link on the day this article is published and the following day.
This was in the news section of Scottrade.Looks like JPmoron likes to freeze assets.Wamu and Leh
JPMorgan Blamed For Lehman Collapse In Crt Documents -Report
LONDON (AFP)--U.S. bank JPMorgan Chase & Co. (JPM) stands accused of allegedly precipitating the collapse of American investment bank Lehman Brothers Holdings Inc. (LEH) by freezing Lehman assets days before it filed for bankruptcy protection, the Sunday Times newspaper reports.
Citing documents filed with a New York bankruptcy court late last week, the newspaper says that Lehman creditors have accused JPMorgan of freezing $17 billion in cash and securities on Friday, Sept. 12. Lehman filed for bankruptcy the following Monday.
"The creditors' committee understands that LBHI (Lehman Brothers Holding Inc.) had at least 17 billion dollars in excess assets which were held at JPMC (JPMorgan Chase) on the Friday going into the weekend before its bankruptcy filing," the court documents reportedly allege.
"The creditors' committee further understands that, on September 12, 2008, JPMC refused to allow LBHI access to its excess assets and instead 'froze' LBHI's account.
"In freezing LBHI's assets, JPMC was purportedly holding all of LBHI's assets as a potential offset against any claims JPMC may have had against LBHI."
The documents continued to say that "as a result of JPMC's actions, LBHI suffered an immediate liquidity crisis, that could have been averted by any number of events, none of which transpired."
In a statement to the Sunday Times, JPMorgan described the allegations as "unfounded conjecture."
Lehman Brothers - which was America's fourth-biggest investment bank - was the biggest name in international finance to fall prey to the credit crunch when it collapsed last month, though several others have been nationalized, or required some other form of government intervention since.
Last week, lawmakers in Washington finally approved a $700 billion rescue package after much political wrangling, while European governments were forced to ride to the rescue of several major European banks.
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=Kok%2BT9O%2Bbu2TK2UqBflUsw%3D%3D. You can use this link on the day this article is published and the following day.
This was in Scottrade news,sorry no link
If WAMUQ gets the 5 billion,LEHMQ will have to get their 17 billion also.JP Moron did exactly the same thing to LEHM as they did to WAMU.We have to keep a real close eye on both of these,this is going to get very intresting very quickly i'm guessing.Coco i'm really sorry for all your loss,I hope theres a special place in hell for the JP morons CEO's
Tony from MI thanks for all the news
The Securities Law Firm of Klayman & Toskes are representing WANU,Leahman and Freddie and Fannie.This could get intresing.It looks like JP moron locked up 17 billion of Leahman,the same way they locked up WAMU's 5 billion.Intresting,very intresting
You too and thank you.
That was a wicked googly
I guess with the passage of the bailout the market lost conffidence that the Gov came save the economy.
live video from the house of reps
http://www.cnbc.com/id/24596546
Anyone using scottrade they had the wrong prev close price listed.They had .1604 so it looks like wamuq is down when it's really up.
LEHKQ last: .30 Bid: .17 ask: .36
LEHPQ last: 1.25 Bid: .85 ask: 3.00
You have prefered shares? I have some LEHPQ prefered too.
Lehman seeks options for private equity unit
NEW YORK (Reuters) - Stricken U.S. investment bank Lehman Brothers (LEHKQ.PK: Quote, Profile, Research, Stock Buzz) said on Thursday it was pursuing strategic alternatives for its private equity and venture capital businesses.
Lehman on Monday announced it was selling its prized Neuberger Berman asset management business to buyout firms Bain Capital LLC and Hellman & Friedman LLC for $2.15 billion.
The deal, however, didn't include Lehman's major direct private equity businesses, which has $15 billion assets in total and employs up to 100 people in New York, London, Boston and California.
The company on Thursday gave more information about the process for the remaining units. In an e-mailed statement, a Lehman Brothers spokesman said "the investment teams for these funds remain intact and focused as we actively pursue the best strategic alternatives for these businesses going forward."
"As always, a primary consideration is the best interests of our investors," the statement said.
The businesses include a $3.3 billion buyout fund and a $3.5 billion real estate and mezzanine fund.
Some private equity experts have speculated that the business could be spun off as a separate entity.
Lehman's holding company filed for Chapter 11 bankruptcy protection in September after trying to finance too many risky assets with too little capital.
http://www.reuters.com/article/Lehmanbrothers/idUSN0230483920081003
NICE CLOSE
LEHPQ up 108.33% at the close
I have a small play with LEHPQ and they're up 66% today.
I got confused with another post..LOL..sorry
WOW,gold is way down,gotta scoop up a few oz's
LOL!!!! I shoud of made it clear what I ment.
Not the whitehouse,the house of rep's. for tomorows vote on the bill
people are worried the House still wont pass the bailout.
check out the chart,thank you soapybubbles :)
http://beta.investorshub.advfn.com/boards/read_msg.aspx?message_id=32587458
yep,my scottrade is down too.Damn,10 mins before the damn bell!!!!
Disreguard,it's back up
Link to the bill if anyone is intrested PDF
http://senateconservatives.files.wordpress.com/2008/10/bailouttext.pdf
Link to the bill
http://senateconservatives.files.wordpress.com/2008/10/bailouttext.pdf
Link to the pork
http://senateconservatives.com/
I don't mind at all,post it allover the place :)
Here are some of the special-interest provisions that are now part of the Wall Street bailout legislation. The bill started at 3 pages, grew to 106 pages, and is now 451 pages.
Film and Television Productions (Sec. 502)
Wooden Arrows designed for use by children (Sec. 503)
6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)
Virgin Island and Puerto Rican Rum (Section 308)
American Samoa (Sec. 309)
Mine Rescue Teams (Sec. 310)
Mine Safety Equipment (Sec. 311)
Domestic Production Activities in Puerto Rico (Sec. 312)
Indian Tribes (Sec. 314, 315)
Railroads (Sec. 316)
Auto Racing Tracks (317)
District of Columbia (Sec. 322)
Wool Research (Sec. 325)
thats why it's up to 850billion,friggin pork
I think it's commerce bank.I'm not positive though
Burning Down The House: What Caused Our Economic Crisis?
By 2004, all of the elements of the current financial collapse had been in place for several years. The aggressive approach to enforcing the Community Reinvestment Act (CRA) started under Bill Clinton in 1998, and the seemingly endless appetite for paper by Fannie Mae and Freddie Mac had turned massive amounts of bad loans into mortgage-backed securities to spread their cancer throughout the system. In 2004, a year after the Bush administration tried to tighten regulation and oversight on Fannie and Freddie, Congress was told yet again that disaster loomed. The Democratic response is instructive to seeing who really sat back and allowed this collapse to occur
Maxine Waters: Through nearly a dozen hearings, we were frankly trying to fix something that wasn’t broke. Mr. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Franklin Raines. [Raines would barely avoid prosecution for fraud.]
Gregory Meeks: … I’m just pissed off at OFHEO [the regulators trying to warn Congress of insolvency at the GSEs], because if it wasn’t for you, I don’t think we’d be here in the first place. … There’s been nothing that indicated that’s wrong with Fannie Mae, Freddie Mac has come up on its own … The question that then comes up is the competence that your agency has with reference to deciding and regulating these GSEs.
Lacy Clay: This hearing is about the political lynching of Franklin Raines.
Barney Frank: I don’t see anything in this report that raises safety and soundness problems.
http://hotair.com/archives/2008/09/29/video-democrats-insist-nothing-wrong-at-fannie-mae-freddie-mac-in-2004/
Follow the link to the video and the rest of the story