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Once again..they are no longer in BK..So what allows them to not pay interest payments after the 20 quarters..or be forced to redeem
Volume has slowed down..looks like bottom is in......buy in @ 2.10 GLTA
What I am saying is
If the CT's were redeemed in this mannner
Lehman Brothers Holdings has the right to dissolve the trust at any time. If Lehman Brothers Holdings terminates the trust, the trust will distribute junior subordinated debt securities on a proportionate basis.
We would become class 10b debt and maybe get discharged..
Just my thoughts..Did you guys ever think this way?
What is the time line on this..When is this news expected...Do you think it will be made public..So much is hidden..I am sure anything of value will remain hidden until paided
The discharge..What if our ct's are converted into junior debt..class 10b and dishcharged
I agree...People should look really close.. look how you are tossed under the bus...Notice when they want to sell this stuff...Its all Hey come get some...Best deal on the block..For a small investment you get the shaft.....We get your gold mine..The entire stock market is noting but a big scam..Sure people make money, but none the less...A scam...from 401k's where every week..They take peoples hard earned money from their pay checks...Tell them..this Lehman Bros - Cap. Trust VI - Pref''''d Series "N is in your portflio and in the end...It is worth...A big fat zero as you are tossed under the buss
Lehman emerges from 3.5-year bankruptcy
http://www.reuters.com/article/2012/03/06/us-lehman-idUSTRE8250WY20120306
Even so..What makes you think they will redeem before the due date?
Good will
I never thought for a second we would get a payment in the 6th distro...classes 3 4a 4b and 5 under LBHI claims are still not in full..also I still do not expect a payment other than a interest payment as LBHI would have funds to make payment on interest...
No reason for them to redeem at this point...The redemption date on my CT's is 2053 unless they chose to redeem...Things I do think about
We may get redeemed with shares of a new company if a spin off happens
or dischaged...Some say..We can not be discharged, but I feel different...If we were to get redeemed into junior debt and then discharged when class 10b gets discharged at the end..
My other thing is...How are they allowed to not pay the interest?
Does anyone know how they are allowed to not pay the interest pass 20 quarters...
Other than that..I hope we get redeemed into shares of a new company and not redeemed into junior debt and discharged
I am keeping my eye on the prize...Do you guys really feel your back interest payment will fall under class 10b....What I am watching for is the start of Spin offs and mergers...Redemption and back interest in the form of shares in a newco
We missed with the Archstone IPO
http://www.nasdaq.com/markets/ipos/filing.ashx?filingid=8374316
We will get ours
I believed you guys..really thought we would get paid today..OMG!!!!
To pay back rent?
Last year for the 4th payment it was posted on Sept 26 for payment on Oct 3rd...It will be nice to see how much closer we are
from what I believe I read in the 5th dist...For the LBHI classes...class 1 and 2 are paid in full...class 3 is around 26% classes 4a and 4b around 15 to 18 %...for class 10 b to be paid...classes 3, 4a, 4b and 5 need to be paid before class 10b gets payment
To my understanding classes 3, 4a, 4b, and 5 still need to be paid 100% in LBHI classes for 10b to see anything..< but I also understand that none equal to or lessor can get a payment unless the trups get the past due interest paid in full
What allows them to deffer payments beyond the 20 quarters?
So what you are saying is the trust will be redeemded and back interest by JPM soon?
Look for merger news...Look for spin off news
How to wipe out the debt
Only my thoughts
48 million CT's trading..Face Value $25
LBHI spins off a new company
In exchange for 48 miilion CT's they issue 48 million senior preferred valued at $25 a share convertable into 2 common shares upon IPO @ $12.50 a share....Debt to equity and all that debt goes away.
Old Debt was used and the new company now has NOL of 48 million X $25 face value...Just my thoughts but really good ones
However, if Lehman Brothers Holdings exercises its right in the future, the preferred securities may trade at a price that does not fully reflect the value of accrued but unpaid interest on the junior subordinated debt securities. If you sell the preferred securities during an interest deferral period, you may not receive the same return on investment as someone else who continues to hold the preferred securities. In addition,
5
the existence of Lehman Brothers Holdings' right to defer payments of interest on the junior subordinated debt securities may mean that the market price for the preferred securities, which represent an undivided beneficial interest in the junior subordinated debt securities, may be more volatile than other securities that do not have these rights.
You should not rely on the distributions from the preferred securities through their maturity date—they may be redeemed at any time if certain changes in tax or investment company law occur.
If specified changes, which are more fully described below, in tax or investment company law occur and certain other conditions which are more fully described below are satisfied, the preferred securities could be redeemed by the trust at a redemption price equal to their issue price plus any accrued and unpaid distributions.
You should not rely on the distributions from the preferred securities through their maturity date—they may be redeemed at the option of the company.
Equal value
They can only convert into senior preferred in a share swap
Do you guys really think a market maker would work in favor of Joe Blow stock buyer...I think they bid whack to force sells and lower the price..Someone selling at the bid..when the ask is 0.59 just means they lowered their asking price to the bid and sold..That is all..For every buyer there is a seller and for every seller there is a buyer...If a Marker maker is buying and selling shares the game is rigged and they control the game to bank profits hand over fist..I am sure the law allows them to
How many times have you placed a bid and never seen it show up on L2..BId in at 0.45 but yet on L2 shows a bid of .32 much lower then your bid...Also with a ask of .60 and you place a buy at 0.60 and get the stock for 0.45..those are the hidden bids and ask..they won't post or show
No way there is a short..those are long covered as no one would carry that much risk...Who in there right mind would short at this moment with zero upside to short..risk vs.reward..No way
QUESTION...IS there a stay order in effect for not paying the interest and when will this stay order be lifted if in effect?
None so far tonight that involves redemption or back interest payments
Just hope for redemption....That is why the PSS is so low..We need LBHI to start mergering and redeeming these trust in shares of the new companies while taking advantage of the NOL's...These are the things we look forward to..Redemption in the form of new shares in a new company or redemption by cash before before 2053 or wait till 2053 for redemption..everything else about the Trust..Hog wash...
The only other bright light is past due interest...When will it be paid..The amount owed is 20+ quarters
So todays PSS is about ..Will this interest be paid .40 a share vs being paid the back interest which is not certain at this point, and will the prce rise once paid, I doubt it..It will be paid to record holder of which date is set when brought current
My thing is this
For the TruPS I own..BNYM filed claim 22123..Until this claim is on the docket and the judge makes a ruling on it...allow or disallow..to be paid..to not be paid...Nothing will happen..
So my focus is on the interest..
I understand my trust is in deferral of interest payments..
I also understand my trust has not been redeemed and the redemption date is 2053. So I can not expect to be paid in full for face value of my trust until that date..So I look to the interest payment..
Again thanks Cotton for asking the questions about the claims..THe response to your email is sticking with me at the moment...Which brings lots of questions to not so unanswered question to maybe questions never asked...JPM's claim was not on behalf of the holders of the Trust...In was on there own behalf..THey also responded ask your own advisor or Trustee...Meaning your lawyer or Trustee..Well the Trust trustee is BNYM...Why weren't they there on our behalf or were they their on our behalf fighting for our trust to be paid the back interest...This brings light to what one once said on here about us having a lawyer fighting for us...This is what the trustee should be doing...I think the trustee should be asked what is the state of the trust being paid the back interest...It is easy for them to point out..No payment is expected to be made to classes 10A,B,C
What about interest payments to be made current before anyone equal to or less gets paid..
Easy to see JPM filed the claim on their behalf
BNYM filed the claims on behalf of the Trust
When will our claims be heard by the courts
Claims 22122,22123.etc
Who is helping for us if not our Trustee and why is our is Trustee not.
Is that we are waiting for the day our claims get heard in court..claims 22122...etc..is there a date set for these claims...What is the date
Thanks Cotton..
The response was..The claim is not on behalf of the holders of the TruPS, and to contact the Trustee...
Yes the Trustee is BNYM...Thanks again Cotten.
The claim was on behalf of JPM and not the holders...easy way for them to answer..Just wonder what BNYM has to say on that
Yep..it is not a divi..It is a a interest payment.. roughly around 6% interest for each trust...Capital Trust (6.24%) <-----Interest on the face value of the trust
The Debt holders are the owners of LBHI...When you buy a home and pay a note..Who owns the home until you pay what you owe on it?
To access the NOL..How do you think they will make use of the NOL...Can't give it to another company and old debt before bankruptcy must be used..What other old debt with a share structure you feel they will use to access the NOL's
CT's are debt..Owed a few billion on redemption..
One way to redeem is a debt to equity swap into a new company...The swap the CT Debt for senior peferred of the new company..Now with that said..Lehman's would not need to pay to redeem the CT's..JUst swap them for shares of the new company ..No how his that..for wonder where the cash comes from to redeem...WOW!!!!!!!!!!
No where did I say 30%, but also understand that not only was the CT's on the motion other claims were as well
Prospectus of the trust
The preferred securities will always constitute approximately 97% of the liquidation amount of all issued securities and the common securities will constitute the balance. On April 22, 2004, the liquidation amount of preferred and common securities will be $412,371,135 ($400,000,000 of preferred securities and $12,371,135 of common securities). If the over-allotment option is exercised in full by the underwriters, the liquidation amount of preferred and issued securities will be $474,226,850 ($460,000,000 of preferred securities and $14,226,850 of common securities).
I believe JPM had a claim in on the CT's for the full face value amount..That amount was in dispute..They were only owed the common portion of the trust 3%
BNYM is the Trustee for the preferred side of the trust 97% and also had a claim in for that amount which was not in dispute. With the moton aprroved to invest JPM was issued a one time payment of arouund 566 million instead of the 1.8 or so billion they claimed was owed..The claim is no longer in dispute due to the motion to invest..JPM got payment and LBHI has the common side of the trust...I do believe this and do your own Due D.
Now whay aren't the trust being redeemed..
A new company to be formed needs a share structure..The capital trust are the share structure..OLD DEBT from before Bankruptcy...They have both a debt and equity side...3% common the equity side and 97% debt the preferred side..
Now the thing to see is for LBHI to start megering...Not just one but many to take advantage of the NoL's...Lehman's exited bankruptcy in 2012..I wonder why the Q has stayed on the ticker symbol..
All just my thoughts and good luck to all
I believe after the approval of the motion in the Sept 10 hearing...The claim is no longer in dispute
The claim from BNYM is not for redemption of the trust. The claim was to protect the note holders in showing we have allowed claims...Now comes to the defferred interest payment. If the flip occurs and they are to pay equal to or less than..I do believe the CT's will need to be brought current with past due interest.
No it looks good...From what I read they will pay BNYM the trustee..Payment may be on the way...Fingers crossed and won't know till payment is in my hands
Now the question of the hour... Does LBHI have funds to pay the past due interest on the TruPS? I think so