Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Gold...
I think those were shares that Lehman underwrote and brought public for Noah Education.
They have nothing to do with the Lehman share structure other than...THEY HAVE VALUE TO SELL. How many more of these assets will keep coming out of the back of the neverending Lehman assets drawer.
The institutions that wanted those shares were wanting to invest in Noah Education. Lehman was selling the sahres in the open market and deoressing the stock price so Noah bought the remaining shares from Lehman inventory for $4. IMO.
Coach T
MANY BONDS MOVING TO NEW POST FILING HIGHS...LET'S SEE THEM MOVE INTO THE .30-.40's SOON. Currently around .23-.24 and coiled.
Bonds
Ratings Last Sale
Symbol CUSIP Type Issuer Name Coupon Maturity Moody's S&P Fitch Last $ Change Yield Last Sale Date & Time Remove
LEHM.JAD 52517P5X5 Corporate LEHMAN BROS HLDGS INC 6.20 09/26/2014 NR NR CCC 23.000 1.375 - 02/25/2010 08:42:00
LEHM.JDJ 5252M0BZ9 Corporate LEHMAN BROS HLDGS INC 5.63 01/24/2013 NR A+ CCC 23.000 - - 02/26/2010 08:40:28
LEHM.JGY 5252M0FD4 Corporate LEHMAN BROS HLDGS INC 6.88 05/02/2018 NR NR CCC 23.000 0.375 - 02/25/2010 17:15:00
LEHM.MW 52517PSC6 Corporate LEHMAN BROS HLDGS INC 6.63 01/18/2012 NR NR CCC 20.900 -0.400 - 02/26/2010 07:18:21
LEHM.OX 52519FAC5 Corporate LEHMAN BROS HLDGS INC 5.60 01/22/2018 NR NR CCC 20.000 1.500 - 02/24/2010 14:05:50
LEHM.PE 52519FAL5 Corporate LEHMAN BROS HLDGS INC 5.55 02/11/2018 NR A+ A+ 18.770 1.440 - 02/25/2010 14:48:36
LEHM.PL 52519FAN1 Corporate LEHMAN BROS HLDGS INC 5.35 02/25/2018 NR NR CCC 18.750 0.550 - 02/22/2010 10:31:16
LEHM.TF 52517PVM0 Corporate LEHMAN BROS HLDGS INC 4.38 11/30/2010 NR NR CCC 21.250 -0.300 - 02/26/2010 08:22:30
LEHM.TX 52517PVV0 Corporate LEHMAN BROS HLDGS INC 4.80 03/13/2014 NR NR CCC 23.000 4.000 - 02/25/2010 08:38:30
LEHM.XS 52517PYN5 Corporate LEHMAN BROS HLDGS INC 4.25 01/27/2010 NR NR CCC 23.250 2.000 - 02/25/2010 13:08:51
Coach T
How about LBHI Docket #7275...
Now that JPM has no more claims they are buying claims from the market maker Second Market!
7275 2/25/2010 Transfer Agreement FRBP Evidence of Transfer Agreement 3001 (e) 1 Transferors:Second Market, Inc.(Claim No.50055, Amount 20,307,165.25). To JPMorgan Chase Bank, NA. filed by Howard J. Grossman on behalf of JPMORGAN CHASE BANK, N.A..(Grossman, Howard)
Debtor: Lehman Brothers Holdings Inc.
Just $20.3M...Maybe they know something???
Tomorrow is the last day of the month...a close around $.24?? That would really set that monthly chart up for March...
Brikk:
Can you post a monthly 2 or 3 year chart of LEHJQ please...with all of the same indicators that you have on the J board daily and weeklies?
Thanks
That is because you and I have the control VIVA!
Are those Clouds on the horizon...Storm Clouds?
Thank you for the correction...yes 4M
It just does not look any better than that! $1.00 up...
$.15-$.20 close tomorrow IMO. The Cat, Senior...is out of the bag!
40M+ shares tomorrow...IMO.
If you are referring to the upcoming balance sheet I would say this JPM info would not be included (too recent). The next balance sheet released should either be thru Sept. 30, 2009 or year end Dec. 31, 2009. IMO.
Looks like $2.00 to me...longer term (summer).
$.15-$.20 by COB tomorrow?
Bonds are confirming the money flow. Most are poised to move to new "post filing" highs!
Keep the Faith!
IMO this move is being generated because of the dockets released late last night about the settlement between JPM and LBHI. This news caught the market by complete surprise...IMO.
I think the market is extrapolating the possiblities about this news and how other institutions are going to be reacting that have Lehman claims/collateral. I also think that players are trying to get their money out of WAMU which the market has been selling the Lehmans for money to buy the WAMU plays.
This news anout JPM and LBHI settlement moves the piture of A/L much closer than the marketplace had been anticipating. Brings a little urgency to the horizon!
All just my opinion. Please make your own decisions and do your own research.
The Perfect Storm...
Mr. Marsal stated that JPM confiscated $17B in the week prior to Sept. 14, 2008. According to the dockets the $8.5B was put up by Lehman willingly/knowingly...
I think that JPM still has the other $17B in assets that the Examiner will show was the final factor in causing the liquidity crunch to go Chap 11.
The claims are gone by JPM. Lehman is still on the offense, IMO.
The 800B in claims has now been reduced by 29B IMO...uncontested by JPM. It appears JPM no longer has any claims.
I think you will continue to see other institutions doing the same thing. This Examiner has 'em by the you know what.
None of the counterparties expected Lehman to put up this much of a fight and still be alive enough to bite back.
There Back!!!
How about a 20M share day and close at or above $.10 on the common today...
Interesting...I just noticed on the sector charts that the REIT's everyone is so worried about, are up from the open...and are down about only 0.75% on the day with the market down 166.
Arnold:
Can you post that monthly chart of LEHMQ you posted the other day please?
It looks like we may have some dry kindling getting ready to light the right side of that Monthly Candlestick!
Two things...
Is this $8.5B that Lehman gave JPM part of the $17B??? We will have to wait for more info because we will not know how to adjust the balance sheet for it.
IMO, it is separate from the $17B that JPM took unilaterally.
The important thing I take away from this is that the Examiner had to see this pattern of how assets were being marked down by counterparties (due to illiquidity) and cash was being called for like a "margin call".
If I was playing poker right now and saw this information, I would be reaching for my stack and going "all in"...JUST MY OPINION. The tell is there and the Examiner has already picked up on it and wants the world to know!
Any poker players seeing the TELL?
Coach T
STARTING TO SEE JUDGE PECK'S EFFECT ON COUNTERPARTIES VIA THE SPV RULING!!!
http://www.theglobeandmail.com/blogs/streetwise/cibcs-895-million-gain-in-limbo/article1480689/
Thursday, February 25, 2010 7:07 AM
CIBC's $895-million gain in limbo
Tara Perkins
An $895-million gain that CIBC recorded in the fourth-quarter of 2008 appears to be in limbo, although the bank is fairly confident that it will remain in place.
CIBC disclosed its first-quarter profit Thursday, and there’s a note in its financial statements that explains what’s going on with this particular accounting gain, which is highly complex and stems from the bank’s exposure to structured credit.
The bank had recorded the gain as a result of the reduction of an unfunded commitment it held on a note that had been issued by a collateralized debt obligation (CDO). That reduction came after Lehman Brothers, which was guaranteeing a credit default swap agreement with the CDO, filed for bankruptcy.
Recently, the Lehman estate has taken legal action with respect to a number of CDOs (but not the one that led to CIBC’s gain). The U.S. bankruptcy court in New York has ruled that a provision in another CDO deal that should have kicked in when Lehman went under and reversed the order of who gets paid was unenforceable.
In its results, CIBC says that “that ruling, which the defendant has indicated it will appeal, does not change our belief that if contested, the trustee’s actions in reducing the unfunded commitment on our [note] to zero should be upheld although there can be no certainty regarding any eventual outcome.”
In other words, the bank believes its gain is justified and will remain in place but there is a chance it will have to reverse it.
The Perfect Storm coming to a financial institution near you!
I think gives quite a bit of insight to what the Examiner is going to reveal in his 2200 page report.
Lehman gave JPM collateral in August and $8.5B again...oh, JUST BEFORE THEY RAN OUT OF LIQUIDITY!
They were holding assets that had no market simply because only sellers existed during that period of time. Now that there are buyers for SOME of these illiquid assets Lehman wants them back enough to give up some cash $557M.
Lehman benefits both ways on this deal...IMO. The balance sheet goes down...and the asset side comes up by ???...BILLIONS?
Stay tuned...this type of news is going to be coming at an accelerated rate IMO.
Coach T
Not bad after trading at $.34-$.50 for quite a while!
Keep the Faith...these illiquid Chap 11 BK's that had assets marked down will be rising up in my opinon...
KINDA SOUNDS LIKE WHAT MR. MARSAL WAS TALKING ABOUT HUH??
http://finance.yahoo.com/news/General-Growth-inks-deal-to-apf-2866692058.html?x=0&sec=topStories&pos=5&asset=&ccode=
General Growth inks deal to exit bankruptcy
General Growth inks deal with Brookfield Asset Management in bid to exit bankruptcy
By Alex Veiga, AP Real Estate Writer , On Wednesday February 24, 2010, 4:09 pm
LOS ANGELES (AP) -- The nation's second-largest shopping mall operator General Growth Properties Inc. said Wednesday it reached a deal with Canada's Brookfield Asset Management Inc. that will speed its exit from Chapter 11 bankruptcy protection.
Speculation raged for weeks that General Growth might turn to Brookfield, which has been looking to expand its slate of U.S. retail properties and last year acquired an undisclosed stake in the company.
General Growth, in turn, could thwart last week's $10 billion takeover bid from Simon Property. General Growth rebuffed the unsolicited offer from Simon for being too low.
A call to a Simon spokeswoman was not immediately returned.
General Growth owns or manages 200 shopping malls in 44 states. The company racked up $27 billion in debt by the time it sought shelter from creditors last April, making it the largest real estate bankruptcy case in U.S. history.
Last year, the company restructured more than $13 billion in secured debt, which enabled 108 of its properties to emerge from bankruptcy.
As part of the new plan, General Growth would spin off some assets as a new company named General Growth Opportunities, which would essentially hold assets the company concedes aren't producing much income currently, including the company's master planned communities and some large retail hubs, such as the South Street Seaport in New York.
"This proposed plan offers significant value for all of our stakeholders," said General Growth CEO Adam Metz.
The pact with Brookfield would allow General Growth to raise the money it needs to pay off some $7 billion in debt and interest to its creditors. Stockholders would get $15 a share.
Brookfield would invest $2.6 billion in cash in exchange for General Growth shares. That would give Brookfield a roughly 30 percent stake in General Growth and the right to nominate three directors to the board.
The agreement is subject to approval by a bankruptcy court judge, and creditors and shareholders. A hearing is set for Monday.
Shares in General Growth added 17 cents to $13.14 in afternoon trading Wednesday. Shares in Simon slipped 40 cents to $77.51, while Brookfield shares dipped 6 cents to $22.78.
ANYONE NOTICE THAT TPG WAS BUYING LEHMAN CLAIMS TODAY PER THE LBHI DOCKETS???
As in the TPG that has an interest in WAMU...
Maybe they "Got Parlay" Viva!!!
Enjoy the Ride!
Coach T
Thanks Fish...
Great job and thank you for your contributions.
Coach T
Weren't those NOL's about twice the expected...around $4.5B?
Coach T
Uzual or anyone on the board...
I have spent most of my time researching the Lehmans and their Chap 11...I am sure this is a basic question, so I apoolgize in advance...
What factors do you think turned the US Trustee to request a EC? Was it A>L? Certainly it was not the pending SJ or outcomes on future court decisions, because those are still undecided.
I just thought there might be two or three factors IYO that might have tipped the scales.
That being said, what are expectation for Trusts, Preferreds and Common. Seems with the EC formed in the fashion that it was the "market" must be anticipating as much upside to commons as WAMKQ. The WAHUQ seems to be priced midway to $50.
Thanks in advance and sorry for being so basic in my questions.
Coach T
That is a great question...
From my perspective only...the Debtors and LBHI as a holding company for both the Debtor and Non-Debtor companies can carry the values at any mark that they want.
To be conservative...I am using the worst numbers for all controlled LBHI entities. However, I believe that A&M will use that to their advantage in the future. For now, the only LBHI companies that have to be reorganized, are the 20 or so under Chap 11 protection. As I recall, at the time of the filing there were over 3000 LBHI entities worldwide!
Coach T
It is located at the LBHI website www.lehmanbrothersestate.com under "Key Documents".
Then look under "Monthly Operating Reports".
Then look under the posting on 12/14/09.
Enjoy.
Coach T
Just an FYI...
I put in an order to buy 40K of the LEHFQ's at the Ask of $.07. Bid/Ask was $.06-$.07. at the time.
MM took down the order in front of me and traded 5457 shares at the Ask price of $.07 and I got none.
I don't think it gets any more bullish than that. There is collection of shares going on. IMO...
Coach T
I think the 10B on the NOL's is on the high side. But that has to do with previous taxes paid and future profits to be covered up by the losses.
The SPV court ruling set a precedent in that the clause in most of the SPV Master Agreements that turned assets over to the SPV holders first and then the remainder to the defaulting counterparty was unenforcable under US BK law! Assets in those SPV's must go to the Lehman first and then the SPV holders must get in line with everyone else!
I think it will have an effect on other SPV's with additional Lehman Entities that have those same clauses.
Just my thoughts...please do your own research!
And...above all else...Enjoy the Ride!
Coach T
Some great Lehman posts the past 24 hours...
Allow me a hypothetical thought process, if you will.
You are Bryan Marsal at A&M here is what you have so far as of June 30, 2009.
Assets $272B
Liabilities $316B
Negative equity -$44B or 86%
Preferred Negative Equity -$44B -8.5B face value = -$54B
As of November 18, 2009 Creditors Meeting..."illiquid assets have risen modestly". $16B (6% of 272B)
SPV court ruling possible add to LBSF of $8-10B.
JPM adversary proceeding $17B.
B of A adversary proceeding $500M.
Woodlands Bank LBI to give back $500M (reduces claims by Woodlands and FNMA).
Examiner's report possible claims???
Barclays $8-10B.
NOL's $8B-$10B
Etc...that is $50B-60B+ of new money for STAKEHOLDERS (including Bondholders, Trusts, Preferred Holders and Common.
What type of Entity do you propose to keep the potential in place for recovery? There are far too many unanswered questions at this point to say there is not enough for Preferred and Common stakeholders.
IMO the bondholders will likely settle with around 75% and upside in the new Entity which will have to be around in order to continue to fight the ongoing legal battles. Preferreds and Common will have their existing holdings converted maybe 100:1 share in the new.
I think you will see many entities born out of the debtor holdings...IMO that will maximize more value in the long run, than one new holding company.
We will see a real estate spinoff...We will a Derivatives spinoff...Banking spinoff, etc.
Just my thoughts...
Enjoy the Ride!
Coach T
Remember...the assets of each Capital Preferred Trust are held by the Trustee. The assets for each Cap Trust are bonds! Each bond was purchased from Lehman wit the money raised from selling shares of the Trust.
I do not think that the underlying bonds in each Trust are trading anywhere. One has to try and find a corresponding bonds that is trading to get a feel for the current price.
Just my thoughts...
Coach T
See any Parallels??
Defensive bankruptcy
The implosion of General Growth Properties is a highly choreographed, and controversial, phenomenon
FridayLetter@perenews.com
The bankruptcy of General Growth Properties has challenged conventional wisdom from the start.
When the US’ second largest retail REIT filed for bankruptcy last April, it also took down with it 166 regional shopping centre subsidiaries despite the fact the subsidiaries were structured as “bankruptcy-remote” entities.
It was a move that raised eyebrows among much of the real estate investment community, not least because a majority of the project-level loans were performing and GGP didn’t file bankruptcy cases with respect to its property management subsidiaries or assets owned in joint ventures with third parties.
The motivations of the GGP leadership are unclear, but certainly charges of “strategic bankruptcy” will be levelled by angry debt-holders.
Now GGP is pushing the boundaries of bankruptcy practice again, suggesting it will look to raise external equity while it works through Chapter 11.
GGP is reportedly targeting between $1 billion to $2 billion to help fund an independent exit from bankruptcy – a move the REIT itself admits is “unique”. Bankruptcy cases typically involve debt-to-equity conversions and capital raises among existing shareholders and creditors. GGP bankruptcy court documents, though, reveal it wants to hire UBS to raise exit financing “from sources such as mutual fund, hedge fund, private equity and other institutional investors who invest in equity and equity linked real estate securities”. Sources, it said, that don't typically invest in such rights offerings during Chapter 11 bankruptcy protection proceedings.
Speculation is, of course, mounting as to who GGP is talking with to help it raise capital. Brookfield Asset Management has been named in several media reports as one of those firms interested in financing the REIT out of bankruptcy as opposed to acquiring it, such as rival retailer Simon Properties.
Simon, this week, made an unsolicited $10 billion offer to buy the company in a move backed by GGP’s unsecured creditors but rejected by the REIT. However, Simon may have an ace up its sleeve – there have been reports it is in early stage talks with The Blackstone Group as it eyes being a potential co-investor in the deal.
GGP is eager to ensure it emerges from bankruptcy as a stand-alone entity, rather than be swallowed up by a firm it has been battling for market share with for decades. Simon meanwhile sees an unprecedented opportunity to further cement its position as the US’ largest real estate investment trust.
With private equity real estate firms lining up on both sides of the equation, the bankruptcy of GGP promises be a closely-watched and analysed spectacle.
I thought this article had a lot of the same flavor in it that the Leman BK does. Thoughts?
MOR is out showing $17.5B in CASH!
No Balance Sheet...
FYI
LBI SIPA Docket #2676 there is an affidavit about LBI finding $532M for the Woodlands Account. If I read this correctly, this money will go to Woodlands Bank directly form LBI.
Also, if I am not mistaken, both Woodlands and the Fed NY have put in a claim for $500M+ regarding this money. Now it should come dollar for dollar to Woodlands (a non-debtor LBHI controlled entity) and also come off of the claims side.
Just another example of how they keep finding assets for Lehman.
The only prices I have heard are the ones quoted in the story...
Coach T
Hopefully the news will start coming out after the close on the MOR (new balance sheet?) and the Examiner's List. Before price comes volume...
Coach T
It only shows that there is more interest in the Lehman Estate than ever before.
Before the commons get some...the C/T's and Preferreds will have their day.
So is the "Pinch" the Adx and the PPO coming together? What does that tell you?
Thanks,
Coach T
Silver Point Capital snapping up Lehman claims
February 17, 2010 at 7:27 pm by Teri Buhl http://blog.ctnews.com/teribuhl/2010/02/17/silver-point-capital-snapping-up-lehman-claims/
Update
It looks like Greenwich-based Silver Point Capital is really trying to make its move to control a class of creditors in the Lehman Brothers Bankruptcy. On Monday court documents show Silver Point’s Brian Jarmain went on a distressed-debt buying spree, picking up around $130 million in claims from 11 different Lehman Brothers Holdings and Lehman Brothers Special Financing creditors.
Sellers of the debt ranged from other hedge funds like Balestra Capital ($1.2m) to North Star Real Estate ($50m). Silver Point negotiates each deal and then takes ownership of the full value of that unsecured claim against Lehman. While getting a low price because another firm doesn’t want to wait years for a claim to pay out in bankruptcy court seems like a good deal, there is still the risk that there will not be enough money at the end of the process for all the unsecured creditors to get paid. That’s why people familiar with Silver Point believe this is a strategic move to control the voting rights of creditors while the bankruptcy is still in its reorganization phase, and have a bigger say in the eventual payouts.
A spokesperson for Silver Point declined to comment on its trading strategy, which is not a surprise since that might be giving away a competitive advantage.
Bloomberg reported last fall that claims on Lehman Brother Special Financing were trading for 38 to 39 cents on the dollar.
One bankruptcy lawyer Greenwich Time talked to said Silver Point clearly thinks there is more value in the Lehman debt than most the rest of the market does. He pointed out it takes a very sophisticated investor who understand all the mirrors of debt structure in the Lehman case to trade it with any financial savvey and make a profit. You see, there is also the recent precedent setting court decision by the US courts that countered a decision by the English Courts regrading how some of the CDO (derivative debt) claims against Lehman Brothers Special Financing will be paid out in bankruptcy. The FT has a pretty good explanation on how some investors could be paid out now when they previous thought they were out of luck. On February 3rd Shearman & Sterling, a top bankruptcy law firm, wrote a note to clients altering them to the need to change debt contracts because of this decision. All this uncertainty just fuels the trading opportunities for firms like Silver Point to score even more discounted prices from firms holding LBSF debt like Balestra Capital had.
Since timing to recovery is a big factor in Silver Point’s chance to make a profit on the trade, does this mean distressed debt experts at the fund, who are pretty good at figuring out what the end game recoveries will be, have found the sweet spot? Silver Point has been making large buys of Lehman claims for months, but then so have Elliot Management, King Street and Paulson & Co. Stay tuned as we watch to see who will really profit off the carnage of the failure of Lehman.
Coach T
Silver Point Capital snapping up Lehman claims
February 17, 2010 at 7:27 pm by Teri Buhl http://blog.ctnews.com/teribuhl/2010/02/17/silver-point-capital-snapping-up-lehman-claims/
Update
It looks like Greenwich-based Silver Point Capital is really trying to make its move to control a class of creditors in the Lehman Brothers Bankruptcy. On Monday court documents show Silver Point’s Brian Jarmain went on a distressed-debt buying spree, picking up around $130 million in claims from 11 different Lehman Brothers Holdings and Lehman Brothers Special Financing creditors.
Sellers of the debt ranged from other hedge funds like Balestra Capital ($1.2m) to North Star Real Estate ($50m). Silver Point negotiates each deal and then takes ownership of the full value of that unsecured claim against Lehman. While getting a low price because another firm doesn’t want to wait years for a claim to pay out in bankruptcy court seems like a good deal, there is still the risk that there will not be enough money at the end of the process for all the unsecured creditors to get paid. That’s why people familiar with Silver Point believe this is a strategic move to control the voting rights of creditors while the bankruptcy is still in its reorganization phase, and have a bigger say in the eventual payouts.
A spokesperson for Silver Point declined to comment on its trading strategy, which is not a surprise since that might be giving away a competitive advantage.
Bloomberg reported last fall that claims on Lehman Brother Special Financing were trading for 38 to 39 cents on the dollar.
One bankruptcy lawyer Greenwich Time talked to said Silver Point clearly thinks there is more value in the Lehman debt than most the rest of the market does. He pointed out it takes a very sophisticated investor who understand all the mirrors of debt structure in the Lehman case to trade it with any financial savvey and make a profit. You see, there is also the recent precedent setting court decision by the US courts that countered a decision by the English Courts regrading how some of the CDO (derivative debt) claims against Lehman Brothers Special Financing will be paid out in bankruptcy. The FT has a pretty good explanation on how some investors could be paid out now when they previous thought they were out of luck. On February 3rd Shearman & Sterling, a top bankruptcy law firm, wrote a note to clients altering them to the need to change debt contracts because of this decision. All this uncertainty just fuels the trading opportunities for firms like Silver Point to score even more discounted prices from firms holding LBSF debt like Balestra Capital had.
Since timing to recovery is a big factor in Silver Point’s chance to make a profit on the trade, does this mean distressed debt experts at the fund, who are pretty good at figuring out what the end game recoveries will be, have found the sweet spot? Silver Point has been making large buys of Lehman claims for months, but then so have Elliot Management, King Street and Paulson & Co. Stay tuned as we watch to see who will really profit off the carnage of the failure of Lehman.
Coach T
FYI - Elliot Management is now on the Ceditors Committee!
I know this is the J Board, but it is nice to see the ask showing for $94.00 on the F's...
Coach t