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.
VLVegas - Are you going to call or file an online complaint with FINRA?
Going to try for some LHHMQ or add a few more NQ's tomorrow under .20.
Let's see if they really cancel it. How can the LEHPQ's trade at the same price as the commons unless someone is playing a dirty game.
If they don't cancel it, we'll never know who managed to buy them at that lucky nickel.
Didn't realize the LEHPQ's hit .05 today on an 81K share trade.
Anyone here get really lucky with a very low GTC order?
If retail bid orders were supporting the price here, cap trusts would be trading much tighter spreads and the LEHPQ's would never have hit $1 the other day imo.
This is primarily a crapshoot for fills at the bid here. When the big boys want to move it higher, it'll become obvious.
Better to sacrifice Lehman at the altar of greed than have others look too closely at the inner workings of GS, and particularly JPM imo.
Let's hope LEH's lawyers are successful barracudas.
I love this blog post.
http://tinyurl.com/n5z789
(excerpt for the Lehman portion)
"Bernanke's voice during his testimony was shakey at times. I wish lying experts could have weighed in on his eye shifts and voice warbles; the same for Lewis's testimony. Bernake also maintained that the Fed and Treasury "did all we could legally do" to save Lehman Brothers, but "there were just no takers" for an acquisition there, nor any TARP money yet. We all know of the fierce competition between Paulson at Goldman Sachs and Lehman Brothers; many people have claimed that is essentially why Lehman was allowed to fail."
Lol! Same here.
Interactive Brokers is still showing 250K shares available for shorting in the LEHPQ's with only 4M outstanding shares. That could explain the 50K share transaction at $1. It must be nice to have friends in high places.
http://tinyurl.com/npv8ey
I highly doubt any retail buyer received any of those shares and I'll bet a few of us had orders in place higher than $1.
Coach or anyone - Just found this article on Lehman mini-bonds buyback in Hong Kong. Is there any relevance for us here in the US?
"Lehman mini-bonds buyback in HK
Published: 23 Jun 2009 08:02:01 PST
By Guo Lu
Bank of China Hong Kong (BOCHK) has announced that they will buy back Lehman mini-bonds from customers at 60 percent of their original cost, according to Monday’s Ming Pao Daily, a Hong Kong-based newspaper.
Lehman mini-bonds were issued by Lehman’s subsidiary company Pacific International Finance. Large banks sold the mini-bonds as part of a low-risk investment plan before Lehman Brothers’ went bankrupt. BOCHK was one of the major Hong Kong retailers of the mini-bonds.
Consumer groups have threatened several class actions against the major banks in Hong Kong, with many financial institutions hoping to mediate the issue before it lands them in court.
A spokeswoman from BOCHK told the Global Times yesterday that the bank had discussed the issue with the local authority, the Securities and Futures Commission (SFC), and had submitted a proposal regarding the matter.
BOCHK will offer customers a 60 percent buyback price with an additional 5 percent payable after Lehman’s liquidation, according to the news report.
Old-hand customers will receive an additional 10 percent.
Customers who purchased mini-bonds three to four years ago are eligible for a total 80 percent rebate, according to the newspaper report.
If the SFC passes the proposal, BOCHK will pay its customers a total HK$ 2.5 billion ($322.55 million) in losses, according to a Citibank report seen Monday.
The Citibank report stated that sales of Lehman mini-bond related financial derivatives by BOCHK totaled HK$ 4.2 billion ($541.88 million), accounting for 30 to 40 percent of all Lehman mini-bonds sold in Hong Kong.
The newspaper reported that SFC was still in negotiations with the BOCHK.
Neither the BOCHK nor SFC would comment on the negotiations when contacted by the Global Times yesterday.
Peter Chan, chairman of the Lehman Brothers Victims Alliance, told the Global Times Monday that BOCHK’s proposal was unfair to most investors and that banks should pay back all of the capital invested.
Chan estimated that losses from the mini-bonds amounted to HK$ 12.4 billion ($1.59 billion), citing calculations by the alliance’s attorneys. He said that around 15,000 customers of BOCHK would suffer losses.
One of the alliance’s officers, who just gave his family name as Lau, told the Global Times yesterday that the alliance would stage a massive protest on July 1 in Hong Kong to demand full compensation."
http://news.alibaba.com/article/detail/business-in-china/100122802-1-lehman-mini-bonds-buyback-hk.html
I managed to pick up some N's today. Now holding a nice amount now between K's and N's. Not holding a big stake just enough to be quite happy if things move in Lehman's favor soon.
GL all!
Interesting point. They would have to own at least 320,000 shares of the various capital trusts. Here's the filing link:
http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=6649343
Assuming they were a big buyer during the higher volumes in May for the capital trusts, it seems more likely to me that at least a portion of their shares could be made available to short the stock and keep it calm. I doubt they would be selling a significant portion at these levels if they feel they could possibly get a minimum of 10 to 20% of face value. Just my opinion though.
dark pools I think.
Because they can.
Thanks Fivestar - Are there any lawyers here that can decode the highlighted portion of Fivestar's post? Particularly "...because the landscape has changed significantly since the filing of the motion."
This could mean several things I would assume. What is the legal definition of landscape and to what or whom is it referring?
I have no idea. Fivestar should have access to court documents so if there's a filing about it, we'll hear something soon.
SOLM is being very quiet. Hoping no news is good news.
I put in a ridiculous lowball order on the K's. MM's are acting crazy today. ABLE showing .01 as the bid on level II while .18 is on my top bar. Maybe I'll hit the lotto.
My bids are usually small and they still trade around me 7 out of 10 times.
Picked up some LEHNQ's at .22 today. Trying for some at .19 and 2000 just traded below my bid again.
For $150 trade? Hardly worth the effort.
Shhh. Baby steps. The cap trusts to get to $1 or at least 5% of face value to start showing the world there's something left in LEH.
XLF financial etf is very tight. I would love to see it breakout to the upside.
Given the lack of transparency in the routing, it would be possible for the system to be used selectively I think.
I have no idea. I suggest you call your broker and ask. I got better fills after I complained.
The article I posted earlier about dark pools may have some relevance. At the very least, it's possible traders with level III tools and assorted other mechanisms, may be able to route orders to specific bidders and give certain clients priority.
Just speculation on my part though.
No it's the wild west! It has happened to me also. The low was actually .16. Only 13K shares this morning traded higher than your bid. The rest traded at lower prices. The low just missed my .15 bid today.
http://ih.advfn.com/p.php?pid=trades&symbol=LEHKQ&java_vm=sun&java_vm_ver=1.5.0_10&fp=10.0.22
Bank-run dark pools swelling in US stock markets
By Jonathan Spicer - Analysis
TORONTO (Reuters) - Big banks are executing an increasing percentage of U.S. stock trades within their own walls, capitalizing on the credit crisis and enticing the most active traders away from the traditional exchanges.
"Dark pools," where orders are anonymously matched so that traders do not alert the wider market to their intentions, have triggered concerns that stock pricing may not be transparent.
But the growth of those run by broker-dealers such as Goldman Sachs (GS.N) and Credit Suisse (CSGN.VX) are squeezing other "dark" electronic trading venues, as well as exchanges, resulting in lower fees.
The bank-run dark pools have only recently gained some traction in Europe, while other countries, such as Canada, are watching closely for signs of success or failure as U.S. equity markets fragment into some 40 venues.
Although executives and market watchers expect to see new U.S. rules to ensure public and accurate pricing of stocks, they also expect the private pools to grow beyond the relatively small niche they now occupy.
"The dark pools are definitely going to grow; the wild card is any new regulation," said Dmitri Galinov, director and head of liquidity strategy at Credit Suisse's advanced execution services, running the bank's CrossFinder dark pool.
Banks' internal dark pools have benefited from Regulation NMS, rules enacted in the last few years to help investors get the best price, and from the pricing of stocks in smaller increments, known as decimalization.
Dark pools owned by brokers and large market makers accounted for 70 percent of all dark U.S. equity volume in April, up from 64 percent in December and from 58 percent a year earlier, according to Rosenblatt Securities, a widely referenced agency broker that tracks 18 dark pools.
Overall, dark market share rose last year, but in the last eight months hit a ceiling near 9 percent of the U.S. market.
Dark pools, which usually publish trades to the consolidated tape with little detail well after they are executed, have been around for decades, but their brands have gained more exposure in the last few years.
Goldman's Sigma X was the largest in April, followed by market maker GETCO's Execution Services, and Credit Suisse's CrossFinder -- the winners benefiting from the collapse of other investment banks such as Lehman Brothers (LEHMQ.PK).
Justin Schack, vice president of market structure analysis at Rosenblatt, said broker-run dark pools had grown because they're faster, cheaper and open to algorithms -- the computerized trading programs that dominate the market, especially during volatile periods such as last year's crash.
"Market structure has changed over the last five or six years in ways that favor small size, rapid-fire trading," Schack said.
The most successful bank-run dark pools have steady participation from individuals, or retailers, whose standing trade orders are gobbled up by high-frequency players who use algorithms and account for about 65 percent of the market.
PRESSURE ON EXCHANGES, REGULATORS Continued...
http://www.reuters.com/article/ATTCrisis/idUSTRE55254W20090603
A little off-topic maybe but I wonder if this is could be related to the trading in Lehman trusts and preferred shares.
Small orders in place at various prices in case they smack this down today.
Well I'm wondering how greedy I can be since the MM's are trading this so tightly. Maybe I get a few more shares near .15 today?
I did get a fill on my bids at .23 and .24 finally. Someone got a bigger bargain at .20 though near the end of the day.
Still no fill. 200 traded at .23 while I have had orders in at .23 and .24.
What price? Trying for some now at .23.
I noticed that too. Very odd. In spite of the heavy volume on the K's today I've been unable to fill any small orders at or near the bid of .20. Someone's getting filled though.
Strange a few minutes ago I was showing a trade at 1.06 for the K's. Did anyone else see this before it reverted back to .20?
FYI - Interactive Brokers has shares available for shorting.
http://www.interactivebrokers.com/en/trading/ViewShortableStocks.php?cntry=usa&tag=United%20States&ib_entity=llc&ln=&b=LEH&e=LON
Put an order in for 100 at .30 which I'm showing as the ask. and got them.
Funny. I've wondered the same thing the last week or so. Thanks for the all the advice everyone.
I know the trusts are the sweet spot but curious if anyone here is buying or holding the CQ's or DQ's? Opinions welcomed for someone with only a little cash to invest.
OK got 500 filled at .25 just now. Thanks.
Not for retail I fear. I think the brokers are trading against clients. I had an order in Monday at .30 ask that never filled while the stock traded much lower.
Is this typical of pinks?
Hi everyone. New to the LEH trusts. I find it frustrating to get shares. I've had small bids in the past few days. They were skipped over and lower trades filled.
Order in now for 500 shares at .20. Let's see if I get them.