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Whats going on with pps?
3.24 Mil shares...
Somhin is cookin?
me too..
10mil shares
10.5 mil shares traded so far
2.9Mil shares
Yoy can only get in, not out!
382K shares traded today
OT....FNMAS
money making machine :)
What about those who added more shares today?
;)
hestheman,
Do you think a "tender offer" is still on the table?
Buying at these prices is almost impossible.
Try, on the other hand to sell shares below 38,
they'll take it in a blink!
Thank You Sir
WHAT???
That is not how this stuff works!!
Oh The Humanity
And Bid back to 47!!
and 44300 shares Ns traded @ 35
the “Response Deadline” to be so filed and received by no later than September 2, 2014 at 4:00 p.m. (prevailing Eastern Time).
Day still young !
LOL...you bet I do.
I own 60K shares LEHLQ too...;)
FLY or DIE!!
Thank you Sir...
Confidential Treatment is valid for one year only
Lehman Eyes Sale of Unsecured Claim Against Brokerage Unit
Funds Would Help Pay Off Billions Holding Company Owes to Customers, Creditors
By Tom Corrigan and @TomCorrigan_tom.corrigan@wsj.com
Tom Corrigan Biography
Patrick Fitzgerald Biography
Tom Corrigan@TomCorrigan_tom.corrigan@wsj.comTom Corrigan Biography Patrick FitzgeraldBiography
Aug. 28, 2014 4:57 p.m. ET
Lehman Brothers Holdings Inc. said Thursday that it may seek to sell off some of a multibillion-dollar bankruptcy claim that the failed investment bank holds against its U.S. brokerage arm.
In a statement, the Lehman parent company and its units said it "intends to explore monetization opportunities" related to the unsecured claims, but the company said there was no guarantee it would follow through with the sale.
Lehman's holding company owns a $6.9 billion unsecured creditor claim against its U.S. brokerage arm. Most of the brokerage business was sold to Barclays PLC following Lehman's September 2008 collapse. The proposed sale of the claim would raise funds to pay off the billions the holding company owes its customers and other creditors.
In a milestone settlement last year with its U.S. brokerage and its European subsidiary, Lehman's New York-based holding company received a $14 billion unsecured creditor claim against Lehman Brothers Inc.
The proposed Lehman sale turns a spotlight on the little-noticed world of bankruptcy-claims trading, where billions of dollars in claims trade each month as distressed-debt investors buy up claims from creditors on the cheap and then jockey for a position in the order to receive payment.
In a series of sales last year, Lehman sold off $7.1 billion in unsecured claims against the brokerage and netted $3.2 billion, court documents show, for a recovery of about 45 cents on the dollar. Among the buyers last year of Lehman's claims against the brokerage were funds affiliated with Goldman Sachs, Deutsche Bank and Third Avenue among others.
The Lehman claims hitting the block this time around could fetch about 40 cents on the dollar, according to one trader, the amount reflecting the brokerage's setback in its legal fight with Barclays over the assets included in the 2008 sale.
Representatives for Lehman Brothers Holdings Inc. and Lehman Brothers Inc. declined to comment Thursday. Tiffany Galvin, a spokeswoman for Goldman Sachs, declined to comment Thursday on the possibility of another sale, as did Deutsche Bank and Third Avenue.
The remains of Lehman's brokerage unit are being wound down separately from Lehman's holding company. Customer claims get paid before creditors under the law covering failed broker-dealers, the 1970 Securities Investor Protection Act.
Customers of the U.S. brokerage received about $92.3 billion almost immediately after Lehman collapsed. In all, the brokerage has paid more than $105 billion to customers.
With customers paid in full, James Giddens, the trustee winding down the brokerage is now seeking to pay Lehman Brothers Inc.'s creditors. Recently he sought approval to distribute $4.6 billion to those creditors-among them pensions funds, investment firms, former employees and the holding company—soon as next month. That payment represents a recovery of about 17% of total unsecured claims against the brokerage.
All told, more than 2,600 unsecured claims totaling about $20 billion have been allowed against the brokerage and another $6.8 billion in claims are still unresolved.
Meanwhile, Lehman's holding company has already paid a total of $57.1 billion to unsecured creditors excluding other Lehman subsidiaries. Most creditors of the parent company and its units are expected to recover between 25 and 35 cents on the dollar.
Lehman's holding company officially exited from bankruptcy in 2012, when a reorganized company emerged, overseen by a new board of directors. The Lehman estate is still winding down and selling off its remaining holdings, a process that is expected to continue for several more years.
http://online.wsj.com/articles/lehman-eyes-sale-of-unsecured-claim-against-brokerage-unit-1409259475
LEHNQ @ $0.44!...
A bus driver once sold 100K @ 0.30!!!
LOL
LOL....Brilliant!
on Aug 17 2014
Six years after the Lehman Brothers collapse, unsecured creditors of the investment bank’s brokerage are finally getting paid.
The trustee unwinding the brokerage, Lehman Brothers Inc, said former employees, pension funds, banks and investment firms with unsecured claims against the brokerage would get an initial payout of $US4.6 billion
------------------------------------------
on 24 July 2013
Lehman Brothers Pension Scheme Trustees' successful appeal to the Supreme Court
The Trustees of the Lehman Brothers Pension Scheme (the Scheme) have succeeded in their appeal to the Supreme Court. Judgment was handed down today.
The case concerned the ability of the Trustees and the Pensions Regulator to require administrators of insolvent companies in the Lehman Brothers Group to comply with a financial support direction (FSD) or contribution notices (CNs) issued by the Pensions Regulator.
In September 2010, the Pensions Regulator's Determinations Panel decided that an FSD should be issued against 6 Lehman Brothers companies, 4 of which are UK companies in insolvent administration. The Scheme has a substantial funding deficit which is unlikely to be met by the main Scheme employer, which was a service company. The FSD would require these companies to provide financial support for the Scheme. If financial support is not then provided, the Pensions Regulator may issue CNs requiring the companies to pay cash contributions to the Scheme.
The administrators of the Lehman Brothers companies argued that they would not need to satisfy liabilities arising from an FSD or CN, because any FSD would be issued after the date these companies entered insolvency, 14 September 2008. These liabilities would not be "provable" claims in those administrations.
The Trustees argued from the outset that liabilities under FSDs (including the liability to pay a contribution under a CN) were provable debts under UK insolvency law, and so may be enforced against the insolvent companies as unsecured debts. The Trustees further argued that if the liabilities were not enforceable as provable debts then they must be satisfied as expenses of the administration of the companies. The High Court and the Court of Appeal held that the liabilities were administration expenses.
The Supreme Court has now upheld the Trustees' position that the FSD liabilities are provable debts.
Peter Gamester, chairman of the Trustees said:
"The Trustees are delighted by this decision, which comes nearly five years after the Lehman Brothers group entered insolvency. It is an important step forward in the Trustees' efforts to obtain financial support for the pension scheme from group companies to help pay pensions for Scheme members.
We are extremely pleased that the Court has confirmed that these important provisions of pensions legislation can be used for the benefit of pension scheme members whose employers have entered insolvency. We would like to express our appreciation for the efforts of all those who have been involved in achieving this outcome."
Before the Supreme Court, the administrators of some of the Lehman Brothers companies had also accepted that the FSD liabilities might be treated as provable debts. However, the administrators for some of the Lehman Brothers companies continued to argue that these liabilities need not be satisfied at all, unless the company had sufficient assets to discharge all its other obligations and return to solvency. This argument was referred to by judges during the proceedings as liabilities falling into a "black hole". This black hole argument has been unanimously rejected by the Supreme Court.
Travers Smith LLP acted for the Trustees of the Scheme and the Board of the Pension Protection Fund (PPF) in relation to this matter. The Travers Smith team was led by Pensions partners Peter Esam and Susie Daykin, supported by Litigation senior counsel, Mark Hall and senior Pensions associate, Anna Gray.
The Trustees and PPF instructed Gabriel Moss QC, Nick Stallworthy QC and David Allison in the Supreme Court.
Other parties to the proceedings are listed below, with their solicitors and counsel.
There were parallel proceedings covering similar points relating to the Nortel Pension Scheme. The parties to those proceedings and their legal teams are also shown below.
Parties to the proceedings and relevant solicitors and counsel:
Trustees of the Lehman Brothers Pension Scheme/PPF represented by Gabriel Moss QC, Nicolas Stallworthy QC and David Allison (Instructed by Travers Smith LLP)
Lehmans Companies represented by Robert Dicker QC, Paul Newman QC, Daniel Bayfield (Instructed by Linklaters LLP)
Lehman Companies (No.2) represented by Mark Phillips QC, Stephen Robins, James Walmsley (Instructed by Linklaters LLP)
Lehman Brothers Holdings Inc. represented by Barry Isaacs QC (Instructed by Weil Gotshal & Manges)
Pensions Regulator represented by Racquel Agnello QC, Jonathan Hilliard, Thomas Robinson (Instructed by the Pensions Regulator)
Nortel Companies represented by William Trower QC, Tom Smith, Andrew Mold (Instructed by Herbert Smith Freehills LLP)
Trustees of Nortel Pension Scheme/PPF represented by Richard Sheldon QC, Felicity Toube QC, Michael Tennet QC (Instructed by Hogan Lovells International LLP)
It Is your chance to dump your shares!
CT's are up today on a fair Vol. so far, and day is still young.
C'mon!...why to wait till 2018 as you said??
SELL...SELL, or STFUP!
imo
For Newbies
LEHNQ, LEHLQ, LHHMQ, LEHKQ
All in the same boat...
Unsecured general creditors had to wait for their distribution as all customer claims were satisfied first. The claims of secured and priority general creditors also were fulfilled.
Gus,
You didn't answer my question with many thanks.
Since you are 100% sure no big boys holding,
Who DO YOU THINK owns 40mil + shares?
You can say I don't know if you don't!
TIA