Linda is biotch...! LOLz JayKay
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I little late E-Trade. An alert sent at about 6:00 pm to have the ballot faxed early the following morning by 10:00 pm, EASTERN STANDARD TIME. LOL
$10'ish imo/eom
If we had TPS's counsel and more aggressive members on the EC who cannot not be "baught off" or "enticed", I am pretty sure equity would not have settled for a piss poor settlement. EC couldn't even agree of a percentage split. This just shows how they are not even on the same page.
I rather it be hedge funds vs hedge funds. More money at play/risk for a worthy settlement.
imo
I would not worry about your position on your H's.
IMO, they will get paid in full (minus the contractual subordination) and sooner than you think.
Good day.
imo
It is 2 years AFTER the PREVIOUS ownership change.
There is no ownership change. The first ownership change will be the first merger/buy out. Then it is 2 years from that point and then throw in the word "generally".
imo
Yes, the subordination contract basically guarantees that CT will not be cancelled until they are no longer needed or the waterfall is depleted
The main thing about the subordination is that it benefits the senior notes holders and the estate.
By not canceling the CTs, there is no write off/down on NOLs to the estate and the way they effect seniors, is that any distribution that were directed to CTs, are then taken away and re-distributed to senior note holders. By doing this, the senior note holders get more of a return/recovery then the other creditors in the same tier or non subordinated claims/debt and CTs still with nothing because of subordination.
At this point, Lehman's seniors/creditors are expected to receive between 21%/27% recovery of face. Until it is paid in full of the allowed claims, then it will trickle down to CTs.
Bottom line: If your main contention of this being cancelled after the effective date, then I would put that to slim to none.
Risk is very high since seniors, even after taking CTs distribution is still only at 21/27% recovery of face, which these waaayyy out of the money.
Do not trade on any of my posts.
imo
I never said caps would be canceled after the effective date. I said they are needed intact to enforce subornation clause. You don't even know what you are talking about. LOL
With this last post, you seriously need a professional to interpret it for you. I suggest you hire one and consult with them. You clearly do not understand what is going on at all.
Reality awaits you.
Don't bet your lunch money. imo
I never claimed $24 plus, that is all kool aid. You should know the flavor since that is what you drink.
I don't believe in fantasy like you.
imo
I never claimed to be a Chapter 11 expert, however, I certainly know a lot more than you.
As for the W, I traded it, and I am with a heck of a lot of "free shares". That is what you do in speculative and high risk investments, ie. take out your original investment so as to not risk it.
All the evidence is spelled out in the confirmed POR. If you need someone to interpret it for you, obtain counsel or stick to mutual funds.
Have a nice weekend.
imo
I also recall PFG Claimants that will also dilute common's share of that 30%, but it yet to be determined what the ratio is. Maybe during confirmation hearings, stip, or ???
I believe their claim portion is approx. $54 million that is to be diluted, and their remainder to be in Class 18, as a sub claim.
This could also be a factor as to why Dimeq settled they way they did, i.e. competing dilution from PFG claimants and the proposed 70/30 split.
I know no one talks about it though.
imo
Wow, and you talk ish about me? After what you posted, now I know where you are coming from. You have absolutely no idea how this works and are waayyyyyyy off the mark.
Good luck!
imo
Clueless... eom
Clueless... eom
... because there is a distinction that sets them apart from A, B C, etc. What is the distinction? I do not know, however, that distinction got A ahead.
imo
You mean you want to see the signed confirmation order.
BTW, I am not frustrated at all.
As for "give ups", show me where it benefits CTs in this Lehman case? Don't give me examples, because they are useless if the Lehman POR has already been approved for confirmation.
Seniors are still not paid in full.
Why is there a Class 10A, 10B, 10C etc. ? Why not just one Class 10 ?
What does your "many, many examples where the "absolute priority rules" do not apply, as you suggest....I am collecting files of these examples" have to do with Lehman?
Lehman's Plan of reorganization has already been confirmed. It adheres to absolute priority.
You are too late with your examples.
You are obviously in unfamiliar territory and you are bound by APR per the Lehman POR.
Good luck.
imo
About $200 billion plus.
$65 billion represents about 27'ish% of available/projected to payout to seniors.
imo
No offense, but if you do not know that seniors creditors are satisfied in full before lower tier creditors sees a penny, then you are in unfamiliar territory.
This is even stated in the POR.
What is stated is a fact and is Bankruptcy 101.
imo
I really do not think you understand, that is not the way it works. Besides, this is Chapter 11, not 7 nor 13. The seniors' rights to payment in full are protected within the liquidating trust and bankruptcy court, even after emergence. "... read up on it ..."
Bottom line: Seniors get paid until it is paid in full of allowed claims until the waterfall stops. The waterfall is at $65 billion. Any excess goes to seniors until they are paid in full, then the next lower tiered creditors in line get paid.
imo
I do not have PM ability, but I do believe "yes". Not a "big" player unless merged with someone/entity somewhat known, plus the fact that it use to be in the narrow "re-insurnace" arena, however, it is now broadened into the "financial" sector, which opens this up to anything in that industry.
imo
Yes, I do agree. The thing is TPS has a very good argument, imo. Couple that with Willingham 's actions (which I won't get into), and Dimeq NOT diluting commons to oblivion (now only %2.5%).... but anything can happen.
I do believe that TPS "might" get a better deal than the 70/30, the question is what and how far?
We will find out from their Objections to the confirmation hearing and oral arguments during the confirmation hearing.
imo
Glad to see someone finally is understanding. $65 billion is NOT paid in full, nor is it a settlement.
Creditors are paid in full when their entire amount of allowed claims are paid, NOT $65 Billion as people are stating here. Allowed claims are NOT $65 Billion, it is over $100 Billion plus.
APR is strict only in a straight BK, when there is a settlement, APR is only a template. That said, if a "release" is needed from commons, then "consideration" must be exchanged to obtain that "release".
I am pretty confident that commons will obtain distribution, but IMO, that 70/30 split of the NEW WMI2 "may" change in favor of preffereds.
I believe that TPS have an easy win on the liquidating trust as 100% going to prefferds because that is the way it is being followed within the POR, except until it hit equity.
Bottom line: Commons, imo, will get distribution under the current POR.
IMO
Walrath won't cut commons in the current POR, I am pretty confident in that because in order to get a "release" from commons, commons must have some "consideration" in the form of a "distribution".
imo
That is because people only want to hear good things about their investment and disregard the risk associated playing BK securities.
Certain individuals did not want to be open minded and hear anyone's opinion unless you said this was a Class 12 security. When you say something other than Class 12, they categorize your opinion as irrelevant and tell you they are only interested in the Judge's ruling, not yours. ... well, I guess it was a humbling experience for them...
imo
I am sure there was fraud involved, but we, as the "little people" have a hard time proving it.
Well, once the BK confirmation approved, that is the end of everything and the GSA will be consummated. With the way everything is structured, we will be giving our releases to the main "crooks".
After BK, it is just WMI2 and that is it.
There is really nothing we can do.
imo
Using the 363 sale, you are able to transfer/sale assets free and clear to other parties and it is legal under bankruptcy. Either no objected or the objections were steam rolled and approved.
I dont know when it happened.
imo
363 sale eom
Willingham/EC is the client. Willingham/EC says settle, S&G settles.
S&G are GM mechanics working on a Mercedes. S&G are out of their league and in unfamiliar territory.
Result: POR 7
imo
Yes. imo/eom
I will be doing the same:
VooDoo, they are coming to get you. Better respond to them and say you know the former Trustee Joe Mahon:
I don't follow it, but my memory tells me $3ish. imo/eom