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I think we may have gotten the reverse of what we expevred with the WAMU uptick. I think there are some short term players selling some of their Lehmans and buying the WAMU's instead of selling WAMU and buying Lehman.
Those short term players will be missing the leverage offered in the Lehmans IMO. Trading out $.07 for $2.00
Maybe because of the reported WAMU Equity Committte hearing this week.
Lehman Bonds still looking good. We have a lot of fun coming in the hearings this week. JPM and the hearing on the claims proposal should be among the top for entertainment.
Also, unless they delay again the Examiner is due to report to the court his findings on Feb 1, 2010.
Coach T
Already this morning we have had one of the Lehman Bonds trade just below $.25! Still a long way off but rapidly moving in the right direction...
Coach T
All of the related homebuilder stocks are having a "big" up day!
These stocks all topped about a week or less before the financials and the "Zombie Stocks" last September. The consolidation looks like it may be over and the uptrend should resume.
Sometime between now and next week should turn the tide, IMO...
Coach T
XHB
LEN
BZH
MTH
DHI
PHH
etc...
WAMU money starts settling today and tomorrow! It will be interesting if the money finds its way to the Lehmans. The Lehmans have to look pretty inexpensive after selling in the dollar land.
A close at or above $.12 on the J's weekly chart with good volume would put the J's in position to challenge the mid $.20's and the SAR...IMO.
Interesting that is where the MM's have the ask before activity today.
What do you chartists think?
The perfect Storm is still on its way...keep the faith.
Coach T
Homebuilder Lennar posts profit for Q4
http://finance.yahoo.com/news/Homebuilder-Lennar-posts-apf-3660675778.html?x=0&sec=topStories&pos=2&asset=&ccode=
MIAMI (AP) -- Lennar Corp. said Thursday that orders for new homes increased for the first time in more than three years as homebuyers took advantage of lower prices and a federal tax credit.
Lennar also said it posted a profit in its fiscal fourth-quarter earnings as the homebuilder benefited from an adjustment in its income taxes.
Company CEO Stuart Miller said the housing market continued to move toward stabilization during the quarter. Orders of new homes rose 3 percent to 2,652, the first year-over-year increase since the first quarter of 2006.
The surge in new orders comes as first-time homebuyers raced to take advantage of an $8,000 tax credit that had been set to expire at the end of November. That deadline never came, however, as Congress extended the incentive through April and threw in another $6,500 tax credit for repeat homebuyers.
Lennar shares were up almost 6 percent in premarket trading to $14.50, from Wednesday's close of $13.70.
Investors are closely watching major homebuilders like Lennar because their performance is key to the housing market's recovery, which has been dampened by job losses and tight access to credit for many would-be buyers.
Sales of new homes plunged 11 percent between October and November to the lowest level since April. It was the second monthly drop in three months. Meanwhile, the number of people preparing to buy a home in November also fell sharply.
The big question now for Lennar and the rest of the sector is what happens when the buyer incentives go away a month into the traditional spring homebuying season. In September, Lennar said it would be profitable this year, assuming the economy remains stable.
"For all these builders, including Lennar, we're trying to see how sustainable these order trends are going to be ... after the tax credit expires," said John Tomlinson, a senior analyst with Majestic Research. "That's definitely a concern now."
Lennar said it earned $35.6 million, or 19 cents per share, in the quarter ended Nov. 30. It had a loss of $811 million, or $5.12 a share, a year earlier.
The tax gain reported in the fourth quarter came from a change in federal accounting rules that allowed the company to reverse previous writedowns of deferred tax assets.
Without the tax benefit, the Miami-based homebuilder would have lost $284.9 million, or $1.15 per share. The tax benefit was offset by charges totaling 89 cents per share related to adjustments in the value of land and other write-offs.
Revenue fell 29 percent to $913.7 million from $1.28 billion, due to a 22 percent drop in the number of home deliveries. The average selling price of homes dropped 9 percent to $238,000 from last year's fourth quarter.
Analysts polled by Thomson Reuters were expecting a loss of 48 cents a share, on average, on $863 million in revenue.
The company improved its cancellation rate compared with last year's fourth quarter, to 20 percent from 32 percent.
For the full fiscal year, Lennar posted a loss of $417.1 million, or $2.45 per share, compared with a loss of $1.1 billion, or $7 per share, in 2008. Revenue fell 32 percent to $3.1 billion.
Orders for new homes in 2009 dropped 14 percent to 11,510. The cancellation rate improved from 26 percent to 18 percent.
Lennar has operations in 17 states and was ranked the nation's fourth-largest homebuilder in 2008 by Builder magazine.
Lennar Corp: http://www.lennar.com/
Oh yeah...Coach T
Brikk:
I just posted that story because it came from an angle I had yet to consider. I think it plays more to the tune we believe, that the assets overall, are being over/under stated depending on what is trying to be accomplished by either LBHI or PWC or A&M, etc.
Coach T
As of the June 30, 2009 released in the November MOR balance sheet, it states as follows.
Total Debtor Entities
Assets $272.4B
Libilities $255.6B
Total LBHI controlled entities
Assets $272.4B
Liabilities $316.1B
Please make sure you do your own research and make your own decisions.
Coach T
In the early court documents. LBHI estimated that the NOL's were worth $10B approximately. That estimate was when the NOL carryback was 2 years. Now that it is 5 years who knows? That was why LBHI petitioned the court to make certain no party changed the percentage ownership dramatically on the common and convertable preferreds.
Just to hazard a guess one could go back over the period from 2002-2007 and see how much money was paid in taxes by the Lehmans...it should at the very least cement the $10B if not bump it up by $2-$5B.
The company in its MOR for November 2009 stated that it had filed its 2008 taxes and the loss was $47B. It was also mentioned in the MOR that LBHI was still trying to determine the best way to optimize the losses.
Coach T
The link is on the J's Webpage right above the message area.
Additional Information for LEHJQ:
how to track the lehman bonds:
www.finra.org
Click on Investor
Click on Bonds
Click on Advanced Bond Search
Put Lehman in the "issuer" name
page down and put 1 or 2 in the number of trading days.
Coach T
Great News!
The Lehman bonds are hitting new post filing highs! There have been a couple of bonds that have traded $23.50. That surpasses the old highs of 22.
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.GBG 52517PC58 Corporate LEHMAN BROS HLDGS INC 2.88 10/22/2008 NR NR NR 21.500 2.580 - 01/06/2010 12:38:10
LEHM.GBY 52517PD65 Corporate LEHMAN BROS HLDGS INC 3.01 12/23/2010 NR NR CCC 19.500 - - 12/21/2009 11:43:58
LEHM.GCV 52517PF63 Corporate LEHMAN BROS HLDGS INC 5.50 04/04/2016 NR NR CCC 22.000 5.000 - 01/06/2010 11:45:18
LEHM.GTP 52517PH61 Corporate LEHMAN BROS HLDGS INC 5.75 05/17/2013 NR NR CCC 21.250 2.500 - 01/06/2010 13:51:25
LEHM.GUL 52517PK59 Corporate LEHMAN BROS HLDGS INC 5.75 07/18/2011 NR NR CCC 21.125 1.625 - 01/06/2010 10:34:17
LEHM.GZJ 52517PR60 Corporate LEHMAN BROS HLDGS INC 5.25 02/06/2012 NR NR CCC 22.500 2.500 - 01/06/2010 11:08:00
LEHM.HDG 52517P2K6 Corporate LEHMAN BROS HLDGS INC 2.95 05/25/2010 NR NR CCC 22.000 0.625 - 01/06/2010 13:44:00
LEHM.HEO 52517P4C2 Corporate LEHMAN BROS HLDGS INC 6.00 07/19/2012 NR NR CCC 21.000 0.490 - 01/06/2010 10:44:46
LEHM.HF 524908BQ2 Corporate LEHMAN BROS HLDGS INC 7.20 08/15/2009 NR NR CCC 18.500 -1.000 - 01/06/2010 13:51:49
LEHM.HQ 524908CF5 Corporate LEHMAN BROS HLDGS INC 7.88 11/01/2009 NR NR CCC 19.510 -0.490 - 01/06/2010 13:58:00
LEHM.JDJ 5252M0BZ9 Corporate LEHMAN BROS HLDGS INC 5.63 01/24/2013 NR A+ CCC 23.000 1.625 - 01/06/2010 13:46:00
LEHM.JGY 5252M0FD4 Corporate LEHMAN BROS HLDGS INC 6.88 05/02/2018 NR NR CCC 23.500 0.875 - 01/06/2010 12:17:00
LEHM.TF 52517PVM0 Corporate LEHMAN BROS HLDGS INC 4.38 11/30/2010 NR NR CCC 20.500 -0.625 - 01/06/2010 13:24:23
LEHM.TX 52517PVV0 Corporate LEHMAN BROS HLDGS INC 4.80 03/13/2014 NR NR CCC 22.250 2.250 - 01/06/2010 12:45:15
LEHM.TZ 52517PVU2 Corporate LEHMAN BROS HLDGS INC 3.60 03/13/2009 NR NR CCC 20.400 -0.100 - 01/06/2010 13:31:09
LEHM.XS 52517PYN5 Corporate LEHMAN BROS HLDGS INC 4.25 01/27/2010 NR NR CCC 22.000 0.625 - 01/06/2010 13:17:55
LEHM.ZZ 52517PA35 Corporate LEHMAN BROS HLDGS INC 4.50 07/26/2010 NR NR CCC 21.130 1.130 - 01/06/2010 12:21:11
Still a long way to go but moving in the right direction!
Coach T
Anyone notice the volume on the J's for the last 3 weeks of 2009
1,735,427
1,840,110
1,748,313
I don't recall ever seeing it that close for 3 straight weeks...
Just an osbservation...
Coach T
Check this article out...could the assets being returned to LBIE customers be worth more or less than the $11B?
http://seekingalpha.com/article/181084-what-s-a-frozen-hedge-fund-asset-really-worth
What's a 'Frozen' Hedge Fund Asset Really Worth?
Coach T
Cheers Viva!
Coach T
Commons look like they are ready to go here. Especially on the weekly charts.
If you are in a selling mood this might be your last chance to sell in the .07's! Ha ha.
Next stop .$25 IMO.
FYI...LEHMAN BROTHERS AFFILIATES AGREE STEPS TO DETERMINE TRADING AND NON-TRADING INTER-COMPANY BALANCES...
Taken from the Lehman Hong Kong website...
I remember seeing this story but never saw any details. This would go a long way to unraveling the inter-company disputes. Not sure how it might affect pps. However, moving toward resolution. If the Unsecured Creditors Committee is for it, so I am I, until an Equity Committee could be formed (none yet I am aware of).
http://www.kpmg.com.cn/en/about/KPMG_news/Lehman_updates/Updates_20091126.html?TopMenuOn=4&LeftMenuOn=5&NoChinese=1
Coach T
I very much agree, Brikk...
Between the redacted court documents and the lack of straight forward information lately it has become quite frustrating to find any reliable information.
It is my belief that A&M is going to play this close to the vest as long as possible. I still have yet to get an answer about the $89B in mark downs from the "Investments in Affiliates" category that I can understand (over the last two balance sheets).
Why would A&M come out with anything positive until they absolutely have to?
When I inquired about the lowered amount of overall liabilites ($8B) she said that she did not know which ones specifically had been reduced but that it probably came from setting for less than full value! Let's do that another $40B worth!
The charts are starting to perk up. It would make sense that those wanting to take profits and rolling into 2010 did so today and this week. It will be interesting to see how much of the proceeds from the WAMU's finds its way to the Lehmans.
Time for a cocktail!
Coach T
Maybe we will see the MM move the stock on Wed and Thurs. in anticpation of the settled WAMU funds coming on Fri. possibly.
I spoke with A&M on Thursday and they said a new balance sheet will be out "early" in 2010. I asked what time period would be forthcoming and they would not comment. MOR is due on the 15th of January.
The examiner is due out with his report on or before Feb. 1, 2010. Although he has so many confidentiality agreements out the report will be probably look like the AFLAC settlement. "Redacted"...
I also asked if the marks got better would the balance sheet show improvement or would they just keep the old lower numbers. After a long pause the reply was "the balance sheet would reflect the most conservative numbers".
Coach T
The Lehman Bonds are moving up nicely today. Higher grades are now at $.21+ ask. Starting to hit new post filing highs.
Coach T
I know this is the J's board but are you all watching the movement on the WAMUQ, WAMKQ, WAMPQ, WAHUQ?
I believe that is the best illustation of why you want to be in the Preferreds and Trusts vs. the common on the Lehmans.
It speaks for itself...
Coach T
Happy New Year All!
I did not take the Rockets comments negatively.
I was simply curious how many claims were less than or equal to $1,000, etc., against LBHI. It is very easy to do on the LBHI website under "Filed Claims".
When you request only claims (not schedules also) for less than or equal to $1,000, that is the number...9,502. Included in that amount of claims are some that are cancelled, worth 0.00, 5.00, 900.00, etc.
So the worst case scenario would be that all claims are $1,000. Which, we know is not true. 9,502 times $1,000 gives you what the worst case number would be.
Then you choose the next bracket which in this case I simply chose $1K-$5K.
If you multiply the top dollar number by the amount of claims for all brackets and add them together you would have a rough dollar amount of claims.
You stat guys can finish it up. It has been 30 years since I had that stat course to deal with.
Coach T
Rough Breakdown of Claims
Total Claims 66,042 as of today.
$ Amount # of Claims
$0-$1,000 9,502
$1K-$5K 3,383
$5K-$10K 4,362
$10K-$25K 8,720
$25K-$50K 7,598
$50K-$75K 5,816
$75K-$100K 3,377 (42,758 # of Claims to $100K)
$100K-$200K 5,437
$200K-$300K 2,338
$300K-$500K 2,604
$500K-$750K 1,619
$750K-$1M 1,237
$1M-$2M 2,364
$2M-$3M 1,250
$3M-$5M 1,371
$5M-$7.5M 945
$7.5M-$10M 593
$10M-$12M 398
$12M-$15M 425
$15M-$20M 453
$20M-$30M 570
$30M-$50M 551
$50M-$100M 511 (64,418 # of Claims $0 to $100M)
$100M-$200M 1,270
$200M-$300M 100
$300M-$400M 159
$400M-$500M 34
$500M-$800M 41
$800M-$+ 120
Total Claims 66042 down a couple of thousand in last 4 weeks.
FYI
Coach T
The last time I saw a percentage quoted was in the 34-38% range.
That has been a couple of months though...
Coach T
Interesting comments from this Blog...
http://commentsoncredit.blogspot.com/2009/12/lehman-brothers-v-morgan-stanley.html
Lehman Brothers v Morgan Stanley
We hope everyone is having happy holidays. Last time, we defended Lehman Brothers from Andre Ross Sorkin’s attack in Too Big to Fail. We’ve stolen some time from the seasonal festivities to take another look at the numbers, and we still feel there’s a strong case to be made for the way Lehman Brothers managed its finances right before its fall.
We compared Lehman to Morgan Stanley from November 2007 through August 2008, the three reporting periods leading up to Lehman’s collapse in September 2008. We looked at the progress each firm made improving three key measures of financial strength: leverage, exposure to mortgage-backed securities, and liquidity reserves.
We calculated leverage as the ratio of total assets to shareholders’ equity, exposure to mortgage-backed securities as the book value of residential and commercial mortgage-backed securities as a percent of shareholders’ equity, and liquidity reserves as total cash and unpledged liquid securities. To gauge the improvement in each measure, we calculated its value in August as a percent of its value in November.
In Sorkin’s account, Lehman Brothers went bankrupt because it had too little capital to absorb the potential losses from its real estate investments. But Lehman did much more to reduce leverage and cut exposure to mortgage-backed securities than Morgan Stanley, yet Morgan Stanley survived.
It’s true that Morgan Stanley did a better job of boosting liquidity than Lehman, but it needed to. Morgan Stanley did much more prime brokerage business with hedge funds than Lehman. It was the run-off in prime brokerage funds that brought Bear Stearns down, and it nearly ruined Morgan Stanley too. In the week after Lehman failed, Morgan Stanley went through nearly all $180 billion of its liquidity reserves and had to go to the Federal Reserve for rescue.
So what’s the risk management lesson in all this? Did Lehman Brothers deserve to die? Did it commit suicide, or was it killed? Could it have done anything to save itself? Too Big to Fail makes Lehman’s fate seem inevitable, and we agree.
Like any investment bank, Lehman relied on confidence-sensitive financing, and in September of 2008 the financial markets lost confidence in Lehman – and the Morgan Stanley and Goldman Sachs. Nothing they could do about leverage, exposure to mortgage-backed securities, or liquidity reserves mattered.
It’s nothing new. As Walter Bagehot observed more than a century ago, “Every banker knows that if he has to prove that he is worthy of credit, however good may be his arguments, in fact his credit is gone.”
Coach T
Here is the link to the Goldman story...
http://www.businessweek.com/news/2009-12-29/goldman-sachs-buys-57-million-in-claims-on-lehman-update2-.html
Coach T
Goldman Sachs Buys $57 Million in Claims on Lehman (Update2)
December 29, 2009, 12:16
By Linda Sandler
Dec. 29 (Bloomberg) -- A Goldman Sachs Group Inc. unit bought about $57 million in claims on bankrupt Lehman Brothers Holdings Inc. from Japan’s Shinkin Central Bank, according to court filings.
The claims consist of Yen-denominated Lehman bonds with fixed and floating rates, which have matured or come due next year, according to the filings yesterday in U.S. Bankruptcy Court in New York. Shinkin owned $71.2 million of the bonds before the sales to Goldman Sachs & Co., the fiings showed.
Lehman claims change hands almost daily, sometimes passing to traders or investors willing to wait for payment. Creditors of Lehman filed $824 billion in claims against the investment bank that’s liquidating in bankruptcy. Lehman hasn’t finished examining the claims or devised a plan to pay what it can.
“The Lehman claims market is so lively because of the sheer size of the bankruptcy and because more and more information has become available to truly analyze the liquidation,” Kirk Ruddy, a senior vice president at APS Capital Corp. and a former Bear Stearns Cos. claims trader, said today in an e-mail.
Goldman Managing Director Dennis Lafferty and Yoichi Tobitsuka, Shinkin general manager of treasury operations, who signed the claim transfer documents, didn’t immediately respond to e-mail messages seeking comment. Lafferty’s voice-mail box in New York was full, and it was after regular business hours in Tokyo, where the bank is based.
Panton Capital Sale
Separate filings yesterday showed that Goldman also bought Lehman IOUs from New York’s Panton Capital Group, comprising collateral deposited with Lehman as part of a derivative contract, plus interest, fees and expenses.
London-based Barclays Plc meanwhile divested Lehman claims, including inflation-linked notes, to investment funds.
Lehman filed the biggest U.S. bankruptcy in September 2008 with debt of $613 billion.
The case is In re Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
--Editors: Charles Carter, Glenn Holdcraft.
To contact the reporter on this story: Linda Sandler in New York at +1-212-617-2398 orlsandler@bloomberg.net.
To contact the editor responsible for this story: David E. Rovella at +1-212-617-1092 or drovella@bloomberg.net.
Coach T
I would not expect a whole lot of selling in the new year IMO.
The next tax selling would be holders that bought in August of 2009 and when they might go long term. IMO.
Coach T
Cheers! Here is to 2010!
I like that the PWC boys are getting the LBIE client funds out to customers. Notice LBHI did not object to the funds being released. Nor did the Creditors Committee.
Coach T
Maybe the MM's have been seeing that trade trying to go off for the last week or so and let the bid go down to a point that the seller could not take it anymore.
By the way, if the trade goes off between now and the end of the year can't the seller take his choice of choosing either year to use the tax entity?
Coach T
We got a million share flush on the sell side back on August 5th, 2009, just before it ran up...the J's traded 3M shares that day. The flush went down below $.01, traded as high as $.03 and closed the day at $.02.
Since then the J's have never looked back.
Let's get out of tax time! 2010!
Coach T
MORE PROOF IT CAN BE DONE!
Pilgrim's Pride exits bankruptcy protection...
http://finance.yahoo.com/news/Pilgrims-Pride-exits-apf-2928166957.html?x=0&sec=topStories&pos=2&asset=&ccode=
"Even stockholders, generally left out in the cold in a bankruptcy, are getting something. Pilgrim's Pride, based in Pittsburgh, Texas, is redistributing shares not being sold to JBS to current stockholders."
Coach T
MORE PROOF IT CAN BE DONE!
Pilgrim's Pride exits bankruptcy protection...
http://finance.yahoo.com/news/Pilgrims-Pride-exits-apf-2928166957.html?x=0&sec=topStories&pos=2&asset=&ccode=
"Even stockholders, generally left out in the cold in a bankruptcy, are getting something. Pilgrim's Pride, based in Pittsburgh, Texas, is redistributing shares not being sold to JBS to current stockholders."
Coach T
MORE PROOF IT CAN BE DONE!
Pilgrim's Pride exits bankruptcy protection...
http://finance.yahoo.com/news/Pilgrims-Pride-exits-apf-2928166957.html?x=0&sec=topStories&pos=2&asset=&ccode=
"Even stockholders, generally left out in the cold in a bankruptcy, are getting something. Pilgrim's Pride, based in Pittsburgh, Texas, is redistributing shares not being sold to JBS to current stockholders."
Coach T
There goes FRE and FNM up $.25 and $.20 on the open!
Coach T
Buyers priced out of the UK housing market
http://www.telegraph.co.uk/finance/economics/6890962/Buyers-priced-out-of-the-UK-housing-market.html
House price affordability has started falling for the first time since the slump in property values, meaning that prices are now once again moving out of reach of the average buyer.
"The affordability of UK property market has been falling since the middle of 2009, according to exclusive new research produced for The Sunday Telegraph by Lombard Street Research (LSR).
The survey shows that house prices have once again started outpacing the increase in the average family's disposable income, meaning that the best opportunities for good value property have passed.
The findings would have seemed highly unlikely at the beginning of 2009, when house prices were tumbling and past experience suggested that it would take some years for the property market to find its feet again. However, the combination of record low interest rates and a series of Government programmes to support homeowners have helped prices to turn around far quicker than expected.
In a study to be published on Monday, the Centre for Economics and Business Research is expected to predict that house price growth will continue next year – albeit at a slower pace than in 2009, with property prices finishing the year between 2pc and 4pc higher than today. It will also predict that by the end of 2012, house prices will be around 15pc higher than today.
LSR's housing affordability index, in which 100 points represents the average affordability level since the early 1960s and a lower figure means prices are more overvalued, dropped from 118.2 points to 117.9 in the third quarter of the year.
The fall is the first since the beginning of the housing correction in mid-2007, at which point the affordability index was at a nadir of 82.7.
According to experts, this suggests that the high point for affordability has now been and gone. The peak, in the second quarter of 2009, was not far shy of the 118.9 reached after the early 1990s property crash.
LSR economist Melissa Kidd said: "Affordability has now peaked. The major effect driving that is that house prices have risen quite quickly. Disposable income is up as well, while mortgage rates are low."
LSR's affordability index is different from other attempts to gauge the value of housing in comparison to people's ability to pay for it.
Whereas others simply compare mortgage costs or gross incomes with prices, LSR's index compares prices with definitive household disposable income and the monthly mortgage burden. The comparison is key to working out whether homes are of an accessible price or not, since fast-rising incomes can make property more affordable.
Nationwide and Halifax will next month confirm that house prices rose during 2009, turning around major falls to end the year higher than they began it.
Over the course of the entire housing correction, prices dropped by around a quarter. However, these overall figures mask significant variation from region to region.
In particular, the areas which have prospered most in the past year are those tied to occupations which have benefited from low interest rates and Government bail-outs – in particular the City.
As a result, prices in the more upmarket areas in London and the south east of England have risen far faster than most others this year although they suffered some of the sharpest falls the previous year.
Ms Kidd said: "We've had this huge boost to disposable income from low rates, but there's not much to see what could drive prices much higher next year. We expect low single digits rises in prices in 2010.
"The problem is that it is difficult, because of the credit crunch, to get access to really cheap mortgages. Plus, there will be more stock coming on to the market which should reduce the pace of house price increases.
"That said, we are unlikely to see the scale of house price declines we did recently for some time."
Your Storm is Coming!
Coach T
I concur Brikk...that is in the area of what I am expecting.
If Lehman would stop marking down the phantom "Investments in Affiliates" category by $63B and $26B respectively the last two balance sheets we would be in the postive.
Remember, Lehman still controls these assets. They can put any number they wnat on them as Mr. Marsal said. They do not have to extend and pretend. Yet we know the assets got worse in the 6 months from 09/14/08 to 03/31/09.
We also know that the market in virtually all aspects is better by at least %20 in every category. Look at the latest reports on the UK housing market! Now we can see why LBHI is readying Nueberger to sell its mortgage holdings in certain countries like the UK. How much are these aseets valued at right on the 06/30/09 balance sheet is my question!
I will post the UK Housing info on the next post.
Keep the Faith! The perfect Storm...
Coach T
WG...
Personally, I would not take a loss because of the bid/ask spread on the P's to get into the J's. It usually runs about a $2 spread as I recall. If you can trade out of your P's at the bid even or with a profit then I would get some of the trusts here.
You already have J's and the trusts might help hedge your bet...
On the other hand, the J's will afford more leverage if you feel more agressive on the Lehman outcome. All just my opinion. Make your own decision and do your own research.
Good luck and welcome to the board!
Coach T
That 100 share down tick to $0.085 is just to hide the 500K trades on the updside IMO.
Coach T
Just got thru reading the newly posted court transcripts posted on the www.lehmancreditors.com website.
Judge Peck was not happy at all with the way B of A behaved in its court strategy/presentation and how it handled itself during the pre and post filing dispute over B of A's confiscating $500M of Lehman funds.
It is a good read if you start towards the end.
Judge Peck pretty much told the lawyer from B of A that he was "at risk" and needed to defend certain points in the next hearing to be held in early in 2010 or else...
That made my day...
Coach T
If it was not so frustrating...it would be comical what these guys get away with. Suffice it to say, LBHI has a little more money coming...we just don't know how much. That is what makes me so anxious about the Examiners report due on or before Feb 1, 2010. He is petitioned by the court to tell it like it is...
Hi Brikk...Merry Christmas. And Merry Christmas to everyone on the "J" Board
Coach T