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Hey anyone know why there was a restriction on 5% holders to trade on most of the preferreds and all claims, filed in Nov 2008?
Barclays paid 45B in Cash !
In the Rule 60(b) motions, LBHI contends that the disclosed Barclays Purchase Agreement structure was essentially abandoned by September 19, 2008, the day of the hearing to approve the sale to Barclays because, among other reasons, an executory securities repurchase agreement (the “Repurchase Agreement”), entered into on September 18, 2008 between LBI and Barclays (who replaced the Federal Reserve Bank in this role), was terminated without disclosure. The Debtors further contend that the Repurchase Agreement was used as a mechanism to deliver the undisclosed discount. Pursuant to the Repurchase Agreement, Barclays transferred $45 billion cash to LBI on September 18, 2008 in exchange for approximately $50 billion in securities. The Repurchase Agreement was terminated on September 19, 2008 and Barclays kept all of the collateral giving Barclays a $5 billion undisclosed discount.
Page 51
Footnote 7
https://www.sec.gov/Archives/edgar/data/806085/000110465910020165/a10-8193_1ex99d1.htm
Bryan Marsal's statement in the court
Sound Business Reasons Support the Relief Requested
17. In my considered business judgment, I believe that the establishment of
LAMCO and LBHI’s entry into the LAMCO Agreements will provide substantial benefits to all
of the Debtors’ stakeholders.
If the equity gets any value, 10A thru 10C need to get paid in full.
CTs were issued by LBHI as subordinated note, ie debt.Equity is not debt, hence locked so that there wont be any change of ownership due to acquiring equity at a cheaper price.CTs are debt claims, still trading.Whoever holds the claims at the time of record date would be distributed after all claims in senior are paid,before equity gets paid.IMHO they can't lock CTs trading legally and they let them trade it for a reason IMHO.
LBHI chose for 5 yrs carry forward utilizing the assets to offset thru LAMCO IMHO.They had an agreement with CC.20 yrs is a different BK, WM.
Balance sheet in BK is a joke.Its not real, not audited.They put a big zero on all the assets and dont value them until needed to be valued.If the debtors had 200B in assets, they still can claim that they have 2 million in assets basing on some bk rule.
LBHI had 54B in NOLs to be used for 5 years.IMHO LAMCO is the vehicle to use the tax attribues available by generating income and selling some of the assets during these five years to utilize the NOLs.They could sell it or partner with another third party such as old WMI and both can benefit.
All just IMHO.
FUNDS AVAILABILITY FOR UNSECURED CREDITORS
VOLUNTARY PETITION 9/15/2008
Debtor estimates that funds will be available for distribution to unsecured creditors ---- YES
http://dm.epiq11.com/#/case/LBH/info
Its well written in the DS and POR and other documents such as an agreement between creditors to transfer certain assets to LAMCO Holdings LLC and LBHI LAMCO SPV.
5 yrs was the agreed time frame which would be Mar 6th 2017.
Its under positions
No change in etrade either.Only see it in TD.
Did any one observe LEHNQ description change in TD Ameritrade
From Lehman Bros Cap Trust VI to Lehman Brothers Fin SA
?
It should be around Mar 6,2017
5th anniversary of the rebirth
As per the agreement with cc and lamco for the benefit of all stakeholder of the Debtors.
That means the end is near.LBHI sr creditors got paid more than what was promised in the plan.
As i see it, the plan is not cramdown.The reason, classes 1-9 are getting paid and classes 10A,B,C, 11 and 12 are not receiving any cash like their seniors.But if the seniors are satisfied in Full as agreed upon in the Plan, 10A,B,C will be satisfied in full before Equity receives any distribution imho.
If it was crammed down, at least on senior class should not be paid , and equity gets paid by by-passing that senior class.That is not the case here.
Whats your point?
To survive and utilize the NOLs, the company should not go for a 2nd ownership change for certain period of change using CH11.Thats why the debtors filed a notice in Nov 2008 restricting trading on equity not to exceed around 4% or so and the equity should survive to show that the corporation is not changed ownership.
But, absolute priority should be applicable in all the plans except when the plan is crammed down.LBHI por is not crammed down and based on absolute priority, jr.note should be paid before equity gets any distribution.
LAMCO CAN UTILIZE THE NOLs USING ASSSETS AND subject to IRC 382
a. Asset Dispositions
The Plan does not specify the manner in which assets will be disposed of
in order to satisfy Claims. However, that notwithstanding, certain assets may be
disposed of over time during the pendency of the Plan that may produce taxable income.
LBHI’s NOL carryforward should generally be available to offset any tax gains or
operating income that might be realized over time as LAMCO manages the Debtor’s
business operations and disposes of certain Debtor’s assets, subject to the potential
application of section 382 of the IRC, as discussed below. See Section A.3.b.ii—
“Internal Revenue Code Section 382 Limitations—Possible Application to the LBHI Tax
Group.”
BS INVITATION HOMES 10B IPO
Any link with WMIH?
Senate Votes 94 – 4 in Favor of 21st Century Cures Act #curesnow
Some of the highlights of the bill that are of interest to the rare disease community include:
$4.8 billion in new funding for the National Institutes of Health (NIH)
$500 million in new funding for the Food and Drug Administration (FDA)
Reauthorization of the Rare Pediatric Disease Priority Review Voucher program through 2020
Funding for the establishment of a national neurological disease surveillance system coordinated by the Centers for Disease Control and Prevention (CDC)
Improved biomarker qualification
Strengthened patient engagement at the FDA through the Patient Focused Impact Assessment Act
A regenerative medicine designation to allow such products to qualify for priority review and accelerated approval
One item that was dropped from the act was The Orphan Products Extensions Now, Accelerating Cures and Treatments (OPEN ACT) which would have provided an incentive for companies to repurpose existing drugs for rare disease indications.
http://www.raredr.com/news/senate-votes-94-4
Could you be more elaborate if you can?.Until class 9 are getting paid some cash.The equity in LAMCO is owned by LBHI.And LBHI can distribute this stock to former equity.But before doing that, it has to pay all creditor classes including subordinated notes 10A,10B and 10C in full as per POR.
ABSOLUTE PRIORITY
Does this case plan follow absolute priority?.
If it is, then the water fall has to go thru 10A,10B,10C before to classes 11 and 12.IMHO.
Important Date 01/01/2017
KKR can short this, officially.
NEWS from 11/23 8-K
Chad smith's salary got almost doubled for doing nice work.
Thats called CH11 in DE.There is Automatic stay, there is blah blah, not to reveal anything until final call is made.
LAMCO's equity is completely owned by LBHI estate.We all know we received 1 share, how that 1 share gets distributed among all stakeholders is yet to see.I am glad you call the CEO and i am glad that he responded back quickly(may be about time the Pandora's box is about to open).
NON DEBTOR ENTITIES !
LAMCO Holdings and LAMCO LLC will be non-debtor entities, they will be subject to certain restrictions that will afford the Bankruptcy Court and the Debtors’ creditors a substantial degree of oversight and control.
Cap trusts are tied to non debtor entities for sure.
LAMCO Holdings LLC & LAMCO LLC For the benefit of all LBHI stakeholders.
LAMCO
During the Chapter 11 Cases, LBHI has developed a team of approximately 450 individuals (including 70 A&M employees), spread across LBHI’s information technology infrastructure and five distinct asset classes (commercial real estate, residential mortgages, private equity and principal investments, corporate loans and derivatives) to manage and wind-down the Debtors’ assets effectively. LBHI developed, by necessity, an infrastructure for the long-term management of the Debtors’ long-term investments and assets and LBHI’s asset management teams developed the skills required, and an expertise and knowledge base specifically geared to, the management of such long-term investments and distressed assets.
The Debtors have determined that the capabilities of LBHI’s asset management team are scalable and thus easily transferable to the management of other long-term investment assets for third parties as well. In the course of managing and administering such assets, LBHI has built a going-concern asset management business that may be of substantial value, with capabilities that may endure beyond the administration of the Chapter 11 Cases, and generate revenues. In order to maximize the value of the asset management business, LBHI intends to organize a new separate but wholly owned subsidiary to provide management services to the Debtors and, potentially, to third parties. LBHI has therefore established LAMCO Holdings LLC, and its wholly owned subsidiary, LAMCO LLC (together, “LAMCO”) to provide legacy asset management and administration services to the Debtors and, subject to certain restrictions and approvals, third parties. Upon Bankruptcy Court approval, the Debtors intend to transfer to LAMCO a majority of LBHI’s asset management employees and certain infrastructure.
In addition to maximizing the value of LBHI’s asset management business, LAMCO will aid the Debtors’ employee retention efforts – especially to the extent that LAMCO is able to attract third party business – by offering the potential for long-term employment to the individuals whose skills and knowledge are essential to the successful management of the Debtors’ assets. In turn, the direct costs of recruiting and training new employees should be reduced, and indirect costs and investment losses associated with turnover and loss of asset- and portfolio-specific knowledge should also be stemmed.
LAMCO will serve as a centralized asset management platform for a significant portion of the Debtors’ assets. Although LAMCO Holdings and LAMCO LLC will be non-debtor entities, they will be subject to certain restrictions that will afford the Bankruptcy Court and the Debtors’ creditors a substantial degree of oversight and control. First, LAMCO Holdings will be required to seek Bankruptcy Court or Creditors’ Committee approval of any acts for which LBHI would currently require Bankruptcy Court or Creditors’ Committee approval, as applicable. Second, LAMCO Holdings and LBHI have agreed to be governed by certain restrictions, and to grant the Creditors’ Committee certain rights, over their going-forward operations and key corporate decisions, including compensation of directors, officers, and employees, the nature and extent of any third party contracts and the issuance of any equity or equity-derivative interest in LAMCO.
The Debtors expect that LAMCO will be able to enter into agreements to manage assets of third parties for a profit that would inure to LBHI’s benefit, as an equity holder of LAMCO, and ultimately to the benefit of all of the stakeholders in the Debtors. In addition, LBHI, with the assistance of Lazard, is in the process of exploring a strategic relationship with a third party with respect to LAMCO, including the possibility of selling an equity stake in LAMCO to a potential partner, or otherwise entering into mutually beneficial ventures and arrangements with third parties.
The Debtors have not yet received authority from the Bankruptcy Court to permit LAMCO to manage their assets. The Debtors filed a motion with the Bankruptcy Court on March 15, 2010, seeking approval to enter into an asset management agreement (and related agreements) with LAMCO for the purposes discussed in this section. The motion is scheduled for a hearing before the Bankruptcy Court on April 15, 2010.
Read more: http://getfilings.com/sec-filings/100416/LEHMAN-BROTHERS-HOLDINGS-INC_8-K/a10-8193_2ex99d1.htm#ixzz4S0sgsSgj
Douglas Lambert LAMCO CEO
Mr. Lambert currently serves as CEO of Legacy Asset Management Company ("LAMCO"), a wholly owned subsidiary of Lehman Brothers Holdings, Inc. ("Lehman"). Post-petition, Lehman established a premier international workforce of approximately 450 financial professionals organized along five principle asset classes - commercial real estate, residential mortgages, private equity and principal investments, corporate loans and derivatives and designed a fully scalable front-to-back technology platform to effectively manage and wind-down Lehman's remaining long-term distressed and illiquid assets. He also has direct responsibility for managing all of Lehman's commercial and thrift banking operations, including Lehman's Aurora Mortgage Servicing platform. Further, he has led all post-petition negotiations with federal banking regulators pertaining to various complex regulatory and bankruptcy matters.
LAMCO assets were 47B in 2008-2009.Those must have increased significantly to 100s of Bs.
Thats true.A&M is working on the assets, NOL is just part of it.LAMCO assets could be used to use NOLs effectively.
LAMCO has assets moved from LBHI estate.400 people are working for it.A company with NOL has 400 employees?.Lehman failed due to lack of liquidity and politics, not due to lack of assets.And the post i mentioned was not meant to refer you.It was toogood to read that article posted on WSJ.
TOOGOOD - $300B to $400Billion dollars worth LAMCO as per WSJ
http://www.wsj.com/articles/SB124226784650518167
Lehman Considers Spinoff of Remnants
By Jeffrey McCracken and
Alex Frangos
Updated May 14, 2009 11:59 p.m. ET
Eight months after its plunge into bankruptcy, Lehman Brothers Holdings Inc. is taking steps to spin off the Wall Street firm's remaining assets -- a collection of battered real-estate and private-equity holdings -- to investors willing to bet the value will rise as the economy recovers.
The unit oversees everything from corporate-bank debt and risky consumer mortgages to Miami condos and New York apartment complexes. Internal Lehman calculations have pegged their fair-market value at about $45 billion. That is down by more than half since last September, when the financial crisis flared after Lehman's collapse. Lehman values the assets at $400 billion at nondistressed prices, including $300 billion in the servicing of assets
People inside Lehman have begun calling this division Lamco, short for Legacy Asset Management Co. Lehman hasn't determined if it can or will use the name in a spinoff.
A spinoff would be the most significant move yet to clean up the bankruptcy estate of the once-storied investment bank, which owes creditors some $200 billion.
The commercial real-estate market remains deeply fraught. Most analysts expect it to worsen this year as rents fall and landlords default on mortgages. Many of Lehman's loans were made to condo and hotel developments, two of the hardest-hit sectors.
But executives now running the remnants of Lehman say they want to be prepared for a rebound in asset values. Their plan is first to legally separate the asset-holding company from the bankruptcy estate by the beginning of 2010. Later it would begin selling company shares to the public.
"This would be a bridge to a better time. Today's market is an aberration. We don't think it will stay like this," said Bryan Marsal, Lehman's chief restructuring officer and co-CEO of the advisory firm Alvarez & Marsal.
Company executives don't expect the new venture simply to manage Lehman's legacy property holdings. The entity could become much more active than current bankruptcy law permits, free to dabble in distressed commercial real-estate debt.
Another possibility: Participate in federal efforts such as the Public-Private Partnership Investment Program, to purchase and manage toxic loans from bank balance sheets.
"It will take some time, but we hope this would turn into a real business that could also manage the assets of other businesses, such as what's being proposed by Treasury," Mr. Marsal said.
The plan is in preliminary stages and would need approval by Lehman's creditors, board and a U.S. bankruptcy judge. Creditors, perhaps via a trust, would own the spun-off company and its profits would go to paying claims. Creditors would decide later when to sell shares on the open market. Employees also would get a partial stake.
Lehman's finance chief, William Fox, estimates Lamco has generated about $8 billion in positive cash flow since Lehman's bankruptcy filing, accounting for the majority of the company's $11 billion cash balance. When it filed for bankruptcy protection, Lehman had about $200 million in cash on hand.
"Given our liquidity, we don't need to be selling things at a significant discount to fair-market value," said Mr. Marsal, whose firm was hired to manage Lehman late on Sept. 14.
Lamco has three divisions: real estate, banking and private equity. It employs about 2,300 people, overseeing assets that are valued at $40 billion to $45 billion.
The biggest division is real estate, which has both commercial and residential holdings around the world. Mr. Marsal estimated the division manages about $20 billion or more in assets.
The banking group holds about $13 billion in corporate debt. The private-equity piece includes both Lehman's private-equity funds and others in which it has limited-partnership interests; this unit oversees about $12 billion in assets.
There also is a separate derivatives book, valued at $36 billion in September 2008, which has been wound down drastically.
A new company containing so many disparate parts might be a hard sell.
"I'm not sure if the market would react positively to a mishmash of holdings within commercial real estate," said William Marks, a real-estate stock analyst at JMP Securities in San Francisco.
The Lehman spinoff would create one of the largest real-estate operators, managing $20 billion in equity and loan positions, tied to everything from office skyscrapers to raw land.
Lehman's biggest real-estate asset is apartment giant Archstone, which Lehman took private for $22 billion in October 2007. Lehman spent more than $4 billion on the venture, a deal widely seen as burdening Lehman's corporate balance sheet in its dying days.
Today, Lehman, with the court's approval, has put $230 million more into Archstone, hoping its big city luxury apartments regain their value on the other end of the recession.
Write to Jeffrey McCracken at jeff.mccracken@wsj.com and Alex Frangos at alex.frangos@wsj.com
LAMCO CFO
Douglas Lambert, a Managing Director with Alvarez & Marsal, brings 30 years of diverse financial and operational restructuring experience. His primary areas of expertise include the formulation and implementation of restructuring and operational improvement plans for underperforming businesses, and managing companies and their creditor constituents through the restructuring process.
He has led financial and operational management teams across a broad spectrum of industries, including financial services, aviation, healthcare, manufacturing and consumer products. He has advised boards of directors and creditor groups in various capacities ranging from financial advisor to interim CRO, CEO and CFO.
Mr. Lambert currently serves as CEO of Legacy Asset Management Company ("LAMCO"), a wholly owned subsidiary of Lehman Brothers Holdings, Inc. ("Lehman"). Post-petition, Lehman established a premier international workforce of approximately 450 financial professionals organized along five principle asset classes - commercial real estate, residential mortgages, private equity and principal investments, corporate loans and derivatives and designed a fully scalable front-to-back technology platform to effectively manage and wind-down Lehman's remaining long-term distressed and illiquid assets. He also has direct responsibility for managing all of Lehman's commercial and thrift banking operations, including Lehman's Aurora Mortgage Servicing platform. Further, he has led all post-petition negotiations with federal banking regulators pertaining to various complex regulatory and bankruptcy matters.
Mr. Lambert's other recent assignments include serving as pre- and post-Katrina interim CFO for the New Orleans Public School System, where he led the operational and financial restructuring efforts; HealthSouth Corp., the largest healthcare fraud in U.S. history, where he successfully directed and managed a team of 350 professionals responsible for completing the company's post-fraud financial restatement and audit; and serving as interim CFO for the successful out-of-court debt restructuring and corporate reorganization of Oreck Corp.
Prior to joining A&M, Mr. Lambert was a Senior Vice President for Wexford Capital LLC, where he focused on distressed debt and special situation private equity investing. He has participated in numerous interim financial and operational management roles resulting in the successful restructuring and disposition of various distressed companies. He has directed pre- and post-reorganization management teams and has served as CRO and interim CFO during several financial transitions. He also served as President and CEO of the post-reorganized Integrated Resources Equipment Leasing division, where he successfully managed the liquidation of a multi-billion dollar equipment portfolio. Mr. Lambert began his career in the accounting and auditing services group of a Big Five accounting firm.
https://www.alvarezandmarsal.com/our-people/douglas-lambert
LAMCO LLC and LBHI Agreement on asset management
bankrupt.com/misc/LBHI_AssetMgtAgreement.pdf
A&M should be managing these assets.
Goods & Services Asset management services, investment management services, investment advisory services, financial management services and financial advisory services
LAMCO LLC - Alive as of Dec 2 2016
https://appext20.dos.ny.gov/corp_public/CORPSEARCH.ENTITY_INFORMATION?p_token=DD6B73D2FB9B23E5059349C8C1C6AD9E2538CE532F782F66D964BFB97189CC74758AFE883DBDC26FDDB38A12F1F169D6&p_nameid=DCF158AC959804E4&p_corpid=876B4CB57D1B4AEE&p_captcha=11011&p_captcha_check=B201BE7D350BE886&p_entity_name=%4C%41%4D%43%4F&p_name_type=%41&p_search_type=%42%45%47%49%4E%53&p_srch_results_page=0
You can check corporationwiki.com for finding the wealth of information.
If it 40mil or 100mil, it does not matter at this point unless there is intrinsic value in the common shares, AJMO
NEW LENDERS are ok to receive common shares?
As per the purchase agreement, the new noteholders are ok to receive their amounts in common shares, does n;t it mean that they see some value than most of us missing to see?.
oh you are the same bk?
One sane post about the percentages.Some people speculated WMIH would receive 2.5% of the distributions from LT,not true.
Getting rid of the Toxic Lenders?
AMBS holds around 90million shares of AVDX which is at around $0.31 right now.If AMBS sells the NOTES(exhibit A, which is missing in the filings)to Xpress and Dominick at minimum discounted price or about $0.16, AMBS can receive around $14-$15million.
AVDX is in talks with Dominick to uplist as per their Nov 8,8-K.And Gerlad has a director post in AVDX.
Looks like AMBS is getting closer to turn around, God help us.
Avant also hire Dominick and Dickerman, LLC for uplisting
AMBS got around 90million shares of Avant
Interesting is Avant also hiring same people as AMBS
On October 18, 2016 the Company entered into an engagement agreement with the investment bank of Dominick and Dickerman, LLC for purposes of assisting the Company in its’ efforts to list on a national stock exchange.