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I believe most claims are either part of the derivatives, swaps, etc. as a part of the $39 trillion notional value, are part of the liability side of the balance sheet, or are part of the LBI SIPA Trustee trying to find assets still held at the DTCC, transferred to Barclays...etc.
As Mr. Marsal says...they are just going to have to "slug" their way thru those.
However, Judge Peck is not going to allow a claim on something that is not "provable".
Coach T
I have been thinking lately about the possibilities of the LBHI liability side going down...
We know Mr. Marsal said in his testimony on Nov. 18 that the illiquid assets have gone up modestly. One major difference in the 09/14/08 and 12/31/08 balance sheets was a reduction in liabilities from $560,396B to $324,969B respectively. Primarily this reduction was due to a $198B reduction in LBHI liabilities payable to affiliates.
Wouldn't it be interesting if A&M reduced some additional liabilities in addition to seeing the asset side increase? That will close the A/L gap!
Keep the Faith!
Coach T
According to the court transcripts Mr. Marsal said that the balance sheet was due to be released the week of Nov. 30.
Also, it appears that AFLAC, BNY and LBSF may have reached an agreement over the adversary fight they have been having. Agreement was reached utside of the courtroom.
Coach T
A Classic Example of what is going on inside the restructuring of the "illiquid assets". LBSF and LB 1 own the equity in a Brazillian Securities Co.
The two entities own a loan to the Brazillian Co. that can pay interest to LBSF and LB1. However, if that interest is paid there will be a tax on the interest paid to a non-Brazillian entity. So LBSF and LB1 are asking court permission to forgive the interest due so the tax does not have to be paid!
Preliminary Statement
1. Libro Companhia Securitizadora de Créditos Financeiros (“Libro”) is a Brazilian affiliate of the Debtors that owns and manages portfolios of distressed assets. Substantially all of the equity of Libro is owned by Lehman Brothers Special Financing Inc.
(“LBSF”). LBSF and LB I Group Inc. (“LB I Group”), a non-debtor affiliate of LBSF, purchased promissory notes issued by Libro in the respective amounts of 301 million Brazilian reais (“BRL”) ($173.5 million1) and BRL156 million ($89.9 million) (collectively, the “Notes”), which funds were used by Libro to purchase various of its assets. Until September, 2009, Libro
was current with respect to principal payments under the Notes.
2. Under Brazilian law, interest payments to non-Brazilian residents, such as LBSF and LB I Group, are subject to withholding income tax at a rate of 15% payable at the time
of remittance. Libro has not remitted interest payments to LBSF since September 30, 2008 and has never made interest payments to LB I Group. As a result, Libro has accrued a payable to the
Brazilian taxing authority (the “Taxing Authority”) that would become due and payable upon the remittance of such interest payments to LBSF and LB I Group (the “Taxes”). The aggregate
amount of the unpaid interest, including the amounts that Libro would be contractually required to gross-up to offset the effect of the Taxes, is approximately BRL97.1 million ($56 million). Of
that amount, BRL82.6 million ($47.6 million) represents the accrued interest (the “Accrued Interest”) on the Notes and approximately BRL14.5 million ($8.4 million) represents the Taxes
that would have to be paid if the Accrued Interest were paid in full.
3. LBSF and LB I Group have determined that they can best maximize the realization on the Notes and LBSF’s equity interest in Libro through a sale process (the “Libro
Sale”).
In connection with their formulation of that process, both LBSF and LB I Group have determined that, as a consequence of the Taxes, any prospective purchaser in the forthcoming. All amounts are for October 31, 2009 unless otherwise indicated and were converted from BRL into U.S. dollars($) using the exchange rate published by the Central Rate of Brazil on November 20, 2009 (U.S.$ 1 = R$1.7348).
2 LBSF will file a separate motion for approval of the sale once the sale process, including the role, if any, of a
stalking horse bidder, has been clarified. LBSF anticipates that the Libro Sale will occur in early 2010.
3
Libro Sale will require either payment, or a reserve for payment from the sale proceeds, of the Taxes, thereby reducing whatever remuneration LBSF and LB I Group might otherwise realize on the Notes.
4. Accordingly, in order to maximize proceeds from the Libro Sale, LBSF and LB I Group intend to waive and forgive a portion of the Accrued Interest equal to BRL56.7 million ($32.7 million). Of that total, LBSF will waive and forgive interest in the amount of BRL13.5 million ($7.8 million), and LB I Group will waive and forgive interest in the amount of BRL43.2 million ($24.9 million). LBSF will agree to compensate LB I Group for its waiver and forgiveness from a portion of the amounts, if any, that LBSF receives pursuant to the Libro Sale that are attributable to its equity interest.
5. By this motion, LBSF seeks approval of (i) such waiver and forgiveness, (ii) certain amendments to the Notes as described below, and (iii) the payment from LBSF’s realization, if any, on the Libro equity of certain compensation to LB I Group for its waiver and forgiveness, all as described below.
Classic...from LBHI Docket #5948
Coach T
Happy Thanksgiving from Quinn Emanuel legal counsel for the Unsecured Creditors Committee and supported by the LBI Trustee and LBHI.
Quinn Emanuel Raises Stakes in Lehman-Barclays Dispute
Posted by Zach Lowe
The official creditors committee in the Lehman Brothers bankruptcy fired the latest shot Tuesdsay afternoon in the dispute between Lehman and Barclays over whether Barclays received an improper "windfall" in its purchase of Lehman's North American assets and liabilities last September, court records show.
More story...http://amlawdaily.typepad.com/amlawdaily/2009/11/quinn-emanuel-raises-stakes-in-lehmanbarclays-dispute.html
Coach T
I think if the creditors committee doesn't have a problem with money being released, and, LBHI is has the largest say in the matter...I am just fine with it.
Coach T
Here is a link to the details of the LBIE story about giving money back to customers. Two points...this is trust money, and the creditors committee has unanimously approved the funds going out.
LBHI is the largest creditor of LBIE, by the way.
http://www.creditman.biz/uk/members/news-view.asp?newsviewID=10865&id=1&mylocation=News&chksrc=NNow4251
Coach T
Bonds are continuing to move in a positive direction. For the first time since the Chap 11 filing I have seen a bond trade at $.20. Still a long way off...but now the story is at least starting to be understood.
Possibly, there is more here than the media will allow the public to see.
Keep the Faith. The hardest part is behind us. The next 4 months should bear fruit. Balance sheet, Examiner reports, legal decisions and claims rejections/objections.
Oh by the way, the court has signed off on allowing Lehman to issue its own supoenas to get information faster. Also, there should be a settlement from AIG coming, according to court dockets...they are close.
Coach T
Not certain on how the immediate effect would happen. I find it easier to focus on the fundamental side of watching the legal positioning thru court dockets, watching the overall marketplace movement on Lehman type holdings, and, trying to see how that will effect movement in the A/L.
Personally, I think there is growing interest in the Lehman carcass. Mr. Miller aluded to it in the morning court transcripts from Nov. 18th page 31.
Once a better handle is taken on the allowable claims (I think the derivatives side risk is under control) you will see the players start coming forward IMO. Risk seems to be understood there far better than in Sept. 2008 when Lehman filed. If Governments and Institutions would have known then what is known now about the risk in the derivatives side I think you would have seen a deal put together and no Chap 11 BK.
But then we would not have been able to position in the C/T's and Preferreds now would we.
Once the bonds get to trading around $.40-$.50 I think you will see the C/T's in the $2.50 area and Preferreds in the $1.50 area...IMO only.
Do not rely on my opinions however, PLEASE DO NOT RISK ANY MONEY YOU CANNOT AFFORD TO LOSE!
Coach T
I found this quote from the lead Weil Gotschal & Manges attorney Mr. Harvey Miller. He was speaking to Judge Peck after Mr. Marsal gave his Presentation on the "State of the Estate".
See if you get the same connotation that I did when you
read it.
MR. MILLER: "As you get closer to the deadline, there
seems to be more effort on the part of parties to reach a
coalescing point. I would also note, Your Honor, that there
are more constituencies that seem to be organizing on -- they
don't want to call themselves ad hoc committees, so they have
different nomenclature for their organizations, but we are
getting different groups organizing who want to meet with Mr.
Marsal and his team, and to talk about a plan of reorganization
and how claims would be dealt. So I think there's going to be
a lot more activity of that as we go forward in the future."
Sounds like there are players circling to see how they might participate in coming out of BK. Ost interesting to me is that there are multiple parties interested even at this early stage. Wait until after the upcoming June 30, 2009 balance sheet comes out. If it shows improvement of any kind it could set the spark.
Coach T
Maybe we can get this posted on a "stickie"...
Go to www.finra.org
Click on "Investors"
Click on "Bonds"
Click on "Advanced Bond Search"
Click on "Corporate"
In the box titled "Issuer" Type in "Lehman"
Page down until box titled "activity" # of days traded...type "1"
Coach T
Lehman Bonds are continuing to get a bid around or at new highs for the year...
Coach T
According to yesterday's Presentation by Mr, Marsal...many of the 64,000 claims are from Lehman Program Securities (I believe almost 40%). These are items that are on the liabilities side of the balance sheet in various forms, IMO.
Also, some claims are from the deriviatives side and have yet to be settled, priced and terminated properly. These will net out according to A&M in favor of LEhman currently. However, that does not stop someone from filing a claim. If there is no claim by now, it has been lost forever.
Coach T
Yes the 500B is related to LBI and the lack of visability that LBI (the old broker dealer and clearing house for the entire Lehman operation).
LBI is being liquidated by under the control of the SIPA Trustee. It is separate from the LBHI Chapter 11. It is the Private Investment Management (larger Customer) accounts and personnel that were "sold" to Barclays.
LBHI and the A&M team cannot get information on many aspects of what is held, sold, lost at LBI. However, the Tustee and court appointed the Examiner are investigating...I believe many claims have come from LBI and "lost" account type issues.
Coach T
No doubt all of those variables are still in play. I think the most immediate way the value can be increased is thru positive decisions in this weeks hearing and the Balance Sheet due the week of Nov. 30th.
The other varables will take until next year to settle out. I tend to think of those Barclays, B of A, JPM, proceedings as extra logs to put on the fire if need be.
Right now if the marketplace thought there was enough assets to cover liabilities including the preferred liability, it would make the rest much more amenable to contest in court.
Coach T
Bonds traded firm all day long.
Some of the Sr. Bonds hit new highs for the year. $.18375+.
Jr. Bonds have firmed to $.115-$.135.
Still a long way to go but now turned in the right direction! How about a move into the high $.20's before the June 30 Balance Sheet gets released the week of Nov. 30, 2009.
FYI
Coach T
In the Status Presentation Mr. Marsal refers to the Illiquid Assets. For some reason he tends to give specific updates on some assets (RE, Private Equity, Aurora and Woodlands Bank) in the presentation and not the Illiquid ones. He said that the Illiquid assets will show a modest increase. Every 1% increase in the asset base is almost $3B.
In the July update he did the same thing. Marsal only talked about $50B worth of the assets. Maybe he feels this area is where the greatest concern of creditors is. By the time August came around and the Balance Sheet was released there were a total of $295B in assets and $324B in liabilities.
During the latest Presentation, Mr. Marsal says, "Modest appreciation in the illiquid assets appears likely".
How much is modest? Based on $295B in assets as of 12/31/08...
5% = $15B
6% = $18B
7% = $20B
8% = $23B
9% = $26B
10%= $29.5B
12%= $35B
14%= $41B
It only takes a modest increase of 14% to cover the liabilities and the full face value of Preferred Liabilities! We know that some of the CDO's, Swaps, etc. are up to 50-60% of value now from the general marketplace.
How much is Modest?
Coach T
My favorite is when it states...
"Modest Appreciation in Illiquid Assets"...is that 5%, 8%, 12% on a 295B asset base...that A/L gap is closing...
Remember, the next update goes from 12/31/08 thru March 31 and into June 30, 2009. We know the low was March. The June 30, 2009 Balance Sheet coming the week of Nov. 30, 2009, will still not reflect the improvements year to date.
Stay tuned...
Coach T
Thoughts on State of the Estate...
Balance Sheet thru June 30, 2009 will be out week of Nov. 30, 2009.
"Modest appreciation in Illiquid Assets appears likely"!! This is the majority of the balance sheet...
Unfunded Commitments have been reduced by $24B or 65%.
Bank Platforms have stabilized and significant recovery is likely from that assets category.
Reorg Plan outline should be ready by end of 1st Qtr 2010.
Examiner's report due February 1, 2010.
Coach T
Common has only traded 100K so far...they are waiting to see the "State of the Estate"...
Bonds are trading firmer than they have in weeks...
Let's go...
Coach T
I agree Riki...
IMO it is a good sign that very few orders are being filled at the bid. That is how the bid moves UP...
Coach T
That is the second time I have seen this story in 10 days. I wonder why it keeps popping up?
Maybe they are still looking at the assets now that more information about risk in the company is available as we go forward.
Coach T
Not sure...if they will or not.
IMO, at the very least we will get an update much like the July Creditors meeting. That will give us some indication of movement.
I believe that is why you saw the volume pick up on the common today. 5M shares plus.
Weekly charts are set up IMO.
Coach T
OK...tomorrow is the day!
According to the court the Status Conference regarding the State of the Estate is first on the 10:00 Omnibus Hearing agenda tomorrow!
Keep the Faith...
Coach T
I was able to get a few at the $.0001. It surprised the heck out of me last year. Mostly between $.002-$.005 Some as high as $.015
Coach T
I think you are right on the mark with everything but the 39 Trillion in notional derivatives. I don't know if that will add or subtract from the pie. Even Mr. Marsal is scratching his head on that one.
My hope is that most contracts that had collateral netted out unilaterally by counterparties that did not properly "terminate" including price agreement will be able to benefit LEHMAN by the improved market conditions.
Not really sure how it will play out. I would think the creditors update coming tomorrow the next day will address it.
Coach T
Good Morning Brikk, everyone. Sorry I have been off line the last couple of days with some charity work. What have I missed??
Coach T
Even with the trade at $.08 the Aroon + is still turned up...
Coach T
Was that trade at $.08 for 1,444 shares done in the Men's room at NITE or DOMS?
Coach T
As I recall, LEHMAN sold a 51% stake in NB and holds Preferred stock for about $800M earning 4% as of the end of last year.
Coach T
When did you flip over to the "dark side" Ford?
Coach T
11/19/2009 @ 02:00 PM
Omnibus Hearing Location: Courtroom 601, United States Bankruptcy Court, Alexander Custom House, One Bowling Green, New York, New York 10004
(a) Motion Pursuant to Sections 105(a), 362 and 365 of the Bankruptcy Code to Compel Performance of Board of Education of the City of Chicago’s Obligations Under an Executory Contract and to Enforce the Automatic Stay (Case No. 08-13555, Docket No. 5470) [Objections were due by November 3, 2009 at 5:00p.m.]
(b) Defendant Lehman Brothers Special Financing Inc.’s Motion to Dismiss the Complaint (Board of Education, City of Chicago v. LBSF, Adv. Proc. No. 09-01455, Docket No. 6) [Responses were due by October 26, 2009 at 5:00 p.m.]
(c) Defendants Lehman Brothers Holdings Inc. and Lehman Brothers Special Financing and Counterclaim-Plaintiff Lehman Brothers Holdings Inc.’s Motion for Summary Judgment (Bank of America v. LBSF, et al., Adv. Proc. No. 08-01753, Docket No. 29) [Responses were due by October 14, 2009]
(d) Plaintiff Bank of America’s Motion for Summary Judgment (Bank of America v. LBSF, et al., Adv. Proc. No. 08-01753, Docket No. 35) [Responses were due by October 14, 2009]
(e) Plaintiff Lehman Brothers Special Financing Inc.’s Motion for Summary Judgment (LBSF v. BNY Corporate Trustee Services Limited, Adv. Proc. No. 09-01242, Docket No. 6) [Responses were due by October 23, 2009]
(f) BNY Corporate Trustee Services Limited’s Motion For Summary Judgment (LBSF v. BNY Corporate Trustee Services Limited, Adv. Proc. No. 09-01242, Docket No. 60) [Responses were due by October 23, 2009]
(g) Motion of Aurora Bank FSB for an Order Dismissing the Complaint (Federal Home Loan Bank of Pittsburg v. LBHI et al., Adv. Proc. No. 09-01393, Docket No. 8) [Responses were due by October 30, 2009 at 4:00 p.m.]
(h) Motion of Lehman Brothers Holdings Inc. and Lehman Brothers Commercial Corporation for an Order Dismissing the Complaint (Federal Home Loan Bank of Pittsburg v. LBHI et al., Adv. Proc. No. 09-01393, Docket No. 7) [Responses were due by October 30, 2009 at 4:00 p.m.]
(i) Trustee’s Motion to Dismiss (Federal Home Loan Bank of Pittsburg v. LBHI et al., Adv. Proc. No. 09-01393, Docket No. 11) [Responses were due by October 30, 2009 at 4:00 p.m.]
(j) Motion of PNC Bank, National Association for an Order (I) Dismissing the Case for Lack of Jurisdiction, (II) (A) Lifting the Automatic Stay, and (B) Transferring Venue (Neuberger Berman v. PNC Bank, NA, et al., Adv. Proc. No. 09-01258, Docket No. 14) [Responses are due by November 10, 2009 at 4:00 p.m.]
(k) American Family Life Assurance Company Of Columbus’s Motion for Summary Judgment (LBSF, et al. v. AFLAC, Adv. Proc. No. 09-01261, Docket No. 30) [Responses were due by October 23, 2009]
11/18/2009 @ 02:00 PM
Hearing Location: Courtroom 601, United States Bankruptcy Court, Alexander Custom House, One Bowling Green, New York, New York 10004
(a) Pre-trial Conference (LBSF v. Metropolitan West Asset Management, et al., Adv. Proc. No. 09-01165, Docket No. 2) (Adjourned)
(b) Pre-trial Conference (LBSF v. Metropolitan West Asset Management, LLC, et al., Adv. Proc. No. 09-01233, Docket No. 2) (Adjourned)
(c) Plaintiff Millennium International Ltd.’s Motion For Leave To File An Amended Adversary Complaint (Millennium International Ltd. v. LBF, et al., Adv. Proc. No. 09-01115, Docket No. 28) [Objections were due by October 1, 2009 at 4:00 p.m.]
11/18/2009 @ 10:00 AM
Omnibus Hearing Location: Courtroom 601, United States Bankruptcy Court, Alexander Custom House, One Bowling Green, New York, New York 10004
(a) LBHI’s Motion, Pursuant to Section 542(b) of the Bankruptcy Code, for Entry of an Order Directing ZAO Citibank (Russia) to Turn Over Postpetition Receipts (Case No. 08-13555, Docket No. 5703) [Objections are due by November 13, 2009 at 4:00 p.m.]
(b) Debtors’ Motion, Pursuant to Bankruptcy Rule 2004, for an Order Granting Authority to Issue Subpoenas for the Production of Documents and Authorizing the Examination of Persons and Entities (Case No. 08-13555, Docket No. 5710) [Objections are due by November 13, 2009 at 4:00 p.m.]
(c) Motion of the Debtors Pursuant to Sections 105(a) and 363(b) of the Bankruptcy Code and Bankruptcy Rule 9019(a) for the Establishment of Procedures to (i) Restructure, (ii) Make New or Additional Debt or Equity Investments in, and/or (iii) Enter Into Settlements and Compromises in Connection with Existing Real Estate Investments (Case No. 08-13555, Docket No. 5653) [Objections are due by November 13, 2009 at 4:00 p.m.]
(d) LBSF’s Motion for Authorization, Pursuant to Sections 363 and 365 of the Bankruptcy Code and Bankruptcy Rule 6006, to Assume, Assign and Sell an Interest Rate Swap Agreement with Structured Asset Receivable Trust Series 2005-1 (Case No. 08-13555, Docket No. 5648) [Objections are due by November 13, 2009 at 4:00 p.m.]
(e) Motion Pursuant to Sections 105(a), 362 And 365 of the Bankruptcy Code to Compel Performance of Capital Automotive L.P.’s Obligations Under an Executory Contract and to Enforce the Automatic Stay (Case No. 08-13555, Docket No. 5650) [Objections are due by November 13, 2009 at 4:00 p.m.]
(f) Debtors’ Motion Pursuant to Sections 105(a) and 363 of the Bankruptcy Code and Bankruptcy Rule 6004 for Authorization to Enter Into Agreements to Provide Funding to LB Re Financing No. 3 Limited (in Administration) in Connection with Certain Real Estate Investments (Case No. 08-13555, Docket No. 5651) [Objections are due by November 13, 2009 at 4:00 p.m.]
(g) Debtors’ Motion, Pursuant to Section 362 of the Bankruptcy Code, for an Order Modifying the Automatic Stay to Allow Advancement Under Directors and Officers Insurance Policy by Federal Insurance Company (Chubb) (Case No. 08-13555, Docket No. 5652) [Objections are due by November 13, 2009 at 4:00 p.m.]
(h) Motion of Lehman Brothers Holdings Inc. for an Order Pursuant to Sections 105(a) and 363 of the Bankruptcy Code Approving Entry into Assignment and Assumption Agreement Regarding Lehman Brothers Trust Companies (Case No. 08-13555, Docket No. 5643) [Objections are due by November 13, 2009 at 4:00 p.m.]
(i) Debtors’ Motion for Entry of an Order Pursuant to Bankruptcy Rule 2004 Authorizing Discovery from Veyance Technologies, Inc. (Case No. 08-13555, Docket No. 5394) [Objections were due by October 22, 2009 at 11:30 a.m.]
(j) Motion of Debtor and Debtor in Possession Pursuant to Sections 105(a), 362 and 365 of the Bankruptcy Code, to Compel Performance by AIG CDS, Inc. of Its Obligations Under an Executory Contract and to Enforce the Automatic Stay (Case No. 08-13555, Docket No. 4728) (Adjourned) [Objections were due by October 1, 2009 at 4:00 p.m.]
(k) Debtors’ Second Motion for an Order Pursuant to Section 365 of the Bankruptcy Code Approving the Assumption of Open Trade Confirmations (Case No. 08- 13555, Docket No. 2242) (Adjourned) [Objections were due by January 9, 2009 at 4:00 p.m.]
(l) Debtors’ Motion for Entry of an Order Pursuant to Bankruptcy Rule 2004 Authorizing Discovery from Pinnacle Foods Finance LLC (Case No. 08-13555, Docket No. 4765) (Adjourned) [Objections were due by August 21, 2009 at 4:00 p.m.]
(m) Motion of Official Committee of Unsecured Creditors of Lehman Brothers Holdings Inc. for Leave to Conduct Discovery of JPMorgan Chase Bank, N.A. Pursuant to 11 U.S.C. §§105(a) And 1103(c) and Federal Rule of Bankruptcy Procedure 2004 (Case No. 08-13555, Docket No. 566) (Adjourned) [Objections were due by March 6, 2009 at 4:00 p.m.]
(n) Motion of Pacific Life Insurance Company to File Proof of Claim After Bar Date (Case No. 08-13555, Docket No. 5599) [Objections are due by November 10, 2009 at 12:00 p.m.]
(o) Motion of PB Capital to Include Certain European Medium Term Notes in the Lehman Program Securities List or, Alternatively, to Deem Such Claims to be Timely Filed by the Securities Programs Bar Date (Case No. 08-13555, Docket No. 5601) [Objections are due by November 11, 2009 at 4:00 p.m.]
(p) Motion to Compel ABN AMRO Inc. to Respond to Examiner’s Subpoena for Rule 2004 Examination (Case No. 08-13555, Docket No. 5306) [Objections were due by October 27, 2009 at 4:00 p.m.]
(q) Motion of the TAARP Group, LLP for an Order: (I) Authorizing and Directing Immediate Payment of an Administrative Expense Claim Pursuant to 11 U.S.C. §503(b) and to the Extent Necessary, Nunc Pro Tunc Approval for Performance of Post-Petition Services; (II) Granting a Constructive Trust over a Portion of Funds Credited to Debtors Post-Petition; (III) Granting Recovery in Quantum Meruit; and (IV) Granting Such Other Related Relief as Appropriate Under 11 U.S.C. § 105 (Case No. 08-13555, Docket No. 5309) [Objections are due by November 12, 2009 at 4:00 p.m.]
(r) Motion of U.S. Bank National Association as Trustee for Relief from Stay as to the property located at 1347 E 80th Street, Brooklyn, NY 11236 (Case No. 08-13555, Docket No. 5497) [Objections are due by November 13 at 4:00 p.m.]
(s) Lead Plaintiffs’ Motion for a Limited Modification of the Automatic Stay (Case No. 08-13555, Docket No. 5659) [Objections are due by November 13, 2009 at 4:00 p.m.]
(t) Motion of Seattle Pacific University for an Order Compelling Lehman Brothers Special Financing Inc. to Assume or Reject Executory Contracts Pursuant to 11U.S.C. § 365(d)(2) (Case No. 08-13555, Docket No. 5672) [Objections are due by November 13, 2009 at 4:00 p.m.]
(u) Motion of Banesco Banco Universal Requiring Lehman Brothers Holdings Inc. to Provide Requested Information and to Deem Claim to Be Timely Filed by the Securities Programs Bar Date (Case No. 08-13555, Docket No. 5672) [Objections are due by November 10, 2009 at 4:00 p.m.]
(v) Motion of Deutsche Bank National Trust Company, as Trustee, for Relief from Stay on property address: 570 A Macon Street, Brooklyn, NY (Case No. 08-13555, Docket No. 5235) (Adjourned) [Objections were due by October 9, 2009 at 4:00 p.m.]
(w) Motion of Marie Hunter for the Allowance and Payment of an Administrative Expense Claim Pursuant to 11 U.S.C. § 503(b) for Separation Payment Incident toTermination (Case No. 08-13555, Docket No. 4870) (Adjourned) [Objections are
due by November 13 at 4:00 p.m.]
(x) Jamie Desmond’s Motion for Relief from Stay (Case No. 08-13555, Docket No. 5267) (Adjourned) [Objections are due by November 13 at 4:00 p.m.]
(y) Motion of GE Corporate Financial Services, Inc., as Loan Servicer for Fusion Funding Limited and Fusion Funding Luxembourg, S.A.R.L., for Relief from the Automatic Stay (Case No. 08-13555, Docket No. 2385) (Adjourned) [Objections are due by November 13, 2009]
(z) Motion of Laurel Cove Development, LLC for an Order: (i) Directing Debtor to Assume or Reject an Executory Contract; and (ii) Granting Related Relief (Case No. 08-13555, Docket No. 3755) (Adjourned) [Objections were due by June 19, 2009 at 5:00 p.m.]
(aa) Motion of WWK Hawaii-Waikapuna, LLC, WWK Hawaii-Moaula, LLC, WWK Hawaii-Honu’apo, LLC, WWK Hawaii-Little Honu’apo, LLC, WWK Hawaii-House Parcel 2, LLC, and WWK Hawaii-Naalehu Parcel 1, LLC for Order (I) Setting Prompt Date for Assumption or Rejection of Project Loan; (II) Upon
Rejection, Granting Relief from the Automatic Stay; and (III) Granting Related Relief (Case No. 08-13555, Docket No. 3182) (Adjourned) [Objections were due by April 17, 2009 at 4:00 p.m.]
(bb) Trustee’s Motion for an Order, Pursuant to Section 1059a) of the Bankruptcy Code, Approving and Authorizing Procedures to Unwind, Close-Out and Reduce to Cash Receivables Owed by Trading Counterparties (Adv. Proc. No. 08-01420, Docket No. 2006) [Objections are due by November 13, 2009 at 4:00 p.m.]
(cc) Motion for Order Approving Trustee’s Allocation of Property of the Estate (Adv. Proc. No. 08-01420, Docket No. 1866) [Objections are due by October 30, 2009 at 4:00 p.m.; Committee objection deadline has been adjourned without date]
(dd) Motion of Newport Global Opportunities Fund LP, Newport Global Credit Fund (Master) L.P., PEP Credit Investor L.P. And Providence TMT Special Situations Fund L.P. for Leave to Conduct Rule 2004 Discovery of Debtor Lehman Brothers Holdings Inc. and Other Entities (Case No. 08-13555, Docket No. 435; Adv. Proc. No. 08-01420, Docket No. 123) (Adjourned) [Objections are due by November 13, 2009 at 4:00 p.m.]
(ee) Motion of Markit Group Limited for Relief From Automatic Stay to Terminate Data Services Agreement and Associated Addenda (Adv. Proc. No. 08-01420, Docket No. 356) (Adjourned) [Objections were due by May 29, 2009 at 11:59 p.m.]
(ff) State Street Bank & Trust Company’s Motion to Dismiss Amended Adversary Complaint (LH 1440, L.L.C. v. Lehman Commercial Paper Inc. et al., Adv. Proc. No. 09-01138, Docket No. 29) [Responses are due by November 10, 2009 at 4:00 p.m.]
The court docket for next week is getting very large, so large in fact that they have added another day...10:00 and 2:00 Wed., Nov. 18th, and 10:00 on Thurs., Nov. 19th.
Includes B of A, AIG, AFLAC, JPM,
It has been a long 8-9 weeks of consolidation from the highs...It appears to be concluding...IMO.
Support appears to be at the break out point of $.07-$0.08 where about 20% of the outstanding shares purchased in August-Sept. bought in. I think those buyers are in to stay for the numbers and legal proceedings.
Accum/Dist. on a 2 year chart looks like it is ready to move above the Sept. highs long before the price does. I believe that is quite BULLISH. Please confirm my thinking.
When volume comes, I think price will move to the mid $.20's before meeting much resistance. Remember 8 weeks ago when that seemed like a lot?
Keep the Faith...
Coach T
MORE PROOF LEHMAN ASSETS USED AS COLLATERAL ARE INCREASING IN VALUE! THE NEWS JUST KEEPS GETTING BETTER!
Bundesbank Lehman Asset Sale to Benefit From 6-Month Bond Rally
http://www.bloomberg.com/apps/news?pid=20601100&sid=aK6nPi.j2kuE
Prices in the 2.2 trillion-euro market for bonds backed by consumer debt, corporate loans and real estate have rallied amid growing investor confidence that the worst of the global recession may be over. Asset values had plunged to record lows after securities linked to U.S. subprime mortgages tumbled and credit markets began to freeze in August 2007.
Yield spreads on top-rated prime mortgage-backed notes have narrowed to 155 basis points more than benchmark rates, down from 425 at the start of the year, JPMorgan Chase & Co. data show. Yields, which move inversely to prices, are near the lowest since July 2008. A basis point is 0.01 percentage point.
The question is how much have prices rallied???
Thanks to all the men and women serving and who have served in the defense of our country!
Coach T
MORE PROOF LEHMAN ASSETS USED AS COLLATERAL ARE INCREASING IN VALUE! THE NEWS JUST KEEPS GETTING BETTER!
Bundesbank Lehman Asset Sale to Benefit From 6-Month Bond Rally
http://www.bloomberg.com/apps/news?pid=20601100&sid=aK6nPi.j2kuE
Prices in the 2.2 trillion-euro market for bonds backed by consumer debt, corporate loans and real estate have rallied amid growing investor confidence that the worst of the global recession may be over. Asset values had plunged to record lows after securities linked to U.S. subprime mortgages tumbled and credit markets began to freeze in August 2007.
Yield spreads on top-rated prime mortgage-backed notes have narrowed to 155 basis points more than benchmark rates, down from 425 at the start of the year, JPMorgan Chase & Co. data show. Yields, which move inversely to prices, are near the lowest since July 2008. A basis point is 0.01 percentage point.
The question is how much have prices rallied???
Thanks to all the men and women serving and who have served in the defense of our country!
Coach T
MORE PROOF LEHMAN ASSETS USED AS COLLATERAL ARE INCREASING IN VALUE! THE NEWS JUST KEEPS GETTING BETTER!
Bundesbank Lehman Asset Sale to Benefit From 6-Month Bond Rally
http://www.bloomberg.com/apps/news?pid=20601100&sid=aK6nPi.j2kuE
Prices in the 2.2 trillion-euro market for bonds backed by consumer debt, corporate loans and real estate have rallied amid growing investor confidence that the worst of the global recession may be over. Asset values had plunged to record lows after securities linked to U.S. subprime mortgages tumbled and credit markets began to freeze in August 2007.
Yield spreads on top-rated prime mortgage-backed notes have narrowed to 155 basis points more than benchmark rates, down from 425 at the start of the year, JPMorgan Chase & Co. data show. Yields, which move inversely to prices, are near the lowest since July 2008. A basis point is 0.01 percentage point.
The question is how much have prices rallied???
Thanks to all the men and women serving and who have served in the defense of our country!
Coach T
That was a Form T trade...so it did not take place that way it looks. Your trade was the final trade for the day.
Coach T