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Tickets to see Lehman explode are running out.
Tickets to see Lehman explode are running out.
Whoever is sitting on the bid .016; move :P
I like what I'm seeing and hearing... Go Lehman!!!
I like what I'm seeing and hearing... Go Lehman!!!
Busy day on eqiq... about 60 new documents uploaded for 12/6. Haven't had a chance to read any yet.
http://chapter11.epiqsystems.com/LBH/docket/Default.aspx?rc=1
Lehman has pushed out the sale of Aurora and Woodlands to 2012 now.
http://www.reuters.com/article/idUSN0329600320101203
Lehman said it transferred about $535 million in cash and $336 million in mortgage loans, a corporate loan and mortgage servicing rights to Aurora. It said it plans to sell the bank in 2012.
Lehman has pushed out the sale of Aurora and Woodlands to 2012 now.
http://www.reuters.com/article/idUSN0329600320101203
Lehman said it transferred about $535 million in cash and $336 million in mortgage loans, a corporate loan and mortgage servicing rights to Aurora. It said it plans to sell the bank in 2012.
Lehman Seeks To Expunge $469M In Claims
http://www.law360.com/web/articles/212294
Law360, New York (December 1, 2010) -- Lehman Brothers Holdings Inc. has asked a court to nix more than $469 million in derivative claims that the firm said it has already settled, arguing it was not liable under relevant derivative contracts....
Lehman Seeks To Expunge $469M In Claims
http://www.law360.com/web/articles/212294
Law360, New York (December 1, 2010) -- Lehman Brothers Holdings Inc. has asked a court to nix more than $469 million in derivative claims that the firm said it has already settled, arguing it was not liable under relevant derivative contracts....
They should go after the clowns that caused this mess and put them in prison, but No they will go after the company as a whole and short the hell out of them to bring them down and again people who are invested via 401k/Pensions or shares in the company are going to lose. That's not right!!! Why should we (investors) lose to their greediness for money.
Disclaimer: I don't own any shares in any of mentioned banks or maybe I do in one of my 401K mutual funds. It's just not right.
Is Probable WikiLeaks Target Bank of America Being Haunted by the Ghost of Lehman Brothers?
http://www.vanityfair.com/online/daily/2010/12/is-probable-wikileaks-target-bank-of-america-being-haunted-by-the-ghost-of-lehman-brothers.html
In an interview with Forbes earlier this week, alabaster bête-noire Julian Assange, WikiLeaks’s commander-in-chief, said that the Web site’s next document dump will involve a large U.S. bank. The leaked information, scheduled for wide release in 2011, will “give a true and representative insight into how banks behave at the executive level in a way that will stimulate investigations and reforms,” Assange said, also promising that the missives would include examples of the sort of “flagrant violations” and “unethical practices” allegedly pervasive at the American bank.
While the tight-lipped transparency advocate declined to specify the particular bank, The New York Times’s DealBook blog observed that in a 2009 interview with Computer World, Assange said the WikiLeaks team was currently “sitting on 5GB from Bank of America, one of the executive’s hard drives.” DealBook estimates that 5GB of data is the equivalent of approximately 600,000 pages; our own calculations suggest that the “megaleak” is simply five-eighths of an iPod Nano. In a statement, Bank of America said that it was already aware of Assange’s claim but noted that the company has “no evidence that supports this assertion.”
Of all the banks in all the world, why Bank of America? And why now? A theory:
Bank of America is being haunted by the ghost of Lehman Brothers, the extinct investment bank that’s come back from the dead in order to attend to some unfinished business. Recall that in September 2008, Bank of America passed on purchasing Lehman Brothers, which was rapidly headed toward bankruptcy. Lehman, left without a buyer, collapsed, only to return years later to cause trouble for its one-time prospective savior.
Trouble, indeed, abounds. On November 17 of this year, a judge ruled that “Bank of America Corp., a lender to Lehman Brothers Holdings Inc. in September 2008, must return $500 million of deposits it seized in violation of bankruptcy law,” Bloomberg BusinessWeek reported. Then, on the very day that Assange spoke with Forbes, ghost-Lehman filed another lawsuit, claiming that Bank of America owed the investment bank an additional $150 million. According to Bloomberg BusinessWeek, ersatz chronicler of economic ghost stories, “Lehman is seeking to prevent Bank of America from using ‘unenforceable’ clauses of the deal to ‘improperly’ change Lehman’s right to priority payment on the CDO, according to a complaint filed yesterday in U.S. Bankruptcy Court in New York.” Boo!
Perhaps Assange is an ally of the afterworld—an earthly being dispatched by the ghost of Lehman Brothers to further haunt Bank of America. More incontrovertible evidence: he certainly looks the part.
Is Probable WikiLeaks Target Bank of America Being Haunted by the Ghost of Lehman Brothers?
http://www.vanityfair.com/online/daily/2010/12/is-probable-wikileaks-target-bank-of-america-being-haunted-by-the-ghost-of-lehman-brothers.html
In an interview with Forbes earlier this week, alabaster bête-noire Julian Assange, WikiLeaks’s commander-in-chief, said that the Web site’s next document dump will involve a large U.S. bank. The leaked information, scheduled for wide release in 2011, will “give a true and representative insight into how banks behave at the executive level in a way that will stimulate investigations and reforms,” Assange said, also promising that the missives would include examples of the sort of “flagrant violations” and “unethical practices” allegedly pervasive at the American bank.
While the tight-lipped transparency advocate declined to specify the particular bank, The New York Times’s DealBook blog observed that in a 2009 interview with Computer World, Assange said the WikiLeaks team was currently “sitting on 5GB from Bank of America, one of the executive’s hard drives.” DealBook estimates that 5GB of data is the equivalent of approximately 600,000 pages; our own calculations suggest that the “megaleak” is simply five-eighths of an iPod Nano. In a statement, Bank of America said that it was already aware of Assange’s claim but noted that the company has “no evidence that supports this assertion.”
Of all the banks in all the world, why Bank of America? And why now? A theory:
Bank of America is being haunted by the ghost of Lehman Brothers, the extinct investment bank that’s come back from the dead in order to attend to some unfinished business. Recall that in September 2008, Bank of America passed on purchasing Lehman Brothers, which was rapidly headed toward bankruptcy. Lehman, left without a buyer, collapsed, only to return years later to cause trouble for its one-time prospective savior.
Trouble, indeed, abounds. On November 17 of this year, a judge ruled that “Bank of America Corp., a lender to Lehman Brothers Holdings Inc. in September 2008, must return $500 million of deposits it seized in violation of bankruptcy law,” Bloomberg BusinessWeek reported. Then, on the very day that Assange spoke with Forbes, ghost-Lehman filed another lawsuit, claiming that Bank of America owed the investment bank an additional $150 million. According to Bloomberg BusinessWeek, ersatz chronicler of economic ghost stories, “Lehman is seeking to prevent Bank of America from using ‘unenforceable’ clauses of the deal to ‘improperly’ change Lehman’s right to priority payment on the CDO, according to a complaint filed yesterday in U.S. Bankruptcy Court in New York.” Boo!
Perhaps Assange is an ally of the afterworld—an earthly being dispatched by the ghost of Lehman Brothers to further haunt Bank of America. More incontrovertible evidence: he certainly looks the part.
Next stop 10.00...$$$$
Can I get a Holla for a Dolla!!!
Lehman Sues BofA Over $150 Million CDO Collateral
http://abcnews.go.com/Business/wireStory?id=12273892&page=1
NEW YORK (Reuters) - A unit of Lehman Brothers Holdings Inc , which filed the largest U.S. bankruptcy, has sued Bank of America Corp to stop it from taking $150 million of collateral that Lehman says belongs to creditors.
Lehman Brothers Special Financing Inc said in the lawsuit that it is a party to swap agreements related to a collateralized debt obligation for which Bank of America serves as trustee.
Lehman said it has a "priority payment right" to collateral tied to the CDO, known as Ceago ABS CDO 2007-1. Lehman argues that Bank of America's actions as trustee allow an investor in the CDO to direct that the swap agreements be terminated and the collateral liquidated.
This, Lehman said, would violate bankruptcy law, and "cost the bankruptcy estate and its creditors approximately $150 million," according to the complaint filed in the U.S. bankruptcy court in Manhattan on Monday night.
A spokesman for Charlotte, North Carolina-based Bank of America did not immediately respond to a request for comment.
According to the complaint, the CDO investor is Long Island International Ltd, a privately held company based in London. Long Island International, which is also a defendant in the case, could not immediately be reached for comment.
Once the fourth-largest U.S. investment bank, Lehman filed for Chapter 11 protection from creditors on September 15, 2008. It is trying to repay creditors still owed hundreds of billions of dollars.
On November 16, U.S. Bankruptcy Judge James Peck ordered Bank of America to return $500 million of deposits it seized from Lehman shortly after the bankruptcy filing. Peck also oversees Lehman litigation related to the bankruptcy case.
The case is Lehman Brothers Special Financing Inc v. Bank of America NA et al, U.S. Bankruptcy Court, Southern District of New York, No. 10-ap-04331. The main bankruptcy case is In re: Lehman Brothers Holdings Inc in the same court, No. 08-13555.
Lehman Sues BofA Over $150 Million CDO Collateral
http://abcnews.go.com/Business/wireStory?id=12273892&page=1
NEW YORK (Reuters) - A unit of Lehman Brothers Holdings Inc , which filed the largest U.S. bankruptcy, has sued Bank of America Corp to stop it from taking $150 million of collateral that Lehman says belongs to creditors.
Lehman Brothers Special Financing Inc said in the lawsuit that it is a party to swap agreements related to a collateralized debt obligation for which Bank of America serves as trustee.
Lehman said it has a "priority payment right" to collateral tied to the CDO, known as Ceago ABS CDO 2007-1. Lehman argues that Bank of America's actions as trustee allow an investor in the CDO to direct that the swap agreements be terminated and the collateral liquidated.
This, Lehman said, would violate bankruptcy law, and "cost the bankruptcy estate and its creditors approximately $150 million," according to the complaint filed in the U.S. bankruptcy court in Manhattan on Monday night.
A spokesman for Charlotte, North Carolina-based Bank of America did not immediately respond to a request for comment.
According to the complaint, the CDO investor is Long Island International Ltd, a privately held company based in London. Long Island International, which is also a defendant in the case, could not immediately be reached for comment.
Once the fourth-largest U.S. investment bank, Lehman filed for Chapter 11 protection from creditors on September 15, 2008. It is trying to repay creditors still owed hundreds of billions of dollars.
On November 16, U.S. Bankruptcy Judge James Peck ordered Bank of America to return $500 million of deposits it seized from Lehman shortly after the bankruptcy filing. Peck also oversees Lehman litigation related to the bankruptcy case.
The case is Lehman Brothers Special Financing Inc v. Bank of America NA et al, U.S. Bankruptcy Court, Southern District of New York, No. 10-ap-04331. The main bankruptcy case is In re: Lehman Brothers Holdings Inc in the same court, No. 08-13555.
Next WikiLeaks could 'take down a bank or two'
http://www.smh.com.au/business/next-wikileaks-could-take-down-a-bank-or-two-20101130-18epd.html
Who do you think it will be? I think dirty Goldman...
Hey Ford, after doing some quick checking on maturity dates it appears that LEHFQ, LEHCQ, LEHDQ are already mature as of 2008. Are you saying they will be paid in full first for traditional preferreds?
I was under the impression that all traditional preferreds will be given the same percentage of payout and there is no priority... is that not the case?
Are you saying all preferrred that are mature/expired will be paid first?
Please advise
SLAP THAT ASK BABY!!! GO LEHMAN!!!
This is good news. I think you misread it.
The US Securities and Exchange Commission has argued that Barclays has no real right to more than US$1.2bn in assets held by bankrupt investment bank Lehman Brothers
SEC opposes Barclays attempt to grab Lehman assets
http://www.ifre.com/restructuring-sec-opposes-barclays-attmept-to-grab-lehman-assets/614946.article
24 November 2010
The US Securities and Exchange Commission has argued that Barclays has no real right to more than US$1.2bn in assets held by bankrupt investment bank Lehman Brothers. Barclays has argued that the assets should have been transferred to it as part of the 2008 emergency M&A deal that saw Lehman’s investment banking business sold to Barclays. At the same time creditors of Lehman’s bankruptcy estate are currently suing to clawback as much as US$11bn in assets they say was improperly transferred to Barclays.
SEC opposes Barclays attempt to grab Lehman assets
http://www.ifre.com/restructuring-sec-opposes-barclays-attmept-to-grab-lehman-assets/614946.article
24 November 2010
The US Securities and Exchange Commission has argued that Barclays has no real right to more than US$1.2bn in assets held by bankrupt investment bank Lehman Brothers. Barclays has argued that the assets should have been transferred to it as part of the 2008 emergency M&A deal that saw Lehman’s investment banking business sold to Barclays. At the same time creditors of Lehman’s bankruptcy estate are currently suing to clawback as much as US$11bn in assets they say was improperly transferred to Barclays.
Happy Thanksgiving to you, Jersey. Go Lehman!!!
Lehman, Barclays Send Billion-Dollar Battle to Bankruptcy Judge
http://amlawdaily.typepad.com/amlawdaily/2010/11/lehmanbarclays.html
Lehman, Barclays Send Billion-Dollar Battle to Bankruptcy Judge
http://amlawdaily.typepad.com/amlawdaily/2010/11/lehmanbarclays.html
Lehman Brokerage Trustee Claims $7 Billion From Barclays
Nov. 23 (Bloomberg) -- The trustee for Lehman Brothers Holdings Inc.’s brokerage asked a judge to reverse $7 billion of assets “wrongfully transferred” to, or sought by, Barclays Plc after it bought the defunct investment bank’s brokerage in the 2008 financial crisis, according to a court filing yesterday.
The claim by trustee James Giddens includes $1.3 billion of transfers that may have been made in violation of securities laws, the U.S. Securities and Exchange Commission said yesterday.
http://www.businessweek.com/news/2010-11-23/lehman-brokerage-trustee-claims-7-billion-from-barclays.html
Lehman Brokerage Trustee Claims $7 Billion From Barclays
Nov. 23 (Bloomberg) -- The trustee for Lehman Brothers Holdings Inc.’s brokerage asked a judge to reverse $7 billion of assets “wrongfully transferred” to, or sought by, Barclays Plc after it bought the defunct investment bank’s brokerage in the 2008 financial crisis, according to a court filing yesterday.
The claim by trustee James Giddens includes $1.3 billion of transfers that may have been made in violation of securities laws, the U.S. Securities and Exchange Commission said yesterday.
http://www.businessweek.com/news/2010-11-23/lehman-brokerage-trustee-claims-7-billion-from-barclays.html
Timeline document... Lehman and Barclays
Docket 12791
January 2010 Memorandum)
Addendum 5 (Demonstrative Timelines)
http://chapter11.epiqsystems.com/LBH/docket/Default.aspx?rc=1
Timeline document... Lehman and Barclays
Docket 12791
January 2010 Memorandum)
Addendum 5 (Demonstrative Timelines)
http://chapter11.epiqsystems.com/LBH/docket/Default.aspx?rc=1
Yes sir!!! Go Lehman!!!
HOT OFF THE PRESS... MOR IS NOW AVAILABLE...
http://chapter11.epiqsystems.com/LBH/docket/Default.aspx?rc=1http://chapter11.epiqsystems.com/LBH/docket/Default.aspx?rc=1
HOT OFF THE PRESS... MOR IS NOW AVAILABLE...
http://chapter11.epiqsystems.com/LBH/docket/Default.aspx?rc=1http://chapter11.epiqsystems.com/LBH/docket/Default.aspx?rc=1
That would be a nice change here. Good Luck to all.
I agree. We need a solid MOR which should be showing up any day now.