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Lehman to Buy $1.5 Billion in SunCal Projects Loans (Update3)
http://www.businessweek.com/news/2010-05-12/lehman-to-buy-1-5-billion-in-suncal-projects-loans-update3-.html
HEY, why is our yellow cake uranium white?
http://www.businessweek.com/news/2010-05-10/ex-mexican-governor-laundered-with-lehman-u-s-says-update4-.html
U.S. Federal Reserve to inject billions of dollars to free up lending
http://www.dailymail.co.uk/money/article-1276498/US-Federal-Reserve-inject-billions-dollars-Central-banks-free-lending.html?ito=feeds-newsxml
Per WIKI Only: does not mean this will be the outcome.
Debt-for-Equity Swaps
In a debt-for-equity swap, a company's creditors generally agree to cancel some or all of the debt in exchange for equity in the company.
Debt for equity deals often occur when large companies run into serious financial trouble, and often result in these companies being taken over by their principal creditors. This is because both the debt and the remaining assets in these companies are so large that there is no advantage for the creditors to drive the company into bankruptcy. Instead the creditors prefer to take control of the business as a going concern. As a consequence, the original shareholders' stake in the company is generally significantly diluted in these deals and may be entirely eliminated, as is typical in a Chapter 11 bankruptcy.
http://en.wikipedia.org/wiki/Debt_restructuring
Disclaimer: I'm currently still HOLDING.
All, I strongly feel if we continue to fight we can convince the Honorable Judge Peck to appoint an Equity Committee to represent us. If we DO not continue to fight we will lose as they are trying to squeeze other debt holders between the current equity shareholders.
Sorry, I can't sugar coat this... we need to fight.
Make no if, ands, buts, abouts, this will affect our payout.
Troy's/uhlmant latest letter is on the docket, but still no response regarding the approval/denial of the EC from Judge Peck. We really need the EC established especially after the crap they are pulling with creating a new preferred class that has a higher priority than the existing preferred classes.
8871 5/5/2010 Letter to the Honorable James M. Peck Requesting An Equity Committee To Be Appointed filed by Kristi Brim, Troy A. Uhlman. (Lopez, Mary)
Debtor: Lehman Brothers Holdings Inc.
Related: none
UPDATE 2-Lehman eyes $5.2 bln Archstone debt-to-equity swap
See bold below
http://www.reuters.com/article/idCNN0727200720100507?rpc=44
* Debtholders would get preferred equity
* Lehman says swap would reduce uncertainty of recovery
* Barclays, Bank of America have large Archstone stakes (Adds Barclays and Bank of America declining to comment, bankruptcy examiner assessment)
By Caroline Humer and Jonathan Stempel
NEW YORK, May 7 (Reuters) - Lehman Brothers Holdings Inc (LEHMQ.PK) is seeking court permission to restructure the balance sheet of Archstone-Smith Trust, cutting $5.2 billion of debt from an ill-timed leveraged buyout that contributed to its record bankruptcy.
The $22.2 billion takeover of the nation's second-largest real estate investment trust in 2007 had added hundreds of prime apartment buildings to Lehman's portfolio, but also saddled it with billions of dollars of new debt as the U.S. property market deteriorated.
Lehman owns 47 percent of Archstone, Barclays Plc (BARC.L) and Bank of America Corp (BAC.N) share another 47 percent, and the banks collectively invested $4.8 billion of equity into Archstone, a court filing shows.
Tishman Speyer Properties, a New York real estate firm, joined with Lehman in the 2007 buyout.
In the restructuring, Lehman wants to swap $5.2 billion of loans used to fund the buyout into preferred equity interests, which would be senior to existing preferred and common equity, according to court documents filed on Thursday. What a bunch of crap!!!
It said the swap would reduce Archstone's interest payments by at least $150 million annually. Lehman also proposed to extend maturities on other financings, creating more time to pay off debts.
The proposal "is the best solution to stabilize Archstone's balance sheet, minimize the need for additional owner capital infusions and preserve the debtors and their affiliates' substantial investment" in Archstone, wrote Shai Waisman, a Weil, Gotshal & Manges LLP partner who represents Lehman.
Waisman added that while new preferred equity holders would relinquish their secured debt positions, the absence of a swap would leave their chances of recovery "prone to uncertainty if concerns regarding Archstone's balance sheet are not addressed in short order."
The proposal requires approval by U.S. Bankruptcy Judge James Peck in Manhattan, and is subject to agreement by Barclays and Bank of America.
Barclays spokesman Brandon Ashcraft and Bank of America spokesman Bill Halldin declined to comment. Tishman Speyer did not immediately return a call seeking comment.
Anton Valukas, Lehman's court-appointed examiner, in a March report, cited Archstone as among a handful of real estate transactions that Lehman made at the top of the market, and which caused its balance sheet to grow too large.
"Because of the extraordinary size of the transaction," Valukas wrote, "it was clear from the beginning that the Archstone commitment would cause Lehman to exceed its risk appetite limits."
Lehman's Sept. 15, 2008 bankruptcy is by far the largest in U.S. history. In March, it said creditors' claims should be reduced to $605 billion, and that allowed claims might ultimately decline to $260 billion.
Just wondering how you are coming up with the payout on the commons to be 1-2 dollars.
Holding till the end for whatever the turnout is. Rich man, Poor Man... lol
Lehman proposes converting Archstone debt to equity
http://lehmanlotto.blogspot.com/2010/05/lehman-proposes-converting-archstone.html
class 9 equity
Big time games being played by the MMs today. Wish I had dry powder to stick it to them.
Great article... thanks for the info.
Lehman Brothers Judge Tells Swedbank to Release Funds
http://lehmanlotto.blogspot.com/2010/05/lehman-brothers-judge-tells-swedbank-to.html
Off topic: GS fined 450,000 for naked short selling... What a joke!
I'm sure they made MILLIONS and they get fined 450,000...
Of course they will settle... for this chump change and they will continue to have naked short sales.
Dah, when profits outweigh the penalty... what do you get... more naked short selling.
Linda, what is the window for the disclosure 90 days?
TIA
Hi Daktok, you can find it here....
http://www.scribd.com/doc/30276676/Docket-No-8523-Equity-Committee-Shareholder-Letters
Ver 1 for me. Thanks Troy!!!
Huntewr7, yes it does concern me... that is why we need to establish the EC. They are NOT going hand the money over to us; we have to fight for it.
If we can get the EC established we will at least have some representation, and at this time we have nothing but hope.
In addition, the request has already been submitted so let's hope that it is granted by Judge Peck.
Come on Lehman/Weil give us something to nibble on while we are waiting for the balance sheet.
READ:
Posted by: uhlmant
Please spread this around
ALL shareholders should do this.
Included is a STARTER letter and pdf attachments to fax along with the letter
I will be faxing mine tomorrow and calling after that.
Please REVIEW the letter and let me know about typos/grammar/etc. I literally typed it in about 5 min.
Also feel free to personalize.
http://lehmanlotto.blogspot.com/2010/04/homework-assignment.html
READ:
Posted by: uhlmant
Please spread this around
ALL shareholders should do this.
Included is a STARTER letter and pdf attachments to fax along with the letter
I will be faxing mine tomorrow and calling after that.
Please REVIEW the letter and let me know about typos/grammar/etc. I literally typed it in about 5 min.
Also feel free to personalize.
http://lehmanlotto.blogspot.com/2010/04/homework-assignment.html
READ:
Posted by: uhlmant
Please spread this around
ALL shareholders should do this.
Included is a STARTER letter and pdf attachments to fax along with the letter
I will be faxing mine tomorrow and calling after that.
Please REVIEW the letter and let me know about typos/grammar/etc. I literally typed it in about 5 min.
Also feel free to personalize.
http://lehmanlotto.blogspot.com/2010/04/homework-assignment.html
READ:
Posted by: uhlmant
Please spread this around
ALL shareholders should do this.
Included is a STARTER letter and pdf attachments to fax along with the letter
I will be faxing mine tomorrow and calling after that.
Please REVIEW the letter and let me know about typos/grammar/etc. I literally typed it in about 5 min.
Also feel free to personalize.
http://lehmanlotto.blogspot.com/2010/04/homework-assignment.html
READ:
Posted by: uhlmant
Please spread this around
ALL shareholders should do this.
Included is a STARTER letter and pdf attachments to fax along with the letter
I will be faxing mine tomorrow and calling after that.
Please REVIEW the letter and let me know about typos/grammar/etc. I literally typed it in about 5 min.
Also feel free to personalize.
http://lehmanlotto.blogspot.com/2010/04/homework-assignment.html
Posted by: uhlmant
Please spread this around
ALL shareholders should do this.
Included is a STARTER letter and pdf attachments to fax along with the letter
I will be faxing mine tomorrow and calling after that.
Please REVIEW the letter and let me know about typos/grammar/etc. I literally typed it in about 5 min.
Also feel free to personalize.
http://lehmanlotto.blogspot.com/2010/04/homework-assignment.html
READ:
Posted by: uhlmant
Please spread this around
ALL shareholders should do this.
Included is a STARTER letter and pdf attachments to fax along with the letter
I will be faxing mine tomorrow and calling after that.
Please REVIEW the letter and let me know about typos/grammar/etc. I literally typed it in about 5 min.
Also feel free to personalize.
http://lehmanlotto.blogspot.com/2010/04/homework-assignment.html
READ:
Posted by: uhlmant
Please spread this around
ALL shareholders should do this.
Included is a STARTER letter and pdf attachments to fax along with the letter
I will be faxing mine tomorrow and calling after that.
Please REVIEW the letter and let me know about typos/grammar/etc. I literally typed it in about 5 min.
Also feel free to personalize.
http://lehmanlotto.blogspot.com/2010/04/homework-assignment.html
READ:
Posted by: uhlmant
Please spread this around
ALL shareholders should do this.
Included is a STARTER letter and pdf attachments to fax along with the letter
I will be faxing mine tomorrow and calling after that.
Please REVIEW the letter and let me know about typos/grammar/etc. I literally typed it in about 5 min.
Also feel free to personalize.
http://lehmanlotto.blogspot.com/2010/04/homework-assignment.html
Posted by: uhlmant
Please spread this around
ALL shareholders should do this.
Included is a STARTER letter and pdf attachments to fax along with the letter
I will be faxing mine tomorrow and calling after that.
Please REVIEW the letter and let me know about typos/grammar/etc. I literally typed it in about 5 min.
Also feel free to personalize.
http://lehmanlotto.blogspot.com/2010/04/homework-assignment.html
READ:
Posted by: uhlmant
Please spread this around
ALL shareholders should do this.
Included is a STARTER letter and pdf attachments to fax along with the letter
I will be faxing mine tomorrow and calling after that.
Please REVIEW the letter and let me know about typos/grammar/etc. I literally typed it in about 5 min.
Also feel free to personalize.
http://lehmanlotto.blogspot.com/2010/04/homework-assignment.html
READ:
Posted by: uhlmant
Please spread this around
ALL shareholders should do this.
Included is a STARTER letter and pdf attachments to fax along with the letter
I will be faxing mine tomorrow and calling after that.
Please REVIEW the letter and let me know about typos/grammar/etc. I literally typed it in about 5 min.
Also feel free to personalize.
http://lehmanlotto.blogspot.com/2010/04/homework-assignment.html
In the effort to disseminate this information I will be posting it on all of the boards.
Please pass the information on to other shareholders.
Thanks Troy!
You have my vote too. Troy, you have put a lot time, effort, and money into this cause. I think you would make a great BOD.
I know everyone on this board appreciates everything you have done for us.
MOR: HOT OFF THE DOCKET
8553 4/21/2010 Monthly Operating Report for the Period of March 2010 filed by Shai Waisman on behalf of Lehman Brothers Holdings Inc.. (Waisman, Shai)
Debtor: Lehman Brothers Holdings Inc.
Related: none
http://dm.epiq11.com/LBH/docket/Default.aspx?SearchCriteria=&DMWin=e1136a80-f3d2-4a2c-b580-59889b8cd28b
MOR: HOT OFF THE DOCKET
8553 4/21/2010 Monthly Operating Report for the Period of March 2010 filed by Shai Waisman on behalf of Lehman Brothers Holdings Inc.. (Waisman, Shai)
Debtor: Lehman Brothers Holdings Inc.
Related: none
http://dm.epiq11.com/LBH/docket/Default.aspx?SearchCriteria=&DMWin=e1136a80-f3d2-4a2c-b580-59889b8cd28b
MOR: HOT OFF THE DOCKET
8553 4/21/2010 Monthly Operating Report for the Period of March 2010 filed by Shai Waisman on behalf of Lehman Brothers Holdings Inc.. (Waisman, Shai)
Debtor: Lehman Brothers Holdings Inc.
Related: none
http://dm.epiq11.com/LBH/docket/Default.aspx?SearchCriteria=&DMWin=e1136a80-f3d2-4a2c-b580-59889b8cd28b
MOR: HOT OFF THE DOCKET
8553 4/21/2010 Monthly Operating Report for the Period of March 2010 filed by Shai Waisman on behalf of Lehman Brothers Holdings Inc.. (Waisman, Shai)
Debtor: Lehman Brothers Holdings Inc.
Related: none
http://dm.epiq11.com/LBH/docket/Default.aspx?SearchCriteria=&DMWin=e1136a80-f3d2-4a2c-b580-59889b8cd28b
MOR: HOT OFF THE DOCKET
8553 4/21/2010 Monthly Operating Report for the Period of March 2010 filed by Shai Waisman on behalf of Lehman Brothers Holdings Inc.. (Waisman, Shai)
Debtor: Lehman Brothers Holdings Inc.
Related: none
http://dm.epiq11.com/LBH/docket/Default.aspx?SearchCriteria=&DMWin=e1136a80-f3d2-4a2c-b580-59889b8cd28b