Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Lehman Has $48 Billion in Operating Loss Tax Benefits (Update1)
Please post as stickie note.
January 20, 2010, 11:21
http://www.businessweek.com/news/2010-01-20/lehman-has-48-billion-in-operating-loss-tax-benefits-update1-.html
By Linda Sandler
Jan. 20 (Bloomberg) -- Lehman Brothers Holdings Inc., the investment bank liquidating in bankruptcy, has accumulated $48 billion in net operating losses, or NOLs, which it aims to use to offset taxes on an eventual sale of its assets to benefit creditors, according to a U.S. Bankruptcy Court filing.
Lehman so far has raised $17.2 billion in cash and intends to recover $40 billion to $50 billion in the next five years by selling real estate and other assets, Chief Executive Officer Bryan Marsal said in an interview last week.
U.S. tax law allows bankrupt companies to use accumulated losses to offset taxable gains on such sales as long as the corporate ownership doesn’t change, Lehman said in yesterday’s filing.
The defunct investment bank’s NOLs have more than quadrupled since it filed for bankruptcy in September 2008 with $613 billion in debt. Lehman said in bankruptcy court the next month its net operating losses were “in excess of $10 billion.”
Lehman reported the NOLs yesterday as part of a move to restrict future trading in its shares so it doesn’t forfeit the tax benefits. If the bankruptcy judge approves its request, investors would no longer be permitted to trade freely when Lehman starts to implement a reorganization plan or “other court-approved transfer of assets,” it said in the filing.
A court hearing on Lehman’s request is scheduled for Feb. 10.
The case is In re Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
--Editors: John Pickering.
To contact the reporter on this story: Linda Sandler in New York at +1-212-617-2398 or lsandler@bloomberg.net.
To contact the editor responsible for this story: David E. Rovella at +1-212-617-1092 or drovella@bloomberg.net.
just a matter of time... I understand Bloomberg is a creditable news feed... but we need this distributed through other news feeds as well.
Thank you! Go LEHJQ!!!
TRUE-- At your option.
LEHPQ: 7.25% Non-Cumulative Perpetual Convertible
Each share of the Preferred Stock will be convertible at any time, at your option, into 20.0509 shares of our common stock (equivalent to an initial conversion price of approximately $49.87 per share of common stock), plus cash in lieu of fractional shares, subject to adjustment as described in this prospectus supplement. The conversion rate will be adjusted as described in this prospectus supplement upon the occurrence of certain other events.
Brikk, please replace my sticky "Lehman warns on ‘unreasonable’ US claims"... with the NOL press release in BOLD. We want everyone to know about this. This is HUGE news!!!
Thank you!
HOLY CRAP!!! That's what I'm talking about... Go Lehman!!!
Admin or Moderators, please update the coupon rate for this class to 6.50% for the board title. You have 8.75% which is incorrect.
Lehman Brothers Holdings, 6.50% Dep Shares Cumul Preferred Stock, Series F
Thank you!
You go brotha... Live to Ride, Ride to live!
Local 81.
Tuesday... Market is closed tomorrow for MLK.
EPIQ needs to fix their links to the Lehman documents. I called them about it last Thursday.
My cardinals choked... maybe next year :(
A few shares won't hit the tape. Take it from someone that has done it :P It takes 100 or more.
I have that exact feeling... Lehman Fever!
That is correct... Trust Preferreds always get paid before Traditional Preferred and commons.
Just FYI-- There was an agreement made for WAHUQ for 34.00 no dividends so that class is almost maxed out. It will NOT be paid face value of 50.00.
BIG DAY TOMORROW
01/13/2010 @ 10:00 AM
Omnibus Hearing
Location:
Courtroom 601, United States Bankruptcy Court, Alexander Custom House, One Bowling Green, New York, New York 10004
(a) Debtors’ Motion Pursuant to Section 105(a) of the Bankruptcy Code and Bankruptcy Rules 3007 and 9019(b) for Approval of (i) Claim Objection Procedures and (ii) Settlement Procedures (Case No. 08-13555, Docket No. 6374) [Objections are due by January 11, 2010 at 4:00 p.m.]
(b) Lehman Brothers Special Financing Inc.’s Motion to Strike Capital Automotive L.P.’s Objection to Debtors’ Motion to Compel Performance (Case No. 08-13555, Docket No. 6364) [Objections are due by January 8, 2010 at 4:00 p.m.]
(c) LBHI’s Motion for Authorization, Pursuant to Sections 105, 363 and 364 of the Bankruptcy Code, to Sell Certain Asset Backed-Securities and Related Relief (Case No. 08-13555, Docket No. 6363) [Objections are due by January 8, 2010 at 4:00 p.m.]
(d) Motion of the Debtors Pursuant to Section 105(a) of the Bankruptcy Code and Bankruptcy Rule 9019(b) for Establishment of Procedures for the Debtors to Compromise and Settle Prepetition Claims Asserted by the Debtors Against Third Parties (Case No. 08-13555, Docket No. 6361) [Objections are due by January 8, 2010 at 4:00 p.m.]
(e) Joint Motion of Lehman Brothers Holdings Inc. and Lehman Brothers Inc. Pursuant to Rule 9019 of the Federal Rules of Bankruptcy Procedure for Authorization and Approval of a Settlement Agreement of Adams Golf Securities Litigation and Other Related Relief (Case No. 08-13555, Docket No. 6337, Adv. Proc. No. 08-01420, Docket No. 2401) [Objections are due by January 8, 2010 at 4:00 p.m.]
(f) Debtors’ Motion Pursuant to Sections 105 and 363 of the Bankruptcy Code and Federal Rule of Bankruptcy Procedure 9019 for Authorization and Approval of a Settlement Agreement with the Insolvency Administrator of Lehman Brothers Bankhaus AG (in Insolvenz) (Case No. 08-13555, Docket No. 6303) [Objections are due by January 8, 2010 at 4:00 p.m.]
(g) Debtors’ Motion to Strike William Kuntz’s Notice of Appeal of the Order Authorizing Lehman Commercial Paper Inc. to Purchase FairPoint Participation or, in the Alternative, to Dismiss William Kuntz’s Appeal (Case No. 08-13555, Docket No. 6252) [Objections are due by January 8, 2010 at 4:00 p.m.]
(h) 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.]
(i) Joint Motion of Sea Port Group Securities, LLC and Berner Kantonalbank to Deem Proofs of Claim to be Timely Filed by the Securities Programs Bar Date (Case No. 08-13555, Docket No. 6150) [Objections are due by January 8, 2010 at 12:00 p.m.]
(j) Motion by Merrill Lynch International and Certain of its Affiliates for Entry of an Order (A) Confirming Ability to Deliver Notice of Acceleration with Respect to Certain Notes Issued by Foreign Affiliate without Relief from the Automatic Stay or (B) Granting Limited Relief from the Automatic Stay to Deliver such Notice (Case No. 08-13555, Docket No. 5958) (Adjourned) [Objections were due by December 13, 2009 at 4:00 p.m.]
(k) Motion of Seattle Pacific University for an Order Compelling Lehman Brothers Special Financing Inc. to Assume or Reject Executory Contracts Pursuant to 11 U.S.C. § 365(d)(2) (Case No. 08-13555, Docket No. 5672) (Adjourned) [Objections are due by January 6, 2010 at 4:00 p.m.]
(l) 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.]
(m) 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.]
(n) 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) (Adjourned) [Objections were due by December 11, 2009 at 4:00 p.m.]
(o) Motion of Pacific Life Insurance Company to File Proof of Claim After Bar Date (Case No. 08-13555, Docket No. 5599) (Adjourned) [Objections were due by November 13, 2009 at 4:00 p.m.]
(p) Motion of 1407 Broadway Real Estate LLC and PGRS 1407 BWAY LLC for an Order (I) Compelling Certain of The Debtors to Comply With Their Lending Obligations; And/Or Alternatively (II) Granting The Movants Relief From The Automatic Stay; And (III) Authorizing The Movants to Conduct Examinations of The Debtors And Request The Production of Documents Pursuant to F.R.B.P. 2004 (Case No. 08-13555, Docket No. 5716) (Adjourned) [Objections are due by January 6, 2010]
(q) Trustee’s Motion for Entry of an Order, Pursuant to Sections 105(a) and 363 of the Bankruptcy Code and Bankruptcy Rules 6004 and 9019, Authorizing the Trustee to Consent to Amendments of Certain Equipment Notes and the Assumption, Assignment and Amendment of Leveraged Lease Documents with General Motors Corporation n/k/a Motors Liquidation Company (Adv. Proc. No. 08-01420, Docket No. 2407) [Objections are due by January 8, 2010 at 4:00 p.m.]
(r) Trustee’s Application for an Order Pursuant to Section 365(d)(1) of the Bankruptcy Code Further Extending the Time within Which the Trustee May Assume or Reject Executory Contracts and Certain Unexpired Leases (Adv. Proc. No. 08-01420, Docket No. 2435) [Objections are due by January 8, 2010 at 4:00 p.m.]
(s) 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.]
01/13/2010 @ 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 (The Official Committee of Unsecured Creditors v. Lehman Brothers Holdings Inc., et al., Adv. Proc. No. 09-01733, Docket No. 2)
(b) Pre-trial Conference (Lehman Brothers Holdings Inc. v. Barclays Capital, Inc., Adv. Proc. No. 09-01731, Docket No. 2)
BIG DAY TOMORROW
01/13/2010 @ 10:00 AM
Omnibus Hearing
Location:
Courtroom 601, United States Bankruptcy Court, Alexander Custom House, One Bowling Green, New York, New York 10004
(a) Debtors’ Motion Pursuant to Section 105(a) of the Bankruptcy Code and Bankruptcy Rules 3007 and 9019(b) for Approval of (i) Claim Objection Procedures and (ii) Settlement Procedures (Case No. 08-13555, Docket No. 6374) [Objections are due by January 11, 2010 at 4:00 p.m.]
(b) Lehman Brothers Special Financing Inc.’s Motion to Strike Capital Automotive L.P.’s Objection to Debtors’ Motion to Compel Performance (Case No. 08-13555, Docket No. 6364) [Objections are due by January 8, 2010 at 4:00 p.m.]
(c) LBHI’s Motion for Authorization, Pursuant to Sections 105, 363 and 364 of the Bankruptcy Code, to Sell Certain Asset Backed-Securities and Related Relief (Case No. 08-13555, Docket No. 6363) [Objections are due by January 8, 2010 at 4:00 p.m.]
(d) Motion of the Debtors Pursuant to Section 105(a) of the Bankruptcy Code and Bankruptcy Rule 9019(b) for Establishment of Procedures for the Debtors to Compromise and Settle Prepetition Claims Asserted by the Debtors Against Third Parties (Case No. 08-13555, Docket No. 6361) [Objections are due by January 8, 2010 at 4:00 p.m.]
(e) Joint Motion of Lehman Brothers Holdings Inc. and Lehman Brothers Inc. Pursuant to Rule 9019 of the Federal Rules of Bankruptcy Procedure for Authorization and Approval of a Settlement Agreement of Adams Golf Securities Litigation and Other Related Relief (Case No. 08-13555, Docket No. 6337, Adv. Proc. No. 08-01420, Docket No. 2401) [Objections are due by January 8, 2010 at 4:00 p.m.]
(f) Debtors’ Motion Pursuant to Sections 105 and 363 of the Bankruptcy Code and Federal Rule of Bankruptcy Procedure 9019 for Authorization and Approval of a Settlement Agreement with the Insolvency Administrator of Lehman Brothers Bankhaus AG (in Insolvenz) (Case No. 08-13555, Docket No. 6303) [Objections are due by January 8, 2010 at 4:00 p.m.]
(g) Debtors’ Motion to Strike William Kuntz’s Notice of Appeal of the Order Authorizing Lehman Commercial Paper Inc. to Purchase FairPoint Participation or, in the Alternative, to Dismiss William Kuntz’s Appeal (Case No. 08-13555, Docket No. 6252) [Objections are due by January 8, 2010 at 4:00 p.m.]
(h) 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.]
(i) Joint Motion of Sea Port Group Securities, LLC and Berner Kantonalbank to Deem Proofs of Claim to be Timely Filed by the Securities Programs Bar Date (Case No. 08-13555, Docket No. 6150) [Objections are due by January 8, 2010 at 12:00 p.m.]
(j) Motion by Merrill Lynch International and Certain of its Affiliates for Entry of an Order (A) Confirming Ability to Deliver Notice of Acceleration with Respect to Certain Notes Issued by Foreign Affiliate without Relief from the Automatic Stay or (B) Granting Limited Relief from the Automatic Stay to Deliver such Notice (Case No. 08-13555, Docket No. 5958) (Adjourned) [Objections were due by December 13, 2009 at 4:00 p.m.]
(k) Motion of Seattle Pacific University for an Order Compelling Lehman Brothers Special Financing Inc. to Assume or Reject Executory Contracts Pursuant to 11 U.S.C. § 365(d)(2) (Case No. 08-13555, Docket No. 5672) (Adjourned) [Objections are due by January 6, 2010 at 4:00 p.m.]
(l) 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.]
(m) 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.]
(n) 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) (Adjourned) [Objections were due by December 11, 2009 at 4:00 p.m.]
(o) Motion of Pacific Life Insurance Company to File Proof of Claim After Bar Date (Case No. 08-13555, Docket No. 5599) (Adjourned) [Objections were due by November 13, 2009 at 4:00 p.m.]
(p) Motion of 1407 Broadway Real Estate LLC and PGRS 1407 BWAY LLC for an Order (I) Compelling Certain of The Debtors to Comply With Their Lending Obligations; And/Or Alternatively (II) Granting The Movants Relief From The Automatic Stay; And (III) Authorizing The Movants to Conduct Examinations of The Debtors And Request The Production of Documents Pursuant to F.R.B.P. 2004 (Case No. 08-13555, Docket No. 5716) (Adjourned) [Objections are due by January 6, 2010]
(q) Trustee’s Motion for Entry of an Order, Pursuant to Sections 105(a) and 363 of the Bankruptcy Code and Bankruptcy Rules 6004 and 9019, Authorizing the Trustee to Consent to Amendments of Certain Equipment Notes and the Assumption, Assignment and Amendment of Leveraged Lease Documents with General Motors Corporation n/k/a Motors Liquidation Company (Adv. Proc. No. 08-01420, Docket No. 2407) [Objections are due by January 8, 2010 at 4:00 p.m.]
(r) Trustee’s Application for an Order Pursuant to Section 365(d)(1) of the Bankruptcy Code Further Extending the Time within Which the Trustee May Assume or Reject Executory Contracts and Certain Unexpired Leases (Adv. Proc. No. 08-01420, Docket No. 2435) [Objections are due by January 8, 2010 at 4:00 p.m.]
(s) 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.]
01/13/2010 @ 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 (The Official Committee of Unsecured Creditors v. Lehman Brothers Holdings Inc., et al., Adv. Proc. No. 09-01733, Docket No. 2)
(b) Pre-trial Conference (Lehman Brothers Holdings Inc. v. Barclays Capital, Inc., Adv. Proc. No. 09-01731, Docket No. 2)
I was able to get 2000 at .135 and that's it.
What the Financial Crisis Commission Should Ask
http://www.nytimes.com/2010/01/12/business/12sorkin.html
On Wednesday, the first hearing of the Financial Crisis Inquiry Commission — what many are calling this century’s equivalent of a Pecora-style investigation that scrutinized the market crash of 1929 — will take place in Washington.
Wall Street’s top brass are planning to be there (and yes, they are flying down the night before so they don’t miss it): Lloyd C. Blankfein of Goldman Sachs, Jamie Dimon of JPMorgan Chase, John J. Mack of Morgan Stanley and Brian T. Moynihan of Bank of America.
The hearing, of course, will partly be political theater. There will be finger-pointing. But if the committee uses its inquiry for its stated purpose — “hearing testimony on the causes and current state of the crisis” — it may help direct the national conversation and steer the current reform efforts.
In the spirit of trying to help start some lively discussions, here are some questions they might consider asking:
¶Mr. Blankfein, your firm, and others, created and sold bundles of mortgages known as collateralized debt obligations that it simultaneously sold short, or bet against. These C.D.O.’s turned out to be bad investments for the people who bought them, but your short bets paid off for Goldman Sachs.
In the process of selling them to institutional investors, however, your firm lobbied ratings agencies to assign them high ratings as solid bets — even as your firm planned on shorting them.
Could you explain how Goldman bet against these C.D.O.’s while simultaneously trying to persuade ratings agencies and investors that they were good investments? Were they designed from the outset to be shorted by Goldman and possibly select clients? And were those clients involved in helping design these transactions? What explicit disclosures did you make to Standard & Poor’s and Moody’s about your plans to short these instruments? And should we continue to allow transactions in which you’re betting against what you’re also selling?
¶Mr. Dimon, during the final week before Lehman Brothers collapsed, your firm asked Lehman to post billions of dollars in collateral and threatened to stop clearing Lehman’s trades if it didn’t do so. That demand had the effect of depleting Lehman’s capital base, just when it desperately needed that capital to return funds to investors who were asking for their money back.
JPMorgan clearly was trying to protect itself. But could you explain what impact you believe that “collateral call” had on Lehman’s failure and the ensuing market crisis?
¶This one is for the entire group. All of your firms are involved in some form of proprietary trading, or using your own capital to make financial bets, not unlike hedge funds and other private investors. As the recent crisis has shown, these bets can go catastrophically wrong and endanger the global financial system.
Given that the government sent a clear signal in the crisis that it would not let the biggest firms fail, why should taxpayers guarantee this sort of trading? Why should the government backstop what amounts to giant hedge funds inside the walls of your firms? How is such trading helpful to the broader financial system?
¶A question for all the executives about bonuses: We keep hearing that you plan to pay out billions in bonuses this year. Given that they come out of profits that, to a large degree, seem to be the result of government programs to prop up and stimulate the banking sector, do you think they are deserved, even if they are in stock? And, while we’re on the topic, given the market crisis of 2008, were you all overpaid in 2007?
¶Again, for the group: Over the last year, your firms have actively used the Federal Reserve’s discount window to exchange various investments (including C.D.O.’s) for cash. You probably have a better idea than most about what those assets now sitting on the Fed’s balance sheet are worth.
Given the growing calls for regular audits of the Fed (an idea being resisted by the likes of the chairman, Ben Bernanke), do you think the demands for such audits are warranted?
¶This question is for Mr. Mack. In November, in a surprisingly candid moment, you publicly declared, “Regulators have to be much more involved.” You then added, “We cannot control ourselves.” Can you elaborate on those comments? Is Wall Street inherently incapable of policing itself — a view contrary to what most of your peers have argued?
¶Mr. Blankfein. Your firm, like other banks on this panel, was paid in full by the American International Group on various financial contracts, thanks to the government’s bailout. You can understand how this has whipped up no small amount of fury and questions over why A.I.G. and the government did not try to renegotiate those contracts.
Because your firm was the largest beneficiary of the government’s decision, did you or any of your employees lobby the Fed, Treasury or any other government agency for this “100 cents on a dollar” payout? If so, enlighten us about those conversations.
¶This is for Mr. Moynihan. Please explain — and no jargon, please — why your firm believed it didn’t have to disclose mounting losses at Merrill Lynch ahead of a shareholder vote in December 2008. After all, investigations into the matter suggest company executives knew of the $4.5 billion loss Merrill suffered in October before that vote.
And why, just a week or so after you became general counsel, did Bank of America decide to tell the government about those same losses that it chose not to tell shareholders about?
¶To Mr. Dimon and Mr. Moynihan: Your industry has vigorously opposed creating a consumer protection agency. But it’s clear that your millions of retail customers weren’t adequately protected, leading to hardship and heartbreak across the nation. Because you oppose creating such a regulator, what should be done to ensure these problems don’t happen again?
Love those last minute edits on press releases.
I like that title better :P
This class is an absolute steal at this price. Even Stevie Wonder can see that :P
Bryan Marshal is going to make an example out of the BIG banks and Judge Peck is going to make an example of Barclays.
I love it!!! Go Lehman Brothers and Weil.
Lehman warns on ‘unreasonable’ US claims
By Anousha Sakoui
http://www.ft.com/cms/s/0/c4fc9870-fef1-11de-a677-00144feab49a.html
Published: January 11 2010 22:34 | Last updated: January 11 2010 22:34
Big banks seeking to make windfall profits by making “outrageously unreasonable” claims against Lehman Brothers’ US business will be forced to prove their case in public courts, the executive leading the unwinding of the failed bank has warned.
Bryan Marsal, the chief executive of Lehman Brothers Holdings, who is responsible for maximising recoveries to all its creditors, said he was planning to make an example of big banks seeking to claim more than they should on billions of dollars of losses linked to trades in derivatives.
EDITOR’S CHOICE
In depth: Lehman Brothers - Oct-13
Lehman seeks to expose ‘silly’ claims - Jan-11
Lehman Europe set to return assets - Dec-29
Collapsed Lehman pays out big bonuses - Dec-21
Bangkok group takes aim at Lehman sale - Dec-03
He said: “We are going to go after the outliers. “We plan to bring these claimants in front of the judge to argue why this claim is not warranted and by doing so persuade the other claimants to be more reasonable.”
His comments come as the unwinding of Lehman Brothers moves into its second year.
Mr Marsal and his team are expected to focus this year on resolving the more than $800bn (£496bn) of claims for losses that have been made against the US estate of Lehman.
Those claims linked to derivatives are expected to pose the biggest challenge to unwind and the bankruptcy of the investment bank is being widely watched for precedents in this process.
Mr Marsal said: “There are a lot of innocent people that got hurt big time by the collapse of Lehman and we need to make sure the banks understand that this is not a profit windfall, that damages being claimed [ ... ] are in most cases far in excess of losses.
“We will be in court with these claims in the second quarter, if these banks don’t come to their senses before.”
About $60bn in claims linked to derivatives have been made including those from about 40 of the largest US banks.
While Mr Marsal said they were not rejecting legitimate claims, he wanted the large institutions to co-operate in proving their claims.
Banks have been using provisions under standard contracts by the trade body for the derivatives industry to calculate their potential losses.
But Lehman’s representative believes the process provides banks with “theoretical loss in a market that has no bearing on reality” and permits “extremism” in the calculation of the value of the claims.
However, people familiar with some of the claims said the bankruptcy process allowed banks to make claims and that the losses accounted for the increased cost at the time to replace those trades.
Copyright The Financial Times Limited 2010. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web.
and a nice 72.50 dividend if it ever gets reinstated.
Best of luck to you.
Great Job Everyone. I got out of another position late so I missed the 2.80... but added a few hundred at 3.25. No complaints here :)
Go Lehman Brothers and Weil... Show us the money!!!
Definitely time to load up on the cheapies here. I'm blown away by the PPS. What a steal of a deal
Can't wait until the NOL for Lehman Brothers hits the wire. Wow, that will set all of the classes off.
Tick tock...
Can't wait until the NOL for Lehman Brothers hits the wire. Wow, that will set all of the classes off.
Tick tock...
For your sake, I wish you could have held on to them, but we all have different reasons for buying and selling.
Thank you for giving us a heads up on selling your shares. Best of luck to you saudek
I want them... working it now.
3.50 now... Slap it.
of course they do. They don't want people selling off and coming over here.
All I have to say is...to each his own.
More games...they want to piss you off so you pull your bid out. Leave it, they will fill it. The MMs know where this is going.
Persistence is key here.... good luck to you tomorrow.
L2 Problem? Is there a problem with L2 again?
I love it when they try to hide all of the buys...
http://ih.advfn.com/p.php?pid=trades&cb=1262745658&symbol=LEHPQ&java_vm=sun&java_vm_ver=1.6.0_14
Just hold on to those shares tight...as they are going to be worth some serious money IMHO.
It might take a bit of time, but it will be worth the wait.
Lehman’s Plan to Handle Claims Contrary to Law, Creditor Says
http://www.businessweek.com/news/2010-01-05/lehman-s-plan-to-handle-claims-contrary-to-law-creditor-says.html
January 05, 2010, 06:30 PM EST
By Linda Sandler
Jan. 5 (Bloomberg) -- Lehman Brothers Holdings Inc., which aims to trim $824 billion in claims filed by creditors, is asking the judge for powers that fly “in the face of” U.S. law and policy, said Bundesverband deutscher Banken, a German bank association, in a court filing today.
The defunct investment bank asked a U.S. bankruptcy judge to let it file so-called omnibus objections to certain claims, notifying creditors that the amounts sought contradict Lehman’s books and records, or aren’t Lehman’s obligations. With such powers, Lehman would avoid its “burden” to explain to each creditor why a claim is being rejected, the association said.
“Simply saying that the debtors’ books and records do not agree with, or that the debtors are not liable on, a particular filed claim, does not constitute evidence at all,” the association said in the filing.
While generalized objections to claims are allowed by bankruptcy rules in order to speed cases with large numbers of creditors, their use is restricted to protect claimants’ rights, the association said.
Lehman spokeswoman Kimberly Macleod didn’t immediately respond to an e-mail seeking comment.
Founded in Cologne, the association represents more than 220 private banks, according to its Web site.
Lehman filed the biggest U.S. bankruptcy with assets of $639 billion.
The case is In re Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
Saw that too. Must be nice to get 1393 shares at 59.25.
Crooked MMs
I've got my PARLAY!!! Go LEHMAN!!!
Go Viva!!! Slap it!!!
LEHMAN 2010!!!