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and may be worth the same price as gold per ounce in the future.
Holy Crap... 12 billion plus damages. Go Lehman!!!
Thought that was a new article with new numbers. It's dated as September 16th 2009.
Half a billion dollars is some serious money to be making a month in BK. Go Lehman!!!
LEHMAN BROTHERS HOLDINGS INC - 8-K (Filed: 13-11-2009)
http://www.sec.gov/Archives/edgar/data/806085/000110465909064918/0001104659-09-064918-index.htm
LEHMAN BROTHERS HOLDINGS INC - 8-K (Filed: 13-11-2009)
http://www.sec.gov/Archives/edgar/data/806085/000110465909064918/0001104659-09-064918-index.htm
Long, but good document to read...
Docket 2055:
http://chap11.epiqsystems.com/viewdocument.aspx?DocumentPk=45546cc4-1355-441d-8bbd-9bba27942de8
Shady... Glad I have my shares locked in. I don't see that trade anywhere. Did you see that in L2?
Followed by some more manipulation below the bid.
Nice, let's move the Js UP...
I love it. Nice Job, Brikk. New York Times, gotta love it.
Great article, goforthebet. Thanks!
I know High Roller and VivaVegas are aware of the NOL discussions we have had... maybe we can get them to chime in.
All I have to say is hold on to your shares tight... Kung Fu grip :P
Absolutely, we have had many discussions on this topic on the WAMU board. Sorry for mentioning another board but it is relevant.
As you know, just because they are in BK doesn't mean taxes and refunds stop. We are entitled to the NOL carryback.
Even though we are in BK we still are able to receive the Net Operating Loss refund, which in this case would be billions of dollars.
Here's the additional information from investoepedia...
Operating Loss - NOL
What Does It Mean?
What Does Net Operating Loss - NOL Mean?
A period in which a company's allowable tax deductions are greater than its taxable income, resulting in a negative taxable income. This generally occurs when a company has incurred more expenses than revenues during the period.
The net operating loss for the company can generally be used to recover past tax payments or reduce future tax payments. The reasoning behind this is that because corporations are required to pay taxes when it earns money, it deserves some form of tax relief when it loses money.
Investopedia Says
Investopedia explains Net Operating Loss - NOL
If a company has a net operating loss, it can apply this tax relief in two ways or through a combination of both. The company can apply the net operating loss to their past tax payments and receive a tax credit. It could also apply the net operating loss to future income tax payments, reducing payments they need to make in future periods. The terms of the tax relief and how it can be applied varies by jurisdiction but usually the NOL can be applied to the past few years (2-3) and much more to the future (7-10) years.
This term is really just fancy jargon for the company losing money. It makes sense that you should have to pay tax before you get "out of the hole". For example, say you lose $1 million in your first year of business and make $5 million the next year. It wouldn't be fair for you to have to pay tax on a profit of $5 million, because you are really only ahead by $4 million ($5 million profit - the $1 million loss).
Great News: The NOL carryback for Lehman is going to be HUGE. Billions not millions IMHO.
http://www.glgroup.com/News/Obama-Expected-to-Sign-Generous-NOL-Carryback-Bill-on-Friday-44635.html
"President Obama is expected to sign the bill on Friday which would result in the immediate filing for refunds by many companies."
from the Prospectus... All of the preferred classes have the same information regarding ranking.
Ranking. The Preferred Stock:
•
will rank senior to Lehman Brothers Holdings' common stock, and any other capital stock of Lehman Brothers Holdings ranking junior to the Preferred Stock, with respect to the payment of dividends and distributions upon liquidation, dissolution or winding up; and
•
will rank equally with each other series of parity stock that Lehman Brothers Holdings has issued or may issue with respect to the payment of dividends and distributions upon liquidation, dissolution or winding up.
The Preferred Stock ranks on an equal basis as to dividends and upon liquidation, dissolution or winding up with our 5.94% Cumulative Preferred Stock, Series C, 5.67% Cumulative Preferred Stock, Series D, 6.50% Cumulative Preferred Stock, Series F, Floating Rate Cumulative Preferred Stock, Series G, and 7.95% Non-Cumulative Perpetual Preferred Stock, Series J, which are currently outstanding, and will rank on an equal basis with our Non-Cumulative Perpetual Preferred Stock, Series H, and Non-Cumulative Perpetual Preferred Stock, Series I, when they are issued. We may from time to time, without notice to or consent from the holders of the Preferred Stock, create and issue additional shares of preferred stock ranking on an equal basis to the Preferred Stock as to dividends and upon liquidation, dissolution or winding up.
Voting Rights. Holders of the Preferred Stock will have no voting rights, except as provided below or as otherwise provided by applicable law.
Whenever dividends payable on the shares of Preferred Stock have not been paid for six or more dividend periods, whether or not consecutive, the authorized number of our directors will automatically be increased by two. The holders of the Preferred Stock will have the right, with holders of any other equally ranked series of preferred stock that have similar voting rights and on which dividends likewise have not been paid, voting together as a class, to elect two directors to fill such newly created directorships at our next annual meeting of stockholders and at each of our subsequent annual meetings until full dividends have been paid on the Preferred Stock for at least four consecutive dividend periods. At that point the right to elect directors terminates, and the terms of office of the two directors so elected will terminate immediately.
Additionally, so long as any shares of the Preferred Stock remain outstanding, we will not, without the affirmative vote of the holders of at least two-thirds of the Preferred Stock outstanding at the time, given in person or by proxy, either in writing or at a meeting (voting separately as a class):
•
authorize, create or issue any of our capital stock ranking, as to dividends or upon liquidation, dissolution or winding up, senior to the Preferred Stock, or reclassify any of our authorized capital stock into any such shares of such capital stock, or issue any obligation or security convertible into or evidencing the right to purchase any such shares; or
•
amend, alter or repeal the certificate of designation for the Preferred Stock or our restated certificate of incorporation, whether by merger, consolidation or otherwise, so as to adversely affect the powers, preferences or special rights of the Preferred Stock.
Any
•
increase in the amount of authorized common or preferred stock; or
•
increase or decrease in the number of shares of any series of preferred stock; or
•
authorization and issuance of other classes or series of stock;
True, but if one preferred gets paid they all need to be paid. I don't think there is any priority for the preferred classes. It might be based on a percentage across the board.
I would say the examiner has some incriminating evidence. Go Lehman and Weil!!!
This could get very interesting.
According to Judge Peck they are sitting on a HUGE pile of cash... :P You betcha... Go Lehman
The masked MM is stealing 1000-3000 shares a day.
That was an out of sequence trade for 14 shares. 6.75 is still the last trade for the day. 100 short shares is not a significant amount of short shares left.
I like his background and credentials PHD in Finance. Great addition to our team.
Lehman Taps Ex-CS Credit Bigwig
Lehman Brothers has hired Jean-François Dreyfus, the former head of credit correlation and volatility trading at Credit Suisse in New York. ...
SWEET!!! Lets move it up baby
LBHGP-- Can someone please post the L2 grey market BID/ASK for this class.
Thank you.
game over was his honest opinion (wink, wink) LMAO!
The least he can do is back it up with some substance.
You should get out now then... before it goes to a penny or sub-penny. Just my honest opinion. Why wait and lose money?
Bye.
Keep in mind that debt can be negotiated and drawn out over time. Some money is better than no money to the creditors. This will also buy us time for the economy to correct itself.
Let's negotiate the debt down and put the creditors on SLOW pay.
We can tell them the check is in the mail :P
Court Agenda for tomorrow:
Notice of Hearing : Notice of Agenda of Matters Scheduled for Hearing on October 28, 2009 at 2:00 p.m. filed by Richard W. Slack on behalf of Lehman Brothers Holdings Inc.. with hearing to be held on 10/28/2009 at 02:00 PM at Courtroom 601 (JMP) (Slack, Richard)
http://chap11.epiqsystems.com/viewdocument.aspx?DocumentPk=52a55ea5-c5d5-48af-87a4-e0ee80c4714f
Court Agenda for tomorrow:
Notice of Hearing : Notice of Agenda of Matters Scheduled for Hearing on October 28, 2009 at 2:00 p.m. filed by Richard W. Slack on behalf of Lehman Brothers Holdings Inc.. with hearing to be held on 10/28/2009 at 02:00 PM at Courtroom 601 (JMP) (Slack, Richard)
http://chap11.epiqsystems.com/viewdocument.aspx?DocumentPk=52a55ea5-c5d5-48af-87a4-e0ee80c4714f
Hoorah slap that ask...
I'm seeing a problem with the volume and quotes right now on 2 different platforms
I'd be very surprised if you get filled, but if you do great job.
Please let us know.
Yes, there was court today, but I can't find any good information on it. There is this article from 51 minutes ago.
http://www.ft.com/cms/s/0/0a0bd22c-c299-11de-be3a-00144feab49a.html
Note: The hearing is expected to continue today, although judgment is likely to be reserved until a later date.
All I know is someone was picking up some cheapies here today and unfortunately it wasn't me this time.
Was anyone lucky enough to get some 4.50s?