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Had to slap the ask again @ .04. I will continue to load up on these cheapies.
Thanks Coach... Keep up the good work.
I agree. We should start seeing new HODs
It appears we are in court today...
Notice of Hearing / Notice of Agenda of Matters Scheduled for Hearing on August 11, 2009 at 10:00 a.m. filed by Harvey R. Miller on behalf of Lehman Brothers Holdings Inc.. with hearing to be held on 8/11/2009 at 10:00 AM at Courtroom 601 (JMP) (Miller, Harvey)
http://chapter11.epiqsystems.com/viewdocument.aspx?DocumentPk=fe0a5982-fe0b-40fc-b179-d2197f037f84
It appears we are in court today...
Notice of Hearing / Notice of Agenda of Matters Scheduled for Hearing on August 11, 2009 at 10:00 a.m. filed by Harvey R. Miller on behalf of Lehman Brothers Holdings Inc.. with hearing to be held on 8/11/2009 at 10:00 AM at Courtroom 601 (JMP) (Miller, Harvey)
http://chapter11.epiqsystems.com/viewdocument.aspx?DocumentPk=fe0a5982-fe0b-40fc-b179-d2197f037f84
Lehman Contract Is Test Case for Billions of Dollars of Swaps
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=40394909
Lehman Contract Is Test Case for Billions of Dollars of Swaps
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=40394909
Lehman Contract Is Test Case for Billions of Dollars of Swaps
http://www.bloomberg.com/apps/news?pid=20601087&sid=ahuP0BY84qPg
Aug. 11 (Bloomberg) -- A U.S. bankruptcy judge may have a controlling say in resolving a dispute in a U.K. court between Lehman Brothers Holdings Inc. and a Bank of New York Mellon Corp. unit over a swap agreement that could affect billions of dollars of similar contracts.
At issue is who under U.S. bankruptcy law gets paid first under two swap agreements related to Lehman’s so-called Dante program of credit-linked notes -- Lehman or investors who bought the notes. Lehman lost under U.K. contract law. The U.K. judge left the question of U.S. bankruptcy law open as Lehman appeals his ruling.
“This issue has never been tested in court in the U.S.,” said Guy Dempsey, co-chair of the derivatives group at the law firm Latham & Watkins LLP.
Lehman, the investment bank liquidating in bankruptcy, says it is owed $70 million on the swaps and wants to get paid. BNY Corporate Trustee Services Ltd., acting for the note-holders, wants the case dismissed and cites a U.K. judge who said last month that note-holders are entitled to the payments under U.K. law now that Lehman is bankrupt.
The case, being considered in bankruptcy court in New York today, may affect many other swap agreements designed like Lehman’s, which includes an indenture and a sequence of payments, Dempsey and other experts said.
Terms of the two Lehman transactions, named Dante after the entity that issued the notes, specify that investors have first claim on whatever money is available if Lehman defaults or goes bankrupt. While the U.K.-based contract favors the noteholders, U.S. bankruptcy law normally protects a debtor company’s assets. Lehman is asking the bankruptcy judge to rule in its favor.
Not Yet Tested
Not yet tested is whether U.S. law permits the investors to use a written contract to give themselves priority claims after a bankruptcy. In the U.K., the related case was brought against Lehman by a trustee for Australian note-holders, Perpetual Trustee Co.
Rating agencies could start to downgrade credit-linked notes if the bankruptcy judge says Lehman can take away assets protecting the investments, debt research firm CreditSights Inc. said in a July 12 report. Insulating such deals from bankruptcy “forms the bedrock of securitization, CreditSights analyst Atish Kakodkar said in the report.
Lehman had a similar tussle last month in the U.S. over who owed what to whom with Metavante Corp., a company involved in another swap agreement. U.S. Bankruptcy Judge James Peck, in charge of Lehman’s bankruptcy, said in that case that he believed Lehman should be paid. He postponed a decision until September to give the opponents time to settle the issue themselves, Dempsey said.
Biggest Bankruptcy
Last September, Lehman filed the biggest U.S. bankruptcy ever with assets of $639 billion . It sued Bank of New York on May 20 over payments related to the credit-linked notes, issued by an entity it set up, Dante Finance Public Ltd.
“The bankruptcy code protects debtors from being penalized for filing a Chapter 11 case, notwithstanding any contractual provisions or applicable law that would have that effect,” Lehman said in its complaint.
Lawyers for Bank of New York, Eric Schaffer and Michael Venditto of Reed Smith LLP, didn’t returns calls or e-mails seeking comment.
The adversary case is In re: Lehman Brothers Holdings Inc. v. BNY Corporate Trustee Services Ltd., 09-01242, U.S. Bankruptcy Court, Southern District (Manhattan).
To contact the reporters responsible for this story: Linda Sandler in New York at lsandler@bloomberg.net;
Last Updated: August 10, 2009 19:01 EDT
I was lucky to pickup some Cs and Ds before they stopped trading. They are under my pillow for the time being.
I think so... I kept sitting on the bid this morning and the MMs kept playing games with me, so as they say... slap that ask :)
I just slapped the ask @ .03 141,630. Almost half the price of the commons... couldn't pass it up.
Stealing shares :)
Add another 50 million to the pot :)
http://www.bizjournals.com/southflorida/stories/2009/08/03/daily78.html?ana=from_rss
We have one in Chandler, AZ that's still WAMU. There is no cover over the sign or anything. Straight WAMU for now.
Hey Jerle, when you get a chance can you take at the calendar sticky note. I wanted to see what we have coming up and it appears that the link is not working correctly.
Thanks!
Deadline Established to Assert Claims Against Lehman Brothers
http://www.linexlegal.com/content.php?content_id=98967
Deadline Established to Assert Claims Against Lehman Brothers
Source: Katten Muchin Rosenman LLP - The court overseeing the chapter 11 bankruptcy cases of Lehman Brothers Holdings Inc. and various subsidiaries, has entered an order establishing deadlines and procedures for filing claims against the Debtors. In terms of procedural requirements, the order places unusual burdens on parties whose claims are based on derivative contracts and guarantees.
Alvarez Comments on F.D.I.C.’s Takeover Rules
http://dealbook.blogs.nytimes.com/2009/08/04/alvarez-comments-on-fdics-takeover-rules/
LOL. I would say the word "Commanded" is VERY clear.
At Barclays, It's All About Lehman
http://www.minyanville.com/articles/GS-jpm-HBC-bcs/index/a/23855/from/yahoo
My favorite sentence...
Those moves have stabilized Lehman's business while adding billions of dollars to the bankruptcy estate. Adding BILLIONS not millions... Love it!
t 0.095 100000 OTO 16:06:08
t 0.094 21000 OTO 16:00:58
t 0.093 49570 OTO 16:00:37
t 0.094 25000 OTO 16:00:32
t 0.094 100000 OTO 16:00:05
t 0.094 200 OTO 16:00:03
t 0.094 375 OTO 16:00:03
t 0.094 175 OTO 16:00:03
0.094 30000 OTO 15:59:58
0.0985 400000 OTO 15:59:16
0.094 223430 OTO 15:58:56
0.095 100000 OTO 15:58:42
0.094 78412 OTO 15:57:47
0.0945 3000 OTO 15:57:07
0.095 33000 OTO 15:57:07
0.0945 1000 OTO 15:57:07
0.094 500 OTO 15:57:05
0.095 39343 OTO 15:57:01
0.095 1000 OTO 15:56:41
0.095 50000 OTO 15:56:41
0.095 4000 OTO 15:56:41
0.095 19588 OTO 15:56:41
0.095 4400 OTO 15:56:30
0.095 50000 OTO 15:56:21
0.095 50000 OTO 15:56:14
0.095 50000 OTO 15:56:13
0.095 50000 OTO 15:55:59
0.0951 5000 OTO 15:55:53
0.095 7557 OTO 15:54:13
0.095 25000 OTO 15:54:09
Need to go to work now so I can support my current holdings in Wamu, but I hope everyone on this board wins. GLTA.
Go Wamu!!!
Smart, they will fill it slowly.
Are you hitting the bid or the ask?
:) lol... That would do it too.
We all know the stock market is crooked as h-ll, we just need to be on the right team at the right time to win.
I like the ole saying you can't catch the BIG FISH if you don't have your line in the water.
because they are shorting the stock. If they really cared about their customers buying and selling a bk stock why do they unrestrict and restrict the stock... the things that make you go hmmmmm.
time to suit up folks...
Time to suit up folks...
Look 29.70 again.
I think the MMs will keep it down in 17-18 and gap up tomorrow morning.
Yes I saw it. Nice
400 shares @ 23.50... Sweet!
Neuberger Berman buys Lehman trust companies
http://www.pionline.com/article/20090723/DAILYREG/907239979
http://www.reuters.com/article/mergersNews/idUSN2343268820090723
Neuberger Berman buys Lehman trust companies
http://www.pionline.com/article/20090723/DAILYREG/907239979
http://www.reuters.com/article/mergersNews/idUSN2343268820090723
Neuberger Berman buys Lehman trust companies
http://www.pionline.com/article/20090723/DAILYREG/907239979
http://www.reuters.com/article/mergersNews/idUSN2343268820090723
Looks like you got some more filled @ .021 too. Was that you? If so, good job. I bought 85,000 @ .05.
New Cadillac? Now that is funny... That's like giving them a Ford Pinto. LMAO! These guys are making a few hundred million on Wamu and Lehman and all we are giving them is a Cadillac.
Lehman appears to be working hard on restoring confidence in their company.
http://www.bizjournals.com/sanfrancisco/stories/2009/07/20/daily48.html
Real estate investment firm Broadway Partners and Lehman Brothers Holdings have restructured and resolved all near-term debt obligations on a 10-property Broadway-owned portfolio that includes 100 California St., One Sansome St., and 50 Beale St., the companies said Wednesday in a statement.
Under the agreement, Broadway, in a joint venture relationship with Lehman, will contribute capital and retain an ownership interest in a majority of the portfolio, that includes 1000 Wilshire Blvd. in Los Angeles, 116 Huntington St. in Boston, as well as two properties in Virginia. The capital investment is critical to “maintain the Class A nature of the properties” and will ensure a “stable and positive experience for current and future tenants,” according to a statement from the two companies. Funds will be used for anticipated leasing costs as well as capital upgrades.
The deed on a fourth Broadway San Francisco property, 120 Howard St., will be transferred in lieu of foreclosure to Prudential Real Estate Investors, according to brokerage sources familiar with the situation.
“This settlement takes care of all of Broadway’s near-term debt obligations in this portfolio for the next three years, insulating us from continuing credit market problems while we concentrate on portfolio strategy and maintaining superior service to our tenants,” said Broadway Partners founder and CEO Scott Lawlor, “We’re very pleased that we were able to reach a solution with Lehman that met our respective objectives.”
Purchased at the height of the market in 2007 at an average of $500 a square foot, the Broadway portfolio was considered distressed and many observers expected the investor would give all four San Francisco San Francisco buildings back to its lender. Since the New York-based Broadway jumped into the San Francisco market, values have dropped significantly. A building at 250 Montgomery that sold for $400 a square foot in 2006 recently changed hands for $173 a square foot.
A spokesperson for Lehman said “we are pleased to have successfully negotiated this restructuring, as it ensures the stability and viability of these significant assets within their markets.”
“Maintaining and, ultimately, increasing the value of the properties is our primary concern, and one that is shared by all of the participants in the capital structure,” said the Lehman spokesperson. “ Supporting the assets and enhancing the tenant experience are critical to accomplishing that. The outcome demonstrates how lenders and borrowers can come together in good faith and work out difficult debt-maturity situations caused by an illiquid market.”
Lehman appears to be working hard on restoring confidence in their company.
http://www.bizjournals.com/sanfrancisco/stories/2009/07/20/daily48.html
Real estate investment firm Broadway Partners and Lehman Brothers Holdings have restructured and resolved all near-term debt obligations on a 10-property Broadway-owned portfolio that includes 100 California St., One Sansome St., and 50 Beale St., the companies said Wednesday in a statement.
Under the agreement, Broadway, in a joint venture relationship with Lehman, will contribute capital and retain an ownership interest in a majority of the portfolio, that includes 1000 Wilshire Blvd. in Los Angeles, 116 Huntington St. in Boston, as well as two properties in Virginia. The capital investment is critical to “maintain the Class A nature of the properties” and will ensure a “stable and positive experience for current and future tenants,” according to a statement from the two companies. Funds will be used for anticipated leasing costs as well as capital upgrades.
The deed on a fourth Broadway San Francisco property, 120 Howard St., will be transferred in lieu of foreclosure to Prudential Real Estate Investors, according to brokerage sources familiar with the situation.
“This settlement takes care of all of Broadway’s near-term debt obligations in this portfolio for the next three years, insulating us from continuing credit market problems while we concentrate on portfolio strategy and maintaining superior service to our tenants,” said Broadway Partners founder and CEO Scott Lawlor, “We’re very pleased that we were able to reach a solution with Lehman that met our respective objectives.”
Purchased at the height of the market in 2007 at an average of $500 a square foot, the Broadway portfolio was considered distressed and many observers expected the investor would give all four San Francisco San Francisco buildings back to its lender. Since the New York-based Broadway jumped into the San Francisco market, values have dropped significantly. A building at 250 Montgomery that sold for $400 a square foot in 2006 recently changed hands for $173 a square foot.
A spokesperson for Lehman said “we are pleased to have successfully negotiated this restructuring, as it ensures the stability and viability of these significant assets within their markets.”
“Maintaining and, ultimately, increasing the value of the properties is our primary concern, and one that is shared by all of the participants in the capital structure,” said the Lehman spokesperson. “ Supporting the assets and enhancing the tenant experience are critical to accomplishing that. The outcome demonstrates how lenders and borrowers can come together in good faith and work out difficult debt-maturity situations caused by an illiquid market.”