is lurking...
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.
Most likely, the purchase date of the Private Placement Shares will be in effect.
The Form D filing on 03/05/2009 indicates the date of the first sale was 01/12/2009. Restrictions should be lifted on some of these shares beginning 01/12/2010...
http://google.brand.edgar-online.com/default.aspx?companyid=385706
As of November 1, 2009, the current share structure is likely to be...
Authorized shares = 500,000,000
Outstanding Shares = 375,709,898
Restricted Shares = 85,716,328
Float = 289,993,570
RS? Anything's possible, but only appealing if it's related to an uplisting to a higher exchange. Keep in mind, Dean owns a little over 62M shares... RS affects him more than anyone else.
Within the Float are 107,184,027 Private Placement Shares... holders of these shares are not likely to make an early exit and will seek to maximized their investment.
The value of this stock has more to do with the potential of the Dominion than comparisons with any other up & coming small company. I would not underestimate the value of the dominion technology, or IMGG shares, especially now when CT is being slammed from all directions.
If there's anything is imminent about this company... it's a buyout.
(jmo)
Here's link that may connect with Qasp...
I've been reading this board for a few weeks, but haven't seen this LLC mentioned... located in Salt Lake City, Utah... David M. Rees of Vincent & Rees is a member...
http://covalencesolutions.com/index.html
What we do
Strategic Services
Covalence Solutions delivers strategic services to emerging companies as well as Fortune 1000 clients to assist them in
developing their business through increased revenue, improved asset utilization, or through cost reductions.
We help out clients by assisting them develop and operationalize business, marketing, and financial strategies. By using primary/secondary market research, financial analysis, market opportunity assessments, competitive analysis, and scenario analysis, we deliver measurable results for our clients. We manage the capital raise from preparation of the deal through filing, road show, development, legal through closing and follow-on services.
Services
An Overview of our Services
• Mezzanine Financing whether private or public
• Partnership development
• Exit strategy development
• Financial restructuring
• Technology partnerships or licenses
• Strategic consulting services
• Marketing strategy development
• Legal services to support your needs
• Investment banking services
• Operations and supply chain improvement
---------
David Rees
Capital Formation and Legal Services
Besides being a Partner with Covalence Solutions, David M. Rees is a partner in the Salt Lake City firm of Vincent & Rees, a law and business advisory firm. David has represented and worked extensively with numerous finance and lending institutions, assisting with the due diligence process for lending as well as structuring hundreds of debt financing transactions. David has many years of experience working with small, medium and large companies in various capacities, including in mergers and acquisitions, arranging and structuring financing, operations, sales/marketing, and cross-border transactions. David has assisted many companies in going public and going private, raising capital, and growing sales opportunities within the US and internationally. David has traveled extensively throughout Asia throughout his business career.
David is also currently serving as a member of the Board of Directors of Learning Through Sports, a privately held education company in Birmingham, Alabama.
Among other previous positions, David has served as CEO of Well Renewal, a diversified oil and gas services company in Tulsa, Oklahoma; CEO of English Language Learning and Instruction System, a publicly traded educational software company in Sandy, Utah; as a member of the Board of Directors and Vice President of Strategic Planning for iMall, a publicly traded Internet company in Provo, Utah and Los Angeles, California; as a Vice President of Investment Banking for Catalyst Financial in Connecticut; and as general counsel to numerous public and private companies; and as a member of the Board of Directors of Shaka, a shoe and apparel company in Kona, Hawaii.
David was an associate in the Mergers & Acquisitions and Corporate Finance departments at the law firm of Skadden, Arps, Slate, Meagher & Flom in New York, NY.
David received his B.A. in History from Weber State University in 1990 and his J.D. from New York University in 1993. David is 43 years of age.
Radiation from CT scans may raise cancer risks
http://www.reuters.com/article/idUSTRE5BD4VD20091214
Julie Steenhuysen
CHICAGO
Mon Dec 14, 2009 4:30pm EST
CHICAGO (Reuters) - Radiation from CT scans done in 2007 will cause 29,000 cancers and kill nearly 15,000 Americans, researchers said on Monday.
Health
The findings, published in the Archives of Internal Medicine, add to mounting evidence that Americans are overexposed to radiation from diagnostic tests, especially from a specialized kind of X-ray called a computed tomography, or CT, scan.
"What we learned is there is a significant amount of radiation with these CT scans, more than what we thought, and there is a significant number of cancers," said Dr. Rita Redberg, editor of the Archives of Internal Medicine, where the studies were published.
"It's estimated that just from the CT scans done in one year, just in 2007, there will be 15,000 excess deaths," Redberg said in a telephone interview.
"We're doing millions of CT scans every year and the numbers are increasing. That is a lot of excess deaths."
CT scans give doctors a view inside the body, often eliminating the need for exploratory surgery. But CT scans involve much higher radiation dose than conventional X-rays. A chest CT scan exposes the patient to more than 100 times the radiation dose of a chest X-ray.
About 70 million CT scans were done on Americans in 2007, up from 3 million in 1980. Amy Berrington de Gonzalez of the National Cancer Institute and colleagues developed a computer model to estimate the impact of so many scans.
They estimated the scans done in 2007 will cause 29,000 cancers. A third of the projected cancers will occur in people who were ages 35 to 54 when they got their CT, two-thirds will occur in women and 15 percent will arise from scans done in children or teens.
The researchers estimated there will be an extra 2,000 excess breast cancers just from CT scans done in 2007.
UNNEEDED TESTS
Redberg, who wrote a commentary on the studies, said U.S. doctors' enthusiasm for the tests has led to an explosion in their use that is putting patients at risk.
"While certainly some of the scans are incredibly important and life saving, it is also certain that some of them were not necessary," Redberg said.
In a separate study, Dr. Rebecca Smith-Bindman of the University of California, San Francisco, and colleagues analyzed data from 1,119 patients undergoing the 11 most common types of diagnostic CT scans at four institutions in 2008.
They found radiation dosage varied widely between different types of CT studies, from a median or midpoint of 2 millisieverts for a routine head CT scan to 31 millisieverts for a scan of the abdomen and pelvis, which often involves taking multiple images of the same organ.
By comparison, the average American is exposed to about 3 millisieverts of radiation a year from ground radon or flying in an airplane -- a level not considered a risk to health.
The researchers said efforts need to be taken to minimize CT radiation exposure, including reducing the number of unnecessary tests, cutting the dose per study, and standardizing the doses across facilities.
Imaging equipment makers such as GE Healthcare, Siemens, Philips and Toshiba Medical Systems are working to develop low-dose CT scanners.
(Editing by Bill Trott)
Thank you.
I don't think so...
The "Days To Cover" has been set at 0.5 days for the longest time.
IMGG Short Interest increased...
http://shortsqueeze.com/?symbol=imgg&submit=Short+Quote%99
Imaging3 Inc $
IMGG
Short Interest (Shares Short) 2,681,300
Days To Cover (Short Interest Ratio) 0.5
Short Percent of Float 1.51 %
Short Interest - Prior 2,054,500
Short % Increase / Decrease 30.51 %
Short Squeeze Ranking™ 16
You know chevyman, I have thought about both scenarios as to whether Dean would begin initial production and get bought out a bit later... or as you say, "bought out very soon."
Either way, the company has got to clear their books... seems logical enough.
Another item I missed regarding production...
It my understanding the company will be collecting 50% deposits up-front on all orders for the Dominion. There should be some expectation that the company will have enough cash on hand to cover the initial production.
It seems to me is that the company is making an attempt to clear their books on the old CEO three years of debt that spans six year period... there were payments to others in the recent 10-Q, but those payments appeared to be vague.
It's also seems to me that they have got around $1.6M on hand, more or less, depending on how much the company spent on the RSNA and/or any IMGG shares that may have been sold; of which we are not aware...
And this is just my opinion... if (and only if) the company needs additional cash for production of the Dominions, then the CEO may need to put some cash back into I3.
What I understand from the limited information available to us, the company needed to clear up that old debt in order to move forward into the new phase of production and licensing... buyout probably comes a bit later.
Whats your take on this?
mr_sano,
Based on the recent 10-Q of 11/13/2009, it appears to me that Imaging3 sought to settle old debt with its CEO for the years 2004, 2005 & 2008 with the payment of $1,773,144. I believe there was a mistake made with an over-payment of $1,088,934, but that was acknowledged and corrected.
If I'm missing something in the 10-Q, please let the board know and point to the section in the 10-Q that may be questionable.
---------
Also, did anyone notice the 'Expert Opinions' section of thestreetsweeper.com:
http://www.thestreetsweeper.org/expertopinions.html
Expert Opinions- 10/12/2009 2:24:57 PM
The Street Sweeper is actively recruiting financial bloggers who know how to identify overpriced stocks. It is proud to welcome Timothy Sykes as the first official “volunteer deputy” to join its team. Sykes, who regularly exposes overhyped penny stocks at www.timothysykes.com, boasts an impressive track record. According to his official bio, Sykes turned $12,415 in Bar Mitzvah gift money into $2 million trading stocks while in college and later went on to launch his own hedge fund. He has since written a best-selling book, An American Hedge Fund, and starred in the hit TV show “Wall Street Warriors.” He is currently ranked as the #1 trader on Covestor.com – beating out 30,000-plus competitors – after posting gains of more than 500% over the past two years.
(jmo)
fink,
Thanks for your postings on IMGG and QASP... I've actually learned a few things about trading just by reading your take on things.
I think you'll be back here in time for the party...
Cheers!
It's possible there are some descrepancies in the information contained in the recent Imaging3 SEC Filings which may have caused the postponement of the Shareholders Meeting of December 10, 2009.
Both the "Proxy Statement - Notice of Shareholders Meeting (preliminary) (PRE 14A)" dated 09/22/2009 and the "Proxy Soliciting Materials (revised) (PRER14A)" date 10/09/2009 indicated there were 323,361,552 shares of the Company's Common Stock outstanding on the Record Date of November 2, 2009.
However, a review of the IMGG Quarterly Report (10-Q) dated 11/13/2009 indicated there were 375,709,898 shares of the Company's Common Stock outstanding as of November 1, 2009.
It appears to me there is a descrepancy of outstanding shares totaling 52,348,346 that were undercounted and possibly the reason for the postponement of the Shareholders Meeting.
It seems to me that this situation will have minimal impact to due the fact that we have 375,709,898 shares outstanding on 11/01/2009 and well within the Authorized Shares of 500,000,000. If there happens to have been some recent dilution, I believe it would probably not surpass 431,000,000 (still within the current A/S).
Any discussion regarding an increase of the Authorized Shares to 750,000,000, ratification of the hiring of the Accountant or the number of Company Directors can wait until early next year without any concern.
Recent link to IMGG filings with the SEC:
http://ih.advfn.com/p.php?pid=nmona&cb=1260235507&article=40358103&symbol=NB%5EIMGG
http://ih.advfn.com/p.php?pid=nmona&cb=1260236268&article=39837882&symbol=NB%5EIMGG
http://ih.advfn.com/p.php?pid=nmona&cb=1260236600&article=39575914&symbol=NB%5EIMGG
Link with information regarding "Regulation 14A: Solicitation of Proxies (Rules 14a-1 to 14b-2):"
http://www.law.uc.edu/CCL/34ActRls/reg14A.html
(jmo)
It's here on iHub...
The Acronym Board
http://investorshub.advfn.com/boards/board.aspx?board_id=5827
IMGG short shares are slightly over 2M representing 1.15% of the float. However, I believe the float is a bit higher than 178M...
http://www.shortsqueeze.com/?symbol=imgg&submit=Short+Quote%99
Imaging3 Inc $ 1.20
IMGG 0.05
Short Interest (Shares Short) 2,054,500
Days To Cover (Short Interest Ratio) 0.5
Short Percent of Float 1.15 %
Short Interest - Prior 1,881,300
Short % Increase / Decrease 9.21 %
Short Squeeze Ranking™ 13
% From 52-Wk High ($ 1.95 ) -62.50 %
% From 52-Wk Low ($ 0.03 ) 97.58 %
% From 200-Day MA ($ 0.35 ) 70.83 %
% From 50-Day MA ($ 0.97 ) 19.17 %
Price % Change (52-Week) 2256.10 %
Shares Float 177,985,224
Total Shares Outstanding 375,709,898
I'm with the spunkman on this one...
I put the link & photo of the F&S award in the iBox, when it showed up in Marketwire Press Release. I don't remember anybody complaining about the F&S award when it came out and the stock was near its lowest point.
However, I do remember that Dean was hob nobbing with the folks at Siemens, Phillips & Boston Scientific at the awards ceremonies (the other companies received their own awards for whatever). This event put a little bit of a spotlight on this up and coming small medical device company that included some Big Boys...
"Mar 17, 2008 07:00 ET
Innovation of the Year Award
Imaging Product Innovation of the Year Awarded by Frost & Sullivan to Imaging3 for Real-Time 3D Device
Imaging3BURBANK, CA--(Marketwire - March 17, 2008) - Imaging3™, Inc. (OTCBB: IMGG), developer of a breakthrough medical imaging device that produces 3D medical diagnostic images of virtually any part of the human body in real-time, announced today that the company has been awarded the Frost & Sullivan "2008 North American Medical Imaging Product Innovation of the Year Award."
The company's patented Dominion Volumetric Imaging Scanner was recognized for its breakthrough technology which will revolutionize how medical imaging is used for both diagnostic and interventional procedures. Chairman and CEO of Imaging3 Dean Janes stated in his acceptance speech, "We are honored to be recognized and have our technology validated by such a prestigious company as Frost & Sullivan." The awards ceremony was held in San Francisco on Wednesday, March 12th 2008 at the Hyatt Regency in Fisherman's Wharf. In attendance from Imaging3 were Dean Janes, Chairman and CEO, Chris Sohn, President and COO, Xavier Aguilera, CFO and Mike Nessen, Vice President of Business Development.
Mr. Janes also stated, "We are proud to be included with long time industry innovators such as Siemens, Phillips, and Boston Scientific Corp. who were also in attendance and honored in this year's Frost & Sullivan awards ceremony. We will proudly display this award in our office for all of our employees and visitors to see."
Frost & Sullivan recognizes companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. The Frost & Sullivan Industry analyst team tracks all new product launches, product differentiation strategies, Research and Development spending, products in development, and new product features and modifications. This is accomplished through interviews with the market participants and extensive primary technology research.
About Imaging3
Imaging3, Inc., founded in 1993, is a leading provider of advanced technology medical imaging devices. The Company has developed a breakthrough medical imaging device that produces 3D medical diagnostic images of virtually any part of the human body in real-time. Because these 3D images are instantly constructed in real-time, they can be used for any current or new medical procedures in which multiple frames of reference are required to perform medical procedures on or in the human body. Visit the company's website at http://www.imaging3.com for more information.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive, and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company."
Main Entry: hob·nob
Pronunciation: \-?näb\
Function: intransitive verb
Inflected Form(s): hob·nobbed; hob·nob·bing
Etymology: from the obsolete phrase drink hobnob to drink alternately to one another
Date: 1813
1 archaic : to drink sociably
2 : to associate familiarly
— hob·nob·ber noun
TASHI
FYI...
The patent rights for the Dominion have almost 13 years left. The original patent filing date was 08/28/2002... add 20 years.
There's certainly more than enough time left on this patent for an aquiring company to make huge profits... provided the FDA gets their act together.
Actually, I had not previously reviewed the O-arm patents, which appeared to me that others own the patent rights and not Medtronic...
My post did not mention anything about performing, or not performing, DD. When I mentioned that it was thoroughly discussed; I'm meant one could find a lot of information here... so, if you took it as smart ass, that's fine...
I'm not here to counter or rebuff anyone's smart ass post, although I have noticed recently there's been a lot more protectionist posting on this board...
This appears to be the patent for Medtronic's O-arm...
This particular medical device has been thoroughly discussed on this board... it's not Real-time 3D.
http://www.freepatentsonline.com/7490982.html
http://www.medtronicnavigation.com/procedures/intraoperative/o-arm.jsp
http://www.hbsr.com/
Yes, but what if it's not just the FDA approval...
What if IMGG jumps to a new board... AMEX... NASDAQ...
As I see it, they're up to date with their SEC filings... they apparently have enough dough to go through the portal...
Why not AMEX or NASDAQ?
On 12/10/09, there is a vote on up to 9 directors... they're only committing to 7... Why would any company have 7 directors and not go BIG?
I think IMGG will probably have a new symbol, of course, after the FDA Clearance... and after they obtain that new symbol...
Institutional buying...
jmo
Market Makers have a tendency to do that on most stocks. :)
Glad to see you're still here and hope you stay.
Your charting has helped me tremendously, THANKS...
Man, never thought about it that way...
Interesting concept and why not reduce costs in this fashion. I did notice 2 days ago Scottrade put up BIG BANNERS on Lehman... as if they were trying to scare people away. Hmmm...
Yes, BIG news on all fronts...
Wonder how many Barclays watchful eyes are on Lehman...
"Financial reporting is improving and becoming more current,
after the disruption caused by Lehman's abrupt bankruptcy
filing in September 2008, the company said. It expects to
report its June 30 balance sheet by Nov. 30. Marsal said Lehman
was also moving ahead of schedule with a plan to move off of
computer systems owned by Barclays, which acquired its U.S.
brokerage and had much of the information about the
Lehman-owned assets."
Check out the MM activity on IMGG...
http://www.otcbb.com/asp/tradeact_mv.asp?SearchBy=issue&Issue=IMGG&SortBy=volume&Month=10-1-2009&IMAGE1.x=14&IMAGE1.y=7
NITE has certainly been busy the last few months or so...
No kidding and the best part for me... "Lehman’s biggest and most sophisticated creditors were among those making inflated claims."
Lehman chief denounces ‘flat-out silly’ claims
From The Times
November 19, 2009
Michael Herman
Creditors of Lehman Brothers had filed claims for the return of $824 billion (£492 billion) and total claims might reach $1 trillion, the chief executive of the investment bank said yesterday.
Bryan Marsal, a restructuring expert who was installed as chief executive to run Lehman in administration, told a hearing in New York that some creditors’ claims were “just flat-out silly”.
Mr Marsal said that the bank probably would call on a US bankruptcy judge to decide on claims that Lehman believes are overstated.
Without mentioning names, Mr Marsal told the court hearing that Lehman’s biggest and most sophisticated creditors were among those making inflated claims.
Lehman’s largest creditors include JP Morgan, Deutsche Bank and Fannie Mae. Lehman Brothers International, the European division of the bank, is its largest creditor, with administrators claiming about $200 billion from the American parent.
Mr Marsal said that Lehman aimed to have evaluated all claims by the end of the month and that it held $16 billion in cash. He is chief executive of Alvarez & Marsal, the turnaround specialist brought in to advise Lehman’s administrators.
Court filings show that the firm charged almost $170 million in fees in the 12 months after Lehman’s collapse. It said that it had 175 full-time employees working on unwinding Lehman’s business, which includes thousands of frozen derivatives trades.
Hundreds of legal claims have been filed in the UK and the US since Lehman failed on September 15, 2008, in the largest bankruptcy in history.
This week Lehman’s administrators filed a lawsuit against Barclays Capital seeking the return of up to $10 billion allegedly transferred to the UK bank in the days after Lehman’s collapse.
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6922300.ece
UPDATE 2-Lehman expects reorganization plan in 1st qtr
Wed Nov 18, 2009 12:28pm EST
* Lehman has more than $16 bln in cash
* 64,000 claims against bank top $820 bln, may top $1 trln
* Lehman CEO says is operating on 24-month time frame
* Lehman estate managing $14.4 bln in real estate assets
(Recasts first sentence, adds court hearing details, CEO
comments, other background)
By Emily Chasan and Chelsea Emery
NEW YORK, Nov 18 (Reuters) - Lehman Brothers Holdings Inc
(LEHMQ.PK), the U.S. investment bank whose September 2008
collapse sharply accelerated a world financial meltdown, said
on Wednesday it expects to have a reorganization plan outline
ready by the end of March 2010.
The bankrupt investment firm is contending with more than
64,000 claims from creditors with a face amount value of more
than $820 billion. Lehman's chief executive, turnaround
specialist Bryan Marsal, said in bankruptcy court on Wednesday
it was possible the claims could reach $1 trillion due to
certain unresolved issues.
Lehman is working to categorize the claims, the company
said in a securities filing. Initial claim objections are
expected to be filed in the next 30 to 45 days.
Lehman has been gaining increasing control over its assets
and now has cash holdings of $16 billion, Marsal said at a
hearing in U.S. Bankruptcy Court in Manhattan.
Marsal said he is working on a 24-month time frame that
would envision having Lehman on its way out of bankruptcy court
by the second anniversary of its bankruptcy filing. However, he
cautioned the court that some people "would tell me I'm nuts"
and that it may end up leaving bankruptcy on a three-year time
frame or longer if it cannot resolve certain issues in time.
Among those issues are whether it will need to file one
reorganization plan, or many, for all the different Lehman
units operating in bankruptcy. Other issues are outstanding
intercompany claims and claims against Lehman's international
operations, as well as a time-intensive process to resolve
derivatives claims, Marsal said.
Financial reporting is improving and becoming more current,
after the disruption caused by Lehman's abrupt bankruptcy
filing in September 2008, the company said. It expects to
report its June 30 balance sheet by Nov. 30. Marsal said Lehman
was also moving ahead of schedule with a plan to move off of
computer systems owned by Barclays, which acquired its U.S.
brokerage and had much of the information about the
Lehman-owned assets.
An examiner overseeing the company's operations is expected
to submit a report by Feb. 1, Lehman said.
Lehman is also managing some $14.4 billion in real estate
assets and has "stabilized" its bank platform assets, which it
envisions could yield a significant recovery for creditors if
certain regulatory issues are resolved, Marsal said. He said
Lehman has also reduced its unfunded real estate commitments to
below $400 million.
LAWSUITS
Lehman, which is engaged in several lawsuits related to
issues surrounding its collapse, is also likely be entangled in
more litigation ahead, Marsal said.
Lawyers for the firm sued Barclays Capital (BARC.L)
earlier this week to claw back billions of dollars of excess
profit it claims Barclays received in its hurried purchase last
year of Lehman's U.S. brokerage business. Discovery is under
way, according to the securities filing.
Marsal said Lehman was also moving ahead with litigation
against Bank of America Corp (BAC.N) which acted as a clearing
bank for Lehman, helping it process transactions around the
time of its bankruptcy. Marsal said more litigation against its
clearing banks would also be forthcoming. One of those clearing
banks is JPMorgan Chase & Co. (JPM.N)
The litigation represents a major source of potential
recovery for creditors, Marsal said. Even if the lawsuits take
longer than 24 months, Marsal said they should not hold up
Lehman's reorganization plan. Creditors could receive a
distribution after the reorganization plan is in effect, Marsal
said.
The case is In re: Lehman Brothers Holdings Inc, U.S.
Bankruptcy Court, Southern District of New York, No. 08-13555.
(Reporting by Emily Chasan and Chelsea Emery, editing by
Matthew Lewis)
© Thomson Reuters 2009 All rights reserved
http://www.reuters.com/article/managementIssues/idUSN1811131020091118
Don't know why the Bid/Ask are upside down...
But take a look at the T-trades this morning... went down to $1.22, now adjusted up to $1.43.
Strange...
Here's the website for MM AYME...
http://www.martinezayme.com/index.html
UK Online Article from THE FIRST POST...
Barclays gets slapped with $5bn Lehman suit
UK bank was seen as a saviour at the time: now it’s accused of profiteering
By Edward Helmore
FIRST POSTED NOVEMBER 17, 2009
Barclays is being sued by the trustees of Lehman Brothers for the return of a $5bn 'windfall' they claim was improperly pocketed by the British bank during its emergency purchase of Lehman last year.
Lawyers for the failed investment bank are seeking a trial to recover the money, plus damages. "The sale transaction was secretly structured from the outset to give Barclays an immediate and enormous windfall profit," lawyers for Lehman claim. Barclays also stands accused of failing to pay about $500m in bonuses and of meeting only $238m of $1.5bn in other obligations.
Barclays is now facing at least three lawsuits over its fire-sale purchase of Lehman with claims against the bank totalling $10bn.
The acquisition of Lehman - a sale that was pushed through rapidly for fear there wouldn't be anything left to sell - was widely regarded as a rare financial-crisis win for the London bank. The bank made a net gain of $4.2bn on the value of the assets it acquired through the sale.
But the central claim against Barclays is that it received Lehman securities valued at about $50bn for just $45bn in cash.
Included are accusations that Lehman executives who negotiated that deal knew they would receive offers to work at Barclays. It is claimed that one executive, who has now left the firm, was offered a compensation deal worth $37m.
So, Barclays, treated as a saviour at the time, is now being forced to answer accusations of profiteering. (Last week, Barclays CEO John Varley said that "profit is not satanic".)
But if the Barclays lawsuits illuminate hitherto obscure parts of the Lehman's collapse, other parts of Barclays business remain obscure: the firm just paid the New York transit authority $4m to splash its name on the Atlantic AvenuePacific Street hub in Brooklyn, an unremarkable terminus in the underground system.
Back in the old Lehman headquarters in Times Square (above), the bank is tearing out the old "Lehman green" tinted carpets and replacing it with Barclays blue. The art on the walls has also changed, reports New York magazine. "They replaced the hideous Lehman art with hideous Barclays art," noted one employee.
http://www.thefirstpost.co.uk/56209,news-comment,business,barclays-gets-slapped-with-5bn-lehman-suit
I read the full 10-Q and other filings this past weekend...
On 11/13/09, the OS was 375,709,898.
On 10/09/09, the OS was 323,361,552.
On 07/15/09, the OS was 263,361,552.
--------------------------------------------
By 12/10/09, when the vote on the increase of authorized shares goes to 750M, it's probable another 55M shares may be added to the OS...
jmo
Nice info on the NOL, dnoto...
I searched and located a Weil Gotshal Motion regarding "NOL Notice" that referred to Epiq Docket #1386 dated 11/05/2008.
Not sure of the information contained here, but looks like the attorneys have "established notification procedures" for the NOL under the bankruptcy code...
Docket #1386:
http://chap11.epiqsystems.com/docket/docketlist.aspx?pk=de7ced2b-52e7-4172-92e1-9ec425933bd0&l=1
"1. Lehman’s consolidated net operating loss tax carryforwards (“NOLs”) and certain other tax attributes (together with NOLs, the “Tax Attributes”) are property of the Debtors’ estates and are protected by the automatic stay prescribed in section 362 of the Bankruptcy Code..."
Yes, Lehman is very much alive...
In reading Mr. Dreyfus' background, I notice a certain strength here...
"Deep experience in risk management and derivatives trading."
There's no doubt LBHI attorneys are sharp in their pursuit to maximize value. However, LBHI needs smart people, like Mr. Dreyfus, to fully explain the information on both sides of those Lehman derivative trades.
Couldn't get to that article, but...
Check this link (slightly different than your link):
http://www.linkedin.com/pub/jean-francois-dreyfus/a/55b/80a
"Jean-Francois Dreyfus
Derivatives Trading / Risk Management
Greater New York City Area
Current
* Managing Director at Lehman Brothers Holdings Inc.
Past
* Managing Director at Credit Suisse
* Managing Director, Emerging Market Credit Derivatives at Credit Suisse
* Managing Director, Emerging Market Group at Credit Suisse
* Director at Credit Suisse Financial Products
* VP/Director at Credit Suisse Financial Products
* AVP, Quantitative Modelling at Citibank
Education
* University of Pennsylvania - The Wharton School
* ESSEC - ESSEC Business School
* Lycee Janson de Sailly
Jean-Francois Dreyfus’s Summary
Deep experience in risk management and derivatives trading. Strong track record of product innovation and new business development, in both trading and client-facing capacities. Created from the ground up or thoroughly restructured three trading operations. Experience spans structuring, pricing, trading, and risk management with particular emphasis on complex dynamic and cross-market risks.
Jean-Francois Dreyfus’s Specialties:
Risk Management
Derivatives Trading
Derivatives Valuation
Structuring and Product Development..."
Thank you NC, you've covered quite a bit...
"Open to considering buyouts as well as "going it alone", but think M&A most likely. There are many potential distributorships as well as potential private labeling."
From The Times
October 29, 2009
Darling accused of double-cross over collapse of Lehman Brothers
Suzy Jagger, Sam Coates and Matt Spence
Alistair Darling has been accused by Henry Paulson, the former US Treasury Secretary, of double-crossing America when he effectively vetoed the acquisition of Lehman Brothers by Barclays Bank in September last year.
According to an exclusive extract from Andrew Ross Sorkin’s new book, Too Big To Fail: Inside the Battle to Save Wall Street, published in The Times today, Mr Paulson told bankers that the Chancellor had “grin-f******” the US after London refused to waive legislation that would have allowed Barclays to save the Wall Street bank.
The book — which is published in the UK today — details the final hours leading to the collapse of one of the world’s biggest banks during one weekend in September last year.
The demise of Lehman Brothers in 2008 was widely seen as a tipping point that triggered the world’s biggest economies’ descent into recession.
While the US Government had been adamant it would not use American taxpayer money to bail out the Wall Street bank, regulators on both sides of the Atlantic dramatically underestimated the extent to which the bankruptcy of the lender could pull other banks down with it.
According to Mr Sorkin’s book, one banker involved in the talks that could have saved Lehman Brothers said in disbelief of Britain’s behaviour: “Isn’t this our closest ally in the world?”
Mr Sorkin, an award-winning business writer for The New York Times, and columnist, reveals how the proposed rescue deal by Barclays to save Lehman was aborted on the afternoon of Sunday, September 14 last year.
The collapse of the proposed acquisition came amid missed transatlantic phone calls and accusations from the Financial Services Authority that America had failed to keep the UK abreast of developments.
His book details how the US discovered that Barclays would need Alistair Darling to waive key legislation for any deal to go ahead only in a tense phone call between Christopher Cox, the chairman of the Securities and Exchange Commission, and Callum McCarthy, the former head of the FSA, during the September weekend.
Mr Paulson, the former head of Goldman Sachs whose own memoirs covering the collapse of Lehman Brothers will be published in January, had said at the time that he was anxious that the Wall Street bank was rescued because “I don’t want to be left here holding Herman” — a lewd American reference.
According to Mr Sorkin’s book, the reason Barclays’ deal to buy Lehman collapsed was that the Americans did not realise that both Mr McCarthy and Mr Darling needed to have certain criteria met before any UK acquisition of the failing bank could be completed.
Those criteria included a quid pro quo financial commitment from the White House to mitigate the risk of acquiring Lehman, a commitment that Mr Paulson was not prepared to make. Mr Darling was also fearful that Barclays had not conducted adequate due diligence on Lehman Brothers and that the US bank’s toxic assets could infect the rest of the British banking system.
During a telephone conversation on the Sunday between Mr Paulson and Mr Darling, the Chancellor said that he did not want to “import our [America’s] cancer”, according to Mr Paulson.
The book also says that the former Treasury Secretary wondered aloud “if President Bush should call Gordon Brown personally, but almost before finishing the question, he answered it himself. ‘There’s no chance,’ he said, explaining that he thought that Darling had implied he had already spoken to Brown about the situation. ‘He was so far away from, ah, wanting Barclays to do anything,’ he remarked of Darling”.
A spokesman for Mr Paulson was unavailable for comment. According to Mr Sorkin, Timothy Geithner, then President of the New York Federal Reserve, took only a moment to conclude that Lehman should immediately prepare for bankruptcy.
A UK Treasury source said last night of claims that Mr Darling had said he did not want to “import” America’s cancer: “That is categorically untrue. He did not say that. We’ve been asked that a lot. That may have been what Hank Paulson chose to describe it as, but that’s not Alistair’s words.”
The source explained that the reason that the Barclays deal did not go ahead was that “there were lots of unanswered questions — from the UK from a regulatory perspective — including taxpayer support. Given the risk to the British taxpayer, that’s why we continued asking tough questions and didn’t get clarity.”
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6894785.ece