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It was approved
I have no clue
100% of the capital trust is
97% preferred
3% common
No I do not believe they did
No I do not believe they did
No way to know for sure what is happening as we swim through dockets and claims trying to find a bone to chew on...Just my thoughts as to yesterday's hush hush docket on the claim 66455
Transfer of claim 66455 from JPM to LBHI pursuant to the CDA:
I believe this is the two sides of the trust coming into play
The common side 3%
The preferred side 97%
The preferred securities will always constitute approximately 97% of the liquidation amount of all issued securities and the common securities will constitute the balance
The claim in Exhibit C was for the total amount of the trusts.
JPM 7.68 billion and was disputed on the amount.
JPM is the trustee to the common side of the trust 3%
I am guessing if the motion was approved LBHI will pay the 3% common side of the trust with this one time payment of 557 million
BNYM is the Trustee of the Preferred side 97%
I am not sure if all of this is correct...There is lots going on in the BK I do not understand, but I do believe this is what is happening at the moment....Use your own DD
Agreement:
• JPMorgan will reduce its remaining aggregate Claim balance from approximately $7.68 billion to approximately $557 million through application of the Cash Collateral consisting of certain cash, cash proceeds of securities and money market funds all posted by the Debtors and LBI. • JPMorgan will transfer the remaining illiquid Collateral to LBHI. • LBHI will make a one time cash payment to JPMorgan in an amount of approximately $557 million, equal to the aggregate unpaid balance of JPMorgan’s Claims. • LBHI will step into the shoes of JPMorgan as a secured creditor of LBI and the guaranteed Debtors as a subrogee of JPMorgan without any prejudice or impairment of any and all rights of LBI or the other Debtors as to the validity or enforceability of such claims and without any waiver of any further rights of any parties-in-interest. • Each Lehman entity Transfer of claim 66455 from JPM to LBHI pursuant to the CDA
I've read that the common side could not be paid before the preferred was paid if the subordinated debentures are in default
(provided for or paid in full) read below
(Payment of distributions or any redemption or liquidation amounts regarding the preferred and common securities will be made proportionately based on the aggregate liquidation amounts of the preferred and common securities. However, if the subordinated debentures are in default, no payments may be made on the common securities until all unpaid amounts on the preferred securities have been provided for or paid in full)
I agree the share structure of the common/preferred trust is left for a debt for equity swap...Making use of the NOL's
Would also like to add that only old debt can be used...These truPS are not going away...I do believe they will be brought current in effect to deffered interest payments before default happens...Need to keep those NOL's safe
Doc 45296 ....footnotes page 7
A good read
Trust Preferred Securities: Planning for the End of the 5-Year Interest Deferral Period
http://www.natlawreview.com/article/trust-preferred-securities-planning-end-5-year-interest-deferral-period
The two sides
The common 3%
The preferred 97%
The preferred securities will always constitute approximately 97% of the liquidation amount of all issued securities and the common securities will constitute the balance. On April 22, 2004, the liquidation amount of preferred and common securities will be $412,371,135 ($400,000,000 of preferred securities and $12,371,135 of common securities). If the over-allotment option is exercised in full by the underwriters, the liquidation amount of preferred and issued securities will be $474,226,850 ($460,000,000 of preferred securities and $14,226,850 of common securities).
Duplicate BNYM/JPM
Amount
I always felt the dispute over the amount filed on the claim.
Example
BNYM is trustee of the 97% and the the claim was filed LHHMQ claim #22123
When the claim for 3% of the common it was filed for the total trust which caused a dispute as to the amount of the claim.
I can only speculate that the ivestment may very well be...Buying the Trups on open market as this would be a huge investment for them at this point...I know many of you are holding for a long time and so have I...Many may think the price will rise when buying these back on open market...I just don't know..Over the years I have seen some ugly things happen and watching the price drop in the coming days may very well take place. Things will start to heat up now and I fully believe the trups will have to be dealt with sooner or later.
The Trups and the NOL..The Golden egg vs. the rotten tomatoe we are about to believe we own....GLTA
The Motion
Lehman Brothers Holdings Inc. (the “Plan Administrator”), as Plan Administrator under the Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers
Holdings Inc. and Its Affiliated Debtors , on behalf of Lehman Brothers Special Financing Inc.,
pursuant to Rule 9019 of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”)
for approval of a settlement agreement between LBSF and The Bank of New York Mellon Trust Company, National Association, as Trustee (the “Trustee”), relating to a credit default swap agreement in connection with the MKP Vela CBO transaction, all as more fully described in the
Doc 45296
(Note)
In keeping with the confidentiality provisions of the Settlement Agreement, and due to LBHI’s and LBSF’s desire to keep the economic terms of the Settlement Agreement confidential, the Settlement Agreement is not included as an exhibit to this Motion. The Plan Administrator will provide the Settlement Agreement to the Court, the U.S. Trustee, and the attorneys for the official committee of unsecured creditors appointed in these cases. Noteholders and Preference Shareholders must contact the Trustee for copies of the Settlement Agreement and, before receiving any such copy, such Noteholders or Preference Shareholders will be required to execute an agreement binding them to the confidentiality restrictions of the Settlement Agreement, including paragraph 13 of the SPV ADR Procedures Order
By this Motion, the Plan Administrator, on behalf of LBSF, seeks
approval, pursuant to Rule 9019(a)
RULE 9019. COMPROMISE AND ARBITRATION
(a) Compromise. On motion by the trustee and after notice and a hearing, the court may approve a compromise or settlement. Notice shall be given to creditors, the United States trustee, the debtor, and indenture trustees as provided in Rule 2002 and to any other entity as the court may direct.
Rule 2002. Notices to Creditors, Equity Security Holders, Administrators in Foreign Proceedings, Persons Against Whom Provisional Relief is Sought in Ancillary and Other Cross-Border Cases, United States, and United States Trustee
The Motion
For authorization for Lehman Brothers Special Financing Inc. and Lehman Brothers
Commercial Corporation Inc. to invest disputed claims reserves for claim numbers 66455 and 66476
The Claims
66455
66476 (See Exhibit C page 16 of this claim)
Doc# 46073 Motion for Authorization for Lehman Brothers Special Financing Inc. and Lehman Brothers Commercial Corporation to Invest Disputed Claims Reserves for Claim Numbers 66455 and 66476 Pursuant to Section 8.4 of the Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and its Affiliated Debtors filed by Jacqueline Marcus on behalf of Lehman Brothers Holdings Inc.
Doc# 46232 Response to Motion
CT's are not part of the bankruptcy
Also paying the interest is far less then the allowed claim. I would consider this an investment allowing them 20 more quarters of deferred payments.The trust do not have to be redeemded. One thing is solid The interest is compounding. I think LEHNQ is compounding at 6.24% face value of trust $25..
$1.25 per trust yearly..Paying the interest allows them to do so much more at this point. Redemptions at some point will must likly be factored into an ipo of some sort when the NOL's come into play for whatever newco comes along..Things will be heating up here shortly..GLTA...One can only guess at the outcome, but one thing is sure...Interest must be paid, and there are funds to pay it..Classes 1 through 9 are paid..Who is next in line and senior to all the rest?
Also paying the interest is far less then the allowed claim. I would consider this an investment allowing them 20 more quarters of deferred payments.The trust do not have to be redeemded. One thing is solid The interest is compounding. I think LEHNQ is compounding at 6.24% face value of trust $25..
$1.25 per trust yearly..Paying the interest allows them to do so much more at this point. Redemptions at some point will must likly be factored into an ipo of some sort when the NOL's come into play for whatever newco comes along..Things will be heating up here shortly..GLTA...One can only guess at the outcome, but one thing is sure...Interest must be paid, and there are funds to pay it..Classes 1 through 9 are paid..Who is next in line and senior to all the rest?
Deferred interest payments are far less than these totals.
This is what I like about payments being made now beyond classes 1 through 9
Classes 10 a,b,c
What gives
During any deferral period, neither Holdings or any of its subsidiaries will be permitted to make any guarantee payment with respect to any guarantee by Holdings of debt securities of any of its subsidiaries, if the guarantee ranks equal to or junior to the subordinated debentures.
When the payment for 10b claims were reallocated told me the CT's were alive ans well..We just needed to wait out the POR and now that classes 1 through 9 are paid.The doors are wide open for payment...
The CT's guarantee states before any payment made to equal or lesser..The CT's must be paid...Even before JPM common side of the Trust gets paid...We get paid
Subordinated Class 10B Claims against LBHI No Distribution (because such Distributions are automatically reallocated to Senior Unsecured Claims, Senior Intercompany Claims, Senior Affiliate Guarantee Claims, Senior Third-Party Guarantee Claims and Senior Third-Party LBT/LBSN Guarantee Claims in accordance with the underlying agreements).
I like the payment being made Sept 10 to record holders of July 15 better
Nearly six years after Lehman Brothers Holdings Inc. collapsed into bankruptcy, unsecured creditors of the investment bank's brokerage are finally getting paid.
The trustee unwinding the brokerage, Lehman Brothers Inc., said on Friday that the former employees, pension funds, banks and investment firms with unsecured claims against the brokerage will get an initial payout of $4.6 billion as soon as next month. That payment represents a recovery of about 17% of total unsecured claims against the brokerage.
"That such a distribution is even possible represents an extraordinary achievement that was far from certain when the liquidation began," the brokerage trustee, James W. Giddens, said in a news release Friday.
James Giddens, trustee of Lehman Brothers Inc. Bloomberg News
The creditors had to wait for years as Mr. Giddens repaid the brokerage's customers, who received 100% of their money back. The Lehman parent company and its units, which are being unwound in a separate bankruptcy proceeding, have already paid a total of $57.1 billion to unsecured creditors excluding Lehman units, some of which were also creditors. Most creditors of the parent company and its units are expected to recover between 25 and 35 cents on the dollar.
Mr. Giddens said he expects to make the first payment of $4.6 billion to the brokerage's unsecured creditors on Sept. 10. He said additional payments are likely in the future but didn't say how much or give a timetable for later distributions. All told, $20.4 billion in claims have been allowed against the brokerage and another $6.8 billion in claims are still unresolved.
Customer claims get paid before creditors under the law covering failed broker-dealers, the 1970 Securities Investor Protection Act.
Individual customers of the U.S. brokerage, which is under the purview of the bankruptcy court but not technically in bankruptcy protection, received about $92.3 billion almost immediately after Lehman collapsed. In all, Mr. Giddens has paid more than $105 billion to customers and hopes to have returned more than $110 billion when he is finished.
Judge Shelley C. Chapman of U.S. Bankruptcy Court in Manhattan last month approved the creation of a fund to pay back the brokerage's unsecured creditors, which Mr. Giddens had said would be $3 billion or more.
"The fact that customer claims have been fully satisfied, and that unsecured general creditors are now receiving a significant distribution, is an extraordinary achievement," Securities Investor Protection Corp. President Stephen Harbeck said in a news release Friday.
Lehman, once the nation's fourth-largest investment bank by assets under management, collapsed into the largest bankruptcy ever in September 2008 with $613 billion in liabilities.
So this motion is to allow them to invest excess?
Not a motion for payment?
The Motion seeks authorization for an inter-debtor arrangement whereby the Lehman Entities would invest excess Cash reserves
The following is a list of the 30
largest unsecured claims by creditors of Lehman Brothers
LEH.N, as listed in its Chapter 11 bankruptcy filing.
Aozora Bank (8304.T) Bank loan $463 million
Mizuho (8411.T) Bank loan $289 million
Citibank Bank loan $275 million
(Hong Kong branch)
BNP Paribas (BNPP.PA) Bank loan $250 million
Shinsei Bank (8303.T) Bank loan $231 million
UFJ Bank Ltd (8306.T) Bank loan $185 million
Sumitomo Mitsubishi Bank loan $177 million
Banking Corp (8411.T)
Svenska Handelsbanken Letter
(SHBa.ST) of credit $140.6 million
KBC Bank (KBC.BR) Letter
of credit $100 million
Mizuho Corporate Bank Bank loan $93 million
Ltd (8411.T)
Shinkin Central Bank Bank loan $93 million
(8421.T)
The Bank of Bank loan $93 million
Nova Scotia
Chuo Mitsui Trust Bank loan $93 million
(8309.T)
Lloyds Bank (LLOY.L) Letter
of credit $75.4 million
Hua Nan Commercial
Bank Bank loan $59 million
Bank of China Bank loan $50 million
(601988.SS)
(New York branch)
Nippon Life
Insurance Co. Bank loan $46 million
ANZ Banking Group Bank loan $44 million
Standard Chartered Bank loan $41 million
Bank (STAN.L)
Standard Chartered Letter of
Bank credit $36.1 million
First Commercial Bank loan $25 million
Bank Co.
Bank of Taiwan Bank loan $25 million
DnB NOR Bank ASA Bank loan $25 million
Australia and New Bank loan $25 million
Zealand Banking
Group (ANZ.AX)
Australia National Letter of $12.6 million
Bank credit
National Australia Letter of $10.3 million
Bank (NAB.AX) credit
Taipei Fubon Bank, Bank loan $10 million
New York Agency
In addition, the following three entries show positions by
banks acting as indenture trustees, who administer the bonds but
have no exposure to them.
Citigroup (C.N) Bond debt ca. $138 bln
and the Bank of New
York Mellon Corporation (BK.N) (with respect fo the Euro
Medium Term Notes only) as indenture trustee, under the Lehman
Brothers Holdings Inc. Senior Notes.
Bank of New York Bond debt ca. $12 bln
Mellon Corporation
as indenture trustee under the Lehman Brothers Holdings Inc.
subordinated debt
Bank of New York Bond debt ca. $5 bln
Mellon Corporation
as indenture trustee under the Lehman Brothers Holdings Inc.
junior subordinated debt
(Compiled by EMEA Financial Services team in London, editing by
What do you guys think of the payment being made Sept 10 to record holders of July 15
The way I see things...As CT holders..nothing has changed as long as LBHI is in business. As long as there is assets (Class 10b should be paid) The guarantee is only a guarantee
to be paid..If Lehamn makes payment to the trust. The Trust is not dicharged. If it was discharged.. The trust would be in default, and BNYM could demand redemption..So as it stands there is no claim unless in default. The cap trust is going through deferred (May be postponed for up to five years) If payment is not made after the five years regardless of assets or not..The trust would be in default..So let us focus on the deferral and what it means.
Holdings can, on one or more occasions, defer the quarterly interest payments on the subordinated debentures for up to 20 consecutive quarters unless the junior subordinated debentures are in default. In other words, Holdings may declare a five-year interest payment moratorium on the subordinated debentures. A deferral of interest payments cannot extend, however, beyond the maturity date of the subordinated debentures. See "Certain Terms of the Subordinated Debentures—Option to Defer Interest Payments" for more details.
If Holdings defers interest payments on the subordinated debentures, the trust will also defer distributions on the preferred securities. Any deferred distributions will accumulate additional amounts due at an annual rate of 6.24% compounded quarterly. Once Holdings pays all deferred interest payments on the subordinated debentures, with accrued interest, it can again postpone interest payments on the subordinated debentures as described above.
If Holdings defers payments of interest on the subordinated debentures, the subordinated debentures will at that time be treated as being issued with original issue discount for United States federal income tax purposes. This means you would be required to accrue interest income with respect to distributions (even if they are deferred) and include such amounts in your gross income for United States federal income tax purposes before you receive any cash distributions relating to such interest payments. See "United States Federal Income Tax Consequences" in the accompanying prospectus for more details.
Now the question has been asked will we get accrued consecutive quarters?
I think you would need to pay the taxes for each missed payment. If you did not pay your taxes on that interest. You will have no claim for the accrued interest
So what that tells me..After 20 the consecutive quarters. Lehman can make one payment and deferred for another 20 consecutive quarters. I feel at that time
We could see one interest payment. Now with that said.. The trust is still not in default. No default= no claim
All of the common securities of the trust will be owned by Holdings. The common securities will rank equally with the preferred securities, and payments on the common securities will be made on a proportionate basis with the preferred securities, unless Holdings (fails to pay amounts that become due under the subordinated debentures) or defaults under certain other circumstances described in "Description of the Junior Subordinated Debt Securities—Indenture Events of Default" beginning
LBHI can redeem the trust..doesn't mean they will...That is why we trade..Upon the Archstone IPO..LBHI could redeem in the form of preferred securities .Doesn't mean they will
That is just one means of redemption
Now read this
When Holdings pays off the subordinated debentures, either at maturity on January 18, 2054 or upon early redemption (as discussed above), the trust will use the cash it receives from the redemption of the subordinated debentures to redeem a like amount of the preferred and common securities. The redemption price for the subordinated debentures is 100% of their principal amount plus accrued and unpaid interest.
LBHI never said they will redeem..LBHI holdings can still hold the trust without redemption..make the one interest payment and we conntinue to trade..So we have a face value
of $25/trust..That is what it is..What the market prices the Trust at..The face value does not control..I am holding and when LBHI recovers. The trust will continue to trade at market price...Ethier way..I do not see a discharge of the trust..That would mean defalut and payment in full face value..BNYM as trustee would file the claim..If they failed to file a claim..You would need to take that up with BNYM
10B is both equity and debt..The sub notes have a commom side which is equity, and the trust side is the debt..JPM holds the common equity, and BNM holds the trust which is debt. The debt needs to be paid before the equity in the trust..Al trust are equal..So if one gets paid. They all get paid. One can be paid off and the rest continue to trade. Everything is still rock solid here..We just continue to trade..Doesn't matter what market as long as they trade.
To my understanding from what I read over the years..We will be senior preferred equity under Archstone at the time of the IPO into Archstone....That is my take on it guys..The way I understand it..The reason Cap VI was paid is simple..It fell outside of the 15/18 month rule. Under the pro..Can not pay one without paying the others...Our Trust are still whole and will continue to be so..Until you sell and get out..GLTA Merry Christmas
My Dad Died over two years ago...I am going vist his grave for the first time since I stopped working...Bare with me fellow...after that I will tell it like it is...I can only tell you how I feel....I read every Docket since lehams dropped
I own 10,000 Trust LHHMQ..that my friend is worth enough for me..for what it is worth
..Now I'm going tell My Daddy what he meant to me...After that its fujimo....If you want me me here after that..tell me my e-mail add...other than that..I got nothing to say to you my friend
I will say this one more time for full understanding...After that I will shut my mouth
..I do not have inside imformation...I do not own more than 5% off LHHMQ...So I can say what ever the hell I want ..Believe it or not
Some called me a seer...I stopped talking...I didn't want someone walking in my shoes...To each his own...Tonight sometimes I will tell it like I see it...and that is only the way I see it......I have not read the dockets in over two weeks...I hope you guys have...So fill me in on the last two weeks...I have an hourly job to do cause I work for the man.. The Man I work for is an angel...
When you mix a seer and and angel together....My God I don't know what is coming out...but it damn sure ain't soup Booyah...........(bouillion ) Soup Booyah is one onion and two couyahs and I know that is spelled wrong...Well it was more important to me than Life its self....ACI...Coal....HERO.....Drilling.... AKS American Steel....I need say no more...I own less than 5% of them all and I can buy all I can afford...I can only buy what I can affored....When it comes to money..be sure your are the smartest man in the room....If you aren't leave..Go find something that makes you happy ..for what it is worth...Now tonight fellows..This is the last time I will tell it the way I see it, and my writing is already on the wall....I never became a member here except once...I had my shares of falls and I had my shares of everything things else....That is my choice..I decide when where and how..I live my life
...I'm not dead and I'm not crazy...I'm just living life...Good by friends!!!!!My writing is already on the walls ..untill the day I was chaerged double when I asked to be canceled...I left and I'm not coming back..Its fujimo Time..
I can no longer get private e-mails without paying for it..So when I am ready..I will only tell you how I feel for the last time...for the way I see it...Wheve tells me what my email adress is..I will share what I think I know in an email..For the reason of you...You need to be a member to see what I said...Good Luck friends...Its for all its worth...Its what we do
...
I would like to refer to my last two post about ct'S. I really believe most of the CT's will continue to trade....I also believe they will need to address the state of all CT's with the next year before most ct's ..Lehman will need to pay us first before any CT's
are to be paided on the time before they go into default.
I do believe the CT's are in the money..it will just take time...
Our CT's has been deferred for a little over 4 years now...either way CT's will get full amount with Interest. To my understanding...The Preferred trust needs to be paid in full face value with all interest owed , before the common side of the Trust (JPM) gets paid on any Ct that was in place 18 months ...Its starting to become clearer which way we're heading with the ct's
GLTA We all in the same boat it seems...IF JPM get paid anything before our CT's get paid...If payment is made to the common's
Our CT's will be in default...It will be up to the Bank of New York Mellon will need to step up and push forward...Just some thoughts...
Once again Good luck and sleep well...The wheel is turning so this means Lehman Is moving forward,,That is what matters to me...
I have a strong feeling Lehman will rise again...No longer a Bank holding company, but has turned into a real estate giant...
IPO into Archstone...Are take the other 75% and call the new company something else...The CT's will follow Lehmen..No matter what until paid in full...There is only a few quarters left, before the deferred divi needs to become fully up to date..Regardless ..If we merger into a new...Before any payment is made to the common side of the trust...the equity side of the trust needs to be taken care of...Which includes 10a,10b,10c...These classes will get payment before the common side gets paid a dime...Looking good here I think
I think its starting to get a little clearer...Lehman owns roughly 75% of ArchStone...I'm starting to think Lehman is coming back to life with 100% of roughly 75% Archstone. The 18 month old/cold is looking good.I feel feel in order to get the most from the NoL's is to get as much debt as possible used for the nol's...If the CT's aren't need to get the most from the nol's...Its better to leave them whole and Lehman comes back to life..The Trust continue to trade...With the redemption of one Trust and not the others in this whole process leads me to believe the Trust will begin to trade again and We will be made whole again..Within the next year...Once made whole again..They can defer divi's for another 5 years..Its the quick and easy
Just wondering if anyone knows why
Lehman has exit BK...Why is there still a Q on our cap trust.
Just some thoughts on the until all allowed claims are paid it full...Just throwing it out there....Lehman's exit was to IPO Archstone...Now some cash and shares in Archstone would cover the allowed debt...I do feel if Lehman IPO's Archstone...The Seniors will get a combination of cash and shares to pay off allowed claims...The juniors will most likely get shares with no cash...It seems things are on the fast track right now...Once Lehman has 100% Archstone..That 100% is generating revenue and I think things will move pretty quick into IPO...My Guess mid May..Archstone IPO...Upon that event...Seniors will be made whole in Cash and shares...The trust will be canceled and the Trust will become Junior Debt...As it stands now...Before JPM gets cash on the Junior debt...The trust must be paid in full of allowed claims...We are in allowed claims..Ours just went to Seniors...GLTA Just some thoughts
Also I have a feeling we'll be senior preferred equity if we get shares
The trust I hold is in LBHI and within LBHI's structure only..Its junior only to the Senior debt in notes. To my understanding they are not paying off the senior debt entirely..Meaning full redemption...The only note structure once the senior debt is gone...Is the junior debt...With a Common and preferred..JPM holds the common and Bank of New York holds the preferred as Trustee.
My claims is handled by Bank of New York as they are Trustee to my claim.
of the 228 billion allowed claims for LBHI...10.2 billion was paid
which came to 6.02% of the allow claims to the Seniors..Roughly
614 million.
I wish I could find the figure for once the Seniors will be payed in full of the 100% allowed claim given to them.
Is the allowed claim full redemption?
My Trust is in 10B. The Seniors are in Class 3...The payment that was going to be paid to Claims in class 10b has been given to class 3 since class 3 wasn't paid in full ...If I understand correctly as to what happen during this first payout
Hey guys...I don't post much anymore but none the less I'm in a trust also. I never really like discussing stocks all that much, but since we all locked in here...What the heck I figure. To my own understanding and from my own dd of the trust I own. We are 10b equity until canceled ..then we become debt...When all the equity was canceled in error I believe the Trust were cancel..Once they realize we became debt..The trust were reinstated and I do believe I read somewhere a court order halt was placed on the Trust.
Either way I'm a fresh face on the board and I'm ready to nail as much of this down as possible..
The reason I bought the Trust in the first place was for shares in Archstone and hopefully a cash payout of some sort..Which I figured would never happen when I invested.
In 2008 Lehman was going to do an D/E swap and IPO ArchStone..Now along with the NOL's the more debt brought to the table the merrier.
Where Lehman stands on Archstone now ..Owning close to 75% with an option to match Zell and own 100% Archstone..Valued around 16-18 Billion including debt ....I do believe where we stand now as Trust owners Archstone belongs to us..In one of Lehman's latest filings 6 Billion was set aside from the payout to use in
acquiring Archstone...
What will happen to the trust is the question...From my understanding we will be converted into junior Sub debt.
What happens next I'm not so sure on, but I feel one of two things will happen...
We will get shares in Archstone.
We will be canceled and walk away with nothing ( and I have more backing this feeling up than I do in getting shares in Archstone..
Does anyone know what forces Lehman to make payments to the junior Debt?
Also I feel once class 3 is paid in full to the allowed claims of class 3..the juniors will see a payment..If payment is made to the juniors...We are in the money
For radiation injury following exposure to environmental radiation.
Soligenix is expanding the range of applicability of its lead product, oral beclomethasone dipropionate (BDP),
Enough said
Still going strong
Buyers are drying up
LONDON—Gold's record-breaking rally is weighing on jewelry retailers, as the ever-increasing cost of the popular yellow metal dims the enthusiasm of shoppers.
Jewelers in Hatton Garden, London's oldest jewelry quarter, say they are struggling to close sales after the price of gold jumped more than 30% over the past year, to an all-time high of $1,445.05 a troy ounce this week.
When buyers become sellers, look out below
Increase in Silver's Spot Price Suggests Shortage of Metal in Physical Form...
If there was a shortage in silver ...you would not see an ad saying...Have silver delivered to your door step...The way I see it...Most people holing all those morgan and peace dollars once again are in a race to sell their coins and silverware before the price drops like dung on a hot tin roof...Silver is way overbought and the correction will be huge. Once the dumping of silver starts..It will be Oh we'll never see these prices again for a very long time...take a look at the 4th quarter of 1979. Now take a look at the 1st quarter of 1980...You'll see what dung looks like on a hot tin roof...With the Middle East in an uproar
GLTA...ZSL 34.50...
http://www.silverinstitute.org/19791980.php
By 1979, investors and other market participants had come to the strong conviction that the silver market was facing a severe shortage of metal, and that prices were likely to rise sharply at some point. The market had been living off of investor selling for seven years. Prices had risen from the beginning of the decade, but there were serious questions as to how much longer investors would be willing and able to continue supplying silver to fabricators, at least at the prices seen in the mid-1970s.
World economic and political events also were coming to bear on the silver market, most notably in the form of a major cyclical upward surge in inflation throughout the industrialized world. Sensing that silver prices should be adjusting upward to compensate for these inflationary trends, many investors decided that silver prices between $4.00 and $5.50, which had prevailed during most of the late 1970s, were too low. Investors ceased selling their old silver holdings, and instead began adding to their holdings. This added further upward pressure to the price of silver. Simplistic retrospectives of the silver market in late 1979 tend to focus on the high-profile purchases of large amounts of silver and silver futures by various wealthy individuals; in reality, there was a tremendously broad-based rush to buy silver by investors worldwide at the time.
By the final quarter of 1979, silver prices had risen to levels between $15.00 and $25.00 per ounce. At these levels several physical market forces combined to act against higher prices. Additionally, the two major U.S. futures exchanges that traded silver at the time took steps to force those with margined long positions to liquidate their positions. During the Hunt brothers' accumulation of the silver, prices of silver bullion rose from $11 an ounce in September 1979 to $49.45 an ounce in January 1980 based on London PM Fix. Silver prices ultimately fell to below $11 an ounce two months later.
As silver prices rose above $15.00 in September 1979, fabrication demand began to be affected. On an annual average basis, industrial silver use fell a relatively mild 0.9 percent to 445.1 million ounces in 1979. Demand had held up reasonably well during the first three quarters of the year. However, a sharp cut-back in demand in the fourth quarter led to overall annual decreases in silver use. By some estimates, industrial use of silver was 40 percent lower in the last quarter of 1979 than it had been in the first quarter of that year.
When silver prices rose sharply in 1973-1974, manufacturers began searching for ways to reduce their need to use silver. Several substitutes for silver and methods to reduce per-unit silver use were developed, but they were too expensive to implement as long as silver was around $5.00 per ounce. When silver rose to $15.00 and more however, fabricators were able to introduce these measures rapidly. Demand also quickly declined for jewelry and sterlingware.
Investors began to sell large amounts of silver especially old coins from the 1960s. Other sold large amounts of sterlingware and jewelry for its silver content.
A host of political events, including the continuous U.S. hostage crisis in Iran and the Soviet invasion of Afghanistan, motivated investment demand, helping keep silver prices high and volatile through 1980. High inflation, high nominal interest rates, and negative real interest rates further stimulated investor interest in silver and other tangible assets. Prices dropped as low as $10.80 in March, but rose back to $25.00 in September, as the Iran-Iraq war erupted. By the end of 1980 silver prices had subsided once more to around $16.00.
These high silver prices meanwhile were having a dramatic effect on the physical silver market conditions. Total supply rose form 434.8 million ounces in 1978 to 505.0 million ounces in 1979, and then to 584.6 million ounces in 1980. The bulk of this increase occurred in secondary recovery. Total secondary recycling of silver doubled, from 152.0 million ounces in 1978 to 302.0 million ounces in 1980. The recovery of silver from old coins, those holdings taken in by investors during the 1960s, increased from 21 million ounces in 1978 to 45 million ounces the next year, and then to 94 million ounces in 1980. Refiners faced substantial backlogs, sometimes of 6-12 months in processing these materials.
Mine production remained almost unchanged during this time, and actually was lower in 1980, at 264.6 million ounces, than it had been in 1978. (A U.S. copper industry strike, along with a strike at a major U.S. silver mine, were major factors behind the low output.) Mine developments have long lead times, and the increases in output that came about in response to the 1979-1980 jump in silver prices did not appear until the mid-1980s.
Prices also were having a dramatic effect on fabrication demand, compounded in 1980 by the onset of the deepest post-war recession. Industrial silver use fell from 449.1 million ounces in 1978 to 362.5 million ounces in 1980, a level fully 25 percent below the 1976 cyclical peak of 481.0 million ounces. The last countries using silver in circulating coinage, Austria, France and West Germany, withdrew from that activity, reducing silver use in coinage on a worldwide basis from 39.5 million ounces in 1978 to 15.0 million ounces in 1980.
The combination of higher secondary recovery and lower fabrication demand brought an abrupt end to the eight years of silver market supply deficits. In 1978 new supply had fallen 53.8 million ounces short of fabrication requirements. In 1979 there was a 28.9 million ounce surplus.
In 1980 this surplus reached 207.1 million ounces, nearly as high as the 228.9 million ounce surplus that had resulted from the 1968 run-up in silver prices and the Treasury’s sales programs. The increase in the recovery of silver from old coins accounted for nearly half of the surplus.
Also..Will add again...