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Someone posted about week ago a video summary about Lehman collapse.
Latest balance sheet has some interesting developments:
Docket # 60960 Balance Sheets As of October 1, 2020(Unaudited)
Total Debtor Entities (LBHI & LBSF) assets are now positive 6,478 B.
Total company assets are still negative -9,6 B
Docket # 60877 Balance Sheet As of June 30, 2020 (Unaudited)
Total Debtor Entities (LBHI & LBSF) assets were negative -639 M.
Total company assets were at the end of H1 2020 -22,3 B
We are broke, we are in liquidation, there is no Lehman ... blah, blah blah ... yea right! Merry Christmas!
Cheers,
Slim
Whats the next big thing for us here?
I guess Mr. Waske appeal.
Depending on outcome we will figure out next suitable "straw" to hang on. And like always it has to fit in time frame of 6 months to 1 year.
Cheers Lehmaholics :P
Sorry, could not resist :)
Slim
I do not know / remember why they were removed. I can remember the dissapointment and price dropping from 50-60 cent range to below 20 cent range after this and even to 5 cent levels. I guess it was in 2010 or so. There was also some quite big instituional holder who sold immediately CTs after this, I think Italians. I also remember that first version of POR was actually designed as actual reorganization and after hedge funds in creditor comitee did not support it then second and third version of POR where already so called liquidation PORs.
Just old memories. Please note that this all is over my pay grade. Just hanging in there. I'm no expert.
Funny thing if I started today searhcing those first versions of POR from Epiq with phrases like "Plan of Reorganization" and similar then I got only dockets with November 2011 or newer. Did not found those 1st and 2nd versions from 2010. Maybe I was searching with wrong phrases. I think Joseph and Rex should certainly look for those old versions. Might help with the appeal.
Just my 2 cents.
Cheers, Stay safe!
Slim
Correct Swiss, they were in 5B in first and I think even in 2nd version of the POR. They were moved to 10B in 3rd version of the POR which was confirmed on Dec 6th 2011.
Once you share your knowledge it comes back to you many fold in various ways not just material means, but also in the form of gratitude, trust and respect which is priceless.
That is so true. I'm experiencing this almost every day while leading/training/teaching/guiding younger colleagues in my team. You just put it in writing so nicely.
Cheers, stay safe!
Slim
www.lehmanbrothers.com webpage seems to be inactivated. I think I checked it in March or April and then it was still active. It was displaying since the filing very basic info that Lehman is in Chapter 11, links to Epic,KPMG in Asia and PWC in UK. All info was on a very basic light grey background.
I guess this is another small sign that administration will be ending soon.
Cheers
Slim
Yeah, I understand what you mean. I also do not have almost any expectations left but I will not sell. I'm keeping all the CTs until the very end. Whatever comes.
Perhaps only expectation that I have is that jwnoble3 will prepare he's appellation well and he actually will be heard and maybe he pulls the rabbit out of this bottomless hat for us. Keeping fingers crossed.
But so far: ROI = 0 or should we say ROS = 0(Return On Speculation).
Cheers!
Slim
It's September 15th 2020. 12th anniversary of Lehman Brothers chapter 11 filing. Let's stand up for the toast:
Here's to the ones that we got
Cheers to the wish you were here, but you're not
'Cause the drinks bring back all the memories
Of everything we've been through
Toast to the ones here today
Toast to the ones that we lost on the way
'Cause the drinks bring back all the memories
And the memories bring back, memories bring back you
From Maroon 5 song "Memories".
Enjoy the day!
Slim
Just some facts while we kill time and wait our fate... and boy we have killed some serious amount of time so far.
- We have 137 days left until Dec 6th 2020.
- There are 4465 days between September 15th 2008 and December 6th 2020.
- 137 days = 3,068% of that time.
Alternative time units
4465 days can be converted to one of these units:
385,776,000 seconds
6,429,600 minutes
107,160 hours
4465 days
637 weeks and 6 days
1223.29% of a common year (365 days)
Wow.
Not sure if this has been posted. On a link is LBT 2019 full year report. All pieces of puzzle are crucial to see full picture.
https://www.lehmanbrotherstreasury.com/pdf/english/LBT%20Financial%20Statements%202019%20-%20Final%20incl.%20audit%20report%20-%20signed.PDF
Thank you for response and comments. I will start following http://ceo.ca/nno
Cheers
Slim
/ how do I purchase mcaps? thank you /
I see you've been digging about those bonds with maturity date 3999.
I had the same question :) and concluded. Too late. Can't buy them any more.
Cheers
Slim
I cannot find much info about the 1st and 2nd bond creation date but the 3rd one is LBT related. LBT had closing action in 2019 so those are quite lately created / converted European bonds into this LBHI perpetual bond. The 3rd one has even 1 trading transaction as lately as in April 1st 2020.
Symbol LEHM.HCU, CUSIP 52517P2D2
Symbol LEHM.HCQ, CUSIP 52517PZ95
Symbol LEHM4829152, CUSIP -
LEHMAN HAS ISSUED PERPETUAL BONDS
Well, Lehman braintrust here is another bone to chew.
FINRA.org database lists 115 various Lehman bonds and there are 3 bonds with maturity date 12/31/3999.
Symbol LEHM.HCU, CUSIP 52517P2D2
Symbol LEHM.HCQ, CUSIP 52517PZ95
Symbol LEHM4829152, CUSIP -
http://finra-markets.morningstar.com/BondCenter/Default.jsp?part=3 Type in Issuer name cell “Lehman”
3999 should mean those are perpetual bonds. Perpetual bond = equity.
From investopedia: https://www.investopedia.com/terms/p/perpetualbond.asp
What Is a Perpetual Bond?
A perpetual bond, also known as a "consol bond" or "prep," is a fixed income security with no maturity date. This type of bond is often considered a type of equity, rather than debt. One major drawback to these types of bonds is that they are not redeemable. However, the major benefit of them is that they pay a steady stream of interest payments forever.
If you check history of those “instruments” you see that those were normal bonds but during the course of adminstration they have changed to perpetual bonds (equity).
Am I just daydreaming or this is actually THE MOST SOLID PROOF in black and white that Lehman is going to have continuos business after POR is closed?
Cheers
Slim
JPN19685,
You've made great post about 3 years ago. Do you still follow/own Nano One? Although this board is quiet I believe there are many who checking this thread. Would really appreciate if you could refresh your views & numbers.
Many thanks in advance.
Slim
__________________
Theres one Waiting per year. Lol
__________________
Spot on statment Jersey.
Funny how we have developed a habit to hang on to one "waiting per year". The event has distincive characteristic to be in the timeframe of 6-9 months cause then it is psychologically bearable... not too distant future.
So what is the next milestone to wait for?
- The Stay ends in November or December (correct me if I'm wrong) That fits in timeframe
- Possibly Waske could appeal and then new hearings. Also 6-9 months possibly. Fits in timeframe
- something else?
Oh boy, this saga is a mad selfexcruciation but I'm not selling one single CT. Like Smeagol in Lord of the Rings said: Those are my precious.
Have great weekend everyone!
Slim
Does anyone have link where to check how many Cts are currently sold short? Someone keeps on selling at the 12-13 cent range.
TIA
Slim
bankruptcy will be over this year.
Sure hope you are right about the end of BK this year BUT that does not mean our converted stock or whatever "units" we get on our accounts will reflect much higher value instantly. It could take several years until those "units" start to reflect some $ value.
Cheers
Slim
Docket # 60502
Filed Apr 09 2020
Application for Final Decree / Notice of Presentment of Motion for Final Decree Closing Certain Chapter 11 Cases Pursuant to Section 350(a) of the Bankruptcy Code and Bankruptcy Rule 3022 filed by Garrett A. Fail on behalf of Lehman Brothers Holdings Inc. Responses due by 4/24/2020, with presentment to be held on 4/27/2020 (check with court for location). (Fail, Garrett)
They are closing 3 more subs.
Lehman Brothers OTC Derivatives Inc. (“LOTC”)
Lehman Commercial Paper Inc. (“LCPI”)
BNC Mortgage LLC
... and then there were left two ... or actually three if we consider LBI too.
Lehman Brothers Holdings Inc. (“LBHI”)
Lehman Brothers Special Financing Inc. (“LBSF”)
Happy Easter! Stay safe!
Slim
Nope, it is not Waske hearing. Waske filed January 2nd or 3rd. This has started earlier.
Maybe this market crash, oil war and liquidity crisis is good for us. There should be increase in Chapter 11 filings in coming months ( unless everyone get's bailed out). Hopefully Mr. Fail and hes associates want to wrap this up sooner than later to get their attention and hands on to new customers to milk those carcasses.
I have good feeling today. It's coming :) :) :) Soon.
Keep it cool and enjoy whatever you like to do most.
:) :) :)
I'm using Firefox and all is working nicely. Epic site is up and running. Last dockets are from March 9th. Two letters in support of Motion by Joseph Waske.
Camaro, I assume you asked the case number because you needed it for new Epic site to search dockets. Please advise how do you find Lehman dockets in the new Epic website. I thought I was tech savvy and web search is piece of cake but they've buried the data so deep that I cannot find anything now.
TIA
Slim
Some funny statistics ragarding Waske's motion. Word "parity" occurs:
Motion to reclassify docket 60337 - 7 times
Plan administrators objection docket 60377 - 0 times
Waske's response docket 60403 - 33 times
Cheers
Slim
Yes, it would be nice if next distro is final. On page 4 you can find estimated sum for distributions: 1,395 B. Considering that last distros have been 563millions and 393million we can also assume they can split that 1.395 to several distros. Hopefully it will be one final. We'll see in few months time.
I find also intersting their comments regarding claims consolidation.
Page 28
In aggregate, 1,590 eligible creditors tendered 4,438 claims with an aggregate Allowed Amount of approximately $2.6 billion in the Claims Consolidation Auction. The total purchase price paid by the Sponsors was approximately $24 million.
Little bit further below:
Sale of Certain LBSF Assets to LBHI
On December 20, 2019, LBHI and LBSF executed a sale and purchase agreement, pursuant to which LBHI agreed to purchase LBSF’s Allowed Claims into LBHI for total consideration of $17.7 million. The prices for the Allowed Claims into LBHI were determined by the Claims Consolidation Auction (see above). The purchase price was paid in January 2020.
Seems like this claims consolidation was "snake eye move" to cover "inter-company ops". On page 10 is shown that LBSF holds 5A Affiliate Claims of LBHI 15,173B. So 15,173B face value claim was transferred to LBHI for 17,7 million if I read it right. Comments would be highly appreciated.
It also apperas they have closed in November 3 more subs. I've completely missed that.
Lehman Brothers Commodity Services Inc.
Lehman Brothers Commercial Corporation (“LBCC”)
Structured Asset Securities
18 subs closed 5 left. Of those 5 subs Lehman Brothers OTC Derivatives Inc. (“LOTC”) and BNC Mortgage LLC are already basically fully paid so I wonder whats the hold up there?
Just my 2 cents.
Cheers
Slim
Updated balance sheet is in the docekt.
Docket # 60358
Filed Jan 10 2020
Balance Sheet / Quarterly Financial Report as of October 3, 2019
Happy New Year to all of you!
Hopefully this year we'll get it done. Really hoping ... but I remain conservative and expect few more years of waiting before this saga ends.
Cheers!
Slim
LEHJQ LEHDQ SHOWING QUOTE DATA IN TDAMERITRADE.
SOME WAMU ESCROWS TOO.
What happens if you try to insert sell order? Will it give some additional notification or message and what it says? Or does the system really accepts the sell order? What happens if you try to insert buy order?
Very interested to see&hear your results/comments.
TIA
Slim
Jovi, what type of finale you expect?
- New shares or bonds (of new entity)
- Reclassification of CTs and payment via last distribution
- Money payment
- Something else. What it may be?
TIA
Slim
Hi Sidedraft,
This 23K trade is actually Friday 23rd trade. Take a look at the link. when on chart push on "data table" button and scroll down: https://www.otcmarkets.com/stock/LEHKQ/overview
Cheers
Slim
Hmm, thank you. So docket 59891 is just a transfer not the document Jersey was refferring in his post.
I'm still lost and cannot find the ca 700 page documet he Jersey was refferring.
Best
Slim
Strange, still cannot find it. Do you have docket number or is it somewhere under key documents?
TIA
Slim
Jersey, please advise where did you get this information below in your post?
You are responding to Camaros post #85182 where she is pointing out the docket 59891 (2 page distribution notice) has hit the docket. But you are responding in your post #85183 to her and saying:
Not really sure. Its 296 pages of what " appears " to be dealing with the CT's. Wow, wouldnt that be great. Maybe Rex and Rickeys (and others) persistance is paying off!!!!! I will read more later, but DO NOT COUNT on my interpretation of lawyer latin. Those guys are smoking the legal pipe and than talking legal hindu. It amounts to a who the fk knows with me. But it is interesting being it comes from JOHN GULIANO. OUR TRUSTEE. Oh akso, I see the ol OFAC AND TAX FORMS crap from years back mixed in there to.
Did you manage to download the docket 59890 and this information was there? It is very interesting to know cause currently this docket 59890 is missing from Epic. If you go to Epic you see following dockets:
Docket # 59892
Filed Aug 16 2019
Affidavit of Service of Wing Chan of Epiq Corporate Restru....
Docket # 59891
Filed Aug 16 2019
Notice of Proposed Distribution : Notice of Nineteenth Distribution Date......
Docket # 59890 --- not uploaded
Docket # 59889
Filed Aug 15 2019
Transfer Agreement FRBP. / Notice and Evidence of Partial Trans ....
Thank you in advance.
Cheers
Slim
If you guys remember there was separate adminstration 1-2 years ago of Lehman Passthru and LPTC or similar. I recall the Brookfield name was in the plan of reorganization of this administration. That POR is probably still under archives available. I also remember back then I little bit searched about the Brookfiled and scratchd my head as the asstes under managment of Brookfield are not small and fitting in the puzzle.
When that 3rd adminstration was ongoing then if you went to EPIQ site and clicked on "all cases", typed in "lehman" then you could see 3 Lehman related adminstrations. Currently there are still those two LBI and LBHI.
Lehman Brothers Inc. (SIPA Proceeding)
08-01420
Lehman Brothers Holdings Inc. (Chapter 11)
08-13555
What a wonderful Thursday it is :) Thursdays are small Fridays. Almost weekend ;)
Slim
Are you aware of this latest development? Appreciate thoughts & comments from you and Toogood too.
https://www.dutchnews.nl/news/businesswire/lehman-brothers-treasury-announces-successful-completion-of-partial-wind-down-and-intent-to-explore-final-wind-down/
Hi Cotton,
Thank you for the comment about the June 19th hearing. I will not look back but if talking about looking at the future will you
a) hold
b) accumulate
c) sell
Just a honest question based on the "ride" you had yesterday?
TIA
Slim
I have been addicted to this Lehman fiasco since buying. Dont ask why.
Is it just me or maybe someone else finds is odd too that bankrupt company in liquidation utilizes NOL fully? Usualy the bankrupt shells merge over (and over) to utilize the NOL and that is OK because the bankrupt shell company does not have any revenues left. Is it correct to conclude that Lehman has or will have enough of revenues before 2028 to utilize 50 B worth of NOL. Seems so and.... wierd... and positive if to consider that NOLs belong to equity.
Comments.
Cheers
Slim