Any posts are my opinion, and should not be relied on for your investment decisions.
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USA Response To Washington Federal's Complaint
https://docs.google.com/viewer?a=v&pid=forums&srcid=MDUxNDQwNjExMTIwMzQzNjc3NDIBMDUxOTk2MzQzNzQ4NTQyNzQ1MDcBbTR0YkVyalJhc2tKATQBAXYy
BIG THX for the posting Demar. Best JW
PS - I also posted link over at the F&F google groups board.
I agree 20c. As an investor and businessman, Ed Demarco is now obsolete with his mindset as conservator. Times have changed drastically. I know Ed D will land on his feet soon and in a very good position. Potentially, he'll be known as the man who saved American housing for all.
My two cents...
I think that now these two are near zero its a power shift to Jack Lew (TSY) to undo the PSPAs. He knows the law quite well. Also, keep in mind that the FED needs an efficient set of GSEs to taper out of QE (all the MBS they bought they REALLY need a liquid market).
http://en.wikipedia.org/wiki/Quantitative_easing
Tim G was smart enough to get out of TSY and save face. Ed D may not get so lucky.
GLTA JW
Its paid outside of the classes under the indemnification section at the full amounts. LEHMAN had insurance specifically for their exec legal fees should it ever be required.
Means very little for us CT holders, except that a good deal of what Dick F is getting for legal battles is paid by insurance. More $$$ for distro to the classes.
Thx Jersey. Hope all is well. Me too (very happy with $5/shr). I keep looking for any additional nuggets of info that get published via the dockets/news/dtcc/etc. Some nuggets prove to be worthless, but I too think we will find a value here in the end.
Too quiet lately on the board. Waiting for the big news.
GLTA JW
Disregard, I found it under the Indemnification Obligations (pdf pg 226 of the POR). Its a fully allowed claim to the extent LBHI had in place prior to bankruptcy. That's why Dick F can sell it for the near full amount
Anyone know what unsecured class executive (dick fulds) legal defense funds fall into? Looks like he sold the claim for not less than $8M.
Lower volume, looked like some profit taking. Did not show any conviction to me. Interesting the bid/ask spreads seem to be widening (getting shares may get harder sooner).
I'm going to be more careful trading between prefs to capture pricing opportunity.
RE:Businesses for sale...
http://www.bizbuysell.com/
Yes they are a blackbox full of unknown money. The estate pretty much acknowledged that in 2012 they had no insight into these entities and now a year later find ~$17B (based on these affiliates giving the estate a current estimate).
Glad to help mojo. I have found some detail in the 2013+ Cash flow doc re: recoveries from Non-controlled affiliates and I liked what I found...~$17.3B beyond 2013.
http://dm.epiq11.com/LBH/Document/GetDocument/2400356
See page 5 and also bottom of page 10
Recoveries from Non-Controlled Affiliates. The 2013+ Cash Flow Estimates include an estimate of $17,387 million for recoveriesfrom Non-Controlled Affiliates for the period from January 1, 2013 to “Beyond 2015”. As the Company has settled with allmaterial Non-Controlled Affiliates (the settlement with LBF remains subject to a number of conditions precedent), estimates forrecoveries from all Non-Controlled Affiliates have been included herein, in some cases within the “Recoveries from Non-Controlled Affiliates” line item, and in other cases in “Derivatives”, “Private Equity / Principal Investments”, or “Other” (refer to the Non-Controlled Affiliates section in the “Overview of the 2013+ Cash Flow Estimates” section herein). In contrast, the 2012+ CFE generally only included estimates for Non-Controlled Affiliates with whom settlement agreements had been executed as of the date of that filing. Estimates of timing of recoveries from Non-Controlled Affiliates have not been provided in the 2013+ Cash Flow Estimates. In some cases, the Company’s payments of obligations to Non-Controlled Affiliates are part of the resources used by such Non-Controlled Affiliates to pay their own obligations, including obligations payable to the Company.
Mojo,
Here is the latest BS (docket #40224):
http://dm.epiq11.com/LBH/Document/GetDocument/2421339
Balance Sheet : Balance Sheets as of June 30, 2013 - Managements Discussion and Analysis and Accompanying Schedules filed by Garrett A. Fail on behalf of Lehman Brothers Holdings Inc.. (Fail, Garrett)
Case: Lehman Brothers Holdings Inc.
Related: none
Do you mean the MOR (monthly oper report)?
http://dm.epiq11.com/LBH/Document/GetDocument/2432215
Docket 40939 - Motion to Extend Time : Motion of Lehman Brothers Holdings Inc. for Extension of the Period to File Objections to and Requests to Estimate Claims filed by Jacqueline Marcus on behalf of Lehman Brothers Holdings Inc.. with hearing to be held on 11/22/2013
I'm not sure I like this motion by LBHI. Would this likely stay all guarantee claims?
Relief Requested
15. In accordance with sections 9.1 and 14.1 of the Plan, sections 105(a) and 1142(b) of the Bankruptcy Code, and Bankruptcy Rule 9006(b), the Plan Administrator hereby requests that the Court extend the Objection Deadline by eighteen (18) months to September 6, 2015, without prejudice to the ability of the Plan Administrator to request further extensions.
1. Do you think that GSE reform will happen by year-end, as the politicians keep claiming? No
2. Will GSE preferred stockholders receive full redemption value?
Tender offer 40-90% or full value w/divi resumption
3. Is the outcome for GSE reform already determined?
No
4. Will Fannie and Freddie be merged?
No (creates one VERY large TBTF and no competition)
5. Will one of the GSEs exit Conservatorship before the other?
Likely Yes, I think whoever is net zero first.
No, these are just a handful of securities that remain after all the SIPA distributions were completed. OBS is still in place.
The CUSIPs and number of each are at the end of the article
http://www.digitaljournal.com/pr/1550670
It seems net zero should be reported soon. Unless F&F regulator randomly decides to increased required reserves to keep them under lock and key (j/k).
Have a good weekend everyone
With the shrinking liquidity on Jr Prefs...hard to know when the music will stop and prefs POP. Lately just trying to switch between prefs when price opportunity presents itself.
Best JW
Yeah, I agree. Its also funny the price range that the small amount of trades have been held within. If retail was such a large holder more likely to see larger spreads between ea of the CTs.
Also, look at the GSE 50's...many of these only have 4-5M shares outstanding. They often have higher volume. Likely due to retail presence.
Yesterdays article also shed light that this liquidation is scheduled for several more years. This is hardly over.
Best JW
Vol 8000 out of 8,000,000 = tenth of a %
Hardly meaningful on the greys.
Demarco is not equal to US Treasury in this capacity. My opinion TSY is largely calling the shots on what is in the PSPAs. Demarco agrees to comply with the deal TSY lays out.
I am truly looking forward to net zero and the next move(s) or a judicial ruling in our favor...or both.
Docket 40671...appears some of the higher creditors agree with the LBHI estate and do not want to allow CarVal a privy peek at remaining assets. This docket also mentions LBHI2...
http://dm.epiq11.com/LBH/Docket#Debtors=1906&DocketNumber=40671&RelatedDocketId=&ds=true&maxPerPage=25&page=1
Link to CarVal. I can see why they want a chance to peek...
http://carvalinvestors.com/
Docket 40520 is a very interesting read. It appears some higher creditors want more of an inside view on a proposed transaction ("the sale"). It is on the courts agenda tomorrow and its not only the ad hoc group that wants a peek.
http://dm.epiq11.com/LBH/Docket#Debtors=1906&DocketNumber=40520&RelatedDocketId=&ds=true&maxPerPage=25&page=1
Opening statement fromthe docket:
The Group, which is comprised of major LBHI creditors, has been actively involved in these cases since nearly their inception and, in that context, has been keenly focused on maximizing the value of the LBHI estate. The Group has great respect for the estate and its professionals, who have worked hard to liquidate the LBHI estate’s assets for the benefit of its creditors. After careful consideration, however, and in light of the unique facts and
circumstances presented, the Group has determined to file this Statement in response to the Motion to support a process to evaluate whether the LBHI estate and its creditors will receive the highest and best value achievable from the Proposed Transaction.
2. The Proposed Transaction and the limited facts available regarding it raise concerns that should be addressed by the Court. The sale process appears to have been a “closed” process where competing bids were not, and absent this Court’s intervention, will not be considered. This is in stark contrast to the processes typically employed by liquidating estates
seeking to maximize value. As just one example, it is contrary to the process recently utilized by LBHI to sell its claims against Lehman Brothers Inc. As well, upon information and belief the
terms of the Commitment Letter preclude LBHI from considering any other offer. The lack of transparency and inability of LBHI to seek to maximize the value of the Claims is, not surprisingly, of great concern to the Group.
Scottrade still showing grey for lehnq, but ST is always slow.
15:25 mark of this video...Bryan Marsal (now CEO of Lehman). Describes the facet of the plan for illiquid assets. Package them up and give stock to creditors.
http://www.nytimes.com/video/2009/07/06/business/1194841374907/the-unwinding-of-lehman-brothers.html?ref=lehmanbrothersholdingsinc
FWIW, I typically try to get the lowest price relative to FV ($25 or $50).
This sheet was provided by a poster...
https://docs.google.com/spreadsheet/ccc?key=0AoGfU7_pX6tndFg1MjdxMER4T0hHVW1FLUgxVGxZNkE#gid=0
FWIW...I have been watching the DTCC for any notices.
Checked today and the 3/2012 notices regarding the CTs delist and re-list are no longer found
http://www.dtcc.com/
enter the tickers one at a time into the "search text" - used to bring up the 2012 actions (until today or yesterday).
Lehman's plan for ~200 acres right on the Pacific Ocean in Orange County CA. Also, did not see this on the graphic of real estate that LEH still owns...more coins in the couch. LOL.
http://www.ocregister.com/articles/marblehead-496536-lehman-city.html
.2% (~111K of 49,000,000) of all the o/s CTs traded so far. Small trades likely MM and small daytrades (pattern has been low price in the am with low vol then rise over the day).
Shaking out the weak hands now. IMHO
GLTA JW
Nella,
Dug up some of these earlier as well see post 27502.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=89847766
OBS is a mostly a reference to the one big share on this board. All pref and common holders were placed here in march 2012. I had some prefs and it shows as an escrow ticker in my scottrade account with the number of shares held on the day the escrow was established.
Anyone claiming that these and the CTs are worthless is being very premature (not directed at you jersey...just realized I replied the your post)
Just tried calling scottrade national. They show current bid ask on LEHNQ at .30 X .65
Really wanted more at .105
GLTA
20c, stressful based on some insight?
It looked like the pref. volumes showed some conviction with the price rise.
Would love to see some more conviction.
Best JW
Interesting that LEH ex-CEO has a Jupiter Island home and that some of the non-debtor entities are Jupiter...
From the article-
"Take Richard Fuld. Five years after Lehman Brothers Holdings Inc., the 158-year-old company he ran, collapsed under the weight of bad investments and sent a tidal wave of panic through the global financial system, Fuld is living comfortably.
He has a mansion in Greenwich, Conn., a 40-plus-acre ranch in Sun Valley, Idaho, as well as a five-bedroom home in Jupiter Island, Fla. He no longer has a place in Manhattan, since he sold his Park Avenue apartment in 2009 for $25.87 million."
Link-
http://finance.yahoo.com/blogs/daily-ticker/ceo-behind-lehman-collapse-isn-t-sorry-dick-131017662.html
Nice LD. I'm done too 390K CTs for me
Have a great weekend all
Glta jw
FWIW...CT O/S number is actually 49,000,000. lehnq was oversubscribed - 9M (not 8M) shares are out.
GLTA
JW
Found JP Morgan Claim #66455 gives some detail re: the CDA with JP Morgan
Our CTs are listed in the exhibit C (link below)
http://dm.epiq11.com/LBH/Claim#ClaimAmount=%241,600,000,000.00&ClaimAmountClass=UnsecuredDocket&ClaimAmountClassInequalities=%3E%3D&CreditorName=jp+morgan&Scope=5&ds=true&ex=false&maxPerPage=25&page=1
I had open orders at .39 on both the LEHKQ and LHHMQs. Was able to pick up 30,000 LHHMQs today at .39