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I'm still hung up on that Bloomberg article by Sterngold. Seems he may have some anonymous sources at A/M, but how could they take 30bil of assets out of the estate for LAMCO and not satisfy the legal obligations of the prospectus' relative to BK or liquidation. In other words, how can they take that money out, I assume after paying creditors provided in the "Plan" and we get nothing. Or am I just wrong or not understanding BK law? TIA
Any idea how many letters to the Trustee for an EC yet? How will we know if he/when he receives them? Will we get a response either way? I wrote him an impassioned plea to be the vehicle for our voices to be heard and represented. Told him I've called Senators and Congresspeople, but he and only he can help the regular folks in seeing we are not left out in the cold, that kinda stuff. Stroked his ego a bit, and let him know he should use the power entrusted to him by the people. Hope others did the same.
Why would auto, maxim, and etmm have such high asks? Moreso, why do mm's do that anyway? Thks
I don't know either. My message I left yesterday was very specific. Oh well, let's see what others can ascertain
Just got a return call from attorney at Wiel. Keep in mind that the only reason I called them was because that is who the Lehman lady said I had to contact because she couldn't answer securities questions. The attorney told me she can only tell me where to find the Reorg plan and that she cannot answer creditors questions or elaborate on the legalese, provide advice, and that I woould have to consult my own securities attorney for that. She said Lehman would have to address my questions. I told her I am not a creditor, just a shareholder and to think of my questions as if I were a reporter writing a story lol. She then reiterated that I would have to contact Lehman as she cannot give advice to creditors, blah blah blah. Hope others in contact with Lehman can get some clarity. Just wanted to let all know where my path led.
No no, I meant like I got what your saying, not like Gotcha! Sorry
This is probably a stupid question, but I'm so freakin lost and confused: Are equity holders like us considered "Unsecured Creditors"?
Gotcha. Reason why I asked is that when I spoke to the "Lehman" lady and she asked what questions I had, I referenced securities like lehjq and that's when she directed me to Weil. Either way, its all good. Be nice to see if you get answers. Thanks again for your efforts
Great work! Hope you get some responses, detailed ones at that. Keep up the good work.
TY daktok. Question for all: What's bugging me is if A/M want to take current Lehman assets and start LAMCO, how could we be left with nothing? What the hell is a prospectus for and all the legalese in those? I'm just trying to make myself more confident in hoping that they can't just cancel us and then we are ass-out with nothing, particularly if they are taking assets from the estate so they can make billions and billions off them. Will Peck really allow us to get shafted? If I'm off base, please let me know. Last post so tia.
PS. Daktok, you must have spoke with Weil and Goetch-i can't spell that one-thats where the A/M people directed me. Actually it was to Lehman Live then some lady from there quickly said she wasnt allowed to answer securities questions and directed me to Weil. Just trying to get some clarity. Damned lawyers and accountants lol
Excellent work. Was it Holly Dice by chance? What about any specifics about classes or what happens to prefd's/commons? Thanks for the effort. They didn't return my call, but I will keep trying as well. Thanks again
Wow, May 1st basically 45 days away. No wonder they told creditors thru the reorg plan to take it or get pooled in with everyone else. LAMCO can't start ops til the BK/Plan is closed right? Would that mean are fate would be known then?
Coach must be doing some serious DD today?
Thanks much for your thoughts. Last question: If creditors reject the plan, then they along with all others including prefd's and commons get lumped together?
So in the end, this is how everyone is reading this: Prefd's will either get a share in LAMCO for each we currently own, OR some cash payout provided $'s are available? If so, how sure percentage wise are we this is what that legalese means? Gotta bust out the duct tape to keep my head from exploding!!
Same sentiments. You as well wyatt. What gets me is all the 200 share taps on these preferd's over the past few months. The Judge should not have let the Reorg plan out without the disclosure statement, imo. At least we could have some clarity. Take care
Edited: $20 mil would be 10 percent of face. Me too, long time. Only 4mil O/S, been a ticker since '98 or so. Hell 10percent of face would be $25 million. You mean to tell me A/M can't throw us $25mil outta all that freeking $? 17bil cash on hand, assets who knows, and they are gonna cancel these and throw out the holders like trash. We need some clarity. Still no return call from Weil and Goetschl
For a brief moment, bid was higher than ask on the D's. Crazy day
Fwiw, D's pps went to .118 60K. Ask was .07 and bid was .1499. Bypassed both. Again fwiw
I just called A/M, then was redirected to Goltch and Weil handling the Leman BK. Had to leave a message and callback #. I asked about pref's and trusts to see if they will be cancelled or what. Hope to get call back and I will report. 212-310-8040.
Good call, I recall that as well. These were issued early '08 right? Don't know status though, but I remember that as well
Will it do any good to contact A/M? I talked to Holly Dice a time or two, great gal, but not sure she knows much? Coach?
Gofor, I'm so freakin confused, I don't know what to think. What sucks is that disclosure statement didn't accompany this thing if it indeed makes the whole plan understandable in plain freakin english. Man, I hate lawyers AND accountants lol
Man my head is spinning. Any ideas when the date of all this is supposed to go down? If they give us pro rata shares and hold them, how long would that be before a payout or whatever is supposed to happen with them? Emotional rollercoaster to say the least
Does anyone know a securities lawyer who could translate page 22?
This isn't good for us? Check one of the last bullet points *
http://www.xe.com/news/2010-03-15%2016:45:00.0/1014129.htm?c=1&t=
Thanks for checking on that. Pretty big oversight on their part. Thanks again and sorry for the confusion. As an avg joe, you see that and put 2 and 2 together u know. Thanks much. GLTUA
See if that's the case then how the hell am I suppose to know its not? I'll shut up now. My bad if true everyone
(Sitting in time out)
Dad, I own 'em bra. Gottem less than a penny. Did u pull up etrade and type in lehdq, jq, cq, gq, fq,wamkq? If etrade is wrong, then I ot no problem admitting it. I LOVE my LEH's baby! Google depositary share and tell me where they make a distinction between an american depositary share and a plain old depositary share. What do you all think a depositary share is? If I am right, then y'all should be some happy MF's. Night night
I feel like Ace Rothstein in Casino when he asks the Senator to at least give him the satisfaction to admit he was at the same dinner, lol. Did you pull up etrade.com from your PC and type in lehdq where it says symbol or company name? Tell me what you see under the chart on the right hand side. That is what I am referring to. If etrade is wrong with that caveat on all the tickers I've named then I am wrong. Fact is it is there and I stand by it, 100% positive. Anyone who says it is not their is either blind or not telling the truth cuz it IS THERE PERIOD. That is my last post about this until someone confirms what I have been saying. Geesh. A depositary share, yes we agree on that, but WHAT IS A DEPOSITARY SHARE???? http://www.investopedia.com/ask/answers/06/adrvsads.asp
End of story for all to see
That's what I've been trying to ascertain for quite some time. Did you go to etrade and type in the symbol, we'll just use lehdq? By marayatano's own admission, they are depositary shares. Now, for the last time, here is a link explaining what an ADR(american depositary receipt) is and what an ADS(depositary receipt) is. Don't you guys know what you own? Serious question. I didn't confuse it with ABS, its all in black and white plain english. Companies that want US investors to inest in their companies do so thru ADR's of which depositary shares are the actual objects traded. They do this in order to make it easier for investors on our US exchanges to invest in their companies. Unless etrade is wrong on the C's, D's, J's, F's, G's, and the wamkq's, then that's what these tickers are. This is freakin Lehman brothers my man, they had all kinds of stocks, bonds, etc including the issuance of ADR's/ADS's whatever acronym one wants to use. I cannot believe that no one else on this board sees has seen the ADR disclaimer when u pull the symbol up in etrade. And again, why else would a D represent 1/100 like it says in the symbol description. What's the 1/100th of then? The ADR cuz ADS's are the shares, the ADR is the bundled shares. Please pull up etrade and see for yourself
http://www.investopedia.com/ask/answers/06/adrvsads.asp
Sure its possible side, but 1+1=2 and the J's, C's, D's, G's and F's are depositary shares. I posted the links telling what a depositary share is and what a depositary recepipt is and how they are connected. Now the P's are not. That is why, for instance, when you type in symbol lehdq in etrade and it comes up with the 5.67% and 1/100 which is that each share is 1/100th of a depositary receipt. Its in black and white for all to see. I can't make it anymore clear. If your at a PC go to etrade.com, type in any of the above symbols and its right there. You will see if you pull up lehpq, it is not a depositary, just reg joe preferred. Excuse me while my head explodes with incredulity, LMAO. Tell me what you find. And yes since they ARE RELATED to a foreign entity, I believe there is worth. Tell me what you find my friend
No. ALL I'm saying is when I type in say lehdq, cq, jq, of which I have all, in etrade, a caveat about investing in ADR's is on there staring right in my face. It discusses the risks related to investing in ADR's like currency fluctuations and political instability etc. I believe that the currency fluctuation aspect is covered in the prospectus. I admit I am no expert on these, BUT I stand by what I've posted, it is accurate, period. bryanboyatano, lol, is wrong on that ONE aspect.
The disclaimer/caveat IS there period. Maybe your on a blackberry or iphone, but using a PC on etrade's site and its there. Also, here's another link proving that ADS's, which is what these are, are related to the ADR
Here ya go...
http://www.investopedia.com/ask/answers/06/adrvsads.asp
Sometimes you gotta tell it like it is man. Thanks though
Well, the disclaimer is there for the J's C's D's etc. and for the wamkq's. I'm just telling ya that these tickers are depositary shares and those are directly related to the ADR. British Telecom issued ADR's thru Lehman as well. Just trying to be clear. I suggest all to type the symbol lehjq, cq, dq, etc and in the lower right the disclaimer about risks of investing in ADR's is there. Anyways, thanks for your input, let's just all make some $
So an equity share of a foreign based company isn't tied to a foreign based company? C's D's F's G's are depositary shares-equity shares of a foreign based company. Pull up eturd, bring up lehjq or the others and their is a warning about investig in ADR's. What am I missing? TIA...serious question cuz I wanna know if I just don't understand something
I'm with ya Viva and share your concerns and sentiments. I don't trust lawyers, accountants, and politicians--no offense to any accountants, lawyers/would-be-lawyers possibly among us. It certainly is war and it's being waged right now. I'm pulling for all of us, all holders of all these tickers. Let's just hope we get some insight this week. Good luck to us all. Here's to hoping the Trustee hears us and sets up that EC. Take care