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Appears the Lehman Affiliates just completed an August meetingd meeting to continue the international cooperation to enhance estate value and reduce litigation expenses.
Per the Lehman Brothers Hong Kong website...http://www.kpmg.com.cn/en/about/KPMG_news/Lehman_updates/Updates_20090804.html?TopMenuOn=4&LeftMenuOn=5&NoChinese=1
There was also discussion about extending the Bar Date. Maybe some of the J holders did not want to wait anymore and sold positions.
Can't believe anyone would sell now prior to seeing the new balance sheet and illiquid asset numbers due mid August!
Enjoy,
Coach T
www.finra.org
Click on "Investors"
Select "Bonds"
Select "Advanced Bond"
Select "Corporate"
Enter "Lehman" in the Issuer space...then page down until you get to Activity...number of trading days and enter 1. That will give you the current day's trading for all Lehman prices that day.
Good Luck
Coach T
Just checked the bonds...have yet to see bonds trading higher since the filing.
Even the lower grade bonds seem to be catching a bid between .11-.14. higher grades are trading above .18 in some cases up from .085 right after the filing.
Maybe this is the flush to get rid of the last stops before the big run. Let's see how the price ends up at the end of the day on the J's.
Good Luck
Coach T
***SEPARATE STORY ABOUT IMPROVING LOAN PRICING (2nd One This Week!)***
Market for leveraged loans hits 12-month high
By Anousha Sakoui in London
Published: August 3 2009 22:01 | Last updated: August 3 2009 22:01
The prices of the most traded risky European and US loans have reached their highest levels for more than a year, in a further sign of improving conditions in credit markets.
Over the past week, European leveraged loan prices reached 89.11 per cent of face value, a high not seen since July 10, 2008, according to Standard & Poor’s LCD and Markit.
The same is true for riskier US loans, for which the average price bid rose above 90 per cent of face value for the first time since June 24, 2008.
The rally in loan prices above a key threshold of 80-85 per cent of face value will also reduce pressure on collateralised loan obligations, complex funds that pool loans, which at the height of the credit boom accounted for 60 per cent of the demand for leveraged loans.
As the price of their assets fall below 85 per cent, or more commonly 80 per cent, of face value, CLO managers have to mark-to-market those loans, which can lead to them breaching collateral tests and cutting off management fees.
Rating agencies have warned about the potential systemic risk posed by CLOs because many of them were exposed to the same borrowers.
Moreover, the rising loan prices should reduce the risk of a growing number of zombie CLOs – funds where managers have reduced management operations owing to the lack of fees, which threatened to make restructuring corporate debt difficult.
Rest of the story...http://www.ft.com/cms/s/0/1f92a1ea-8057-11de-bf04-00144feabdc0.html
Enjoy,
Coach T
***SEPARATE STORY ABOUT IMPROVING LOAN PRICING (2nd One This Week!)***
Market for leveraged loans hits 12-month high
By Anousha Sakoui in London
Published: August 3 2009 22:01 | Last updated: August 3 2009 22:01
The prices of the most traded risky European and US loans have reached their highest levels for more than a year, in a further sign of improving conditions in credit markets.
Over the past week, European leveraged loan prices reached 89.11 per cent of face value, a high not seen since July 10, 2008, according to Standard & Poor’s LCD and Markit.
The same is true for riskier US loans, for which the average price bid rose above 90 per cent of face value for the first time since June 24, 2008.
The rally in loan prices above a key threshold of 80-85 per cent of face value will also reduce pressure on collateralised loan obligations, complex funds that pool loans, which at the height of the credit boom accounted for 60 per cent of the demand for leveraged loans.
As the price of their assets fall below 85 per cent, or more commonly 80 per cent, of face value, CLO managers have to mark-to-market those loans, which can lead to them breaching collateral tests and cutting off management fees.
Rating agencies have warned about the potential systemic risk posed by CLOs because many of them were exposed to the same borrowers.
Moreover, the rising loan prices should reduce the risk of a growing number of zombie CLOs – funds where managers have reduced management operations owing to the lack of fees, which threatened to make restructuring corporate debt difficult.
Rest of the story...http://www.ft.com/cms/s/0/1f92a1ea-8057-11de-bf04-00144feabdc0.html
Enjoy,
Coach T
***SEPARATE STORY ABOUT IMPROVING LOAN PRICING (2nd One This Week!)***
Market for leveraged loans hits 12-month high
By Anousha Sakoui in London
Published: August 3 2009 22:01 | Last updated: August 3 2009 22:01
The prices of the most traded risky European and US loans have reached their highest levels for more than a year, in a further sign of improving conditions in credit markets.
Over the past week, European leveraged loan prices reached 89.11 per cent of face value, a high not seen since July 10, 2008, according to Standard & Poor’s LCD and Markit.
The same is true for riskier US loans, for which the average price bid rose above 90 per cent of face value for the first time since June 24, 2008.
The rally in loan prices above a key threshold of 80-85 per cent of face value will also reduce pressure on collateralised loan obligations, complex funds that pool loans, which at the height of the credit boom accounted for 60 per cent of the demand for leveraged loans.
As the price of their assets fall below 85 per cent, or more commonly 80 per cent, of face value, CLO managers have to mark-to-market those loans, which can lead to them breaching collateral tests and cutting off management fees.
Rating agencies have warned about the potential systemic risk posed by CLOs because many of them were exposed to the same borrowers.
Moreover, the rising loan prices should reduce the risk of a growing number of zombie CLOs – funds where managers have reduced management operations owing to the lack of fees, which threatened to make restructuring corporate debt difficult.
Rest of the story...http://www.ft.com/cms/s/0/1f92a1ea-8057-11de-bf04-00144feabdc0.html
Enjoy,
Coach T
Nice charts Brikk!
I think we are going to get some positive comments from the Marsal team in mid August. Shares should start moving in advance.
There is no way the reat of the economy improves without helping repair the problems that started it. Lehman's updated balance sheet that suffered with the massive leverage going down, will benefit doubly on the way back up too (IMO).
The charts looks like low level cup and handle consolidations to me.
Coach T
Great post Power! Thanks for working on that...
Coach T
Thanks Side for reposting the link.
Coach T
More evidence the area that caused much of the illiquidity for LEHMAN and others is quickly getting back on its feet!
http://www.reuters.com/article/ousivMolt...
Keep the Faith...Lehman's biggest ally now is the US FED RESERVE and all the programs that are trying to assist the housing market and commercial lending markets!
Coach T
More evidence the area that caused much of the illiquidity for LEHMAN and others is quickly getting back on its feet!
http://www.reuters.com/article/ousivMolt...
Keep the Faith...Lehman's biggest ally now is the US FED RESERVE and all the programs that are trying to assist the housing market and commercial lending markets!
Coach T
More evidence the area that caused much of the illiquidity for LEHMAN and others is quickly getting back on its feet!
http://www.reuters.com/article/ousivMolt...
Keep the Faith...Lehman's biggest ally now is the US FED RESERVE and all the programs that are trying to assist the housing market and commercial lending markets!
Coach T
Capco is referred to in the article (see link). It stands for the insurer the Customer Asset Protection Company.
http://dealbook.blogs.nytimes.com/2009/07/31/billions-in-lehman-claims-could-bury-an-elusive-insurer/
Coach T
Another layer to the Lehman filing...it never seems to end.
Capco is virtually unknown even in financial circles, but it is being thrust into the spotlight by the events at Lehman. Creditors and former customers are battling over who will get what and when from the fallen bank, including more than $32 billion of assets that have been tied up in Lehman’s London prime brokerage unit. Untangling the mess could take years. Some former Lehman clients, which include big hedge funds, are looking to Capco for answers — and money.
Dewey & LeBoeuf, the law firm that represents Capco, said in a statement that Capco had no current policies outstanding and was “preserving all assets to address claims that might arise out of the insolvency of Lehman Brothers Inc. and Lehman Brothers International (Europe).”
The law firm called worries about Capco’s potential exposure to Lehman “speculation.”
Capco, which is private, is something of a financial mystery. Its members include Wall Street giants like Morgan Stanley and Goldman Sachs, banks like JPMorgan Chase and Wells Fargo, smaller brokerage firms like Robert W. Baird & Company and Edward Jones, and Fidelity, the mutual fund giant. Capco was initially registered in New York but later moved to Vermont, where state law enables it to operate without disclosing much about its finances.
http://dealbook.blogs.nytimes.com/2009/07/31/billions-in-lehman-claims-could-bury-an-elusive-insurer/
Coach T
Another layer to the Lehman filing...it never seems to end.
Capco is virtually unknown even in financial circles, but it is being thrust into the spotlight by the events at Lehman. Creditors and former customers are battling over who will get what and when from the fallen bank, including more than $32 billion of assets that have been tied up in Lehman’s London prime brokerage unit. Untangling the mess could take years. Some former Lehman clients, which include big hedge funds, are looking to Capco for answers — and money.
Dewey & LeBoeuf, the law firm that represents Capco, said in a statement that Capco had no current policies outstanding and was “preserving all assets to address claims that might arise out of the insolvency of Lehman Brothers Inc. and Lehman Brothers International (Europe).”
The law firm called worries about Capco’s potential exposure to Lehman “speculation.”
Capco, which is private, is something of a financial mystery. Its members include Wall Street giants like Morgan Stanley and Goldman Sachs, banks like JPMorgan Chase and Wells Fargo, smaller brokerage firms like Robert W. Baird & Company and Edward Jones, and Fidelity, the mutual fund giant. Capco was initially registered in New York but later moved to Vermont, where state law enables it to operate without disclosing much about its finances.
http://dealbook.blogs.nytimes.com/2009/07/31/billions-in-lehman-claims-could-bury-an-elusive-insurer/
Coach T
Another layer to the Lehman filing...it never seems to end.
Capco is virtually unknown even in financial circles, but it is being thrust into the spotlight by the events at Lehman. Creditors and former customers are battling over who will get what and when from the fallen bank, including more than $32 billion of assets that have been tied up in Lehman’s London prime brokerage unit. Untangling the mess could take years. Some former Lehman clients, which include big hedge funds, are looking to Capco for answers — and money.
Dewey & LeBoeuf, the law firm that represents Capco, said in a statement that Capco had no current policies outstanding and was “preserving all assets to address claims that might arise out of the insolvency of Lehman Brothers Inc. and Lehman Brothers International (Europe).”
The law firm called worries about Capco’s potential exposure to Lehman “speculation.”
Capco, which is private, is something of a financial mystery. Its members include Wall Street giants like Morgan Stanley and Goldman Sachs, banks like JPMorgan Chase and Wells Fargo, smaller brokerage firms like Robert W. Baird & Company and Edward Jones, and Fidelity, the mutual fund giant. Capco was initially registered in New York but later moved to Vermont, where state law enables it to operate without disclosing much about its finances.
http://dealbook.blogs.nytimes.com/2009/07/31/billions-in-lehman-claims-could-bury-an-elusive-insurer/
Coach T
Power:
Do you think they would press charges against someone that owned C/T's, Preferreds or Common? Not exactly fraudulent...
Now if you were trying to pull something, YES, they would go after you.
Make your own decisions.
Coach T
If in doubt...File they can only tell you no.
Coach T
Claims to Date...Interesting.
Total claims filed as of 07/29/09...52,630
# Claims above 500M........................5
# Claims 200M-500M.........................6
# Claims 100M-200M.........................11
# Claims 50M-100M..........................27
# Cliams 10M-50M...........................197
# Claims 5M-10M............................181
# Claims 1M-5M.............................42
# Claims 500K-1M...........................210
# Claims 250K-500K.........................286
# Claims 100K-250K.........................453
# Claims 50K-100K..........................666
# Claims 10K-50K...........................1779
# Claims 5K-10K............................588
# Claims 3K-5K.............................286
# Claims 1K-3K.............................265
# Claims $750-$1,000.......................81
# Claims Below $750........................47075
Number of claims to date below $750 is 47,075...I think that is amazing!
Most of the claims are from persons that invested in bonds or fixed investments and/or have accounts in LBI that have not been distributed yet. Do your own due diligence!
Coach T
Claims to Date...Interesting.
Total claims filed as of 07/29/09...52,630
# Claims above 500M........................5
# Claims 200M-500M.........................6
# Claims 100M-200M.........................11
# Claims 50M-100M..........................27
# Cliams 10M-50M...........................197
# Claims 5M-10M............................181
# Claims 1M-5M.............................42
# Claims 500K-1M...........................210
# Claims 250K-500K.........................286
# Claims 100K-250K.........................453
# Claims 50K-100K..........................666
# Claims 10K-50K...........................1779
# Claims 5K-10K............................588
# Claims 3K-5K.............................286
# Claims 1K-3K.............................265
# Claims $750-$1,000.......................81
# Claims Below $750........................47075
Number of claims to date below $750 is 47,075...I think that is amazing!
Most of the claims are from persons that invested in bonds or fixed investments and/or have accounts in LBI that have not been distributed yet. Do your own due diligence!
Coach T
Claims to Date...Interesting.
Total claims filed as of 07/29/09...52,630
# Claims above 500M........................5
# Claims 200M-500M.........................6
# Claims 100M-200M.........................11
# Claims 50M-100M..........................27
# Cliams 10M-50M...........................197
# Claims 5M-10M............................181
# Claims 1M-5M.............................42
# Claims 500K-1M...........................210
# Claims 250K-500K.........................286
# Claims 100K-250K.........................453
# Claims 50K-100K..........................666
# Claims 10K-50K...........................1779
# Claims 5K-10K............................588
# Claims 3K-5K.............................286
# Claims 1K-3K.............................265
# Claims $750-$1,000.......................81
# Claims Below $750........................47075
Number of claims to date below $750 is 47,075...I think that is amazing!
Most of the claims are from persons that invested in bonds or fixed investments and/or have accounts in LBI that have not been distributed yet. Do your own due diligence!
Coach T
Claims to Date...Interesting.
Total claims filed as of 07/29/09...52,630
# Claims above 500M........................5
# Claims 200M-500M.........................6
# Claims 100M-200M.........................11
# Claims 50M-100M..........................27
# Cliams 10M-50M...........................197
# Claims 5M-10M............................181
# Claims 1M-5M.............................42
# Claims 500K-1M...........................210
# Claims 250K-500K.........................286
# Claims 100K-250K.........................453
# Claims 50K-100K..........................666
# Claims 10K-50K...........................1779
# Claims 5K-10K............................588
# Claims 3K-5K.............................286
# Claims 1K-3K.............................265
# Claims $750-$1,000.......................81
# Claims Below $750........................47075
Number of claims to date below $750 is 47,075...I think that is amazing!
Most of the claims are from persons that invested in bonds or fixed investments and/or have accounts in LBI that have not been distributed yet. Do your own due diligence!
Coach T
This helps all classes and financials. The agressive write downs can now be written UP instead of down!
Alvarez & Marsal estimated that the real estate portfolio lost half its value from the filing date to the low in March 2009. From 90B to 45B.
We know the markets have gotten better since March. Mr. Marsal has said it himself. According to the article, the prices for "high yield paper" has increased the most. That means the "marks" are geting better that caused the whole problem IMO.
The better the market, the more LEH assets are worth...the best chance of getting higher returns in the Chap 11 Reorg!
Coach T
INVESTMENT GRADE AND JUNK BOND RECOVERY ONLY HELPS ALL LEHMANS!
Demand for high-risk, high-yield or junk assets has returned after the market was effectively shut for more than a year as investors shunned all but the safest securities. High- yield bond spreads narrowed 53 basis points this week to 988 basis points yesterday, falling below “distressed” levels for the first time since Sept. 25, Merrill data show.
High-yield bonds are rated below Baa3 by Moody’s Investors Service and BBB- by Standard & Poor’s.
Bonds rated CCC or less, the riskiest debt, are trading at an average price of about 69 cents on the dollar, the highest since Lehman filed for bankruptcy Sept. 15, Merrill data show.
‘V-Shaped Scenario’
“The lowest-quality category of high-yield bonds is pricing in a recovery scenario as optimistic as any V-shaped scenario could be,” Bank of America Corp. strategists Oleg Melentyev and Mike Cho in New York said yesterday in a report. “Unless this credit cycle is fully in the rearview mirror, this level has no historical precedence.”
The extra yield investors demand to own U.S. investment- grade bonds rather than Treasuries fell to 302 basis points yesterday, the lowest since Aug. 11, down from 600 basis points on March 13, Merrill index data show. Spreads on bonds issued by European companies have narrowed 215 basis points to 248 basis points from a high of 463 basis points in March.
Keep the Faith! MARK UPs COMING IN AUGUST!
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a22yt8tRjujk
Coach T
INVESTMENT GRADE AND JUNK BOND RECOVERY ONLY HELPS ALL LEHMANS!
Demand for high-risk, high-yield or junk assets has returned after the market was effectively shut for more than a year as investors shunned all but the safest securities. High- yield bond spreads narrowed 53 basis points this week to 988 basis points yesterday, falling below “distressed” levels for the first time since Sept. 25, Merrill data show.
High-yield bonds are rated below Baa3 by Moody’s Investors Service and BBB- by Standard & Poor’s.
Bonds rated CCC or less, the riskiest debt, are trading at an average price of about 69 cents on the dollar, the highest since Lehman filed for bankruptcy Sept. 15, Merrill data show.
‘V-Shaped Scenario’
“The lowest-quality category of high-yield bonds is pricing in a recovery scenario as optimistic as any V-shaped scenario could be,” Bank of America Corp. strategists Oleg Melentyev and Mike Cho in New York said yesterday in a report. “Unless this credit cycle is fully in the rearview mirror, this level has no historical precedence.”
The extra yield investors demand to own U.S. investment- grade bonds rather than Treasuries fell to 302 basis points yesterday, the lowest since Aug. 11, down from 600 basis points on March 13, Merrill index data show. Spreads on bonds issued by European companies have narrowed 215 basis points to 248 basis points from a high of 463 basis points in March.
Keep the Faith! MARK UPs COMING IN AUGUST!
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a22yt8tRjujk
Coach T
INVESTMENT GRADE AND JUNK BONDS RECOVERY ONLY HELPS ALL LEHMANS!
Demand for high-risk, high-yield or junk assets has returned after the market was effectively shut for more than a year as investors shunned all but the safest securities. High- yield bond spreads narrowed 53 basis points this week to 988 basis points yesterday, falling below “distressed” levels for the first time since Sept. 25, Merrill data show.
High-yield bonds are rated below Baa3 by Moody’s Investors Service and BBB- by Standard & Poor’s.
Bonds rated CCC or less, the riskiest debt, are trading at an average price of about 69 cents on the dollar, the highest since Lehman filed for bankruptcy Sept. 15, Merrill data show.
‘V-Shaped Scenario’
“The lowest-quality category of high-yield bonds is pricing in a recovery scenario as optimistic as any V-shaped scenario could be,” Bank of America Corp. strategists Oleg Melentyev and Mike Cho in New York said yesterday in a report. “Unless this credit cycle is fully in the rearview mirror, this level has no historical precedence.”
The extra yield investors demand to own U.S. investment- grade bonds rather than Treasuries fell to 302 basis points yesterday, the lowest since Aug. 11, down from 600 basis points on March 13, Merrill index data show. Spreads on bonds issued by European companies have narrowed 215 basis points to 248 basis points from a high of 463 basis points in March.
Keep the Faith! MARK UPs COMING IN AUGUST!
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a22yt8tRjujk
Coach T
INVESTMENT GRADE AND JUNK BONDS RECOVERY ONLY HELPS ALL LEHMANS!
Demand for high-risk, high-yield or junk assets has returned after the market was effectively shut for more than a year as investors shunned all but the safest securities. High- yield bond spreads narrowed 53 basis points this week to 988 basis points yesterday, falling below “distressed” levels for the first time since Sept. 25, Merrill data show.
High-yield bonds are rated below Baa3 by Moody’s Investors Service and BBB- by Standard & Poor’s.
Bonds rated CCC or less, the riskiest debt, are trading at an average price of about 69 cents on the dollar, the highest since Lehman filed for bankruptcy Sept. 15, Merrill data show.
‘V-Shaped Scenario’
“The lowest-quality category of high-yield bonds is pricing in a recovery scenario as optimistic as any V-shaped scenario could be,” Bank of America Corp. strategists Oleg Melentyev and Mike Cho in New York said yesterday in a report. “Unless this credit cycle is fully in the rearview mirror, this level has no historical precedence.”
The extra yield investors demand to own U.S. investment- grade bonds rather than Treasuries fell to 302 basis points yesterday, the lowest since Aug. 11, down from 600 basis points on March 13, Merrill index data show. Spreads on bonds issued by European companies have narrowed 215 basis points to 248 basis points from a high of 463 basis points in March.
Keep the Faith! MARK UPs COMING IN AUGUST!
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a22yt8tRjujk
Coach T
Maybe we should all send him an email.
Coach T
IS THIS AN APRIL FOOLS JOKE IN JULY? YOU HAVE TO READ THIS STORY...GOT TO BE A HOAX...BUT IT IS FUN TO DREAM!
http://www.norwichbulletin.com/opinions/columnists/x639774784/Philip-Maddocks-Out-of-business-Lehman-defies-naysayers-by-posting-record-profit
Coach T
IS THIS AN APRIL FOOLS JOKE IN JULY? YOU HAVE TO READ THIS STORY...GOT TO BE A HOAX...BUT IT IS FUN TO DREAM!
http://www.norwichbulletin.com/opinions/columnists/x639774784/Philip-Maddocks-Out-of-business-Lehman-defies-naysayers-by-posting-record-profit
Coach T
IS THIS AN APRIL FOOLS JOKE IN JULY? YOU HAVE TO READ THIS STORY...GOT TO BE A HOAX...BUT IT IS FUN TO DREAM!
http://www.norwichbulletin.com/opinions/columnists/x639774784/Philip-Maddocks-Out-of-business-Lehman-defies-naysayers-by-posting-record-profit
Coach T
Brikk:
Some of your psots have mentioned technicals before. While we are looking at a BK stock...humans are still trading it. I believe that some technicals can still be applied. MACD on many of the Lehmans are showing divergences and pps are currently sitting above the breakout levels.
What is your take on the 2 month consolidation the Lehmans have been in. I think the Reg Preferreds are getting ready to move to the .30-.45 range and the trusts to .60-.75?
Thoughts
Coach T
Your brokeage firm has all the records you would need IMO.
Coach T
I think the 2 month consolidation on all of the lehmans has about ended. The weak hands have gone from selling 10-50K blocks down to 200-500 share sales.
The only thing that really happened is the bid on the trusts dropped from the MM's. The asked still has been .18-.25. downside volume is drying up by the day.
The two books coming out now are talking about all the negatives that happened to get us where we are today. As I recall from Mr. Marsal's WSJ article the real estate lost 45B in value from the 09/14/08 (and A&M's aggressive "marks") filing date to the bottom in mid March.
It is obvious that the market is getting on its feet. I cannot think of a more leveraged gamble than LEH trusts and preferreds for when the ecomomy gets better. IMO we have gotten back about 30B of that 45B that was marked down in the panic of 2008.
Thoughts?
Coach T
I believe that the Master Securities List has until Aug. 20, 2009 to have its finalized list, and, until September 22, 2009 to file a claim.
We have until then to see if the regular preferreds show up on it.
Unitl then my previous post seems to make it pretty clear from the LBHI deadline. It says if you own common or preferred stock among other Lehman interests you do not have to file a claim.
At least that is what I took away from it. I would welcone any other perspectives.
Make your own decision! Worst case is you file a claim and it gets kicked back. Why is everyone in such an uproar?
Coach T
Interesting Read about the LEH deal that was worked out but never happened...how far off could it have been??? Meat on the bone!
http://www.bloomberg.com/apps/news?pid=20601087&sid=amrFL.JKKask
Enjoy,
Coach T
Interesting Read about the LEH deal that was worked out but never happened...how far off could it have been??? Meat on the bone!
http://www.bloomberg.com/apps/news?pid=20601087&sid=amrFL.JKKask
Enjoy,
Coach T
Broadway Partners just handed over the controlling interest in 10 high end commercial properties Broadway paid $5B for in 2006.
For LEH's $459M...Broadway is now a MINORITY owner in seven of the properties and guess who controls the properties? Yes Sir!
http://www.bloomberg.com/apps/news?pid=20601103&sid=aqqM6V_gM1A4
Enjoy,
Coach T
$459M gets LBHI controlling interest in 10 high end commercial porperties!
Broadway Partners just handed over the controlling interest in 10 high end commercial properties (3 of them LBHI owns outright!) Broadway paid $5B for in 2006.
For LEH's $459M...Broadway is now a MINORITY owner in seven of the properties and guess who controls the properties? Yes Sir!
http://www.bloomberg.com/apps/news?pid=20601103&sid=aqqM6V_gM1A4
Enjoy,
Coach T
Life:
I hope it helps.
Coach T