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Gonna pick up some P's and L's tommorow. I am salivating over these prices
Micmac alot of premature selling last few days. I'm buying all dips. Good news continues tonight!!!!
RHINO as the hours continue looking better and better tonight.... can i hear 15 billion lol going once going twice
Lehman Seeks a Total of $11 Billion From Barclays (Update3)March 18, 2010, 4:37 PM EDT
More From Businessweek
By Linda Sandler
March 18 (Bloomberg) -- Lehman Brothers Holdings Inc., the investment bank liquidating in bankruptcy, said it was seeking a total of $11 billion from Barclays Plc, including a $5 billion “windfall” allegedly gained by the U.K. bank when it bought Lehman’s North American brokerage.
In a lawsuit filed in November, Lehman said Barclays received a “secret” discount of $5 billion on securities it acquired as part of the purchase, and a $3 billion gain on other assets taken on. New findings since November show that Barclays’s total gain was really $11 billion, according to a court filing today in U.S. Bankruptcy Court in Manhattan.
Lehman seeks to alter the sale agreement struck with Barclays 18 months ago, based on possible “fraud or misrepresentation” because the gains weren’t disclosed to the bankruptcy court, according to the filing. Barclays, Britain’s second-largest bank, denied the windfall and said it was owed $3 billion on the deal.
To allow Lehman to “recut a deal that they wanted when they needed it simply because it has turned out well is not only unfair and legally barred,” said Jonathan Schiller, a lawyer for Barclays at Boies Schiller & Flexner LLP in New York, in a phone interview today. “It would undermine the ability of the federal government and private parties in the future to sell distressed bank assets in order to protect as much as possible depositors, shareholders, creditors, and the government.”
Peck Approved
U.S. Bankruptcy Judge James Peck approved Barclays’ purchase days after Lehman filed the biggest bankruptcy in U.S. history, saying the deal was needed to help stabilize global financial markets. Lehman, its advisers and trustee James Giddens said losses would be in the hundreds of billions of dollars if the sale wasn’t completed, according to court filings.
As the financial markets recovered, separate lawsuits were filed against Barclays in November by Lehman, its creditors and the trustee. Today is the deadline for another round of filings. A bankruptcy court trial is scheduled for April 26.
Absent From Meetings
Lehman said even its financial advisers didn’t understand the Barclays deal. Today’s filing cited testimony from Harvey Miller of Weil Gotshal & Manges LLP, Lehman’s lead bankruptcy lawyer, that no one from his firm was ever told of a $5 billion discount. Lazard Ltd. investment banker Barry Ridings, the key financial adviser on the deal, said in a deposition that he was absent from key meetings and unfamiliar with an e-mail discussing a discount for Barclays.
Barclays, in a January filing, used Miller and Ridings to show that Lehman’s lead advisers were familiar with the discount and approved it anyway. The sale was made just after Lehman declared bankruptcy on Sept. 15, 2008, amid concern that the Lehman Brothers Inc. brokerage faced liquidation.
At Lazard, employees’ e-mails cited by Barclays discussed a discounted price “to reflect the bulk size of the purchase.” Lehman’s restructuring firm, Alvarez & Marsal, told Lehman’s creditors in October 2008 about the “$5 billion reduction,” according to documents cited by Barclays.
‘Bet-the-Ranch’
Barclays’s gain wasn’t assured when financial markets were in disarray, Ridings told Barclays’ law firm in January, according to a transcript included in the bank’s court papers.
“If Barclays had expended this money and the capital markets continued to fall, there was a chance Barclays would then subsequently fail,” he said. “It was a bet-the-ranch transaction for Barclays.”
Miller said he couldn’t immediately comment and Ridings didn’t respond to e-mails seeking comment. Lehman spokeswoman Kimberly Macleod said today’s filing focuses on what was said in September 2008, “not on testimony given many months later.”
Barclays, the only bidder for Lehman’s brokerage, acquired Lehman’s brokerage and real estate for $1.54 billion. As part of the deal, it took on Lehman assets and liabilities. Barclays paid $45 billion for securities valued by Lehman at $49.7 billion, the U.K. bank has said. Brokerage trustee Giddens still has about $3 billion of those securities, it said.
The cases are In re Lehman Brothers Holdings Inc., 08- 13555, and James W. Giddens v. Barclays Capital Inc., 09-01732, both in U.S. Bankruptcy Court, Southern District of New York (Manhattan).
--With assistance from William Rochelle in New York. Editors: Mary Romano, John Pickering.
To contact the reporter on this story: Linda Sandler in New York at lsandler@bloomberg.net.
To contact the editor responsible for this story: David E. Rovella at drovella@bloomberg.net.
http://www.businessweek.com/news/2010-03-18/lehman-shows-auditors-fail-investors-eight-years-after-reforms.html
viva..this is far from over..lots of good things to come..just sitting back and soaking up the cheapies
its all good coach..i think alot of us are going to relax and wait
looks like the impulse retail sellers are done..now we wait lol..
morning all
this guy is messing with articles, with no links..total bs
how about the 30 billion being above and beyond the payout of shareholders?
he went and got married..i think he was taking a break
if repost im sorry..
Fuld Said to Feel Vindicated by Lehman Report
March 17, 2010, 7:39 am
It seems that Richard S. Fuld Jr., Lehman Brothers‘ former chief, is fairly pleased with the findings of the report on the bank’s collapse.
The New York Post reports that Mr. Fuld is “feeling vindicated” by the findings of the court-appointed examiner, released last week.
According to The Post:
Fuld privately believes that the report by examiner Anton Valukas provides proof that he did nothing illegal as he steered Lehman through a financial mess that ultimately led the firm to file the largest bankruptcy in US history, according to sources familiar with the matter.
Much of the attention surrounding the report has focused on the banks’ use of Repo 105 transactions to mask the state of its finances.
Mr. Fuld is described in the examiner’s report as denying any knowledge of the Repo 105 transactions, and there is no evidence that he directed subordinates to make use of that accounting maneuver. (He did recall issuing several directives to reduce the firm’s debt levels.)
However, the report says that Mr. Fuld was “at least grossly negligent,” adding that Henry M. Paulson Jr., who was then the Treasury secretary, warned Mr. Fuld that Lehman might fail unless it stabilized its finances or found a buyer.
Still, The Post reports that if the Repo 105 transactions are the worst thing to be uncovered in the report, then people in Mr. Fuld’s camp feel he is in “good shape”.
http://dealbook.blogs.nytimes.com/2010/03/17/fuld-said-to-feel-vindicated-by-lehman-report/
im still buying the lowest..thats my personal risk preference
if having shares above 07 make you a genius then call me Bobby Fischer.
you will look like a genius in the upcoming months...
lol...yea sorry, either halucinating or going nuts...065
wow .65...wow
great stuff..my favorite part
LAMCO will work in the best interests of all creditors, according to a separate affidavit by Bryan Marsal, chief restructuring officer for the Debtor. Specifically, the creation of LAMCO will help in employee retention efforts, especially if the business is able to attract third party business, Marsal said.
While LAMCO would manage assets from the estate, the spinoff would not actually take possession of them and ultimate decision making authority would remain with respective debtors, the filing said.
Like LBHI, LAMCO would need court or creditors committee approval for all investment decision. The spinoff’s asset management agreement would not prejudice the debtors as services will be provided on a cost basis, the filing stated. LAMCO will not make a profit on assets under management and the agreement would replicate the current cost allocation among LBHI and its subsidiaries
i dont think so gold
not even close
hope we all make a bundle
good job, but thats along time to wait for the dec 2009 balance sheet lol..oh well
amen ..on monday so i can fill more this week lol
Coach with the balance sheet I think all of this reorg stuff would make a lot more sence to what they are thinking...do you agree?
FWIW, we seem to be following wamu in terms of trading patterns..they are down, we are down..very weird
i wish you all the best. i still feel that all the prefereds will get something ..alot more than 7 cents lol..so ive been buying in all classes except for commons since last summer and will continue to do so,,no guts no glory..good luck to all
well said daktok...lehman weak hands only make mine stronger
bro i didnt say your short lol
yes,,,everything is only speculation until something is approved..the bank was buying it up as fast as they could..this is a shake im not worried
shorty,,scaring the folks
lol,,,i think this isa buying oportunity
fool me three times ..shamey shame shame
omg im so scared im selling...NOT.....
im gonna eat all these shares i can up...weeeeeeeeeee
wow buying oportunities
Yup hope is alive!
Brikk I believe that even with the plan we need to stick to what we have said from the beginning. Liabilities continue to be reduced and our chances for payout continues. This is only the beginning
Looking good
Sorry hope this isnt a repost...
Barclays spends $530,000 to lobby US government
British bank Barclays PLC spent $530,000 during the fourth quarter to lobby the U.S. government on issues related to regulations that affect the banking industry.
The $530,000 spent during the final three months of 2009 compares with $290,000 spent to lobby the U.S. government during the final quarter in 2008 and $410,000 spent during the third quarter.
Barclays sold its lucrative global investors unit to BlackRock Inc. during the fourth quarter, which helped earnings.
During the year, Barclays revenue and profit also received a boost from its late 2008 acquisition of Lehman Brothers' U.S. operations. Lehman's collapse was the key driver in the collapse of the credit markets and ensuing market drop.
The additional revenue from the deals helped offset ongoing weakness in its traditional retail business. Like U.S. banks, Barclays also struggled in its retail business during the global economic slowdown. Barclays earned 9.4 billion pounds ($14.29 billion) during 2009, more than double its 2008 profit.
Barclays lobbied both houses of Congress, the Executive office, Securities and Exchange Commission and Commodity Futures Trading Commission during the final quarter of 2009. The bank lobbied on issued tied to regulating derivatives, credit-card reform, mortgage lending and tax issues.
i like the fact we are like 800k plus buys and only 100k plus sells..nice day
what queen? lol