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Colonial Bancgroup...cbcgq
Largest bank failure in 2009. It was seized by FDIC on August 25th 2009 and then was immediatedly sold to BBT with more than 26 Billion assets. The holding company filed bk on the same day with 350 million in liability and 36 million in asset.
cbcdq...8.875% sub notes due 03/15/2038, $25 face value, 10 million shares outstanding...
cdcpq...7.875% capital trust backed by junior sub notes due 10/01/2033, 4 million shares outstanding...
Both of the Ds and Ps were seen healthy accumlations recently and are currently trading around 15% of face value about $3.5...
The plus side I see for Colonial is that the liability isn't that much relatively speaking(although 350 million is a lot of money), especially as the wamu story is unfolding...there is lots of similarities between the two, just on the smaller scale for colonial...potential NOLs, unjust act by FDIC to benefit of the choosen party, Adversary case(colonial had about 1 Billion that was forzen by bank of america right before the seize)...just to name a few...
The downside is that colonial does not have lots of cash on hand, the cash account the holding company had (about 34 million) was frozen by FDIC, and colonial has to ask FDIC to release money from their own account every month to pay professional fees is something I don't understand, and I think it will severely impact the debtor ability to hire the best professional firms as the bk case progresses...
Lastly, I find extremely difficult to find the case info, it's not on epiq or kcc site, and I don't have pacer...
feel free to add and/or correct...
Viva..thanks a lot for the tip here and all the DD for the lehman prefered...
hammer...the reason for the disparity may lay here in the prospectus...I did not look it closely, but usually the ADRs have bankruptcy clauses and/or different gautantees by the underwriter, Citibank in this case.
http://sec.gov/Archives/edgar/data/318269/000119887704000052/ltr424-72004.txt
Did not realize that I need to be to premium account for posting here...just got the free upgrade for two weeks...
Yes, the motion suggests that lehman could seek a Sell-Down-Order retroactively after the motion is approved...and if the insitutions don't comply...they then could face forfeiture provision...
that's right, 4.5% of 5M is only about 225K shares...
Be very careful about accumulating shares between now and when the motion is approved...
The motion contains languages about Sell-Down-Order of securities in excess of the 4.5%...or worst facing possible Equity Forfeiture Provision...I personally won't risk the possibility at all...
Coach is right, as long as we only hold less than 4.5% of the total share count of any given preferred, we will be okay....
That's why I like C/Ts, which is not affected by the restrictions and higher is pecking order...as well as Js, since it has 66M shares.
Coach, I'd like to have your input on this question...I know C/Ts are considerred junior debts, but giving the fact that it only takes about 1B to make all the C/Ts whole, and another about 7B to make all the other preferred whole, and we are talking about 100s Billions for A/L, do you think J is a better play?
I think this is going to have a major impact on trading these preferred if approved...
I am however glad that I am only in the Js and the CTs...J has 66M shares and CTs are not affected...
The motion is expanding the restrictiton to C, D, F, G and J....5% of 4M of Gs is only 200K...if the motion is approved...
Althought I can't pull today's agendar doc from EPIQ to validate this. I was able to pull last hearing's agendar (12/16/09) and this is what I find, which suggests that it's adjourned to today's hearing...
ADJOURNED MATTERS:
A. Lehman Brothers Holdings Inc.
23. Motion of Official Committee of Unsecured Creditors of Lehman Brothers
Holdings Inc. for Leave to Conduct Discovery of JPMorgan Chase Bank, N.A.
[Docket No. 566]
Response Deadline: March 6, 2009 at 4:00 p.m.
Responses Received:
A. Objection of JPMorgan Chase Bank, N.A. [Docket No. 884]
B. Statement of the Informal Noteholder Group [Docket No. 887]
Related Documents:
C. Stipulation and Consent Order [Docket No. 1402]
Status: This matter has been adjourned to January 13, 2010.
Discovery...Can anyone confirm whether or not the motion to leave discovery against JPM is going to heard today?
Next court date on 01/13...
It seems a lots items already on the agendar...including the hearing regarding Lehman's motion to leave Discover against JPM...sweet...
I did a quick check, it seems that Lehman was paying around 300 to 400 millions for tax per Q during 2002-2007, that would put a total around 6 to 8 Billions...
If peoople are selling the big looser for tax lost this year, should we also expect that people will be selling big winners at the beginning of January to avoid paying tax in 2009...just some food for the thought...
I had a bid at 0.079 all morning...and still no filling yet...
One more quick question, how and when did the EC get formed? Isnt' that alone a good sign for equity recovery?
thanks a lot for the reply, is trading halted today? Sorry for all the questions, this just came on my radar for the first time.
What's the difference between A and B? TIA...
no movement at all in the CT land? at least pricewise...
no movement at all in the CT world, at least pricewise...
anyone has L2 data for this? TIA
Barclays to Un-seal...
Correct me if I am wrong, but Lehman lawyers and the judge are not going to gain any more knowledge than they already have, the whole motion to unseal is about public access, the lawyers and judge have already seen what's filed under seal...
Now Disocvery on the other hand is a whole new game...would be interesting to see when Lehman will be granted to conduct discovery against JPM and possible others...
The motion to conduct discovery against JPM will be heard on next court date, 11/18/2009...
Just found Sept. MOR, total cash balance increased from 14,707 million to 15,657 million...
Latest MOR seems to be filed today too...but I could not find it on the EPIQ site...
yes, they agreed to unseal some but not all documents...
Lehman's motion to modify the sales order...
NOW, THEREFORE, IT IS HEREBY STIPULATED, AGREED, AND UPON COURT
APPROVAL HEREOF, IT IS ORDERED THAT:
1. The Hearing Date is adjourned, provided that Barclays and the Discovery Parties
will conduct a scheduling conference in open Court on October 15, 2009 with respect to the
Discovery Parties’ Rule 60(b) Motions.
2. Solely with respect to Barclays, the Objection Deadline and Hearing Date for the
Discovery Parties’ Rule 60 Motions are adjourned until such dates and times as Barclays and the
Discovery Parties may agree to and/or the Court may order.
http://chapter11.epiqsystems.com/viewdocument.aspx?DocumentPk=73101134-f4b2-41cd-88df-b29ed283fc72
Barclays does not oppose the unsealing of all or portions of certain exhibits except as provided below;
NOW, THEREFORE, IT IS HEREBY STIPULATED, AGREED, AND UPON COURT
APPROVAL HEREOF, IT IS ORDERED THAT:
1. The parties have agreed to resolve the Discovery Parties’ Unsealing Motions and
that as a result of this Stipulation the Discovery Parties’ Unsealing Motions will be withdrawn
and no longer will be presented for argument on October 15, 2009.
http://chapter11.epiqsystems.com/viewdocument.aspx?DocumentPk=e2e0fbb8-3789-4417-9d80-78cbb9a79b52
Correct me if I am wrong, but if CIT files BK, the bond holders that give the 3B loan can sell the 30B collatreal assets outside the court, but they only can use the proceeds to pay off the loan and have to return the excessive value, right?
Could any share the real bid/ask for LEHDQs and LBHGPs...TIA
In an interview with TheStreet.com, Najarian argued that if the bankruptcy judge decided to keep Lehman running to allow it to have a better chance of making paying off creditors, he might pay just 80 cents on the dollar to creditors. From the $6 billion Lehman has collected so far, that would leave it with a market cap of $1.2 billion, or about $2 per share, Najarian reasons.
I am long for lehman too...but this Nanarian has no knowledge of how bankruptcy process works at all...his reason is completely off...
I had a bid for $3.06 all day today, and of course it didn't get filled when $2.60 went under....
Thanks...so the real ask is $3.50...although scottrade showes as $3.05 for ask...
what is the real bid/ask? Could anyone has level 2 shed some lights?
TIA
Could anybody shed some lights on this one? Anyone?
Rights and Preferred Series E?
From today's 8-A12B...what does the below mean??
http://ir.cit.com/phoenix.zhtml?c=99314&p=irol-SECText&TEXT=aHR0cDovL2NjYm4uMTBrd2l6YXJkLmNvbS94bWwvZmlsaW5nLnhtbD9yZXBvPXRlbmsmaXBhZ2U9NjQ2NjU1OCZhdHRhY2g9T04mc1hCUkw9MQ%3d%3d
The Tax Benefits Preservation Plan provides for a dividend distribution of one preferred share purchase right (a "Right") for each outstanding share of the Company's common stock, par value $0.01 per share (the "Common Stock"). The dividend is payable on August 24, 2009, to the Company's stockholders of record at the close of business on that date (the "Record Date"). Each newly issued Right will entitle the registered holder to purchase from the Company one one-millionth of a share (a "Unit") of a series of the Company's preferred stock designated as Junior Participating Preferred Stock, Series E ("Preferred Stock") at a price of $15 per Unit (the "Purchase Price"), subject to adjustment.
Court approves LBHI's motion to inject additional $450M capital to Aurora Bank
http://chapter11.epiqsystems.com/viewdocument.aspx?DocumentPk=4a589638-efeb-4d39-bbf5-eeb8700f9b6f
Hi Coach, thanks a lot for the DD as usual...I seem to remember that LBHI listed about 150B intercompany AR in its recent schedules...now we know it will has 50B Net over AP...turely good news...
GTC Orders...
I had a GTC oders to buy lehlq for 0.111 for some time now, and I thought it would've been at least partially executed since it traded between 0.07 and 0.11 today. Since it was not filled at all, I decide to call the brokerage house. To my surprise they told me that all the GTC oders are only trigged by the offer(ask) price, and has no bearing on the last price at all...Anyone could confirm if this is common with the trading houses?
TIA...
Devils are in the details...as people says all the time...
Here are summaries of files A/Ls...it's fair to day there are lots of UNDETERMINDE LIABILITIES...
LBHI....A is 212B + Undetermined...L is 235M + Undetermined...
BNC....A is 18M ...L is Undetermined...
LBSF....A is 48B...L is Undetermined...
LBDP....A is 413M + Undetermined...L is Undetermined...
LB OTC ....A is 1.8B...L is Undetermined...
LBCP ....A is 25B + Undetermined...L is Undetermined...