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Well, according to a recent motion filed by the debtors, docket #17231, they claim that G.S. is trying to run out the statue of limitations.
The motion is a good read, if you're interested in additional details. This fight for production of documents has been going on for a while already.
Thanks for posting the vid.
I will watch it later, have to get back to work.
Hopefully that discovery does happen. I suspect that there are plenty of hidden assets yet.
The've been selling more real estate lately. That should also help with the assets.
it does sound like a delay. although they don't say POR, instead call it a workout plan. If it's going to take them that long, it's probably significantly different than the existing plan.
Which means a new DS as well, imo.
Yes, some positive news for us.
here's the link
http://online.wsj.com/article/BT-CO-20110616-709960.html
I agree, short sellers had a feast with Lehman toward the end.
Let's hope that Lehman's belief that GS was responsible is real.
tomorrow's hearing is about Lehman trying to get documents from GS so they can search for short selling. GS has been delaying document production, hoping that the statute of limitations elapses.
vinny
http://www.morningstar.co.uk/uk/markets/newsfeeditem.aspx?id=146256521382118
http://www.advfn.com/nyse/StockNews.asp?stocknews=GS&article=48064417&headline=goldman-says-lehman-wants-evidence-on-unrealistic-timetable
DJ Goldman Says Lehman Wants Evidence On 'Unrealistic' Timetable
http://www.morningstar.co.uk/uk/markets/newsfeeditem.aspx?id=146256521382118
Barclays says it doesn't owe ex-Lehman staff bonus
http://www.marketwatch.com/story/barclays-says-it-doesnt-owe-ex-lehman-staff-bonus-2011-06-08
here you go
Lehman Trustee Beats Barclays Over $2.05 Billion in Disputed Account
http://online.wsj.com/article/SB10001424052702304432304576369842396818086.html?mod=googlenews_wsj
just google the title if you don't have an account
Nice.
Looks like another $4B for Lehman.
Argus,
An alert triggered in my scottrade account for LEHMQ.
That's all I have at the moment. When the article is available, I will post a link.
vinny
Judge Rules For Lehman Trustee In Barclays Dispute
2 minutes ago - DJNF
(MORE TO FOLLOW) Dow Jones Newswires
06-06-11 1431ET
Copyright (c) 2011 Dow Jones & Company, Inc.
Item 28 is going forward.
This is the status conference on the current plan. So we should get some info on whats going on.
commons are up this morning
I think they're right.
It says "a representative of Lehman Brothers"
Q: Who is the representative?
A: ShoreTel’s largest shareholder, Eric Salzman
yes, I noticed that too. Why are those juniors in 10A not with the others in 10C?
It looks like all seniors, including 3rd party and guarantee claims are ahead of CTs.
I will have to go back and compare with the original plan.
the Junior Subordinated Debentures (class 10C) are now lower in priority than CTs. I'm not sure how much that helps us though.
looks like CTs have moved to class 10B
You brought up some good points, and explained them well. I think your arguments have merit.
Also, anything that brings attention to the plight of the lower classes is a plus.
thanks again,
vinny
Nice objection.
I just read it on epiq systems.
thanks for your efforts,
vinny
OK, thanks for the reply.
I will have to read the plan in more detail.
according to the ad hoc's group plans,
"Class 5 – Subordinated Unsecured Claims.
(a) Impairment and Voting. Class 5 is impaired by the Plan. Each holder of an
Allowed Subordinated Unsecured Claim in Class 5 is not entitled to vote to accept or reject the
Plan and is conclusively deemed to have rejected the Plan.
(b) Distributions. Holders of Allowed Subordinated Unsecured Claims in Class 5
shall not receive any Distributions on account of such Allowed Subordinated Unsecured Claims
and instead such Distributions shall be allocated to the holders of Allowed Senior Unsecured Claims in accordance with Section 9.2 until all holders of Allowed Senior Unsecured Claims are fully satisfied in the Allowed amount of such Senior Unsecured Claims, in which case each holder of an Allowed Subordinated Unsecured Claim shall receive its (i) Pro Rata Share of Plan
Consideration and (ii) Pro Rata LBT Reallocation Share of Reallocated LBT Distributions, if any."
I'm not sure if the above statement is saying that class 3 must be paid in full before class 5 begins to receive distributions. If that were the case, why not cleary state that class 3's claims must be satisfied in full first?
Instead it states "Allowed amount of such Senior Unsecured Claims"
I guess my question is, what is considered the allowed amount? is it 100% of class 3's claims? or the plans ~25% distribution?
It makes think that once class 3 receives ~25% of their claims, then class 5 will begin to receive distributions along with everyone else.
vinny
I'm suprised that there hasn't been additional objections filed yet. Hopefully this status conference will explain why.
yes, paulson and calpers are both creditors.
calpers is the first one mentioned (california)
"The Ad Hoc Lehman Group is currently comprised of California Public Employees’ Retirement System, Canyon
Capital Advisors LLC, Fiduciary Counselors Inc., Fir Tree, Inc., Fortress Credit Opportunities Advisors LLC, Gruss
Asset Management, L.P., King Street Capital Management, L.P., Owl Creek Asset Management, LP, Paulson & Co.
Inc., San Mateo County, Taconic Capital Advisors L.P. and Western Asset Management Company"
according to the AD HOC GROUP's objection,
page 6, section 8,
"Based on Disclosure Statement analysis of the
claims pool, claims of creditors of most, if not all, Debtors and other affiliates of LBHI will be
permitted to participate to the full extent of their allowed amount in distributions under the Plan
from both their primary obligor, and against LBHI, their purported guarantor"
so I think it means 2x allowed distribution
They might file the plans ahead of the status conference.
This has definitely been a learning experience for me as well.
glta
Hopefully, the upcoming plan/plans will be friendlier to class 5
Yes I agree.
It was docket #9905
"Objection / Preliminary Objection of the Ad Hoc Group of Lehman Brothers Creditors to the Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and Its Affiliated Debtors and to the Debtors Disclosure Statement for Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and Its Affiliated Debtors Pursuant to Section 1125 of the Bankruptcy Code and Request for Status Conference (related document(s)[8332], [8330]) filed by Gerard Uzzi on behalf of Ad Hoc Group of Lehman Brothers Creditors. (Uzzi, Gerard)"
Paulson is listed among the creditors, and they discuss substantive consolidation
OK, thanks.
The 2008 article makes more sense.
I searched for the link that EzzyMony referenced, but only found a cached article. it looks like the original was removed.
"This is Google's cache of evcg5.dergybh.pgw.jp/. It is a snapshot of the page as it appeared on Nov 22, 2010 04:41:33 GMT. The current page could have changed in the meantime. Learn more"
Here is the article
Lehman brothers bond holders
Please Note: You are viewing the unstyled version of Subprimelosses. Either your browser does not support CSS (Cascading Style Sheets) or it is disabled. "Any client losses were the direct result of the unexpected and unprecedented failure of Lehman Brothers, which affected all Lehman bondholders." "Lehman Brothers Holdings Inc.'s subordinated bondholders and preferred stock investors may receive limited to no recovery, while holders of higher-rated bonds may get as little as. A Lehman Brothers class action suit has been filed on behalf of investors. Lehman Bros. …..When we put $80,000.00 into bonds with Lehman we were told not to worry as bond holders. Citibank is offering a new deal to Lehman Brothers Bond Holders in Hungary in a step to close still pending court cases, the economic daily Napi Gazdaság reported on Tuesday. Is there a list of real estate assets that Lehman Brothers either owns or invested in available?. Debt and Bankruptcy question: How much will Lehman Brothers bond holders get in the bankruptcy settlement? Can you answer this question?. A group of creditors is objecting to Lehman Brothers' bankruptcy plan, saying a plan to establish a pot of assets to pay back creditors is seriously flawed. If you own Lehman Brothers structured products, the Bankruptcy Court makes it easy for you. Ordinarily, structured product holders should have the same priority as bond holders. London: Bondholders of the beleaguered Lehman Brothers may lose $110 billion (Rs5 trillion) due to the decline in the asset values of the fourth-largest investment bank in the US. Lehman bondholders could lose $110bn. By Nicole Bullock, Aline van Duyn, Greg Farrell. Investors owning Lehman Brothers bonds face potential losses of nearly $110bn. The Motley Fool Discussion Boards: The Best Financial Community on the Web. Andrew Ross Sorkin, in his latest DealBook column, examines a mysterious $138 billion loan the Federal Reserve extended to Lehman Brothers shortly after the investment bank went. On April 20th, the district court overseeing the Lehman Brothers securities and ERISA litigation refused to stay a significant part of a FINRA arbitration brought by a purchaser of. (Adds analyst quote, details) NEW YORK, Sept 14 (Reuters) - The trustee of holders of bankrupt Lehman Brothers' senior bonds said that the debt holders may be owed as much as $73.
reads like an first draft, LOL
vinny
Lehman insurance to aid Fuld legal bill
http://www.ft.com/cms/s/0/73eeff60-f1e2-11df-84ef-00144feab49a.html#axzz15eDz6WQx
The article also states that Lehman's assets are $60bn.
Is that an increase?
"The estate is facing claims of at least $250bn, according to its managers at Alvarez & Marsal, a restructuring firm, against current cash of some $60bn."
Thanks, LOL.
hopefully we will run soon
Yeah, that happened to me the other day. they sold me one share of the NQs for $7.03, LOL
You can set AON, buy at the ask, or risk getting low shares.
I know. It's the first time I've actually seen equity mentioned
GLTA
Contingencies; Ongoing Areas of Anticipated Litigation
LBHI and LBIE claims
Barclays litigation
Other customer claims issues
Final Allocation of property between Customer and General Estate property
Possible major litigation or resolution of issues in connection with recovery efforts
Determination of amount and manner of distribution on pro rata share of net equity claims to customers
Determination of amount and manner of distribution on post-Filing Date dividends and interest
Resolution of general creditor claims
It's good to see some action here again