Any posts are my opinion, and should not be relied on for your investment decisions.
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Its filed in each month operating report (MOR)
AZ, were you ever able to find any info on CT VII going private?
Best
JW
All SEC filings are with the CIK the common ticker is old info
I don't think it impacts the US estate timeline
Convert to equity for who?
Possibly old equity to preserve tax assets?
What do you think LBHI will do with its ~$25B of claims in itself?
I think the docket re bids said there are seven, but its highest bid that gets to buy
I know mojo, it's been a long grind.
Let's see who the "sponsors" are that buy up claims 3 to 9a
So the settlement was $2M plus what is in each ECAP LP (see below)..
6.13 At the date of this update the Joint Liquidators hold the following Fund balances in each of the Partnerships. These figures are net of costs that have been paid to date but not accrued or future costs:
6.13.1 LP III: €11,662,808
6.13.2 LP IV: €9,843,603
6.13.3 LP V: $27,198,479
Only referring to ECAPs and its best to read docket 57493 - it provides all the specifics
No, the trustee is not LBIE.
ECAPs Trustee used the funds from LBHI to buy the notes held in the trust on behalf of the ECAPs holders. Those notes were issued by LBIE.
IMO, will get a higher recovery from LBIE + whatever the recent settlement amount.
No difference IMO.
Looks like a couple of CTs are being set w/low bids to take out retail holders that put stop orders on their holdings.
For example-
Who is really selling 1050 shares at .0211? For $22.16 (at least $7 for the trade) or 133 at .10 for $13.31... LOL!
MM games
Lehman Brothers Fin SA Capital Trust VI 6.24 Pfd Srs N (PN)
OTC BBN : LEHNQ
$0.02 0.14 (87.5%)
Bid/Ask
0.0211 / 0.16
B/A Size
15,000 X 5,000
Volume
1,050 Price .0211
Lehman Brothers Holdings, Inc. Lehman Brothers Holdings Capital Trust III 6.375%
OTC BBN : LEHKQOption Chain
$0.10 0.0789 (44.08%)
Bid/Ask
0.10 / 0.18
B/A Size
20,000 X 5,000
Volume
133 Price .1001
Swiss,
Have not seen the settlement amount, but LBIE ECAPs trustee filed motions seeking to enforce the global guarantee (Docket 57493) on behalf of those security holders and Deutsche Bank as a large holder of the LBIE ECAPs filed a motion of support.
Additionally (see docket 57493), the amounts of €12.8 million, €10.8 million and €$26.7 million have been transferred by LBHI to the ECAPs trustee, on behalf of LB UK III, LB UK IV and LB UK Y, respectively.
I believe the ECAPs trustee used the proceeds to purchase the trusts notes. Essentially allowing additional money to be recovered.
From docket 59903 (filed on 8/23/19), pg 7
"Prior to the Claims Consolidation Auction, on or about September 26,
2019, the Plan Administrator intends to file its next financial report for the period ending June 30, 2019 (the “Q2 2019 Financial Report”), which will include (subject to important, relevant assumptions, caveats, and notes) updated “Estimated Cash Available for Distributions” and
“Estimated Future Recovery” percentages, presented in a manner similar to those disclosed in the Q1 2019 Financial Report. The Q2 2019 Financial Report will include Estimated Future Recovery percentages for each class of Allowed Claims against LBHI both before and after D19. The “Estimated Future Recovery” percentages for the period after D19 (the “Minimum Rate”)
will be utilized in the Claims Consolidation Auction as the minimum rate at which a Sponsor Bid will be accepted for each Eligible Class."
9/26/19, next Q report
I'd like to know as well. Might be in the next Q report.
Only 600 in actual vol. bid is for 20K
Lehman Brothers Holdings, Inc. Capital Trust IV Preferred Stock Series L (PN)
OTC BBN : LEHLQ
$0.0413 0.00 (0.24%)
Bid/Ask
0.0413 / 0.1689
B/A Size
20,000 X 10,600
Volume
600
LOL,
Yeah that must be why a firm is offering to purchase these corp backed trust certs in 2019.
https://www.marketwatch.com/press-release/tender-offer-for-corporate-backed-trust-certificates---2525-for-each-2500-principle-amount-2019-01-14
LBSF continuing on after POR?
RE: JPK
It is a trust security largely w/GS securities underlying and LEH i-rate swap (see below)..
QUANTUMONLINE.COM SECURITY DESCRIPTION: Lehman ABS Corp., Floating Rate Corporate Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-6, Class A-1, price to the public $25 per certificate. The underlying securities are the 6.345% Capital Securities due 2/15/2034 issued by Goldman Sachs Capital I, a subsidiary of Goldman Sachs Group Inc. (NYSE: GS) and an interest rate swap between the trust and Lehman Brothers Special Financing Inc. The certificates pay an initial interest rate of 3.50% ($0.875) per annum
Excellent post mojo and I agree.
IMO, the court and estate are responsible to determine how to treat similarly situated holders fairly.
Nice work by Mr. Gregory and Mr. Wu.
Much appreciated.
Best
JW
Incorrect. The prospectus states that holders can bring direct action against LBHI.
Soon no more cash will be available for distro and LBHI will likely have some run-off biz and possible residuals that will be too small for distributions. It will be enough to float new debt and support payments IMO.
Here's and example of financing that happened with WMIH (newco had ~$8B in NOLs).
https://seekingalpha.com/article/1899381-dissecting-the-washington-mutual-kkr-deal
monetize = new equity placed and priced.
Agree, at some point it financially benefits higher classes to monetize the newco. To do that they will need to bring some equity along.
Markets are notoriously bad at pricing event-driven pps.
I'm checking each night. Will post if I see anything
Lbhi filed for chap 11, claims dealt with under the POR.
This class action was for those who bought the securities at certain dates before Chap 11 filing. I think it was 2007 to Sept 2008
They went after the D&O insurance co. and the underwriters for an ultimate settlement amount
yes,
Docket # 59585
Filed Mar 13 2019
Notice of Agenda of Matters Scheduled for Hearing on March 13, 2019 at 2:00 p.m. filed by Garrett A. Fail on behalf of Lehman Brothers Holdings Inc.. with hearing to be held on 3/13/2019 at 02:00 PM at Courtroom 623 (SCC) (Fail, Garrett)
Debtor: 08-13555 Lehman Brothers Holdings Inc.
Nothing new since yesterday (dockets)
Nothing new on the dockets.
Wayne, did you get your motion filed?
Are you thinking we should have been 4b?
Welcome AZ, great post.
Yes, at this point the Chap 11 has provided Sr's to be "addressed" far more than they expected in 2012.
Hopefully nearing the next phase soon. Available cash for distributions is getting low (see last MOR here - link below).
https://document.epiq11.com/document/getdocumentbycode/?docId=3446620&projectCode=LBH&source=dm
Sure, glad to help
RE: Ask, I know I was just replying w/ what I saw on the ask.
I have noticed that the MM's are not showing retail bid/ask of less than 5000 shares.
FWIW
Best
JW