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Fuld DID achieve at least one of his stated goals: "to fundamentally reposition Lehman Brothers by dramatically reducing balance sheet risk,..." And he achieved it with a bang and a half! And within just four days besides!
The same day you picked up your 12,000 I grabbed 3760 LEHNQ at 0.17 - not much, but it was all the powder I had left to my name.
No, nor is it speculation to me, either. In fact, this scenario is the one I now tend to subscribe to above any other. But the assertion that it WILL play out this way is in itself still speculative.
There you are again! Why do you see it as funny? Do we have any reason for optimism? Do you believe any of the main scenarios discussed here may have something to them beyond mere speculation?
Congratulations (and condolences) to whoever snagged the 8 shares.
It was probably somebody with fat fingers, and an MM snapped them up. This is why you should never keep a gun in your desk drawer, if you're a stock trader.
Just read through the German news reports on the Captiva deal (I can read German). Captiva is now called A&M Captiva, has only 700 million euros under management, focuses on RE in Germany and Europe and expects the merger to make them more interesting to institutional investors. Stephan Fritsch is going to stay on and be joined by Robin Priest heading up the company. Those were the essential bullet points of all the articles.
50 or 30 billion shares IS a big problem, because that would destroy whatever last shred of credibility the company might regain from any share buy-back!
It's a bit late to reply to you Vegas, but I had to add this: In the Weimar Republic parliamentary elections, voters had a choice of some 35 parties! Hitler and his National Socialists (Nazis) won, because they had 5% of the vote - more than any other party. And no, they didn't "seize" power - they were elected, if you can call it that.
OK, the Royals are my hometown team. I have to plunk for them.
Back on topic: about a week ago, I asked LORTAP if he'd had to sign a non-disclosure order, and he hasn't posted a peep since. That, as far as I'm concerned, speaks volumes.
Or, alternatively, he passed out at the Oktoberfest.
Sounds like you might've bought some of mine. Were they L's? If so, thanks Stoxjock! (I bought 'em all back in the low '30s.)
I'll add my great-big thank you to the chorus! Good to see somebody doing something, while the rest of us read, chat and wait. Thanks to ALL the DD-doers!
You haven't been anywhere near the board the past few days, have you? The list was announced last Thursday before market opening. CTs weren't on it - at all! Nor was anything in class 10, a, b, or c.
IF a plan is already in the works to deal with the CTs - one way or another - and I think there is - it would make sense that class 10b was NOT addressed, when technically, according to the POR, it should have been.
That's the mystery about this thing: why does Coblin pay to keep it active? Could it be that allowing it to be discontinued would open him to certain legal liabilities, even prosecution (again)? Is he only paying the renewal fees to keep from paying potentially much larger fines?
LORTAP, I'll ask straight out: did you sign a non-disclosure agreement? If so, for whom? TIA!
If they have indeed been paying distros to 10b and then reallocating them to higher classes, wouldn't that count toward satisfaction of the 10b claim, even if we never see the money? And wouldn't that have the effect of nailing LBHI down as the party responsible for the 10b sub-note claims?
Sorry, but that was a total prank! Those were the only 2 posts DDpro2014 has ever made, and they were obviously designed to yank your chains. He just created that alias a little over a week ago.
Yeah, yeah, go tell it to the marines, DDPro.
Thanks. Now I wonder about the provision - in the POR, I believe it was, or maybe a docket - that LBHI can't make any interest payments before they've paid or satisfied the principal in full. Does that apply to us?
Is there a chance that class 10A can eat up all of whatever distribution may come to the class 10B? In other words that all of our pro rata share gets reallocated to 10A?
I think this has been asked before, but I don't remember exactly what the answer was. Gettin' senile I guess.
Don't you win the pool? We'll all join in to heave you into it! (Just after we fill it with champagne.) GLTA!
Wasn't there a stipulation on one of the dockets saying that they had to make payments on the principal first and only afterward on the divvies and interest?
Also, since the CTs are still subject to the tolling agreement which effectively stays divvy payments, wouldn't that suspend all the usual procedures surrounding divvy payments - including those involving ex-dividend dates - as well? That would - IMHO - make it BNYM's responsibility to announce a record date, and there would be no ex-divi date, at all.
Why can't anyone figure out the crucial difference between "waive" and "wave"? That was meant ironically!
We don't wave the magic wand - we waive it in favor of real DD! (Some people do anyway.)
Gus is speaking the absolute truth! I Don't know why nobody's picked up on that. Almost everyone here prefers "to waive the magic wand" in favor of real DD! That's the strength of this board.
waive verb \'wav\
: to officially say that you will NOT use or require something that you are allowed to have or that is usually required
P.S. And a.c. is exactly what we'll need heading into October!
I wrote an e-mail to TD-Ameritrade, and they said they weren't aware of any paperwork that needed to be done. I don't know if they're aware that I live abroad. Anyway, the distribution in satisfaction of the claim is from LBHI to the trust, then the trust makes payments to us via our brokers, as I understand it. It's between us and our brokers to make sure all our ducks are in a row.
The image is from hunting dogs chasing a coon or something up a tree and then jumping around the base barking. But sometimes they get the trees mixed up and "bark up the wrong tree".
So in a nutshell, your position is that only the reallocation is to stop, but the "waterfall" is still in full effect for classes 3 to 9? Does that sum it up correctly?
I know Troy is laying low, but what happened to Coach Tequila? Did he throw in his hand?
Someone estimated the divvies at approx. $9 a CT share thus far. Does the court have the jurisdiction to curtail that amount in a settlement? Or just the percentage of FV to be paid out?
Another hybrid: on one hand, the CTs are not in the BK, on the other, BNYM filed claims under their CUSIPS, and they've got the telltale Q on their tickers. Pardon my ignorance, but could someone please explain where they stop being part of the BK and where they start being part of the BK?
I realize the trust is a creditor.
The difference between a shareholder and a true shareholder is that the former includes all shareholders, long and short (committed to cover), while the latter are only longs. Extremely simple.
Quote: Class 10B shall receive its Pro Rata Share of (i) Available Cash from LBHI and (ii) Subordinated Class 10C Distribution.
What does this last part mean?? Does it mean that the pro rata share for class 10C gets reallocated to class 10B - or what?
Yes, on the whole, that doesn't look encouraging. Of the one with 527,000 in institutional hands, the Catholic fund has 500,000.
"of magnanimous proportions" I like that one. I'll have to remember it for my list of all-time great malapropisms. :)
As I understand it, the scheduling order put the expiration of the stay on hold indefinitely. That's one of the pieces of news we're waiting for.
It's sooooo fabulous to see hestheman chime in again - kinda like the teacher coming back into the classroom just when the class tough guys were about to gang up on the nerds.
What I'm wondering about is the legal mechanism the Plan Trust would or could use to get out of paying the divis/back interest once the stay ends. Can they just say there aren't sufficient funds in the Trust, and that's it?
By the way, somebody appears to have bought 30 Ns. And a price for them is not even showing up in the day's range.
The idea was not that LBHI owns a majority of the CTs, but of common shares in the trust that issued the CTs (I didn't know the trust had even issued common shares!), and the CTs are essentially preferred shares in the trust.
Having said the CTs were not part of the BK, the question remains, why then do they have that Q on the end? Is that another mistake? The trust they're supposed to be shares in hasn't declared BK, has it? Or is some part of the executive contract legally connected with LBHI? This could be a key piece of the puzzle.
No, the CTs are NOT part of the POR, nor do they represent a claim. They are shares in a trust that has a claim against LBHI. In e-mails to members of this board, Lehman confirmed that they were NOT part of the BK. We've been around and around and around about this. They should never have been de-listed, because they are NOT Lehman equity. But - and this is the big BUT! They can only pay out whatever money comes to the trust through that claim as unsecured debt. Did I get that right?
Theoretically - i.e. according to the prospectus - dividends and interest to the CTs are not supposed to be included in the BK or subject to the POR. As soon as the stay ends, that money is owed to us. That, too, is the law! (as I understand it)