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LEHKQ ~8200 @ .168
LEHLQ ~2500 @ .20 and ~2500 @ .245
LEHNQ ~2000 @ .20
LHHMQ ~5000 @ .18 and ~2500 @ .20
so about 22,500 out of o/s ~48,000,000
Docket # 59574
Filed Mar 04 2019
Declaration of Joseph Graham in Support of the Reply of Joint Liquidators Motion for an Order Enforcing the Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and Its Affiliated Debtors for Purposes of Distributions (related document(s)[59409]) filed by Joseph Graham on behalf of RSM Restructuring Advisory LLP. (Graham, Joseph)
Debtor: 08-13555 Lehman Brothers Holdings Inc.
https://document.epiq11.com/document/getdocumentbycode/?docId=3447029&projectCode=LBH&source=DM
Docket # 59573
Filed Mar 04 2019
Declaration of Lexa Hilliard QC in Support of Joint Liquidators Reply in Support of Motion for an Order Enforcing the Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and Its Affiliated Debtors for Purposes of Distributions (related document(s)[59409]) filed by David R. Seligman on behalf of RSM Restructuring Advisory LLP. (Seligman, David)
Debtor: 08-13555 Lehman Brothers Holdings Inc.
https://document.epiq11.com/document/getdocumentbycode/?docId=3447026&projectCode=LBH&source=DM
Docket # 59571
Filed Mar 04 2019
Reply to Motion / Reply in Support of the Joint Liquidators Motion for an Order Enforcing the Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and Its Affiliated Debtors for Purposes of Distributions (related document(s)[59409]) filed by David R. Seligman on behalf of RSM Restructuring Advisory LLP. (Seligman, David)
https://document.epiq11.com/document/getdocumentbycode/?docId=3447024&projectCode=LBH&source=DM
http://www.quantumonline.com/ParentCoSearch.cfm?tickersymbol=LEHMQ
Can find links to all of them here
Mr. G, court filing re: our parity with the Ecaps and CTs
Docket # 59555
Filed Feb 26 2019
Letter in Support of Joint Liquidators Motion for an Order Enforcing the Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and Its Affiliated Debtors for Purposes of Distributions (related document(s)[59409]) Filed by Rickey Gregory. (White, Greg)
https://document.epiq11.com/document/getdocumentbycode/?docId=3446422&projectCode=LBH&source=DM
Docket # 59478
Filed Feb 15 2019
Notice of Distribution : Notice of Seventeenth Distribution Date and Record Date in Connection with the Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and Its Affiliated Debtors filed by Garrett A. Fail on behalf of Lehman Brothers Holdings Inc.. (Fail, Garrett)
https://document.epiq11.com/document/getdocumentbycode/?docId=3444222&projectCode=LBH&source=DM
Someone with a margin trading account. CTs can't be bought on margin, but that does not stop a broker from liquidating them in an account that can't maintain.
MOR looks like cash is getting low.
Expecting a distro this spring, possibly last one.
Thanks, I was looking at the MOR and it mentioned the motion being submitted on 1/10/19
Agree, should move pretty quickly from here.
The latest MOR is out (filed on 1/30/19)
Docket # 59436
Filed Jan 30 2019
Operating Report : December 2018 Post-Effective Operating Report for the Period of December 1, 2018 December 31, 2018 - Schedule of Cash Receipts and Disbursements Filed by Garrett A. Fail on behalf of Lehman Brothers Holdings Inc.
https://document.epiq11.com/document/getdocumentbycode/?docId=3441584&projectCode=LBH&source=DM
3 more set to close upon judges signature...
https://document.epiq11.com/document/getdocumentbycode/?docId=3441135&projectCode=LBH&source=DM
Here are the 3-
Lehman Brothers Commercial Corporation 08-13885
Lehman Brothers Commodity Services Inc. 08-13901
Structured Asset Securities Corporation 09-10558
The reallocation was due to the non-discharge status IMO.
Should help us later on...non-dischargable
Me too.
bid/ask widening on all CTs.
bid ask
LEHKQ .0901 .195
LEHLQ .1189 .1466
LEHNQ .10 .25
LHHMQ .081 20.00
Only 5 debtors left (out of 23)...
Case No. Date Filed Debtor
08-13555 9/15/2008 Lehman Brothers Holdings Inc.
08-13888 10/3/2008 Lehman Brothers Special Financing Inc.
08-13893 10/3/2008 Lehman Brothers OTC Derivatives Inc.
08-13900 10/5/2008 Lehman Commercial Paper Inc.
09-10137 1/9/2009 BNC Mortgage LLC
Updated from 3Q 10Q
MSR values and retention trend...
2015 - $36.4 million at December 31, 2015
2016 - $131.5 million at December 31, 2016
2017 - $154.4 million at December 31, 2017
3Q 2018 - $181 million
MSRs rise in value as i-rates increase. These generated $10.1M for the company in the 3Q.
Current one-time write downs will provide additional tax benefits as well.
I've been adding some too, but little luck on the bid.
Some small amounts going across at bid (less than 1000), but I don't know who is getting those shares.
Go to the LBHI Epiq site and look at each claim. In the remarks it states...
Claim # 67753
Value $234,250,517.60
Creditor BANK OF NEW YORK MELLON, THE,
Filed Nov 30 2011
Debtor 08-13555 Lehman Brothers Holdings Inc.
Creditor Address
ATTN: JOHN GIULIANO
101 BARCLAY STREET, 8 WEST
NEW YORK, NY 10286
Amounts
Allowed Unsecured Amount $234,250,517.60
Claimed Unsecured Amount $234,250,517.60
Remarks
THIS CLAIM IS ALLOWED
Tax Form Received
OFAC Received
http://dm.epiq11.com/#/case/LBH/claims
It was also in one of the faqs on the case info page
http://dm.epiq11.com/#/case/LBH/info
Waiting to see the new MOR (June).
May MOR shows;
5/31 Restricted cash = $378M
Reserv for Oper ex and incentives($154M)*
*Out of the #378M - Reserved for oper expense & incentive fees ($154M)
In May LBHI used $11M oper. expense
So based on these amounts est at most 14 months left of OPEX and incentive reserves (likely less).
http://document.epiq11.com/document/getdocumentbycode/?docId=3406316&projectCode=LBH&source=dm
This settlement is for claims regarding tens of thousands of derivatives trades; (a) against the Lehman Subsidiaries as
primary obligors, and (b) in the same
amounts against LBHI as guarantor.
It is a positive reduction in the amount of claims against LBHI, but only pertains to settling CS derivatives claims
Most security offerings have an over-allotment allowance. Looks like the N's had it invoked (one of the placement firms likely bought some too).
The security detail in TD Ameritrade shows the following o/s
LEHKQ 12M
LEHLQ 12M
LEHNQ 9M
LHHMQ 16M
Total 49M o/s
MSR values and retention trend...
2015 - $36.4 million at December 31, 2015
2016 - $131.5 million at December 31, 2016
2017 - $154.4 million at December 31, 2017
1Q 2018 - $174.07 million
These alone are providing Impac w/ $40M+ annually.
Its a private co. handling Lehman assets only at this time.
Why would they take calls?
LAMCO has employees in both NY and U.K.
https://www.linkedin.com/company/lamco-llc/
Enron cap trusts got $2.47 each...
http://www.quantumonline.com/search.cfm?tickersymbol=ENRPQ*&sopt=symbol
Enron chap 11 reorganization plan aims to pay most of the more than 20,000 creditors about $12 billion of the approximately $63 billion they are owed
LOL, and who holds "impaired claims?"
Answer - the classes that were not entitled to vote on the reorg plan.
CTs as debt impaired claims or as highest equity impaired claims.
Did you trade with unsettled funds and get a free-ride violation?
If yes and you did it several times the brokerage will close your account.
Scottrade replied -
Dear xxxxx,
"Thank you for contacting Scottrade® Customer Support.
We have reviewed our records and can confirm that no recent updates have been received from the DTC concerning the Lehman Brothers Holdings Capital Trust III (symbol: LEHKQ).
At this time, this security is trading with active volume and price fluctuation.
Thank you for choosing Scottrade. Please let us know if we may be of further assistance.
Your feedback is important to us. Please let us know how we did today by clicking on the survey link below."
Sincerely,
Daniel R.
National Service Center | Scottrade, Inc.
Phone: 1.800.619.SAVE (7283)
www.scottrade.com
http://dm.epiq11.com/#/case/LBH/info
Bottom left hand quarter of the page shows all the debtors and the case numbers...
Debtors
Case No. Date Filed Debtor Status
08-13555 09/15/2008 Lehman Brothers Holdings Inc.
08-13600 09/16/2008 LB 745 LLC Closed
08-13664 09/23/2008 PAMI Statler Arms LLC Closed
08-13885 10/03/2008 Lehman Brothers Commodity Services Inc.
08-13888 10/03/2008 Lehman Brothers Special Financing Inc.
08-13893 10/03/2008 Lehman Brothers OTC Derivatives Inc.
08-13899 10/05/2008 Lehman Brothers Derivative Products Inc.
08-13900 10/05/2008 Lehman Commercial Paper Inc.
08-13901 10/05/2008 Lehman Brothers Commercial Corporation
08-13902 10/05/2008 Lehman Brothers Financial Products Inc.
08-13904 10/05/2008 Lehman Scottish Finance L.P.
08-13905 10/05/2008 CES Aviation LLC Closed
08-13906 10/05/2008 CES Aviation V LLC Closed
08-13907 10/05/2008 CES Aviation IX LLC Closed
08-13908 10/05/2008 East Dover Limited Closed
09-10108 01/07/2009 Luxembourg Residential Properties Loan Finance S.a.r.l. Closed
09-10137 01/09/2009 BNC Mortgage LLC
09-10558 02/09/2009 Structured Asset Securities Corporation
09-10560 02/09/2009 LB Rose Ranch LLC
09-12516 04/23/2009 LB 2080 Kalakaua Owners LLC Closed
09-17331 12/14/2009 Merit LLC Closed
09-17503 12/22/2009 LB Somerset LLC Closed
09-17505 12/22/2009 LB Preferred Somerset LLC Closed
Looks like they are trying to close out LBSF chap 11.
Maybe reply to them and ask who provided instructions to change the code? Was it a DTCC generated notice?
All parties won the right to litigate on. Better for all if it gets equitably settled.
The real story here is the value creation in 2018...
These values rise as i-rates increase:
- Servicing rights 3Q value ~$159 million
- servicing portfolio continues to grow, soon will be nearing almost $10 million per quarter in servicing income in 2018
- September 30, 2017, increased servicing portfolio from the end of the second quarter by 7%, bringing the portfolio to approximately $15.7 billion
These further strengthen the balance sheet:
- last year's Capital Trust exchange to common.
- Cash Call earn-out is over and Impac has a good amount of tax-loss carry forwards to utilize.
- Beginning in 2018, the contingent consideration will no longer be on Impacs balance sheet
- restructure/retire/refi preferreds
2018 should be a year of transformation and value growth at Impac...
These retained portfolio values rise as i-rates increase:
- Servicing rights 3Q value ~$159 million
- servicing portfolio continues to grow, soon will be nearing almost $10 million per quarter in servicing income in 2018
- September 30, 2017, increased servicing portfolio from the end of the second quarter by 7%, bringing the portfolio to approximately $15.7 billion
These further strengthen the balance sheet:
- Beginning in 2018, the contingent consideration will no longer be on Impacs balance sheet
Next steps the company should undertake IMO-
- Need to complete non-agency securitization when the return to company is best.
- expand into areas that are easy to originate (highest returns)
- Need to re-structure o/s prefs so all future value flows to common
Once the retained portfolio is generating sufficient revenue to cover operating costs+, the company should resume dividends.
Link to transcript from the last Q call:
https://seekingalpha.c...
Looks like some old co out of TX
http://www.secinfo.com/dr6wd.4fdTq.htm
http://www.otcmarkets.com/stock/THLM/quote
Take the $1000 and open an acct at a different brokerage. Then use the 1000 to purchase some CTs.
You'll get more than 2, IMO
GLTU
So your paying $1000 for two CT certs?
Appears to be no sellers
Zero ask showing for the LEHKQs
LEHKQ : LEHMAN BROTHERS HLDG CAPITAL TRST III
Last: 0.03
Change: -0.031 (-50.82%)
Bid/Size: 0.03/10,000
Ask/Size: 0.00/0
Volume: 1,030
LEHNQ : OTC LEHMAN BROTHERS HOLDINGS CAPITAL TRUST VI
Last: 0.031
Change: -0.035 (-53.03%)
Bid/Size: 0.07/10,000
Ask/Size: 0.1899/5,000
Volume: 1,330
LHHMQ : OTC LEHMAN BROTHERS HOLDINGS INCORPORATED
Last: 0.095
Change: +0.015 (18.75%)
Bid/Size: 0.08/15,270
Ask/Size: 0.21/2,500
Volume: 2,000
LEHLQ : LEHMAN BROTHERS HOLDINGS CAPITAL TRUST IV
Last: 0.08
Change: 0.00 (0.00%)
Bid/Size: 0.08/10,000
Ask/Size: 0.50/4,900
Volume: 0