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Hi all...Coach Tequila here...
I have been watching QASP for over a year now. Hasn't the number of authorized Preferrred shares always been 50M shares?
Now the company seems to ne positioning itself to simply issue a portion of those shares to a potential investor/investors...without increasing the authorized number of common or preferred shares.
Comments welcome.
Brikk:
What do you think would happen if the $10M money transfer was reported after the close today??? In the QASP company account!
Coach T
General question...
If all of the discovery has been done and no examiner is needed, why does WMI need Blackstone as a valuation advisor? Is it to counteract the findings of PJ Solomon?
If the $4B does get successfully ruled in EC favor where does that put the A/L? Don't the tax refunds put WAMKQ and WAMPQ in the money with some going to Common?
I was referring to the timing of the $4B...any thoughts. I thought that the motion by the EC about the $4B was approved today. Now it can be decided separately...am I on target?
What is the status of the SJ?
The EC motion was granted by THJMW but what is the timing now?
When I watch the Trust WAHUQ it seems to always trade heavy on the bid. Even if the Commons get a settlement the Trusts will get theirs first right?
I am wondering about a mix of Preferreds and Trusts here is the reason for my question.
Thanks for your input.
Hammer:
Why do the trusts trade so heavy? I have been watching the WAMU's and reading the posts...but it seems as though the WAHUQ's have pulled back as much as the WAMKQ and WAMPQ.
Weren't the WAHUQ's part of the POS settlement offer from JPM? To be taken over by JPM at $33?
Tomorrow, is what I am looking for. Don't see how they can file the Disclosure Statement without the B/S.
Dr...is this an expected outcome?
DID ANYONE NOTICE THAT METAVANTE QUIETLY SETTLED WITH LBHI AND LBSF FOR 97% of what was owed on the original Master Agreement? (This makes the assumption that the LIBOR stays where it is today.) That is some $40M that will be paid to LBHI at the end of the original agreement in Feb. 2012.
That should help the collection on the rest of the counterparties that did not want to negotiate...LBHI Docket #7780.
Agreed Troy...thanks for carrying the flag. Congrats again on the press your website is getting!
I still have a sizable position...just not as big as I had. I was really disappointed when the balance sheet did not come out when the POR was released. I am rested and looking forward to the next couple of days.
Hi everyone...it is just hard to imagine that the Lehman assets have not seen a recovery toward A=L. Looking at corpoate debt, etc., assets prices in general, seem to have gone back to the pre-Lehman price levels. Good luck to all.
Let's get that Balance Sheet out!
Thanks again for all of the kind thoughts J board. This court agenda is crowded today. I am unable to get on the call, but a big thanks to Dan for getting the link set up. Let's get that Balance Sheet out!
Greetings all...
Had to take a little break for a while. How is it going?
WHAT DOES THIS MEAN???
Name File
Size
3/30/2010 2671 Notice of Withdrawal of Proofs of Claim of the Insurance Company of the State of Pennsylvania, AIU Insurance Company, National Union Fire Insurance Company of Pittsburgh PA, Chartis Specialty Insurance Company, Lexington Insurance Company, Commerce and Industry Insurance Company, Chartis Excess Limited, New Hampshire Insurance Company, American Home Assurance Company, Chartis Property Casualty Company, American General Life Insurance Company of Delaware and Certain Other Entities Related to Chartis Inc.
Good Luck...
When I listened to the 3/12 audio, I did not hear the Unsecured Creditors Committee say they agreed to the terms...they just said they understood them.
Did anyone else catch that?
WaMu Settlement Hits A Rough Patch
BY KRISTIAN FODEN-VENCIL
Portland, OR March 19, 2010 2:33 p.m.
A tentative settlement between Washington Mutual, JP Morgan and the FDIC, may be in trouble.
Shareholders in the Seattle-based bank say they've been allowed to intervene in the case and they say they will file an objection.
Washington Mutual was one of the victims of the stock market turmoil in 2008.
The bank was bought by JP Morgan, at a very low price -- a transaction overseen by the FDIC.
Several lawsuits ensued -- but there are two main ones.
First, the bankruptcy proceeding. And second, Washington Mutual investors filed suit against JP Morgan and the FDIC.
A tentative settlement was recently announced in that case that cut out shareholders. But now, a leader of the shareholder group, Hans Brost, says they've been allowed to intervene.
Hans Brost: "So even though the settlement was agreed, it is by no means final. There's going to be objections filed against it. And what we're hoping is that the judge will approve that motion to object and send them back to the negotiating table to get a better deal."
Lawyers in the case had set next Friday to ratify the agreement.
It's now up to the judge to decide if common stock shareholders should receive money from the dissolution of the company.
© 2010 OPB
http://news.opb.org/article/6952-wamu-settlement-hits-rough-patch/
FYI...
Thanks Troy...congrats again on the baby. I will be around. Just taking a break.
My eyes are still here. Just stepping back until there is more clarity and taking a break.
I was so upset, I sold my positions they day they did not announce the BS with the reorg plan.
There were two positives...First...I thought the MM took my shares better than I expected. Second...I believe A&M is trying to leave a door open to all classes. They just need to come up with the current status so stakeholders can make a decision.
Good luck.
Nothing is going to happen until we see that balance sheet. We have no information. IMO.
Good Luck!
Once again thank you to the board for the kind comments. I won't be as active, but I will be checking in...
Good luck to all!
Hi all...I am fine, just taking some time off from the Lehman BK to clear my head. I was/am very upset that A&M did not come out with the new balance sheet when they announced the reorg plan. I think they are trying to get the larger creditors to take less with this strategy. Ultimately, if successful, it will help the lower classes.
Good luck to everyone!
The EC's motion to intervene was uncontested however...correct?
So the Judge has to sign the order. Correct?
So the EC requested permission to intervene...and it was uncontested, Right?
Now the Judge has no choice but to allow the EC in the GAME...am I reading that correctly?
Is the Judge expected to look at the proposal to let the EC intervene today? I know tomorrow is cancelled.
Thanks
I don't know a whole lot about WAMU but I happened to pull up an hourly chart on WAMPQ, WAMKQ and WAMUQ. Adjust the chart so you get a reading on the even hours...not starting at 9:30.
You will notice a big green candle on higher volume than the previous red candle on the drop.
For example, the drop from $.40 to $.10 was on 50.3M shares traded. The rise from $.09 to high of $.26 and close at $.23 was on 114M shares traded. Since then the volume has dropped markedly and relative to the big green candle price, has been consolidating nicely.
It does apprear that a large player was buying the dip and is now sitting.
See for yourself...I cannot post a link from Schwab sorry. Accounts with Stockcharts.com should be able to do it however...maybe someone can post the adjusted chart (please make sure you adjust for on the hour).
Hope it helps...
No Balance Sheet is the thing that has me most upset!
So how much Secured Debt is out there? Before Claims...how much has already been reduced/matched off the Balance Sheet?
When I spoke with Holly Dice at A&M she told me that the reason the assets and liabilities got reduced on the first and second balance sheets was due to offsets to Secured Creditors.
REMEMBER WE STARTED WITH 600B+ of both...the last BS showed 272B in assets and $316B in liabilities.
Where is the Balance Sheet at so we know? Why are we in the dark? Are we supposed to figure this out without the necessary information? Take A&M's word for it? That is how Lehman got here. Taking the word of CFO's
LBHI Docket #7579 is already setting up the LAMCO, LLC. and additional entities...along with Mr. Marsal's affidavit.
Here is a taste...
In order to maximize the value of the asset management business and for
the other reasons set forth herein, LBHI concluded that it is necessary to organize the following
new entities: (i) LBHI LAMCO Holdings LLC, a special purpose vehicle wholly-owned by
LBHI (“LBHI SPV”), (ii) LAMCO Holdings LLC (“LAMCO Holdings”), an entity directly and
indirectly wholly-owned by LBHI,1 (iii) LAMCO Holdings International B.V., a Netherlands
1 A 1% interest in LAMCO Holdings will be owned by LBHI SPV.
US_ACTIVE:\43245624\26\43245624_26.DOC\58399.0003 3
company wholly owned by LAMCO Holdings (“LAMCO International”), and (iv) LAMCO
LLC, another wholly owned subsidiary of LAMCO Holdings (“LAMCO LLC” and, together
with LAMCO Holdings, LAMCO International and their subsidiaries, “LAMCO”), to provide
management services to the Debtors, their affiliates and potentially to third parties. The Debtors
now seek authority to enter into agreements with LBHI SPV and LAMCO.
Has anyone seen a reorg plan before?
Is this a boiler plate way of cancelling Equity (starting on page 22)or something with a new twist on the Administrator holding the new shares until everyone else gets paid? Then Equity holders of record would get paid leftovers.
I can't recall hearing of this before...
This almost sounds like a share for share in the new common. However, they will not be tradable?
Yet, it seems they can be taken advantage of as a stock would if all other parties get paid.
Kind of like an non-tradable option that does not expire.
Not sure, just my initial thoughts...anyone else?
FROM PAGE 22 of the REORG PLAN - PLEASE DOUBLE CHECK I JUST NOW FOUND THIS...DON'T KNOW IF IT IS GOOD OR BAD YET.
LBHI Class 9 – Equity Interests in LBHI.
(a) Impairment and Voting. LBHI Class 9 is impaired by the Plan. Each holder
of an Equity Interest in LBHI Class 9 is not entitled to vote to accept or reject the Plan and is
conclusively deemed to have rejected the Plan.
23
(b) Distributions. On the Effective Date, all Equity Interests in LBHI shall be
cancelled and one new share of LBHI’s common stock shall be issued to the Plan Administrator
which will hold such share for the benefit of the holders of such former Equity Interests
consistent with their former economic entitlements; provided, however, that the Plan
Administrator may not exercise any voting rights appurtenant thereto in conflict with Article
VII of the Plan. Each holder of an Equity Interest in LBHI shall neither receive nor retain any
property or interest in property on account of such Equity Interests; provided, however, that in
the event that all Allowed Claims in LBHI Classes 1 through 8 have been satisfied in full in
accordance with the Bankruptcy Code and the Plan, each holder of an Equity Interest in LBHI
may receive its Pro Rata Equity Share of any remaining assets of LBHI consistent with such
holder’s rights of priority of payment existing immediately prior to the Commencement Date.
The rights of the holders of former Equity Interests in LBHI shall be nontransferable. On or
promptly after the Effective Date, the Plan Administrator shall file with the Securities and
Exchange Commission a Form 15 for the purpose of terminating the registration of any of its
publicly traded securities. Unless otherwise determined by the Plan Administrator, on the date
that LBHI’s Chapter 11 Case is closed in accordance with Section 6.6 of the Plan, all such
former Equity Interests in LBHI shall be deemed cancelled and of no force and effect provided
that such cancellation does not adversely impact the Debtors’ estates.
Thank you for your post...perhaps, I was out of bounds.
Good luck to you.
I have continually seen a bid on the Commons today at $1.55. Don't understand it...not recommending it. Let's hope it is a beacon of things to come.
No it comes and goes. It is not like someone put in the wrong bid.
It will stay at 1.55, leave, come back, etc., but trades will go thru as normal, in the .11-.12 area.
I like...if it were the reverse I would be concerned.
How come I keep seeing the Bid on the Commons at 1.55???
Marayatamo:
I have appreciated your posts for the most part. You have always articulated the conservative stance which is correct.
I came into the Lehman's thru PRE-BK Commons. After I saw the the media changing behavior "from Lehman can neverfail", to the Lehman's have never been viable "overnight" my contrarian side kicked in.
You have from time to time accused my posts of being inflated or optimistic...Let me tell you something, Son...to this day NO ONE HAS ANY IDEA WHAT THE ASSETS OF LEHMAN REALLY ARE! We should find out today.
I have been in these markets for many years...NEVER have I seen the MASS MEDIA turn on a subject as Lehman's Chap 11 BK so quickly, as they did in Sept, 2008. The A&M team has done a great job of trying to gain a foothold in one of THE most complex Chap 11 BK's EVER!
I have tried to post information that has been posted thru "news" sources that might shed a little light from what the "Mainstream Media" reports. My experience in life over the years is the mainstream media does exactly that...sells advertising by highlighting what the masses want to read.
You are welcome to pull up any of my posts and tell me what kind of "pumper or whatever" I am. You do not...this I-Hub, does not... effect anything that happens in the free markets.
If you know something about what is happening great...if not, don't act like it. The big day is coming tomorrow...until then add something to the conversation.
Good luck and Keep the Faith!
IMO the difference between the C/Ts and Preferreds is if the A/L ratio stays where it is and never closes the GAP...then the underlying debt held in the Trust will protect the C/T holders.
If the Gap closes between A/L to = or better thru increase in A or decrease in L, or both, and/or legal settlements and victories then the distance between C/Ts and Preferreds becomes only $1.2B.
The key is to balance the risk reward between what is known as of 6/30/2009 balance sheet and the evolution of assets/liabilities since and the leverage preferreds can offer in price over risk.
Just my thoughts on your conversation between Brikk and Viva.