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The CT's and preferreds aren't responding to any of the news. Guess the board needs a Coach Scotch this time around.
Showing a .20 bid and .55 ask. The PQ's did trade at .25 in 2008. Apparently not enough has changed for the better.
It's been in for months and as I said the MM "making this market" isn't filling even partials. How many shares have been traded at .03 or lower since the first of the year?
He's not making a market by taking advantage of the difference between the bid and ask when the bids are completely ignored imo.
And yet it just traded 545 shares at .03. Who bought those shares? As I said my bid is higher than the last trade.
I'd appreciate a fill for my order but it hasn't happened for months. Not even a partial. I'm higher than .03.
Ulmant many of the articles are google cached if you wanted to at least partially restore it.
http://www.google.com/search?sourceid=ie7&q=lehmanlotto+blogspot+com&rls=com.microsoft:en-us:IE-SearchBox&ie=UTF-8&oe=UTF-8&rlz=1I7ACAW
There's a cached copy if it's helpful.
http://webcache.googleusercontent.com/search?q=cache:ZgAs9YgUZJUJ:lehmanlotto.blogspot.com/2009/09/lehman-lotto.html+lehman+lotto&cd=1&hl=en&ct=clnk&gl=us&source=www.google.com
You can also then google some of the titles to get cached copies of the info.
http://webcache.googleusercontent.com/search?q=cache:fAf01lodxoEJ:lehmanlotto.blogspot.com/2010/01/court-hearing-agenda-10-feb-2010.html+lehman+lotto+rising+from+the+ashes&cd=3&hl=en&ct=clnk&gl=us&source=www.google.com
What's your take on YGE action?
What's interesting is bonds are now trading significantly higher than when "the perfect storm" was brewing in 2009-10 and yet all the lehmans trusts and preferreds are trading at or nearer the 2008 crash levels.
Maybe the next "even more perfect storm" is brewing. Has anyone seen Coach?
I see a 500 share trade took the KQ's down under my standing GTC bid after 17K shares traded at .05. Also I can't get a bid to show (or fill) for 10K shares on the J's even though it's higher than .006. They are not AON orders. MM's simply won't provide liquidity (or transparency) other than to sell small amounts below the bid after any buying at the ask imo.
Why? I don't know Linda.
Until there's some consistent buying at the ask and a moving up of bids to tighten the spread, this locked down trading will continue. My bids on the CT's aren't filled and shares trade below them continually. I think there is bid support across the classes currently, and the MM's just ignore it, choosing to keep the volume almost nonexistent. jmo.
Comatose. I have an idea though.
Could somebody please pump Lehman to Charlie Sheen on twitter?
TIA
Can someone tell me how it's possible for MM's to sell stock below a bid?
The only thing that will move these is big players hitting the ask stepping up the bid and blocking the market maker games with no volume. They still regularly sell below bids.
So as Coach T used to say (until he sold) "Keep the faith"
Linda - My question is why are the CT's trading lower than the commons for such a long time? The HH's closed at .02 today and below the bid. Strange to me that none of the recent news has helped uninvert the CT's price re: common.
The K's started out this year in the .30 range and hit a high in .60's. Hard to remember those days now as they close out the year in the low single digits.
Bring in the New Year and GLTA in 2011.
Linda - You seem to have changed your tune recently or at least lowered it in key. Why?
I've been here since the "perfect storm" days which turned into a hurricane katrina. Own all of the CT's. One day the sun will shine again and I don't want to hear another storm story.
Lehman's are acting lame in all categories. Commons are priced on par with CT's. WTH? Everyone is waiting for fills on the bid and that isn't going to move any of these up. The only believers are those already holding it seems.
GLTA
So what's the big problem with paying .03 or .04? You can get them there.
It's only trading at an 80% discount to the commons. And the tape today says it traded as much as 90% lower. If it's showing some life, it's only in spite of the appearance of being slowly strangled to death.
Jersey, what's it going to take to change the tide? This has been going on for a very long time now.
2200 shares trade at .01!
and I'm trying to buy at .03 and .05 with no fills. Can someone explain to me how this type of robbery can continue day after day? Are any of you also bidding for more shares?
Thanks sidedraft. Its dog days in Lehmanland.
I'm not showing a bid or an ask for the K's. Does anyone have orders on either side not showing?
It's amazing what a few pennies found in the couch can buy these days. :)
Nice end of the day dump below the bid while the MQ's closed green. There's going to be a hurricane force reversal here soon imo.
Does he still like this one? Might buy a few since its down about %80 from his call.
Is anyone posting buying shares here? The disconnect between the commons, preferreds and trusts is huge!
This road is turning out to be a very long one.
Lehman's big JPMorgan case set for trial in 2012
On Wednesday July 14, 2010, 4:01 pm EDT
By Jonathan Stempel
NEW YORK (Reuters) - No one ever said the Lehman Brothers bankruptcy case would be easy, or quick.
Lehman Brothers Holdings Inc's (Other OTC:LEHMQ.PK - News) lawsuit accusing JPMorgan Chase & Co (NYSE:JPM - News) of siphoning billions of dollars and hastening its record bankruptcy is unlikely to be ready for trial before April 30, 2012, under a timetable approved Wednesday by U.S. Bankruptcy Judge James Peck in Manhattan.
The May 26 lawsuit accused JPMorgan of using its "unparalleled" knowledge of Lehman's distress, as the main "clearing" bank for Lehman transactions with other parties, to extract $8.6 billion of collateral in the four business days ahead of Lehman's September 15, 2008 bankruptcy.
It said officials including JPMorgan Chief Executive Jamie Dimon took the collateral after learning from Federal Reserve Chairman Ben Bernanke and then-U.S. Treasury Secretary Henry Paulson the government would not bail Lehman out. Lehman said the bankruptcy estate and creditors deserve the collateral.
JPMorgan has denied wrongdoing.
At a Wednesday hearing, Lehman's lawyer John Quinn of Quinn Emanuel Urquhart & Sullivan LLP said each company expects to depose 50 witnesses from the opposing side. Depositions and fact-finding may not be completed until June 30, 2011.
"It's a complicated, large case," Quinn told the judge.
"Is it really going to take until sometime in 2012 for this case to be trial-ready?" Peck asked.
"We think that it will," Quinn responded.
Paul Vizcarrondo, a partner at Wachtell, Lipton, Rosen & Katz representing JPMorgan, said he agreed with the timetable.
Peck accepted it.
"At this point," he deadpanned, "my calendar for 2012 is mostly open," prompting much courtroom laughter.
In March, Peck authorized an accord under which JPMorgan would return several billion dollars of assets to Lehman's estate, but which gave Lehman a right to sue further.
Lehman collapsed from overexposure to commercial real estate, subprime mortgages and other risky assets.
With $639 billion of assets, it remains by far the largest U.S. company to go bankrupt.
The case is Lehman Brothers Holdings Inc et al v. JPMorgan Chase Bank NA, U.S. Bankruptcy Court, Southern District of New York, No. 10-03266. The main bankruptcy case is In re: Lehman Brothers Holdings Inc et al in the same court, No. 08-13555.
http://finance.yahoo.com/news/Lehmans-big-JPMorgan-case-set-rb-2486693482.html?x=0&sec=topStories&pos=7&asset=&ccode=
It's interesting to me. The sequence of events with this stock have been highly unusual. I agree with Redcatcher on that point completely.
And here's another one.
April 15 (Bloomberg) -- Lehman Brothers Holdings Inc. won a judge’s approval today to split into two businesses: one to manage its illiquid assets for five years and another to handle work arising from its 2008 bankruptcy.
A unit called Lamco with 455 employees would run Lehman’s real estate and private-equity assets, while the parent company would keep 220 employees to handle claims stemming from its Chapter 11 filing, Lehman said in March.
The Lehman parent might be able to pay almost $41 billion to creditors with allowable claims of $294 billion within five years, compared with $25 billion, or less than 9 cents on the dollar, if the assets were liquidated now, Lehman said in a disclosure explaining its plan yesterday.
Lehman revised the Lamco proposal after it was criticized by Goldman Sachs Group Inc. and eight other financial companies including Morgan Stanley, Credit Suisse Group AG and Deutsche Bank AG. They called it “a reorganization plan for debtors’ employees and management separate, apart and ahead of the reorganization plan for creditors” in an April 5 court filing in U.S. Bankruptcy Court in Manhattan.
Lamco, registered as an investment adviser with the U.S. Securities and Exchange Commission in January, would provide longer term jobs for 70 employees of the restructuring firm Alvarez & Marsal, co-headed by Lehman Chief Executive Officer Bryan Marsal, as well as for 385 Lehman workers, according to court filings. That would give it twice as many workers as the company entrusted with running the bankruptcy on behalf of creditors.
Lehman Affiliates
Lamco, which would also manage assets such as derivatives and corporate loans for Lehman affiliates, also drew creditors’ criticism for denying those affiliates a stake in the venture. Affiliates would help fund Lamco, yet Lehman would deprive them of “any governance or ownership interest,” said the banks, which are derivatives creditors of a Lehman affiliate, Lehman Brothers Special Financing.
Lehman yesterday said it would “enhance the governance right” of its creditors committee by giving it sole right to appoint an independent director to Lamco’s board and eventually distribute some of its Lamco stock to affiliates. The moves fended off some objections to Lamco and “resolved the issues raised” by the derivatives creditors and Lehman’s U.K. units, which also objected to the Lamco plan, it said in a court filing, asking the judge to overrule any remaining objections.
Creditors’ Money
Judge James Peck, who has jurisdiction over the largest bankruptcy in U.S. history, has generally allowed Lehman’s requests to undertake longer term investments that aren’t usual for bankrupt companies. In January, he agreed to let it spend $1.4 billion of creditors’ money to buy loans and mortgages from an insolvent German affiliate, Lehman Brothers Bankhaus.
Last month, Peck voiced reservations even while approving a settlement between Lehman and JPMorgan Chase & Co. that would produce more assets for Lamco to manage. Under the accord, JPMorgan is to return to Lehman $9 billion in illiquid securities and real estate that are hard to value, taking cash and collateral in exchange.
“It’s hard to see the benefit to the Lehman estate,” Peck said in court. “Is this just to prime the pump of Lamco?”
In total, $1 trillion of claims were filed against Lehman, which removed duplicates to get $740 billion, according to the disclosure statement. Lehman has said allowable claims might be as low as $260 billion.
The case is In re Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
http://www.businessweek.com/news/2010-04-15/lehman-seeks-to-spin-off-asset-manager-deflecting-objections.html
Daktok - Is this what you were looking for?
Goldman, Morgan Stanley Fault Lehman’s Business Plan (Update1)
April 06, 2010, 11:48 AM EDT
By Linda Sandler
April 6 (Bloomberg) -- Goldman Sachs Group Inc., Morgan Stanley, Credit Suisse Group AG and other banks objected to Lehman Brothers Holdings Inc.’s plan to build an asset- management business, saying the bankrupt investment bank should focus on paying creditors.
The new business would be “a reorganization plan for debtors’ employees and management separate, apart and ahead of the reorganization plan for creditors,” the banks said yesterday in a court filing.
A unit called Lamco, staffed by current employees and managers, would run the defunct investment bank’s real estate and private-equity assets, also taking outside business, Lehman said in March. Chief Executive Officer Bryan Marsal has said the assets might eventually fetch about $30 billion, out of a possible $50 billion in recoveries for creditors.
The Lehman parent would have sole control and ownership of Lamco, denying “any governance or ownership interest” to affiliates that helped to fund Lamco, or to creditors, Goldman and the other banks said. They described the proposed Lamco deal as an “insider transaction,” not an “arms-length sale.”
Further Education
Most of the issues in the objections should be resolved with “further explanation or education,” Marsal said in an interview today.
“The issue of ownership is the one legitimate or philosophical issue that may take longer,” he said. Right now, creditors of the Lehman holdings company want 100 percent ownership of Lamco, he said.
The objection was filed by seven banks and two investment companies that are derivatives creditors of a Lehman affiliate, including Merrill Lynch & Co., its parent Bank of America Corp. and Deutsche Bank AG. By putting Lehman managers and employees ahead of creditors, Lamco would turn the Chapter 11 reorganization “on its head,” they said.
Lamco would fulfill an immediate need to manage Lehman assets that would fetch much more money if sold over three to five years than if they were liquidated today, Marsal said. It would use people and infrastructure that already are available, and wouldn’t change compensation for the Alvarez & Marsal restructuring firm or Lehman employees, which already are in place, he said.
Lehman’s U.K. units objected to the plan in a separate filing, saying Lehman hadn’t provided enough information to assess its merits.
A hearing on the Lamco proposal is scheduled for April 14 in U.S. Bankruptcy Court in Manhattan. Lehman that day is due to file a detailed explanation of its liquidation plan, outlined on March 15 together with the Lamco proposal.
The case is In re Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
http://www.businessweek.com/news/2010-04-06/goldman-morgan-stanley-fault-lehman-s-asset-management-plan.html
Yes I agree there could be a similar pattern.
Funny how fast things can change. When I bought the Lehman trusts, A&M were described as the heroes of large reorganization by several posters. There aren't many of them posting now. It appears Judge Peck is our best chance of an objective, and perhaps heroic, assessment at this point. Anyone want to give odds?
And I agree with that yahoo poster's assessment of the legal E. africanus asinus.
The oil spill is a disaster. And the long-term effects of this spill are incalculable currently. BP is on the hook for the damage and the US government needs to act quickly. The SEC better make darn sure they aren't overstepping their authority with this one.
Ask yourself this simple question. Who really has the most to lose in a longer term scenario if ACLH has a valuable fluidizer product for oil wells that may also be useful in the clean up efforts?
I'm just waiting for this one to re-open for trading. Best of luck to those already here.
Yes the SEC always looks out for the little guy. That's obvious.
So is this an oil sands plays and a possible oil spill play in your opinion?
Where are you looking to get in since you see potential? I'm thinking it's going to get interesting when this stock trades again.
I'm curious if the 100K shares that traded just after the open were reversed. You were certainly on top of things before the opening bell with that post. I wonder why the trades were allowed if the stock was halted before 9:30?