Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
I don’t dispute that info - still the
Commons cannot be cancelled until
after a POR is approved.
………………………………….
That is a lot of nonsense.
In a Chapter 11 a Plan of Reorganization - which
outlines the distribution, if any, for the Classes of
Secured and Unsecured Creditors, Bondholders,
and Shareholders - has to be filed, voted on, and
approved first before any cancellation of Debt or
Common Shares.
……………………………………………………….
Hi - I am just starting to look at this bankruptcy.
This info is from Docket # 1 -
1. Docket # 1 states that the Debtors have
Exclusive Right to file a POR until Aug 21, 2023.
So the fact that a POR has not been filed
as yet is not relevant.
2. Docket # 1 states that the Debtors will have Funds
Available to Distribute to Unsecured Creditors.
3. Docket # 1 states that the BNY Mellon is the
largest Unsecured Creditor - it holds a whopping
$1.184 B in Unsecured Bonds.
4. Total Debts exceed Total Liabilities by $ 800 M.
Has any of the above info changed? Thanks.
…………………………………………………………..
Sorry - I don’t know when LBHI will wind-up.
I haven’t been following the wind-down
since LBHI emerged from bankruptcy.
Someone posted a question to me and I replied,
and then other questions followed.
……………………………………………………….
I can’t recall what post(s) you are referring to.
It could be that I changed my position after
talking with the Trustee - the BNYM.
WMI and LBHI were my first investments in
bankruptcy stocks so I wasn’t very knowledgable
at the time on how Creditors/Investors are ranked
in the POR.
……………………………………………………
I find that hard to believe - there must be
something missing in your info otherwise
the CT holders could file a Complaint
for breach of the Bankruptcy Rules.
I’m sorry but I disagree with you.
There were lots of charts I viewed prior to
and post emergence from bankruptcy.
The CTs are LBHI’s liability and it had the
highest debt load and thus the lowest dollar
recovery for the Creditors and Investors..
There simply wasn’t near enough assets to
pay off all debts and can’t be compared to
the balance sheets of Affiliates/Subsidiaries.
…………………………………….……………
I can’t recall specifically but certain
Affiliates have their own assets and
balance sheets separate
from LBHI and have been able to
pay their Creditors in full.
……………………………………..
Hi -
Your post confirms that the Guarantee
is unsecured and subordinate - in the event
of a bankruptcy no payment can be made
on the Guarantee until senior debt is paid
in full.
From the prospectus-
Status of the Guarantees
The guarantee will constitute an unsecured obligation of Lehman Brothers Holdings and will rank:
•
subordinate and junior in right of payment to all other liabilities of Lehman Brothers Holdings,
•
on a parity with the most senior preferred or preference stock now or hereafter issued by Lehman Brothers Holdings and with any guarantee now or hereafter entered into by Lehman Brothers Holdings in respect of any preferred securities of any affiliate of Lehman Brothers Holdings, and
•
senior to Lehman Brothers Holding's common stock.
The guarantee will not place a limitation on the amount of additional senior debt that may be incurred by Lehman Brothers Holding
………………………………………………….
Thanks - I think my conversation with the
Trustee was also on the phone.
Even if the Trustee did file Claims under
the Guarantee I don’t think it would have
changed the ranking of the Capital Trusts
in the Plan of Reorganization. The Notes
held in the Trust were subordinated and
unsecured in the event of a bankruptcy,
and I do not recall the Guarantee stating
that the Guarantee still applied in the event
of a bankruptcy.
………………………………………………..
There was a Trustee that filed claims
on behalf of the Capital Trust holders
and I don’t recall any such statement
from the Trustee.
I do faintly recall talking to the Trustee
on the phone or by email and I think he
said that the Guarantee was an
unsecured Guarantee in a bankruptcy.
I think the Trustee was the BNY Mellon
and it mailed out a Notice that stated
- per the Plan of Reorganization - the
Capital Trusts were not expected to
receive a distribution.
There may have been individual
Capital Trust holders who filed their own
Claims per the Guarantee - these Claims
would likely have been expunged as
duplicate Claims to the Trustee’s Caims.
………………………..……………………
I only slightly recall this complaint.
Do guarantees even have any worth in
a bankruptcy if not secured? Yes - it is amazing
that there are still assets left to be paid out.
…………………………………………………
For which stock?
If you mean the Lehman Capital Trusts I am
not aware of anyone getting a settlement.
I should think they would know - they
have hired a knowledgeable Attorney.
Weird Management Team for sure -
they certainly are not building trust.
I asked the OTC MARKETS if the
new Rule apples to Shells that are
“ Pink Current “.
Here is the answer -
Hello Linda,
Thanks for reaching out to OTC Markets Group.
Companies that were reporting as a Shell
prior to the SEC’s Amended Rule 15c2-11
have until March 28th, 2023 to no longer
report as a Shell company or they will lose
their Proprietary Quote Eligibility or Broker Quotes.
You can read more about this on our website,
linked for you below. We have an FAQ section
for questions about the deadline for shell companies.
https://www.otcmarkets.com/learn/15c2-11-resource-center
Corporate Services
OTC Markets Group
100 M Street SE / Suite 220 / Washington, DC 20003
T +1 (212) 896-4420 F +1(212) 652-5920
issuers@otcmarkets.com
www.otcmarkets.com
……………………………………………..
Correction :
If correct, this means that an additional
$ 1,245,150 is required to buy the remaining
94% of BEI Equity Shares.
…………………………………………..
According to the last Quarterly Report ILST
paid $ 79,850 to BEI for 6% of its Equity Shares.
$ 79,850 is 6% of $ 1,325,000.
If correct, this means that an additional
$ 1,245,500 is required to buy the remaining
94% of BEI Equity Shares.
………………………………………………..
OK thanks.
I noticed that Budding Equity Asset
Management Inc - a division of BEI -
was dissolved in 2020. Jason Wilson
was the President.
https://buddingequity.wip.webdept.ca/
…………………………………………
Do you know if anyone has ever been able
to find out if Budding Equity Inc
actually has annual revenues north of $ 3M?
I just can’t find anything on BEi - which I
think is odd.
ILST is still a Shell even though it is
Pink Current so I think the Rule still applies.
No - ILST HOLDCO purchased ILST
but it is still trading and filing under ILST
and it is the Quarter Reports - which state
the status of ILST as a Shell - that the
Rule applies to.
I don’t think so - it was Frank who
wrote up the agreement and it
was accepted by CC and could not
be altered by her.
Frank was granted custodianship on
June 03, 2021 so he could not have
issued a 2-year freeze on increasing
the O/S prior to this date.
“ On June 03, 2021, Alpharidge Capital, LLC,
owned by Frank I Igwealor, was granted
a custodianship order (Case No: A-21-835183-P)
in the District Court of Clark County of the
State of Nevada. “
……………………………………………….
The new OTC rules for Shells.
The OTC Markets is saying that Shells
have a transition period of 18 months
from the Effective Date of the new Rule
- which is Sept 28, 2021.
This means that ILST has until
March 28, 2023 to become a business.
“ Rule 15c2-11 (The “Rule”) restricts the
ability of broker-dealers to quote securities
of shell companies.
Effective September 28, 2021, broker-dealers
may only quote a security within 18 months
following the initial priced quotation, and only
if the company makes current information
available to investors pursuant to the Rule.
The Rule also provides an 18-month transition
period for any company that was identified
as a shell on the effective date. “
https://www.otcmarkets.com/learn/15c2-11-resource-center
…………………………………
ILST has until March 28, 2023 to
complete an acquisition.
Do you recall the date that the freeze on
Increasing the O/S ends? Is it this June?
I was just kidding you for not recalling
you had filed a Joinder to my Objection just
a mere 11+ years ago.
LOL - you should be ashamed - see
Post # 2822.
At least one of your Joinders was in
my PRELIMINARY OBJECTION TO THE
PROPOSED DISCLOSURE STATEMENT
linda1
Re: JERSEYHAWG post# 2821
Friday, January 21, 2011 1:35:40 PM
When you file the Joinder the Heading will say - for example - the following -
JOINDER OF ---YOUR NAME--- IN THE PRELIMINARY OBJECTION OF LINDA NEUFELD TO THE
PROPOSED DISCLOSURE STATEMENT OF THE AD HOC GROUP OF LEHMAN BROTHERS CREDITORS.
Also in the first or second paragraph of the Joinder the Docket # 14034 will be included as a reference.
………………………………………………..
I’m sorry I really don’t know.
When WM emerged from bankruptcy I
was holding only the DIME LTWs (Litigation
Tracking Warrants) which WM had spun out.
I did not agree to a release as certain
LTW Holders continued with litigation and filing
Court documents - which eventually ended
in 2016.
I filed a lot of Objections in both the
Lehman and WM bankruptcies if you
can recall.
Thanks - good to hear from you too.
The Lehman and Washington Mutual
bankruptcies were so much fun to follow
in the early days. Wish I could experience
that all over again.
…………………………………………..
I think it is Daisy you are mistaking
me for.
Jingwei Zhang was registered as the
new CEO, etc. - however it was not
known that he had actually bought
KAST and was holding the Control
Shares until the last Quarterly Report
- Nov 11, 2022.
………………………………………….
Dennis Tan slipped up on his email to
me and gave me insider information -
Jingwei Zhang had purchased KAST and
that KAST was sold to him as a clean shell.
Dennis Tan also said that Mr. Zhang had
no knowledge of the RM declared in the
Custodianship Court proceedings.
I couldn’t post this info at the time as
this info - Jingwei Zhang had bought KAST -
had not been made public yet.
This is why I contacted Judge Roohani’s
office and included Dennis Tan’s email
in my e-mail to her Clerk.
………………………………………………
Yes - I think it was Daisy too.
LOL - you have me confused with
someone else. I think the most
I have ever had in my trading account
at one time is about $ 10,000.
The most of LEHNQ Preferreds I held
was 50,000 at .07 - .10.
With the what common shares?
I don’t recall holding any LEHMAN commons.
I can’t believe this bankruptcy is still active.
Hi - I am doing fine thank you.
I sure miss the good old trading
days 2007 - 2011.