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Hi Mellon,
I've had all these years Lehman securities on Interactive Brokers account. I'm located in EU and I'm using my local bank so called "trader service". That local bank is using IB platform that is skinned with their logos but the platform is IB. Those Lehman CT asks and bids have always been there with such wide spread. Yesterday when you posted bids and asks I checked my account and I had exactly same figures ... only in USD, not CAD.
Cheers
Slim
From LBH Plc 30th Progress Report for the period to 14 September 2023 - FINAL (pwc.co.uk)
Page 8
Shortly after the end of the Reporting Period, the
loan notes issued by LBH to LP I, LP II and LP III in
2005 and 2006 were listed and admitted to trading
on the Vienna Stock Exchange, with the first trading
day being 12 October 2023.
Vienna Stock Exchange approved the securities for admittance to listing and trading
IMHO this is one of the best proofs so far that Lehman will be ongoing concern in some way or format.
Cheers
Slim
It's the final countdown. Soon is now. :) :) :)
I checked your twitter post ... How come you are not sure what to make of it? There is only one way to interpret it - increase ask to 25 USD. :)
Cheers
Slim
I ment December 6th 2025.
Look at the brights side ... only 2 years and 5 months until Plan Trust expires.
Someone should put the December 6th 2023 countdown clock on the header of this board.
Cheers
Slim
Some nice claim trading today in the docket. Stonehill Capital Management bought from Deutsche Bank 2 claims. Combined face value of the claims is 293 000 000 USD. Who knows how much they paid but interesting to note that their 13F shows that at the end of Q1 their single biggest bet on the market was SPY put with market value 102 000 000 USD. Do they know something or ... acting on behalf of someone who knows something.
https://whalewisdom.com/filer/stonehill-capital-management-llc#tabholdings_tab_link
Cheers
Slim
All those institutions listed on the Fintel link hold 1 628 036 LHHMQ CTs. If 16 million is LHHMQ float then little over 10% is held by instos. Those Are US instos. We have no clue about some Asian or European institutions positions. Not bad.
Cheers
Slim
Not much going on. Siting and waiting and hoping this will be over soon. Just like you and everybody else. Still checking the forum every day to find some news but lately there is not much news around here. Docket is empty. I think Swiss is correct... 2025 or something like this we could see some outcome or closure.
Cheers
Slim
Avalon stuff is long ago done, distributed and dusted.
https://www.marketscreener.com/quote/stock/AVALONBAY-COMMUNITIES-IN-11717/news/AvalonBay-Communities-Inc-Lehman-Brothers-Completes-Sale-of-Shareholdings-in-Equity-Residential-an-17963027/
Cheers
Slim
Check out Weebit Nano in ASX. There is very good discussion and posts on Hotcopper message board. This company had crazy couple of months but still under radar.
https://www.weebit-nano.com/investors/guide-to-reram/
Lehman MARTA's.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=165880317
I have not added past few quarters but the A/L difference is pretty much the same as back when posting this.
Cheers
Slim
I think it is kind of positive that she is still overseeing the Lehman case. It indicates that there is no point to transfer the Lehman case to new judge which sort of indicates that the court actions should be wrapped up soon. Don't ask how soon. I do not know. Technically she is semi-retired, overseeing just those few Lehman hearings.
It's a fake/fabricated news. Those tanks are every year on those dates on the streets. Some kind of parade. If you google more you will see.
If we receive in April or May news that there will be new judge appointed to oversee the Lehman case then we should prepare for additional X years of waiting... 2023 or even longer... yeah, I know the docket is empty and there are only handful of open court cases ... but still ... new judge means we will have to wait more. If no news about new judge then perhaps this is indeed over by the end of the this year.
Just my 2 cents
Cheers
Slim
The IOS version of the app has been out now for 5 days. If I do google search with "strange spots on skin" or "watery eyes" or any similar kind of common phrases then I get 0 results directing me to Treatment.com app. I get lot of Mayo Clinic, Webmed and other established companies and institutions results. Maybe it's because I do not use apple products? I use Windows OP system and Android phone and I do not live in US. I'm in Europe. Anyways, strange.
Did they launched the app but not really advertising it cause it's not actually fully ready? But then again keeping the promise that it is launched. Hmmm. Tough and wierd launch.
Cheers
Slim
You are correct CT-s stopped trading for very short time. From March 6 2011 when the POR became effective. I think they did not trade for about 2 weeks or so and then the trading resumed. There was kind of an overall confusion if they are in OBS or not and this caused it. Back then it seemed like a technical error.
Best
Slim
A wise man once taught me the mind games of trading. Never ask 5%, 10% or 15% discount. Never set round number price tag for whatever you are selling. Avoid 10 000, 100 000 etc. These are not "serious" figures. Always ask 5.7%, 9.4% or 13.6% or similar. Set price tags like 11 200, 117 600 etc. It makes it look like there is some serious thought and calculation behind the bid or ask. Sometimes gives you better negotiation position. Not always, depends how experienced is the opposite side. 870 USD made you and Jersey wonder why such number. Not saying you bough it but I guess you get the idea.
Anyways, I wish this would be over already. So tired, so bored and annoyed by this endless, endless saga.
All the best,
Slim
Just messing around ... can't wait it to be over, got to be entertained somehow :)
Cheers
Slim
Highway,
I will offer you alternative deal.
I pay 870 USD for your 150 000 CTs. If they win or get paid you get 16,9% of that payout sum.
Do you agree?
Cheers
Slim
How is LBT going to get LBHI shares? Thanks.
Via bonds. I've posted this in 2019 when this bond appeared or was issued in the end of April 2019.
https://finra-markets.morningstar.com/BondCenter/BondDetail.jsp?ticker=FLEHM4829152&symbol=LEHM4829152
Lehman Brothers TSY BV, symbol LEHM4829152, Maturity Date 12/31/3999
Bond with such maturity date is categorized as perpetual bond. A perpetual bond is actually equity.
Cheers
Slim
Launching of Cara app should take place within few weeks. At least it is advertised on company webpage "launching 2021". Can't wait to see and test it.
Cheers
Slim
About those NOLs. Latest balance sheet Docket #61324 page 20 had such section:
As of June 30, 2021, the Company recorded an
estimate of $23 million for potential pre- and post-
petition amounts owed to federal, state, local and
international taxing authorities, net of expected
refund claims
How do you interpret it? I mean why would they pay tax if they have 50B NOL? Could it be that NOL is indeed utilized now? Please comment and share your thoughts. Many thanks in advance.
Cheers
Slim
Yes, correct overall it is still negative. Probably I wrote it a bit wrong way and you you missed my point ... check the A and L dynamics over past year or two. I mean for all the long term holders this is truly positive dynamics to the right direction. I guess you agree with that?
Cheers
Slim
NOW THE BALANCE SHEET IS IN NEGATIVE BALANCE.
That is incorrect statement. Please check latest balance sheet as of April 1, 2021. Docket #61142. Compare with the balance sheet as of December 31,2020. Docket #61101 and all the other balance sheets during past year or two. You will notice that Plan admin has changed a bit the format in last BS and eliminated the total company numbers.... so you have to do a second grade math to get total liabilities ans assets. That balance sheet was posted just in time on May 28th. Properly before the "Final Distribution" docket and nicely before the looong weekend of Memorial Day. Seems like nobody even noticed this docket. All the fuzz went on "Final Distribution". You will be surprised to see the dynamics of Assets and Liabilities over the course of past year.
IMHO, how this docket was posted and changed by Plan Admin is very strong evidence there is actually a long term plan.
PS. Can't wait to see the next couple of balance sheets after the so called "Final Distribution" is completed.
Cheers
Slim
WERE THOSE CTs?.
No, those were not CT's. I remember clearly link with list of securities was posted in this forum. He held and quite likely still owns common shares....LEHMQ. You cannot trade those.
There was also another case of some fund manager who shorted Lehman stock. Borrowed securities form GS and for some reason did not close the position. He tought that stock was cancelled and did not have to return them to GS. The funds was closed in 2011 or so but they could not close this one LEHMQ position... and it still waiting resolution.
So, quite sure Mr. M still owns Lehman common shares in escrow like many of us here.
Cheers
Slim
Interesting observation. Latest balance sheet (Docket #61160) and Monthly Operating Report (Docket # 6118) have both updated headline format:
- Chapter 11 Monthly Operating report …
- Chapter 11 Post-Confirmation Report for the Quarter Ending …
For years they posted both documents in dockets without phrase „Chapter 11“ in headline. Wonder why suddenly this needs to be emphasized.
Cheers
Slim
Hi Argus,
It's not 6.2 Billion USD. See the link below you posted earlier. Find the 3 Lehman papers. On top of the page is "Face amount" not "quantity". So it is just 6.2 million USD of MCAPS and even smaller amounts of other two papers.
https://www.streetinsider.com/dr/news.php?id=18714422&gfv=1
Cheers
Slim
Take a look at Fridays LEHNQ trading chart. There is green bar. Never noticed this before. Only seen blue and red bars. Anybody have clue what type of trade this green bar shows?
Tia
Silm
I'm holding my CTs on Interactive Brokers account and did not receive any message. Seems like TDA is the only broker who sent such message.
Hopefully we do not have to wait until October for D23. In 2019 they made in the end of June also one distribution (0.56 B). But yeah D23 is for sure coming... who knows maybe even D24, D25 ... all possible.
I'm tired of this endless saga, very tired.
Slim
It seems Lehman actually owns more than 31.1 billion against itself.
In docket #61102 page 12 foot notes they state that LBHI is the holder of Allowed Claims against itself of approximately $31.1 billion, including:
- $1.2billionof Class 3 Claims – Senior Unsecured
- $25.3 billion of Class 4A Claims – Senior Affiliate Claims
- $0.6 billion of Class 4B Claims – Senior Affiliate Guarantee
- $0.2 billion of Class 5 Claims – Senior Third-Party Guarantee
- $0.6 billion of Class 7 Claims – General Unsecured
- $1.2 billion of Class 9A Claims – Third Party Guarantee Claims other than of the RACERS Trusts
- $1.9 billion of Class 9B Claims – Third Party Guarantee Claims of the RACERS Trusts
In docket # 61101 page 17 in ECAPs section they state:
Lehman Brothers Holdings PLC (“PLC”) has outstanding approximately €0.8 billion of subordinated notes issued to ECAPS I-III and approximately $1.9 billion of subordinated debt which is held by LBHI. LBHI2 has outstanding approximately $3.186 billion of subordinated debt issued to PLC and approximately $6.139 billion of subordinated notes which is held by Lehman Brothers Holdings Scottish LP 3 (“SLP3”).
€0.8 billion = $0.95 billion. So Lehman holds total 12.175 billion of ECAPSs against itself. Assuming there is no double counting then grand total 31.1+12.175 = 43.275 billion owns Lehman against itself.
ECAPs are probably not included in the 31.1 billion because ECAPs are class 10A and Lehman states in docket #61102 page 12 foot notes they do not own 10A claims against itself. Could it be reporting error? OK, most of it is owned via subsidiaries and probably they do not have to show that they own it but there is this 1,9 billion owned directly by LBHI and that should be reported correctly. Would love to hear opinions about this. Correct me if I’m reading or interpreting it wrongly.
Also (now speculating), probably the 43.275 billion is not the final number. Something tells me they have bought back via various schemes and various subsidiaries much more of their own debt. Million dollar question is how much they have bought back class 10B debt.
Cheers
Slim
Condolences to hes family and friends. RIP.
Slim
After this 22nd distribution Lehman’s total distributions to unsecured creditors will amount to approximately $128.8 billion. According to section 6.4 of the Plan class 10A, 10B and 10C distributions are reallocated to senior classes.
Anybody has a good guesstimate or theory how big of a dollar amount it is that has been reallocated over the years? How much Class 10A, B & C have contributed to senior classes recoveries?
Cheers
Slim
Do you mean this footnote is the interesting part on page 12 or something else?
LBHI is the holder of Allowed Claims against it self of approximately $31.1billion, including:$1.2billion of Class3 Claims,$25.3billion of Class4A Claims,$0.6 billion of Class 4B Claims, $0.2billion of Class5 Claims,$0.6 billion of Class7 Claims, $1.2billion of Class 9A Claims,and $1.9 billion of Class 9B Claims.
Thanx
Slim
What is the dollars amount of this upcoming distribution? Thanks.
It is not disclosed yet. Usually about week before distribution there is notice about it. In coming days we will know.
Cheers
Slim
I will hold to the end also. My stack of CT's is also quite big now. Not as big as yours, just couple of hundred thousand CTs of all 4 blends. Does not make sense to sell. It has been one crazy journey so far. I like that we have the WWW as a side bet. Even if WWW looses we will get something in the end. IMHO. Keeping fingers crossed.
Cheers
Slim
Someone posted about week ago a video summary about Lehman collapse.