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jersey,
You're one of my favorite posters on this board and I've never seen anything like this thread being posted.
There were major problems with the timelines set forth in the trading of these BK securities as a result of the financial distress on the economy and the political nature of the process.
So, I think the Courts continue to have the resources and ability to make the outcome right no matter what filings were made.
mojo
Interesting clarification, edbk.
Thanks.
mojo
GTGP,
CT affiliate status was omitted.
It was a mistake.
Cotton wrote to the Court about this.
It is why people are stating our status is 4B.
I hope this has been updated administratively but, since our CTs have not been re-instated after the 20 quarter deferment in compliance with the prospectus as of this date, we all are wondering how this will be done.
mojo
There have been a lot of posts about the C decision that were assuming the Credit Suisse filing would have the same result.
Hopefully, an early settlement will happen.
Thanks.
mojo
JOVI,
Read through this Court schedule 3 times.
It looks like the Credit Suisse trial is now scheduled for next October 2018.
All other formal dates are itemized by the Judge.
What gives you an idea it could settle earlier?
Note: Bid sizes for K, L, N, HHM, respectively: 51,900; 19,450; 10,000; 9,355.
Buyers want them by the ton, cheap as expected.
TIA
mojo
jersey,
Why does cotton want $960M now?
Unpaid interest & penalties on the CTs.
About $20 per share.
Then the $25 FV.
It's all due, jersey.
$5 would be easy for them but why pay them anything unless they will make money with them?
$5 to go away?
Some might think they might as well sneeze and not give an excuse to anyone to do anything more.
So, what's next and why?
mojo
You've been consistent, jersey.
$5 per share.
About $.114 on the $1.
Much lower than all the other Senior creditors.
$240M for the $55B NOLs.
If they do that to the CTs, it's my guess the OBS will be pretty well shot.
They always have reasons for doing what they do whether we agree with them or not.
It would be nice if a settlement was consistent with the Prospectus and it was over.
But, I'm not sure how the Judge is prioritizing guarantee claims of affiliates at this time.
And, if things are delayed for us, they may be delaying things in the UK or Netherlands.
If they don't, people will be upset.
Let's hope they do the right thing.
mojo
Exactly, Jersey.
They have made it hell for us.
And, why?
We bought the securities they need to trade to get $55B in tax credits.
What did we do to them?
The hardest thing to know is where people go with things and I don't know where they are taking this sometimes.
Hopefully, it won't be so bad.
mojo
jers?
"...a jar of Vaseline and some sand?"
After 9 years?
51% of the $55B NOLS is $11.23B alone.
No?
Mojo
You know as much as I do about a press release like this from the Trustees, Plan Trust Administrators and their Sea of Attorneys all with their time clocks and hands out.
It is why we want the business back on the market with the NOLs with incentive based performance contracts and not these hourly clerks with a Judges supervision.
Hopefully, it will work and the CTs will be brought current with the +/-$960M they need to continue trading as cotton stated over the weekend.
mojo
It is because they are a group writing a press release to serve their interests whatever they may be.
mojo
Yep!
Why weren't we able to vote on the Trustee Plan?
Why were we assumed to reject it?
mojo
Distribution on the 25th intended for all holders of allowed claims, 4 months before next scheduled distribution.
Is class over yet?
mojo
Thanks for posting the restrictions during a deferral period, etc.
So, who's the new director?
mojo
What answers?
mojo
cotton,
Does this $35.458B LBT Class 4A claim include the LP ECAPS I referenced in the prior post?
Furthermore, the LP ECAPS are Tier 1 as are the CTs.
Unless there is a press release stating otherwise, the ECAPS & CTs payments are withheld by LBHI.
Additionally, LBT can withhold payments as they've done for ISIN IT0006578600 as of the 7th Distribution.
Do you know what this ISIN claim is? It is not ECAP V.
Can you explain in further detail why you made the two posts?
Thanks.
mojo
cotton,
I'm referring to the UK ECAPS, one of which is the LP V.
Use this link: http://www.marketwired.com/press-release/lehman-brothers-uk-capital-funding-v-lp-notice-to-holders-of-preferred-securities-2223481.htm
There is another link in the June 23, 2017 Marketwired press release that will take you to the actual LP doc.
Use it here: http://www.rns-pdf.londonstockexchange.com/rns/9511I_1-2017-6-22.pdf
It does not enable copy and paste for me at least.
If you look at Section 5 you can see the joint liquidators (RSM) have been expecting funds from LBHI since May 2017 but "LBHI may make a claim to some or all of the funds." (5.5)
However, they've re-established the LP partnerships in the UK Register of Corporations and, of course, CT owners are concerned about the delays in bringing the CTs current while these LP subsidiaries are registering and expecting 100% payment.
Hope it helps. If I've misunderstood anything, please let me know.
mojo
Yep!
Someone set L's asking $24.92 before leaving for the weekend.
Bid size set at 10k now but it gets as high as 50k.
When is Credit Suisse decision expected?
LBIE docs registered in UK Courts with Resolution but awaiting RSM.
The computation could be $960M although it might be closer to $896M for outstanding coupons & penalties.
Are your computations including 6% penalties for the unpaid balance and years 6-9 or are you charging penalties over all 9 years?
Spring is wound.
What is the urgency? What are the delays? Judge Shelley Chapman's schedule has Lehman occasionally for another 10 days.
I wish it was over and compliant with the S-1 as I've stated.
mojo
No, thanks.
Good luck.
mojo
A prospectus.
J. Dimon's point was currencies are created when a Government in a Country authorizes a monetary issue and backs it.
Cryptocurrencies do not have this model.
Will they ever?
Why should they trade for any denomination higher than a Country's credit that authorizes it?
Aren't Cryptos traded by billionaires and tech miners hoping to corner a market for the largest share?
What is authentic about that?
Kim Jong In wants his own time zone. Is that a wise decision, too?
mojo
Jimzin,
Do you have an S-1 for a cryptocurrency?
Please post.
mojo
Thanks.
57 points.
Dated 7/24/2017.
What are we trading for after 8 years?
mojo
It has been politicized to the nth degree.
While I think they should bring it current, they are working through a process to reinstate them or redeem them in a new issue if they are reinstated or redeemed.
Once the inmates got the keys, they've been running the prison to make the money they want to make and earn the fees they've wanted to earn.
They've also paid fees to the administration which changes of the years.
Some may object to the "inmate" characterization but why do they need to continue operating with so much legal representation with all the Court dates for supervision from a Judge?
I just wish it was over and compliant with the S-1.
mojo
edbk,
$.8B for unsecured creditor affiliates?
Anyone or issue identified?
US or UK?
mojo
Security trading halted.
No news posted yet of distribution suspension.
No news of exchange move.
Will repost with new ticker if assigned & allowed.
mojo
d,
Part of a Chp 11.
Company still in business.
PE.
Small issue.
What have you heard, d?
It is good to see a move up on the K's & L's.
mojo
It is why I sold the WAMUQ LIFO and didn't file.
JPM had confiscated $4B cash deposits and buys WAMU for $1.9B?
I don't know how it all ends and how they'll make it right.
I really don't but I thought I didn't know enough to follow along with attorney's & asset managers wishes to re-structure when they were sitting in front of the Courts with a bunch of questions to answer.
mojo
Then you know nothing of forensic accounting.
BBAN,
Maybe they'll settle the 10M preferreds you cite with the people who never sold the pre-BK WAMU issues.
It might be reasonable.
I have 400.
mojo
Barclays Bull Case @ $253!
https://finance.yahoo.com/news/heres-big-clue-apple-will-continue-dominate-iphone-x-171758471.html
If you sell, how do you get back in?
Years ago, we were talking about 209,000 mortgages.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=109130987
mojo
Sooner or later, storms die down, people come home and re-open business.
Hope all the alarms were for people to move who could and have another place to go.
I'm hoping for the best and glad we have a deal maker in the WH and some soft money talk coming out of the ECB.
And, the dollar is down.
What more do we need to get this to rest?
mojo
I like that, jimm jimm!
ECB is cooking now.
Debt ceiling is raised with disaster funding.
Statues are being taken into storage.
And, we're closer to resolving this than we aren't.
Hopefully.
mojo
Why would the FDIC encourage the continued trading of CTs for 9 years in a liquidation & re-org?
Source?
Labor Day beverages may have influenced post.
Source, please.
mojo
Two Lehman UK Subs filing for Chp 11.
http://www.businesswire.com/news/home/20170831006474/en/Subsidiaries-Lehman-Brothers-Holdings-File-Voluntary-Chapter
What matters is:
Is there a good breakfast place around?
Can they use the heliopad on 200 Park?
Where is a good gym to use between 11am-1pm or after 5pm est?
Go get them!
mojo
I think you're trying to address a lot of interesting thoughts with this, cotton.
What about the debtors who were Lehman counter-parties or lawyers, and wound up with assets they've been managing for fees?
I have trouble thinking about how much debt they should be re-paid, if they have a debt claim at all.
Same with A&M.
They confiscated what they wanted and told the equity holders to piss off and charged them re-structuring fees & BK management fees.
Now, what does it mean for them to have Lehman assets going forward?
mojo
OK.
Onion layers.
So many.
Thanks.
mojo
j dub,
What is under RMBS that still needs to be resolved?
They announced an RMBS settlement of $2.4B+ with all the counter-parties: JPM, GS, C, BAC, etc.
mojo