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onco:
<<I SUSPECT SINCE THEY ARE BUYING THEIR OWN SHARES BACK THE 5% RULE DOES NOT APPLY.>>
The rule applies to all SEC issues whether they're insider trades or not.
Finally.
I've been saying they should buy these securities for years.
Hopefully, they've been accumulating them since $.01/share.
mojo
cotton:
<<NITE could be under contract to buy the CTs back for Lehman Brothers!>>
If Lehman buys back more than 5% of any issue, they have to file a notification with the SEC.
Why shouldn't the Lehman Estate do this before the last payment of the POR?
mojo
cotton,
i really can't talk about broker dealers relating to the Lehman CTs & FNMA.
all i know is what i see traded through my brokerage account and public information.
there are inferences to be made on the trading activity from the grey markets with no bid/ask.
mojo
Congrats to the F&F investors.
They traded in & out of stock and now able to buy more Lehman CTs.
"Make hay while the sun is shining!"
How long will they be able to do this at these prices?
Good morning!
So, the L's are down $.01 on no volume?
Welcome back from Memorial Day for inspired trading on the grey's...
ok.
thanks.
thats fine, mik.
but your computation of the AVB proceeds is off 10x's!
7,870,000 shares x $137 = $1,078,190,000 not $10B
if Lehman is making 14% interest on cancelled derivative contracts, then maybe the capital markets is their business.
good luck
thats fine, mik.
but your computation of the AVB proceeds is off 10x's!
7,870,000 shares x $137 = $1,078,190,000 not $10B
if Lehman is making 14% interest on cancelled derivative contracts, then maybe the capital markets is their business.
good luck
Concerned.
Selling 50% EQR/AVB stock with dividends for $2B+.
Closing the office building for another $750M+.
Selling 80% of indusrial project for $960M+.
But, keeping waterfront land in OC.
Why sell the income producing assets and keep the dirt?
What are we going to develop with? More loans?
could be the quantity not the price for an unfilled order...
who knows?
i don't get these grey markets either...
$.10?
Phooey!
Why aren't buyers paying $.25+ and allowing partial fills?
IF US Govt Wants Dimon Chairman-CEO, Dimon stays Chairman-CEO!
Dimon does little without Government leverage.
Bear Stearns, WAMU, Lehman, Barclays & MF Global: All instances of JPM pushing for collateral, confiscating deposits & hand-holding with the US Government.
What do some shareholders think they can do?
Its "Open the Kimono" time and we aren't even in Vegas?
go figure...lived
Sounds like he is trying to fill at the bid and not the ask.
go figure...slived
Well, well, well...
FMCKJ did 2.4M shares today and have highest coupon. I like FMCKI, too. Both are non-cumulative.
FNMAS & FNMAT are interesting, too, with highest coupon and non-cumulative.
Thanks and good luck.
If they signed for a capital markets product and received services for that from Lehman, they should pay for it or provide for an exit as per the contract.
It doesn't matter who they are or if the Lehman Estate is paying creditors or debtors.
Lehman Suing for Interest-Rate Swap Settlements
Link: http://www.bloomberg.com/news/2013-05-14/lehman-reaches-beyond-grave-to-grab-millions-from-nonprofits.html?cmpid=yhoo
devils dergooberwitz:
<<I don't think we are getting any divies goober...>>
We're all hoping for the best, but I see the CTs continuation with the divvies since they can then float the $1.2B FV until called.
As for the Preferreds, some are convertible anyway, so if you issue new shares for one preferred, why not issue the shares for all preferred for convenience, savings and restructuring?
I would estimate the FV or RV problem of the GSEs will be handle some way that is similar for the Lehman preferreds.
The Courts are there to manage the Chp 11 to the best of their ability.
They can manage the Chp 11 like a roadside lemonade stand if they see fit, but it remains a Chp 11 with a legacy LAMCO company post-bk as per the POR until further documentation is provided.
Good luck!
What demand?
If the CTs are brought current, we'll see what demand there will be for them on the market.
Even if they are brought current, the Estate would have to provide company information and plans as to why they are doing this and this would no doubt effect the demand & market value.
I'm hoping you're right but waiting.
I understand then.
And, my point is that the OBS is not in a liquidation but a Chp 11 restructuring, autotel.
So, that was why I was confused by your posts.
Does anyone on this board have a favorite GSE preferred or bond?
Is there a GSE ticker that has a particularly active message board for more information?
No! lol...
Not WorldCom, IndyMac or anything weird!
Yes.
I believe LBHI is a Chp 11 filing not a Chp 7 which is the Lehman Brokerage that has to also settle with Barclays.
autotel:
<<The OBS is owned by the liquidating trust.>>
The collateral for the creditors was more than just the brokerage so we know why the creditors committee objected to the POR & the Omnibus (or One Big Share).
Is there a particular part of the POR that you are using to state all preferred and common shares are now the One Big Share that is in the Brokerage Chp 7 that is being liquidated and discharged after receiving payments for all assets being liquidated?
autotel:
<<The Regular preferred and common have already been cancelled. Thats why the liquidating trust.>>
The brokerage is the Chp 7. Everything else is Chp 11.
So, again, I'm not sure of what you're referencing.
Can I help?
There are many Preferreds at 7%+ coupon that are highly rated and trade for more than their face value.
I checked one about a month ago that was a 7.5% coupon and trading at $27.50 or so since interest rates are low.
You can easily check this on any stock screen available through your broker.
What is your point?
Article - "Lehman Brokerage Trustee Says Near to Paying Customers"
Link: http://www.bloomberg.com/news/2013-05-13/lehman-brokerage-trustee-says-he-s-near-paying-customers.html?cmpid=yhoo
Is there a price that volume escalates?
It doesn't look like there is on the grey markets.
Anyone?
At 20, you're out of fingers and toes.
Now what do you do?
This is a very unclear post to me, autotel.
Specifically, what GM/Chrysler creditors were paid $.20/$1.00?
What is the difference between creditors and debtors to you?
Do you think you are rushing to conclusions in anything you are stating?
Wouldn't you do better by asking questions?
devils dergooberwitz:
Reaffirmed debt - This strata of debt includes CTs once their prospectus is "re-installed" by the Estate & Courts. I would assume it also includes all secured and unsecured debt that have received payments less than 100% as per the POR and Classed 3 through 12.
So, using Econ 101, Lehman must show a structure of this debt & a creditor stake (hopefully) that is balanced with the Assets Lehman has not sold in order to successfully emerge from BK and pursue business in the free market.
Is there a benefit to the Estate to keep from making the last POR payment earlier than the September due date and how will it increase the post-BK entity in successful market operations on the market?
WAMU Assets - The WAMU A/L was $320B and then regulated by the OTC. Their business model was NOT a Money Center Institution or a Wall Street IB but a Small Business and Private Lender & Thrift. While WAMU could have moved to change their SEC classification over time as well as increased their Executive requirements and Asset quality, WAMUs assets included the AAA CBD Headquarters facility in Seattle that was sold (stolen) at the bottom of the market as well as a $4B cash deposit stolen by JPM and re-credited at a Court directive without interest. Other assets were routinely booked and sold with a lower rate of default than many CMB IBs on the Street.
So, I don't agree with your assessment that WAMU Assets were low quality but that WAMU, with OTC approval and supervision, was a Small Business operator that was successful and provided different products under that particular management.
Did WAMU "piss off" the "TBTF" Institutions?
You bet. Why else would JPM abscond deposits, embezzle information from WAMU CFO, lobby Bair, the FDIC, Treasury & Courts for a sweeetheart deal and "rape" WAMU creditors/debtors while stealing the Lending & Credit Card businesses of WAMU that have a lower rate of default than JPM itself?
Additionally, WAMU should have never been kept from the FED discount window.
What does #1 & #2 mean in terms of BK?
Are you ranking size only?
Two very different companies in an Auto Manufacturer and an Investment Bank.
What about WAMU & IndyMac?
I, too, hope Lehman exits BK, reaffirms and moves on with another offering. I just hope it is easier on the creditors & debtors than GM that had to go green and "protect the US auto industry" which was a political rouse that protected workers whose production couldn't sell on the market.
Thank you dergooberstromberger!
Good luck.
Dergooberztraminer,
I hope the Estate and Alvarez et al are securing their 5% of each CT at these prices, if they haven't already done so.
That's a $60M "no brainer" and they don't have to tell anyone.
I don't think Lehman is a GM BK. They have a chance to be better. First, the Judge can deal with agency problems of the Officers, there aren't a lot of Union issues nor are there a lot of products Lehman couldn't sell that created excess inventory and an over-capacity problem in hard assets among few buyers.
The crime of the Lehman BK is not keeping the assets together. Whether the debt problem was because of low asset valuations in a declining market or the finance structure, Lehman had a lot of excellent assets and a reputation as a Top 4 Bank.
So, I'm hoping the LAMCO structure eminating from BK heretofore, Dergooberness, will be enough to position them very well in the market and service it well.
Exactly.
Combine it in an IPO of $10.6B and the post-BK entity is going places.
Some debtors are going to want roles in this new entity.
Both Debtors and Creditors can pay it forward to a certain extent as opposed to losing it all.
If Lehman can show some eagerness for redemption, I think there is more currency for them.
Thanks and good luck.
Well, I'm not Mr. Fuld nor am I that rich...not that there is anything wrong with it.
Personally, I'm raising Angel & Seed Capital for two projects with patent applications and there is an insurance concept that is yet to go worldwide.
I've been hoping to grow these business developments with investment capital and B-to-B agreements with US corporations.
Knowing what I know about Wall Street and raising money, I think the Lehman Estate can move forward best within industries and sectors they know and have experience in rather than enter into new ventures with other partners.
I think there is only so much value the Street will place on new capital and NOLs much less writing off debt and gauging creditors.
Why shouldn't they keep the shares and dividened and pay the CT coupon?
IMHO, they should until they have another plan, provided they can make other payments as well.
In the old days of 40:1 leverage, $4B would generate about $160B in mortgage assets.
So, what are the opportunities for the post-BK biz?
You sound like Dick Fuld...not that there's anything wrong with that.
If we don't get a merger, Alvarez & Marsal & the Lehman Estate will likely think the Street is undervaluing Lehman and that it is better off building its core business organically.
Besides, a merger could get messy for the Estate creditors and debtors whereas a new IPO could generate $6B+ while securing creditors and debtors interests in projects going forward.
Good luck.