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This seems to acknowledge the LBHI Guarantees were assumed by Barclays in the LBHI-Barclays Agreement.
They now must close as agreed. So, the 4W's were barking up the wrong tree and the Judge told them to go hang themselves.
This seems to be part of the ECAPS but also the LBT Clawbacks case.
Hopefully, it will all come out in the wash but Barclays, apparently, is the 'Backstop', allowing Dodd-Frank to be declared
and the Judges to say the Guarantee is not LBHIs responsibility.
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toogood,
I have 13 years of pdfs.
How about you?
mojo
That balance sheet is on page 21 that I posted.
I am asking for a balance sheet of LBI or LBIE that was sold to Barclays.
From what I am reading in the Barclays-LBHI Agreement the assets included may not all be from the LBI or LBIE subsidiary but provisioned in the Agreement to Barclays for their consent.
The $69B number is a big concern.
How could that be sold out from under equity holders for $1.7B?
Crazy.
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The one part of the agreement that is shocking is the long position of $69B that was transferred to Barclays as part of the $1.7B agreement
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If Barclays has agreed to taking on the equity positions, no problem.
If not, there is a problem from what I can see here.
LBT is the Treasury Operations sub.
I'll look it up for the security list again.
Wasn't the aggregate value close to $50B?
It would be nice to know the residual LBHI holds in the LBI sale to Barclays.
I have that sales document and can look.
Thanks.
toogood,
Can you post a link to their balance sheets?
Thanks.
The $36B in admitted claims in Europe & Asia have received $17.5B through the 23 distributions with the $19B left to resolve.
They also have the upcoming LBT Clawback case to resolve.
It looks like the major obstacles are the remaining litigation with mortgage sellers, LBIE and the ECAPS.
LBHI is the only entity in BK still open.
Where is more information on the asset values remaining?
mojo
LBHI continues to expect $19B out of almost $36B of admitted claims from overseas subsidiaries in Europe & Asia with almost $129B in claims subject to compromise in the US and the $55B in NOLs.
So, it looks like that is the LAMCO. Where else could it be?
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argus,
I think trades are not allowed to the public since the SEC legislation.
My broker displays the following if I try to buy a CT:
"No opening transactions are allowed on securities affected by amendments to SEC Rule 15c2-11."
However, 2800 LHHMQs traded today and there have been others since the SEC implemented their legislation.
Who is selling?
Maybe the Trust or LBHI is buying them up if there are sellers.
mojo9
Swiss,
Say this overseas LAMCO Services is a sub of the big LAMCO LLC with $57B in regulated assets.
And, say all the LBHI equity is secured and the Barclays deal can move on with the $55B.
The CTs with purchase dates prior to the POR approval in 2013 are due penalties of 6% per year.
mojo9
swiss,
The last balance sheet of this LAMCO shows 1.5M pounds in assets and 57k pounds in income.
Ciongoli and Fox are familiar names.
Why is this office significant?
mojo9
Interesting, Swiss.
I have sought information following steps advised by the Trustee and the prospectus.
I submitted my queries to the appropriate parties. I advised them who I am and left out their attorneys because I don't want to run up legal bills.
You are probably right that it was a rush job after following this board and other due diligence on behalf of some professionals (financial advisors, investors & attorneys) who bought in.
I am dismayed in at least two issues by Rex: 1. The last motion filings I reviewed didn't include a number of complaints so it seemed incomplete without mentioning the Neuberger settlement, for example; and 2. He didn't have the money to pursue a legal case as he was acting pro se and without the 50 individuals required. Same with Waske who is a smart guy.
If I had better participation from the Trustee and the Holding Company, maybe a plan could have come together; otherwise, that is what the Courts are there to do, to hear out all the complaints and decide what route to take. And, LBHI attorneys will dare people to make their case in Court because that is what they are hired to do and the legal filings start a process that can be expensive.
But, of course you know this, at least that is how it appears to me.
We will see where it goes. When I read messages on this Board after 13 years, I am in utter disbelief in Barclays as a capable suitor and that Dickson is anywhere near any responsibility at LBHI.
It would be great if there are $47B in regulated assets under 3rd Party management for LBHI somewhere. If they are in NYC, they'd be identified in a reverse directory some place.
I could call a friend and confirm a rent roll but I am passive in this case and the phone rings both ways.
Good luck. mojo9
Thank you, toogood.
I have seen the depository/ordinary share scenario before; in most cases, we can expect the offering to be fully sold to the market when offered but I like what I think you are describing.
Usually, an issue is made for a particular purpose and structure within the Company.
What in the prospectus do you think is pertinent or related to what LBHI needs to do now in the re-structuring?
Why would the J prospectus attract investors who find it suitable for the re-structuring?
Maybe you have some ideas about this. I am not close enough to say that is what the Board will do so I can't say.
I will take some time to go back over the J prospectus, too.
Thank you. mojo9
The J's have 66M float at $25 per share preferred.
That is a $1.650B issue.
Where are you getting $60B?
What in the prospectus am I supposed to look at?
I think there was a J Series CT but it was called.
I doubt they will issue shares that have already been called or part of a prior issue unless there are covenants in the prospectus enabling additional shares to sell.
And, if that is the case, they could do it under certain conditions and SEC approval only, likely.
mojo9
goodie,
If the $47.7B of regulatory assets are managed by LAMCO LLC for LBHI, why aren’t they listed on the non-GAAP statements?
How are they at LAMCO under management and not assets at LBHI?
How does that work?
Are they actually owned by LBHI to begin with or actually managed by LBHI?
Or are they synthetics?
Thanks.
mojo9
Interesting, slim.
There are also HCQ & HCU that are 3999 expiry.
The HCU is unsecured sub debt and an SPV trust preferred.
The HCQ is a Corporate.
Could HCU be related to CTs? They have a different expiry.
Are the bond tranches $1B each? No share amounts are given but it's a guess.
The most deceiving statements on the POR are about "Satisfied in Full" or "Paid in Full"; if the debt is carried, face value does not have to be paid until maturity or they are called.
It is the excuse to loot and abscond with guarantees while trading the CTs for the NOL requirement.
Thanks for the observation, slim.
mojo
Happy Thanksgiving!
"To truly win trust, we need to balance digital banking with human support." - Matt Hammerstein, CEO Retail, UK Barclays, 18 November 2021.
Hopefully, this can continue to happen between Barclays and Lehman.
Good luck!
mojo
Get your rest, jersey.
Enjoy the beach & fresh air and good nourishment.
Give the little guy his Doctors & Teachers and trust Jesus.
When the body can purge the chemicals and sickness, you can re-assess when things make sense again.
While we have been holding this thing together, we have survived some of the worst disgraces ever seen.
Some make it and others don't; stick with it because it is their choice, too.
I wish you well. Stories like this is why I don't drink alcohol, use or invest in cannabis or anything relating or encouraging the sex industry.
Good luck.
mojo
Probably not.
If they did, they should update their asset values and sell some to pay off the last creditors and CT holders and they can own the Company free & clear.
Good luck.
mojo
JOVI,
Class 6A & 6B we’re not in line before any sub debt so why were they paid anything at all?
mojo
Where has this deal been?
Lehman has been held to account for the mortgage programs and management issues for 13 years while incentives have been given to Barclays.
The BCS Market Cap < $50B will work for 49.5% but what do they get for assuming the $130B in claims subject to compromise?
Or, put it this way:
What will BCS get for the CTs, the $9.7B BNYM 10-B subdebt & the ECAPS much less all the other preferreds and bonds?
What would a re-generated Broker-Dealer unit look like?
BCS already has Wealth Management offices around the World and across the US.
Nice thought, though.
mojo
And, why aren't the UK Financials stepping up with an offer to resolve all outstanding issues with their profitable base overseas?
They could add some conditions, have the tax credits, insert their employees, keep the charter, operate the 49.5% for 5 years until a full buy-out and remaining equity in the subsidiaries.
If they aren't, the remaining creditors will reorganize and remain with the equity overseas, too.
mojo
Where?
Ask the Seniors.
They have distributions while leaving the Subs out to dry.
You're not a party that is going to sign off on it so why worry about it, joe?
LBHI Estate & their attorneys likely want some sort of signature from their creditors that they have been paid off as agreed.
And, if they don't get it with the $25k & COD, LBHI will likely turn around and ask for more money for their business re-opening and until they can disperse more funds.
So, agree that your paid off or allocate more funds to recapitalize and/or LBHI has continuing ongoing cases to solve.
So, that's it for now, IMHO.
Good luck. mojo9
After creditors have had 13 years of Court documentation and distributions, the Estate and their attorneys asked if another $25k will do it for them with whatever COD they will take.
However, a lot of creditors have more than $25k left in their claim and their COD share isn’t suitable for what they see as their share in the remaining Estate of LBHI with $55B in NOLs and $30B in subsidiaries and residuals.
So, what are the next steps and when?
They are going to do what they want.
Hopefully, it’s good! mojo9
And, this is an issue, cotton.
Why do the victims of accommodating POR Trustees, Judges and Estates with the 5-year Deferment agreement and NOL Tax Credits have to defend themselves in Court from these prosecutors?
H. Paulson said there would be incentives for a merger and some comments never stop prosecuting CT owners who have invested within this framework.
Why do we have to defend ourselves?
We haven't all insisted how the CTs would be re-instituted; we have just insisted they and their covenants should.
mojo9
jimzin,
And, why do they raise their hourly?
They compute large deals and want a commission based on the size of the deal.
Do they do more work? No.
Are they taking more risk? No.
Are they taking more time? If they do, why change their rate?
In this bankruptcy, they have been paid routinely and timely while others, who qualify the Estate for billions in tax credits go without.
If there is an opportunity for claw backs of any settlements or fees paid, the Estate should review it.
mojo9
Then, this should be it.
Thanks newflow.
<<You can’t go to war with the regulators.” - Jim Cramer
If that is the case, I hope we will be treated fairly.
Good luck.
mojo9
Does Vince still work at BBS?
He worked at the Madison flagship.
The OBS is not publicly trading.
It has no price on the market.
The CTs grade as a preferred equity.
Good luck.
That is an escrow ticker for preferreds & common not a CT.
CTs have to trade to qualify LBHI for the NOLs.
A lot of people don't understand it.
Good luck.
How much of the $55B in LBHI NOLs was because of the money LBHI owed the US Government?
If it wasn't owed the US Government and LBHI has claims exceeding $55B, why would a BK Trustee for the LBHI Estate only claim $55B?
mojo9
Lehman had a Company charter and business licenses.
They have a cache, including the subsidiary organizations.
Lehman's office location is the following as stated on their last financial statements:
"DEBTORS’ ADDRESS:
LEHMAN BROTHERS HOLDINGS INC.
c/o KRISTINE DICKSON
CHIEF FINANCIAL OFFICER
110 EAST 42nd STREET SUITE 820
NEW YORK, NY 10017"
If their plan is to not re-emerge, then they have closing accounts to discharge and these can be paid by Senior creditors and subsidiaries before taking CDO.
Pay the CTs. They have been beating the f$$k out of us for 13 years while we the CTs have qualified Lehman creditors for $55B in NOLs.
mojo9
Keep posting, jersey.
My fingers are tired.
$25 would be great for impaired.
Unimpaired split the rest with the Trustee to 'splain why the Guarantee doesn't matter and BNYM can 'splain their non-performance.
Everyone goes nuts sometime . . .
mojo