Any posts are my opinion, and should not be relied on for your investment decisions.
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.
Joyce, the video is about Freddie&Fannie back in 2010.
Sorry don't understand, what is your point?
Its detailed at the website you posted, go to the homepage
It was class action by pre-bk holders that sued third parties (D&O,some underwriters). Finished in 2012
certain of Lehman’s officers and directors during the relevant time period (the “D&O Defendants”) for $90,000,000 in cash (the “D&O Settlement”) and (ii) certain alleged underwriters of certain Lehman offerings (the “Settling Underwriter Defendants”) totaling $426,218,000 in cash (the “Underwriter Settlement”).
This is over and done with. These were separate lawsuits against certain underwriters and directors & officers (not lbhi b/c chap 11).
Insurance co.s that covered this risk settled.
Thanks Argus
SPAM at best
Both Fannie and Freddie have been growing and now effectively back ~$5T of MBS.
R-ship is not an option (its also why USTSY took 79.9% warrants and left stock outstanding). No R-ship until a proven third entity CSS LLC (CSP) is fully functional and proven. That will take several years to a decade and at that future time F&F would need to stop writing/securitizing new business.
At that transition point, it would still take several years for their remaining portfolios to wind down. 10-20 years in total duration
I think the fiduciary breach happened back in 2007-2008, but the judge is now giving the parties a chance to right the wrong.
JPM as one of our trustees and a large creditor to Lehman creates a big conflict of interest. JPM really prioritized who they were looking after (themselves), not those who paid for the trustee services.
I like your outcomes RL, hope your right.
Best JW
Based on reading the orders, I do think the timing of the fiduciary breach by JPM/LBHI is very interesting. Incriminating.
Especially since JPM knew to put additional contracts and collateral in place well before lehman's chap 11 filing, additionally failed to act as our trustee when they knew LBI was being shopped around.
Thx Cotton,
After quickly reading Judge Sullivan's order. It looks like the indemnification JPM was seeking (being CT trustee) was denied at this time.
Denied, because its unknown if LBHI will fulfill its contractual obligations to these agreements (CTs included).
Opens the door for trustee lawsuits IMO.
Different case in front of Judge Sullivan. Have to read the judgement. I believe this was the one cotton wrote Judge Sullivan on behalf of CT holders.
http://www.plainsite.org/dockets/tyghh4iw/new-york-southern-district-court/lehman-brothers-holdings-inc-et-al-v-jpmorgan-chase-bank-na/
Scheduling order is for claim 66462
http://dm.epiq11.com/LBH/Claim
See exhibit C on that claim (66462) and CTs are listed.
LBSF is not our debtor (CTs,prefs,commons)
JPM vs LBHI scheduling order is out on EPIQ
51015 09/30/2015
Notice of Presentment of [Proposed] First Amended Scheduling Order and Discovery Plan filed by Harold S. Novikoff on behalf of JPMORGAN CHASE BANK, N.A.. with presentment to be held on 10/8/2015 (check with court for location) Objections due by 10/7/2015, (Attachments: # (1) [Proposed] First Amended Scheduling Order and Discovery Plan)(Novikoff, Harold)
Case: Lehman Brothers Holdings Inc.
Related: none
http://dm.epiq11.com/LBH/Docket
Time and Sales for LEHMAN BRO HD C/T IV PR L (LEHLQ)
Sep 29, 2015
Symbol:
LEHLQ
GO
Time Price Volume Market
15:49:30 0.0101 100 OTO
09:43:37 0.1224 1000 OTO
09:43:37 0.12 1000 OTO
Spam alert
Look at the overall market, that is why brokerages are increasing margin requirements.
For our CTs to get paid via the case JPM needs to win. Otherwise its just more money for Sr creditors.
I am waiting for the JPM case outcome or a distro to LBHI2 pref stock via LBIE. Last, a newco with NOLs.
Class 10A,10B,10C distros are being reallocated to higher classes. It states it right in footnote of the Oct distribution notice. No payment in Oct.
Fannie, Freddie And The Difference Between Power And Authority (Part II)
http://seekingalpha.com/article/3522006-fannie-freddie-and-the-difference-between-power-and-authority-part-ii
Your posts make no sense at all. Please elaborate with some documents/research to support your numbers.
Why is this a sticky? Yes BNYM acts as an escrow in case of distro. by LBHI
What is the point of highlighting this?
New article out RE: Fannie&Freddie Illegal Sr pref agreement
http://www.nationalreview.com/article/423467/fannie-freddie-profits-government
No, but the order book will show the lowest ask. I'll bet you get a fill at a lower pps of .20
Last: 0.1001
Change: 0.00 (0.00%)
Bid/Size: 0.0012/10,000
Ask/Size: 0.20/2,500
Iron, scottrade is showing current ask at .20/2500
That is funny. Thx for posting
The trust is not in BK, but the assets of the trust are (LBHI sub-notes). The trust cannot make distros until it receives distro on the LBHI sub-notes.
RE LEHKQ, looks like 3000 shares went across...
Last: 0.1001
Change: +0.0001 (0.10%)
Bid/Size: 0.0012/10,000
Ask/Size: 0.20/2,500
Volume: 3000
Right on JH. RE: LEHKQ, its on the greys and IMO, if the order book is not showing much on either side anyone making market will move on.
Regardless, IMO pps on nearly 0 volume means little.
Have a good weekend everyone
Still showing on scottrade. OTC shows no bid/ask...
http://www.otcmarkets.com/stock/LEHKQ/quote
LEHKQ Scottrade showing...
Last: 0.10
Change: 0.00 (0.00%)
Bid/Size: 0.0012/10,000
Ask/Size: 0.20/2,500
Volume: 0
Market indicator, I believe OTO is a Pink(Non-reporting) and OTC is an Over-The-Counter reporting company
Time and Sales for LEHMAN BRO HLDC/T 6.00% M (LHHMQ) Aug 04, 2015
Symbol:
Time Price Volume Market
12:31:53 0.1499 4600 OTO
12:03:36 0.0821 3200 OTO
12:03:34 0.08 400 OTO
11:46:11 0.08 1800 OTO
11:38:07 0.08 800 OTO
10:25:27 0.1001 50000 OTO
JT99, agree re:Ignore function, had to sign in to get rid of the garbage posts. Much better now.
Cotton,
I have not seen any briefings filed or any motion hearings since late last year.
Are you expecting summary judgement to be issued or further briefing(s) and trial dates?
Thx JW
Before 3/2012, LBHI had the automatic stay in place.
Automatic stay-
Like other forms of bankruptcy, petitions filed under chapter 11 invoke the automatic stay of § 362. The automatic stay requires all creditors to cease collection attempts, and makes many post-petition debt collection efforts void or voidable.
I think that because LBHI emerged from bankruptcy in 3/2012, that's when the 20 quarters started (~13 quarters so far).
I do think CTs end up with whatever remains in a SPV or SPAC with runoff companies and NOLs to attract capital.
http://www.investopedia.com/terms/s/spac.asp
All 4 CTs showing bid/ask @scottrade
LEHKQ
Last: 0.12
Change: 0.00 (0.00%)
Bid/Size: 0.12/5,000
Ask/Size: 0.1798/11,342
Volume: 660
LEHLQ
Last: 0.15
Change: +0.0498 (49.70%)
Bid/Size: 0.15/5,000
Ask/Size: 0.1826/24,100
Volume: 3500
Exactly toogood, Lehman had a liquidity problem, not an asset problem when they filed for BK. $639B Assets $618B Liab.
Some assets were sold at firesale prices in the early days of BK but A&M stated they were brought in to build a bridge to a better time (when they could get more for the assets). This also added to NOLs.
Also, A&M said LAMCO was "shelved" for now, not eliminated.
Really wish they would get rolling with the major trials (JPM, Credit Suisse, etc).
The audits are interesting, keeping an eye on the status of the K's to change.
Best JW
Also, Giddens is trustee over LBI proceedings. LBHI has no trustee. It has a BOD.