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.
From LHHMQ prospectus:
http://www.sec.gov/Archives/edgar/data/806085/000104746904010912/a2132819z424b2.htm
page 21-23:
DESCRIPTION OF THE GUARANTEE
The guarantee to be executed and delivered by Lehman Brothers Holdings for the benefit of the holders of preferred securities will be qualified as an indenture under the Trust Indenture Act of 1939. The Chase Manhattan Bank will act as guarantee trustee for purposes of the Trust Indenture Act. The terms of the guarantee will include those set forth in the guarantee and those made part of the guarantee by the Trust Indenture Act. The following summary of the material terms of the guarantee is not intended to be complete and is qualified in all respects by the applicable prospectus supplement, the guarantee, the Trust Indenture Act and other applicable law. The guarantee will be filed as an exhibit to a Form 8-K or similar document incorporated by reference in the registration statement of which this prospectus forms a part. You can obtain a copy of this document by following the directions on page 7.
General
Pursuant to and to the extent set forth in the guarantee, Lehman Brothers Holdings will irrevocably and unconditionally agree to pay in full to the holders of the preferred securities and common securities, on a pro rata basis, as and when due, regardless of any defense, right of set-off or counterclaim which the trust may have or assert, the following payments without duplication:
•
any accumulated and unpaid distributions that are required to be paid on the preferred securities, to the extent the trust has funds available for such distributions;
•
the redemption price per preferred security, to the extent the trust has funds available for such redemptions; and
•
upon a voluntary or involuntary dissolution, winding-up or liquidation of the trust, other than in connection with the distribution of junior subordinated debt securities to the holders of preferred securities, the lesser of
•
the aggregate liquidation amount of the preferred securities and all accumulated and unpaid distributions thereon, or
•
the amount of assets of the trust remaining for distribution to holders of the preferred securities upon a liquidation of the trust.
Status of the Guarantees
The guarantee will constitute an unsecured obligation of Lehman Brothers Holdings and will rank:
•
subordinate and junior in right of payment to all other liabilities of Lehman Brothers Holdings,
•
on a parity with the most senior preferred or preference stock now or hereafter issued by Lehman Brothers Holdings and with any guarantee now or hereafter entered into by Lehman Brothers Holdings in respect of any preferred securities of any affiliate of Lehman Brothers Holdings, and
•
senior to Lehman Brothers Holding's common stock.
The guarantee will not place a limitation on the amount of additional senior debt that may be incurred by Lehman Brothers Holdings.
The guarantee will constitute a guarantee of payment and not of collection (that is, the guaranteed party may institute a legal proceeding directly against Lehman Brothers Holdings to enforce its rights under the guarantee without first instituting a legal proceeding against any other person or entity). The guarantee will not be discharged except by payment of the guarantee payments in full to the extent not paid by the trust or upon distribution of the junior subordinated debt securities to the holders of the preferred securities in exchange for all such preferred securities.
The guarantee, when taken together with Lehman Brothers Holdings' obligations under the junior subordinated debt securities, the indenture and the declaration, including its obligations to pay costs, expenses, debts and liabilities of the trust, other than those relating to trust securities, will provide a full and unconditional guarantee on a subordinated basis by Lehman Brothers Holdings of payments due on the preferred securities. See "Effect of Obligations Under the Junior Subordinated Debt Securities and the Guarantee."
Important Covenants Of Lehman Brothers Holdings
In the guarantee, Lehman Brothers Holdings will covenant that, so long as any trust securities remain outstanding, if:
•
there shall have occurred any event of default under the indenture,
•
Lehman Brothers Holdings shall be in default with respect to its payment of any obligations under the guarantee, or
•
Lehman Brothers Holdings shall have given notice of its election to defer interest payments and shall not have rescinded such notice, and while such interest is deferred,
then Lehman Brothers Holdings will not, and will not permit any subsidiary to:
•
declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any of Lehman Brothers Holdings' capital stock, or
•
make any payment of principal, interest or premium, if any, on or repay, repurchase or redeem any debt securities of Lehman Brothers Holdings that rank on a parity with or junior in interest to the junior subordinated debt securities or make any guarantee payments with respect to any guarantee by Lehman Brothers Holdings of the debt securities of any subsidiary of Lehman Brothers Holdings if such guarantee ranks on a parity with or junior in interest to such junior subordinated debt securities, other than
•
dividends or distributions in common stock of Lehman Brothers Holdings,
•
payments under the guarantee made by Lehman Brothers Holdings in respect of the trust securities of the trust,
•
any declaration of a dividend in connection with the implementation of a shareholders' rights plan, or the issuance of stock under any such plan in the future, or the redemption or repurchase of any such rights pursuant thereto, and
•
purchases of common stock related to the issuance of common stock or rights under any of Lehman Brothers Holdings' benefit plans.
Events of Default
An event of default under the guarantee will occur upon the failure of Lehman Brothers Holdings to perform any of its payment or other obligations required by the guarantee. The holders of a majority in aggregate liquidation amount of the preferred securities have the right to direct the time, method and place of conducting any proceeding for any remedy available to the guarantee trustee in respect of the guarantee or to direct the exercise of any trust or power conferred upon the guarantee trustee under the guarantee.
Within 90 days after a default under the guarantee actually known to the trustee, the trustee will notify the holders by first-class mail of the default unless the default has been cured prior to sending
notice. The trustee may withhold a notice of default under the guarantee if the trustee determines in good faith that withholding the notice is in the interests of the holders of the preferred securities.
If the guarantee trustee fails to enforce the guarantee trustee's rights under the guarantee, any holder of related preferred securities may directly sue Lehman Brothers Holdings to enforce the guarantee trustee's rights under the guarantee without first suing the trust, the guarantee trustee or any other person or entity.
Lehman Brothers Holdings, as guarantor, will be required to file annually with the guarantee trustee a certificate as to whether or not Lehman Brothers Holdings is in compliance with all the conditions and covenants applicable to it under the guarantee.
Modification of Guarantee; Assignment
The guarantee may be amended only with the prior approval of the holders of not less than 662/3% in aggregate liquidation amount of the outstanding preferred and common securities. No vote will be required, however, for any changes that do not materially adversely affect the rights of holders of preferred securities. All guarantees and agreements contained in the guarantee shall bind the successors, assignees, receivers, trustees and representatives of Lehman Brothers Holdings and shall inure to the benefit of the holders of the preferred securities then outstanding.
Information Concerning the Guarantee Trustee
Prior to the occurrence of a default relating to the guarantee, the guarantee trustee undertakes to perform only such duties as are specifically set forth in the guarantee. After such default, the guarantee trustee will exercise the same degree of care as a prudent individual would exercise in the conduct of his or her own affairs. Provided that the foregoing requirements have been met, the guarantee trustee is under no obligation to exercise any of the powers vested in it by the guarantee at the request of any holder of preferred securities unless it is offered reasonable indemnity against the costs, expenses and liabilities that might be incurred thereby.
Termination Of The Guarantee
The guarantee will terminate as to the preferred securities upon full payment of the redemption price of all preferred securities, upon distribution of the junior subordinated debt securities to the holders of the preferred securities or upon full payment of the amounts payable upon liquidation of the trust. The guarantee will continue to be effective or will be reinstated, as the case may be, if at any time any holder of preferred securities must restore payment of any sums paid under the preferred securities or the guarantee.
Ines,
You think CT's are debit, equity capital, or hybrid?
Much appreciated.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=116235653
Any guess for share structure?
I'm assuming mils of shares have been written off or retired within last decade(Oh God, I'm getting old)!
LOL
Made some $$ trading TVIX.
Decided not to get drunk this weekend,
and spend $400 buying some SSTY. :)
Got "some"...
TIA
Let's try buying some!
:)
Junior Subordinated Notes
Junior subordinated notes are notes issued to trusts or limited partnerships (collectively, the “Trusts”) and qualify as equity capital by leading rating agencies (subject to limitation).
The Trusts were formed for the purposes of:
(a) issuing securities
representing ownership interests in the assets of the Trusts;
(b) investing the proceeds of the Trusts in junior subordinated
notes of Holdings; and
(c) engaging in activities necessary and incidental thereto.
The securities issued by the Trusts are comprised of the following:
Trust Preferred Securities:
Lehman Brothers Holdings Capital Trust III, Series K
Lehman Brothers Holdings Capital Trust IV, Series L
Lehman Brothers Holdings Capital Trust V, Series M
Lehman Brothers Holdings Capital Trust VI, Series N
Lehman Brothers Holdings Capital Trust VII
Lehman Brothers Holdings Capital Trust VIII
Euro Perpetual Preferred Securities:
Lehman Brothers U.K. Capital Funding LP
Lehman Brothers U.K. Capital Funding II LP
Enhanced Capital Advantaged Preferred Securities (ECAPS®):
Lehman Brothers Holdings E-Capital Trust I
Enhanced Capital Advantaged Preferred Securities (Euro ECAPS®):
Lehman Brothers U.K. Capital Funding III L.P.
Lehman Brothers U.K. Capital Funding IV L.P.
Lehman Brothers U.K. Capital Funding V L.P.
http://jenner.com/lehman/docs/debtors/LBEX-DOCID%20098325.pdf
Thank you Sir.
It was showing the same as yours 30 mins ago
now, only the M's is showing
bid: 0.1013
AsK: 0.1719
L's, K's, N's
Bid: 0000
Ask: 0000
My "Pershing" streamer is showing no bid/ask
for L's, K's,and N's
Anyone?
TIA
(xiii) LBHI Class 10A- Subordinated Class 10A Claims against LBHI
Subordinated Class 10A Claims in LBHI Class 10A include any Claim against LBHI arising under any of (a) the Floating Rate Junior Subordinated Deferrable Interest Debentures due 2035 issued pursuant to the Eighth Supplemental Indenture, dated as of August 19, 2005, between LBHI and JPMorgan Chase Bank, as trustee; (b) the Fixed/Floating Rate Subordinated Notes due 2016 Series 5065, issued pursuant to a final term sheet dated as of September 26, 2006 under the Euro Medium-Term Note Program; (c) the Floating Rate Subordinated Notes due 2037 Series EB17, issued pursuant to a final term sheet dated as of January 23, 2007 under the Euro Medium-Term Note Program; (d) the Fixed/Floating Rate
Subordinated Notes due 2019 Series 6222, issued pursuant to the final term sheet dated as of February 14, 2007 under the Euro Medium-Term Note Program; or (e) the Floating Rate Subordinated Notes due 2037 Series EB 18, issued pursuant to a final term sheet, dated as of May 30, 2007, under the Euro Medium-Term Note Program (collectively, the “Class 10A Subordinated Notes”).
(xiv) LBHI Class 10B- Subordinated Class 10B Claims against LBHI
Subordinated Class 10B Claims in LBHI Class 10B include any Claim against LBHI arising under any of (a) the 6.375% subordinated Deferrable Interest Debentures due 2052, issued pursuant to the Fourth Supplemental Indenture, dated as of March 17, 2003, between LBHI and JPMorgan Chase Bank, as trustee; (b) the 6.375% Subordinated Deferrable Interest Debentures due October 2052, issued pursuant to the Fifth Supplemental Indenture, dated as of October 31, 2003, between LBHI and JPMorgan Chase Bank, as trustee; (c) the 6.00% Subordinated Deferrable Interest Debentures due 2053, issued pursuant to the Sixth Supplemental Indenture, dated as of April 22, 2004, between LBHI and JPMorgan Chase Bank, as trustee; (d) the 6.24% Subordinated Deferrable Interest Debentures due 2054, issued pursuant to the Seventh Supplemental Indenture, dated as of January 18, 2005, between LBHI and JPMorgan Chase Bank, as trustee; (e) the 5.75% Subordinated Notes due 2017, issued pursuant to the Ninth Supplemental Indenture, dated as of October 24, 2006, between LBHI and JPMorgan Chase Bank, as trustee; (f) the Fixed and Floating Rate Subordinated Notes Due 2032, issued pursuant to the Tenth Supplemental Indenture, dated as of May 1, 2007, between LBHI and JPMorgan Chase Bank, as trustee; (g) the 6.50% Subordinated Notes Due 2017, issued pursuant to the Thirteenth Supplemental Indenture, dated as of July 19, 2007, between LBHI and The Bank of New York, as trustee; (h) the 6.875% Subordinated Notes Due 2037, issued pursuant to the Fourteenth Supplemental Indenture, dated as of July 19, 2007, between LBHI and The Bank of New York, as trustee; (i) the 6.75% Subordinated Notes Due 2017, issued pursuant to the Fifteenth Supplemental Indenture, dated as of December 21, 2007, between LBHI and The Bank of New York, as trustee; and (j) the 7.50% Subordinated Notes Due 2038, issued pursuant to the Sixteenth Supplemental Indenture, dated as of May 9, 2008, between LBHI and The Bank of New York, as trustee (collectively, the “Class 10B Subordinated Notes”).
(xv) LBHI Class 10C- Subordinated Class 10C Claims against LBHI
Subordinated Class 10B Claims in LBHI Class 10C include any Claim against LBHI arising under any of (a) the 5.707% Remarketable Junior Subordinated Debentures due 2043, issued pursuant to the Eleventh Supplemental Indenture, dated as of May 17, 2007, between LBHI and U.S. Bank National Association, as trustee; and (b) the Floating Rate Remarketable Junior Subordinated Debentures due 2043, issued pursuant to the Twelfth Supplemental Indenture, dated as of May 17, 2007, between LBHI and U.S. Bank National Association, as trustee (collectively, the “Class 10C Subordinated Notes”).
http://www.sec.gov/Archives/edgar/data/806085/000119312511239866/dex991.htm
4.46mil shares traded so far
I'll go with last week of Nov 2015
May be the problem is; you going work? lol
Did you try a long vaca?
Up 900%!
I'm rich! lol
Not me :)
Still waiting.
Better way to look at it is......we are alive trading!
filled
No
I've placed an order to buy 2.5mil shares more
lets see
2.5mil shares traded
up 900% lol!!
CT's are Golden!
Click!
Oh God....feeling much better now.
Do you mean by POR3; 3rd amendment for POR dated Aug 31,2011?
http://www.sec.gov/Archives/edgar/data/806085/000119312511239866/dex992.htm
I'm all ears to know more.
Vol:1.6 mil shares so far
I didn't know that time creditors rejected the plan.
Regarding CT's,I don't think commons see a penny before Ct's do.
IMO, GLTA
On Mar 6 , 2012
"Lehman’s managers had at one point hoped to spin out an asset management company, called Lamco, that would give equity to employees who had remained with the estate. But creditors rejected the plan, citing its cost."
http://www.ft.com/intl/cms/s/0/d79dda28-67d8-11e1-978e-00144feabdc0.html#axzz3Z60z1ugo
I suggest you stay around.
This may get interesting,soon.
.................. SSTY.........Back o life $0.0001.
I have TPID...
Restricted,still!
You changed your mind from 'don't buy now' to 'I'm trying to buy more'!
;)
Lets make that 0.001$ trade for REAL
Go SSTY
................ SSTY .......Back to life... $0.0001!
Huge Potential!!...IMO
Check it out
filled 500K @0.0001
Thanks!
Sorry to hear about your loss.
God bless.
0.001$ Printed!
OMG!!
That would be the final one, I guess.
I think no more distributions to be made, and bondholders have been notified so.
Ct's are Golden!