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Either you are not serious, or you are not Listening!!
You can't Reverse Merger (unless you own 96% of shares)
without contacting SLJB Management & Major shareholders
Stop Whining and Make the call Now.
Phone: 734-358-6084
Contact Person: Steven Sulja
Email: Steven@gtcontracting.co
You need a securities attorney,SLJB needs to provide you with documents showing no dept,liens or encumbrances,All shareholder records, corporate records, board minutes...etc.
You need to finalize the deal with SLJB Management in regards to New shares structure and transaction....
Few simple forms to be filed with SEC ,your company audited financial statements for the last two fiscal years, 8-K and
You ARE DONE!!!
The whole process takes less than 2 weeks...
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK-----------------------X
In
re: : Chapter 11
: Case No. 08-13555 (SCC)
LEHMAN BROTHERS HOLDINGS INC., et al., :
:
Debtors.-------------------------------------------------------X--
LEHMAN BROTHERS HOLDINGS INC., LEHMAN
BROTHERS SPECIAL FINANCING INC., LEHMAN
BROTHERS COMMODITY SERVICES INC., LEHMAN
BROTHERS COMMERCIAL CORP., and OFFICIAL
COMMITTEE OF UNSECURED CREDITORS OF
LEHMAN BROTHERS HOLDINGS INC.,
:
Ad. Pro. No. 12-01044 (SCC)
:
:
:
Plaintiffs and :
Plaintiff Intervenor, :
:
-against- :
CITIBANK, N.A., CITIGROUP GLOBAL MARKETS
LTD., CITIGROUP FINANCIAL PRODUCTS INC.,
CITIGROUP ENERGY INC., CITI CANYON LTD., and
CITI SWAPCO INC.
Defendants.
:
:
-------------------------------------------------------------X--
NOTICE OF ADJOURNMENT OF SEPTEMBER 14, 2017 TRIAL DATE
PLEASE TAKE NOTICE THAT trial in the above-captioned adversary proceeding
previously scheduled for September 14, 2017 at 10:00 a.m. (prevailing Eastern Time) has been
adjourned to September 19, 2017 at 10:00 a.m. (prevailing Eastern Time) before the Honorable
Shelley C. Chapman of the United States Bankruptcy Court for the Southern District of New
York, One Bowling Green, Courtroom 623, New York, New York 10004.
Thanks...
GLTA
12.5Mil shares traded for the past month..
Hmmmm...
08/14 0.0001 1000000
08/14 0.0001 1000000
07/27 0.0001 1000000
07/24 0.0001 1000000
07/24 0.0001 1000000
07/24 0.0001 1000000
07/19 0.0001 1000000
07/17 0.0001 1000000
07/17 0.0001 1000000
07/17 0.0001 1000000
07/17 0.0001 1000000
07/14 0.0001 1500000
LHHMQ Time & sales
12:53:34 0.0804 599
12:53:26 0.0804 7000
12:53:24 0.0804 10000
12:52:06 0.0804 8500
12:50:19 0.0804 6726
11:43:13 0.09 675
09:52:13 0.0804 1000
09:41:24 0.0804 400
.....And 2mil shares traded today
200K shares here..
M's & L's only.
SULJA BROS. BUILDING SUPPLIES, LTD.
3638 N RANCHO DR STE 6 LAS VEGAS, NV 89130
https://www.dandb.com/businessdirectory/suljabros.buildingsuppliesltd.-lasvegas-nv-24660533.html
LHHMQ , Time & Sales
12:10:58 0.14 7738
12:10:55 0.14 1000
12:10:51 0.14 890
12:10:50 0.14 5124
10:16:10 0.147 15000
10:05:44 0.14 4600
09:57:09 0.1464 5400
09:30:32 0.08 200
Another mil shares traded today
Another 1 mil shares traded today
blast from the past, when we emerged from Bk, in regards to Creditor's payback
Ain't done yet??
-----------
Mar 6, 2012
Paying Back Creditors
Some of Lehman's most public bankruptcy negotiations focused on its reorganization plan, as it worked to get investor groups, including Wall Street firms like Goldman Sachs Group Inc and hedge fund investors such as Paulson & Co, to agree on how much it would pay back each class of creditor.
In the end, they agreed that creditors, depending on their type of debt, will receive from about 21 cents to 28 cents on the dollar. Creditors had asserted more than $300 billion in claims.
"It was an extremely difficult and enormously time-consuming case," Harvey Miller, Lehman's lead attorney, told Reuters. "I had to increase my high blood pressure pills."
http://www.reuters.com/article/us-lehman-idUSTRE8250WY20120306
Makes sense!
GE CAPITAL
http://www.gecapital.com/en/#
GE Capital, is the financial services unit of the American multinational conglomerate General Electric.[1] It provides commercial lending and leasing, as well as a range of financial services for commercial aviation, energy, and support for GE's industrial business units.
In April 2015, GE announced its plan to create a simpler, more valuable company by reducing the size of its financial businesses through the sale of most GE Capital assets while continuing its investment and growth in its world-class industrial businesses. Since that time, the GE Capital team has made strong progress toward redefining the company and focusing on its financing verticals that directly support GE.
GE Capital’s verticals are now aligned to drive growth in GE’s core industrial businesses – GE Capital Aviation Services (GECAS), Energy Financial Services (EFS) and GE Industrial Finance, which will include the Healthcare Equipment Finance business, Working Capital Solutions (WCS), and other financing activities to develop lending and leasing products for the GE Store. One financing center of excellence that serves the entire GE system, GE Treasury, and several specialty insurance platforms, are also a part of the "new" GE Capital.
GE Capital Aviation Services is a key financial partner to more than 245 customers in 75 countries, providing aircraft leasing, financing, services and consulting in every sector of the industry. GE Energy Financial Services provides world-class underwriting capabilities for Power, Renewables, and Oil+Gas infrastructure to meet rising demand and sustainability imperatives. And GE Capital's new Industrial Finance organization serves customers in Healthcare, Transportation, Distributed Power, Marine industries and Municipalities around the world.
http://wikivisually.com/wiki/General_Electric_Capital
Read docket 7006
NOLs and certain other tax attributes (together with NOLs, the “Tax Attributes”) are property of the Debtors’ estates and are protected by the automatic stay prescribed in section 362 of the
Bankruptcy Code.
My request to be a MOD has been approved with many thanks to IHUB.
Stay On Topic, and Lets enjoy a healthy discussion here.. :)
GLTA
As per Mid of 2006..
THE SHARE STRUCTURE
800,000,000 authorized
-- 362,000,000 Closely held by insiders. **162,000,000 Million of those held restricted**
-- 300,000,000 In Treasury earmarked for Consultech ownership
-- 50,000,000 in certificate form by insiders, who do not need to file for sales under SEC REG144
-- An additional 78,000,000 owned in various certificate and electronic form that is also held by LFWK insiders and accounted for as not currently trading.
-- Leaving approximately 178,000,000 free-trading shares in the public float (40Million of which can be accounted for by LFWK management as issued to non-insiders).
Institutional holdings: Kelman-Lazarov Inc bought 500K shares last year
I own 9 Mil shares
Scorpio owns around 34Mil shares
Did you know now why you can't buy shares anymore at 0.0001? :)
Try $0.01!
Why are there no quotes for some securities?
2.There is no inside market for the security. For securities without the Level 2 quote display, a best bid and ask will not be shown if there is not an “inside” market. An “inside” market is defined by OTC Markets Group as two priced quotation on the respective side of the market (either bid or ask). If the security does not satisfy this requirement then “No Inside” will be displayed on www.otcmarkets.com
http://www.otcmarkets.com/learn/otc101-faq
You need a Market Maker
---------------
Why are there no quotes for some securities?
2.There is no inside market for the security. For securities without the Level 2 quote display, a best bid and ask will not be shown if there is not an “inside” market. An “inside” market is defined by OTC Markets Group as two priced quotation on the respective side of the market (either bid or ask). If the security does not satisfy this requirement then “No Inside” will be displayed on www.otcmarkets.com
http://www.otcmarkets.com/learn/otc101-faq
Yes sir,
9mil shares long and strong.
No, it's your job to report
https://www.sec.gov/divisions/corpfin/guidance/reg13d-interp.htm
You know you need to report to SEC if owning more than 5% of AS, don't you?
Trading...eom
$1 before Xmas??
:)
How much you are bidding?
TIMING AND CONTENT OF EXPERT REPORTS, AND EXPERT DISCOVERY
The Parties agree to pre-Hearing expert discovery pursuant to the following schedule:
Parties disclose the identity and
subject matter of Experts then
expected to provide Affirmative
Reports, and Lehman to identify
such settlements that it intends
to use in its Expert Reports
Wednesday, May 10, 2017
Simultaneous exchange of
Affirmative Reports, and the
Parties to identify exemplar
loans to be used in their case-in-
chief
Thursday, June 1, 2017
Simultaneous exchange of
Rebuttal Reports, the Parties to
identify exemplar loans to be
used by their rebuttal experts,
and the RMBS Trustees to
identify such settlements that
they intend to use in their Expert report
Friday, July 14, 2017
Simultaneous exchange of Reply
Reports with any additional
exemplar loans.
Monday, August 21, 2017
Completion of Expert
Depositions
Thursday, September 21, 2017
RMBS TRUST SETTLEMENT AGREEMENT
(modified as of March 17, 2017)
.....
(1.01. “Acceptance Date” means June 1, 2017, unless extended as provided herein. )
EXHIBIT E
THE INSTITUTIONAL INVESTOR STATEMENT
The “Institutional Investors” are AEGON USA Investment Management, LLC, BlackRock Financial Management, Inc., Cascade Investment, L.L.C., Federal Home Loan Bank of Atlanta, Goldman Sachs Asset Management, L.P., Invesco Advisers, Inc., Kore Advisors, L.P., Metropolitan Life Insurance Company, Pacific Investment Management Company, LLC, Sealink Designated Activity Company, through its investment manager Neuberger Berman Europe Limited, The TCW Group, Inc., on behalf of itself and its subsidiaries, Thrivent Financial for Lutherans, Voya Investment Management LLC, and Western Asset Management Company.
The Institutional Investors are holders, and/or authorized investment managers for holders, of approximately $6 billion in certificates in 195 of the trusts for whose benefit the Covered Loan Claims are being pursued.
The Institutional Investors have previously agreed that a settlement of the Covered Loan Claims for an allowed Class 7 General Unsecured Claim of $2.416 billion was fair and reasonable, and have supported a settlement of the claims at that amount. The Institutional Investors continue to believe, today, that a settlement at that amount is fair and reasonable.
Therefore, the Institutional Investors support Lehman’s request
that the Bankruptcy Court estimate the Claims so long as the amount estimated is not below an allowed Class 7 General
Unsecured Claim of $2.416 billion
http://www.lbhirmbssettlement.com/Settlement_Agreement.pdf
Your guy, if serious, has to make the call!
Call Steven Sulja!
Gt Contracting LLC
21204 Pontiac Trl Unit 6
South Lyon, MI 48178-9403
Phone: 734-358-6084
Website: www.gtcontracting.co
Contact Person: Steven Sulja
Email: Steven@gtcontracting.co
K's and L's are Grey.
No bid No ask
N's bid @ 27
M's ask @ 13
sell the N's, buy the M's
Seems someone buying N's and doesn't know they all are the same?
Hey..
Hope things are great at your end.
GLTA
We are Rich!
lol
old filing, but good reading
Form 8-K for LEHMAN BROTHERS HOLDINGS INC
14-Dec-2011
Bankruptcy or Receivership, Material Modification to Rights of Secur
Item 1.03. Bankruptcy or Receivership.
Confirmation of Modified Plan of Reorganization
As previously disclosed, on September 15, 2008 and periodically thereafter, Lehman Brothers Holdings Inc. ("LBHI") and certain of its subsidiaries (collectively, the "Debtors") commenced voluntary cases under chapter 11 of title 11 of the United States Code with the United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") (jointly administered proceedings, In re Lehman Brothers Holdings Inc., Ch. 11 Case Number 08-13555).
On December 6, 2011, the Bankruptcy Court entered an order (the "Confirmation Order") confirming the Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and its Affiliated Debtors (the "Plan"). The Plan was accepted by 71,553 creditors asserting claims in the aggregate amount of approximately $400 billion against the Debtors (which represents 95% in number and 98.68% in amount of voting creditors). A copy of each of the Plan and the Confirmation Order (as confirmed by the Bankruptcy Court) is attached hereto as Exhibit 2.1 and Exhibit 2.2 respectively, and each is incorporated herein by reference. The Plan is not yet effective. In accordance with Article XII of the Plan, the Plan will become effective upon the satisfaction or waiver of certain conditions precedent. The Debtors anticipate that the Effective Date of the Plan will not occur before January 31, 2012.
Summary of the Plan
The following is a summary of the material features of the Plan. This summary is qualified in its entirety by reference to the Plan and the Confirmation Order. To the extent there is a conflict between this summary and the Plan or Confirmation Order, the Plan or the Confirmation Order, as applicable, shall govern. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan.
The Plan constitutes 23 separate plans, one for each chapter 11 Debtor. The Plan does not substantively consolidate the Debtors or their Affiliates. Allowed Claims against a Debtor will be satisfied primarily from the orderly liquidation of the assets of that Debtor. The Plan incorporates separate classification and distribution schemes for each of the Debtors and separately classifies Priority Non-Tax Claims, Secured Claims, unsecured Claims, and Equity Interests. The Plan also includes Classes of Convenience Claims for LBHI and the Participating Subsidiary Debtors, and provides that holders of Allowed Convenience Claims will receive a Distribution in a fixed amount, in Cash, on the Effective Date or as soon thereafter as is practicable. The Participating Subsidiary Debtors are Lehman Commercial Paper Inc. ("LCPI"), Lehman Brothers Special Financing Inc. ("LBSF"), Lehman Brothers OTC Derivatives Inc. ("LOTC"), Lehman Brothers Commodities Services Inc. ("LBCS") and Lehman Brothers Commercial Corporation ("LBCC"). In total, there are one-hundred sixty one (161) Classes of Claims against and Equity Interests in the Debtors, including seventeen (17) Classes against LBHI, nine (9) Classes against each of LCPI and LBSF, eight (8) Classes against each of LBCS, LOTC and LBCC, and six (6) Classes against each of the other Debtors.
Distributions from each Debtor will be made in accordance with the Plan. After satisfying or reserving in full for secured, administrative, and priority claims, and the payment of Convenience Claims in accordance with the Plan, each Debtor will distribute its Available Cash to unsecured creditors on a pro rata basis. In some cases, portions of Distributions will be
reallocated in accordance with a global settlement (the "Global Settlement"), as more fully described below.
The Plan is premised on a Global Settlement that resolves various issues presented by the Debtors' Chapter 11 Cases (the "Plan Issues"). The Plan Issues include: (i) whether the equitable doctrine of substantive consolidation may be applied to the Debtors and their Affiliates; (ii) the characterization of intercompany balances owed to LBHI by Subsidiary Debtors; (iii) the Allowed amounts of certain Affiliate Claims; (iv) the ownership and rights of various Debtors and their Affiliates with respect to certain assets; (v) the allocation of costs and expenses among Debtors; and (vi) corporate governance of the post-Effective Date Debtors. Pursuant to the Global Settlement, the Plan incorporates a series of interconnected concessions by creditors to expedite the administration of the Debtors' Chapter 11 Cases, to avoid the cost of litigation over the Plan Issues, and to finally and fully resolve the Plan Issues.
The resolution of the Plan Issues and the Global Settlement are implemented through various mechanisms. The primary settlement mechanism in the Plan is the Plan Adjustment. Pursuant to the Plan Adjustment, Guarantee Claims asserted against LBHI by third-parties in LBHI Classes 5, 9A and 9B reallocate 20% of their recoveries to direct third-party unsecured creditors of LBHI in LBHI Classes 3 and 7. All unsecured Claims against the Participating Subsidiary Debtors also are required to reallocate a percentage of their recoveries to direct third-party unsecured creditors of LBHI in LBHI Classes 3 and 7.
The second settlement mechanism in the Plan is the resolution and treatment of Affiliate Claims, in particular, Guarantee Claims asserted by Affiliates against LBHI. The Plan provides that Affiliate Claims against the Debtors are to be Allowed in settled amounts or must be litigated. The Debtors have entered into bilateral settlement agreements with a number of their Non-Controlled Affiliates, including Lehman Brothers Bankhaus AG (in Insolvenz), Lehman Brothers Treasury Co. B.V., Lehman Brothers Securities N.V., Lehman Brothers
(Luxembourg) Equity Finance S.A. (en faillite), Lehman Brothers (Luxembourg)
S.A. (in liquidation) and various affiliates in the United Kingdom, including Lehman Brothers International (Europe), Hong Kong, Singapore and Japan. Copies of those settlement agreements are annexed to the Plan or were included in the Plan Supplement (the "Plan Supplement") attached as Exhibit 99.1 to LBHI's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 28, 2011. In addition, the Debtors have entered into settlements with certain third-party creditors, including three German governmental entities, which settlements were included in the Plan Supplement, and Deutsche Bank and certain holders of participations in Claim Nos. 59006 and 58233 (the "Deutsche Bank Settlement"). A copy of the Deutsche Bank Settlement is annexed hereto as Exhibit 10.2. All of the foregoing settlement agreements were approved by the Bankruptcy Court pursuant to the Confirmation Order.
Third, the Plan provides that LBHI's Claims against the Subsidiary Debtors will receive distributions based on an amount equal to 80% of those Claims, which . . .
Item 3.03 Material Modification to Rights of Security Holders
Pursuant to the Plan, on the Effective Date, all existing equity securities issued by LBHI will be cancelled in exchange for the Trust Interests. One share of Plan Stock, which will represent all issued and outstanding equity securities of LBHI, will be issued to the Plan Trust who shall hold such share for the benefit of the holders of such former equity securities of LBHI consistent with their former relative priority and economic entitlements as holders of LBHI's equity securities. Each holder of an existing equity interest of LBHI shall neither receive nor retain any property or interest in property on account of such equity interest other than the Trust Interests. The Trust Interests shall entitle their holders to receive distributions with respect to the Plan Stock pursuant to the Plan. LBHI does not expect holders of Trust Interests to receive any distribution because the creditors of LBHI and the other Debtors are not expected to be paid in full. LBHI intends to file a Form 15 with the Securities and Exchange Commission as soon as practicable following the Effective Date to terminate the registration of LBHI's common stock. Thereafter, LBHI's reporting obligations under the Securities Exchange Act of 1934, as amended with respect to LBHI's common stock shall be terminated.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(d) On the Effective Date, and as contemplated by the Plan, Michael L. Ainslie, John F. Akers, Roger S. Berlind, Thomas H. Cruikshank, Marsha Johnson Evans, Sir Christopher Gent, Roland A. Hernandez and John D. Macomber shall cease to be directors of LBHI. Frederick Arnold, Robert S. Gifford, Thomas A. Knott, Sean O. Mahoney, David Pauker, Ronald K. Tanemura and Owen D. Thomas were, pursuant to and on confirmation of the Plan, appointed directors of LBHI, effective as of the Effective Date.
Cautionary Statement Regarding Forward-Looking Statements
This Current Report on Form 8-K, Exhibit 2.1, Exhibit 2.2, Exhibit 10.1 and Exhibit 10.2 hereto may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to LBHI's financial condition, results of operations, and business that is not historical information. As a general matter, forward-looking statements are those focused upon future or anticipated events or trends and expectations and beliefs relating to matters that are not historical in nature. The words "believe," "expect," "plan," "intend," "estimate," or "anticipate" and similar expressions, as well as future or conditional verbs such as "will," "should," "would," and "could," often identify forward-looking statements. LBHI believes there is a reasonable basis for its expectations and beliefs, but they are inherently uncertain, and LBHI may not realize its expectations and its beliefs may not prove correct. LBHI undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. LBHI's actual results and future financial condition may differ materially from those described or implied by any such forward-looking statements as a result of many factors that may be outside LBHI's control. Such factors include, without limitation: (i) the effectiveness of the plan of reorganization with respect to the Chapter 11 Case; (ii) LBHI's ability to obtain Bankruptcy Court approval with respect to motions in the Chapter 11 Case; and (iii) the potential adverse impact of the Chapter 11 Case on LBHI's liquidity or results of operations. This list is not intended to be exhaustive.
LBHI's informational filings with the Bankruptcy Court are available to the public at the office of the Clerk of the Bankruptcy Court, Alexander Hamilton Custom House, One Bowling Green, New York, New York 10004-1408. Such informational filings may be available
electronically, for a fee, through the Bankruptcy Court's Internet world wide web site (www.nysb.uscourts.gov), and/or free of cost, at a world wide web site maintained by LBHI's Bankruptcy Court-approved noticing agent (www.lehman-docket.com).
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
2.1 Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and its Affiliated Debtors, dated December 5, 2011, and filed with the United States Bankruptcy Court for the District of Delaware on December 6, 2011, and as confirmed by the United States Bankruptcy Court on December 6, 2011.
2.2 Order Confirming Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings Inc. and its Affiliated Debtors, dated December 6, 2011, as entered by the Bankruptcy Court.
10.1 Form of Plan Trust Agreement by and among Lehman Brothers Holdings Inc. and the Plan Trust trustees party thereto.
10.2 Settlement Agreement, dated as of November 23, 2011, by and among Lehman Brothers Holdings Inc., Lehman Commercial Paper Inc., Deutsche Bank AG, Monarch Alternative Capital LP, Stone Lion Portfolio L.P., Permal Stone Lion Fund Ltd., Centerbridge Credit Advisors LLC and Anchorage Capital Group, L.L.C.
Message from the Board of Directors
The Securities Investor Protection Corporation (SIPC) made substantial progress in each of its three major ongoing cases in 2015. Further, for the second consecutive year, SIPC was not called upon to initiate a new customer protection proceeding on behalf of investors in 2015.
Developments in Major Existing Cases
Lehman Brothers, Inc. is not only the largest brokerage firm failure in history; together with its parent company, it is the largest bankruptcy proceeding of any kind in history. Since the firm’s failure in September 2008, the SIPA Trustee James Giddens has recovered assets for nearly all Lehman customers and creditors.
Every one of the more than 111,000 Lehman customers with approved claims has gotten the contents of their securities accounts back, totaling more than $106 billion.
Every secured and priority creditor has had their assets returned, exceeding $250 million.
More than 97% of general creditors have had their assets returned, totaling more than $7,678,000,000 (or 35 cents on the dollar). Trustee Giddens continues to maintain court-approved reserves for all outstanding claims.
http://www.sipc.org/
Wed Aug 17, 2011 | 4:51pm EDT
Exclusive: Lehman shelves asset management plan
By Caroline Humer | NEW YORK
Lehman Brothers Holdings Inc will not turn its asset management unit into a long-term business after creditors of the bankrupt investment bank objected.
LAMCO, or the Legacy Asset Management Co, instead will continue on its path to liquidate Lehman assets over the next few years to pay back creditors, and no longer will look for a partner to manage the business, Chief Executive Bryan Marsal said.
"Under the current governance, as long as it is in bankruptcy, a LAMCO partnership will not be pursued," said Marsal, who is overseeing the world's biggest bankruptcy.
Marsal presented the possibility of a partnership between LAMCO and another firm at a creditor's meeting earlier this year, saying the arrangement would strengthen the asset-management business by letting it retain employees.
Outside investment would help defray the costs of starting up LAMCO and let it take advantage of its employees' expertise in managing asset liquidation by taking on non-Lehman business, supporters of the proposal said at the time.
Lehman started looking for a partner for LAMCO after its creation was approved by a Manhattan bankruptcy court in April 2010. But since then, there has been little publicly disclosed information about its future plans for the unit.
Indeed, the U.S. Trustee's Office, part of the Justice Department and a watchdog for bankruptcies, said in a recent objection filed in bankruptcy court that Lehman was too vague about how LAMCO would operate after bankruptcy ends. The trustee objected to Lehman's disclosure statement on its plan for how it will pay back creditors after it exits bankruptcy.
A hearing is set for August 30 when Judge James Peck will rule on whether the bankruptcy plan can go to creditors for a vote, during which the trustee can raise the objections regarding LAMCO's role within that plan.
Lehman collapsed in September of 2008 with $639 billion in assets and quickly sold off its most liquid assets as part of its efforts to pay back the clients, investors and trading partners who lost billions of dollars with its failure. It is now working on unwinding its more illiquid assets.
LAMCO has more than 400 employees, who either worked for Lehman Brothers before the bankruptcy or for Alvarez & Marsal, the restructuring firm led by Bryan Marsal. They are led by Douglas Lambert, an executive with Alvarez & Marsal.
CREDITORS SAY NO
The creditors' concerns were the main reason for shelving the plan, Marsal told Reuters.
Also In Deals Deutsche Boerse chief seeks to reassure Frankfurt on merger planAixtron, Fujian to explore what is left of deal after U.S. veto
"From their standpoint, there was a real concern that we would become unfocused and instead of focusing on their $35 billion in assets, we would focus on new assets," Marsal said. "For them, there wasn't enough juice in the deal to warrant that distraction."
A lawyer for the official creditors committee, which includes companies as diverse as hedge fund Elliott Management Corp, insurer MetLife and the Vanguard Group, declined to comment.
Other creditors that have been vocal in Lehman's bankruptcy process include hedge funds such as Paulson & Co and SilverPoint Capital and banks like Goldman Sachs & Co.
LAMCO has five groups of employees managing about $65 billion worth of assets in real estate, derivatives, private equity assets, commercial and other loans and its independent bank units. One of its top assets is its stake in Archstone, the apartment real estate company worth an estimated $18 to $20 billion.
On Wednesday, the Manhattan bankruptcy court approved Lehman's proposed deal to transfer the management of about $5 billion in commercial loans to WCAS/Fraser Sullivan Investment Management. WCAS/Fraser Sullivan may also sell those loans for the company.
(Additional reporting by Nick Brown; Editing by Robert MacMillan and Phil Berlowitz)