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Eric Salzman left LAMCO on August 2011
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d)
Pursuant to Section III.F. of ShoreTel, Inc.’s (the “Company”) Corporate Governance Guidelines, a non-employee director who experiences a material change in his/her principal employment or professional position must notify the Company’s Board of Directors and offer his/her resignation. Accordingly, on June 25, 2011, Eric Salzman, a member of the Company’s Board of Directors, informed the Board that effective July 1, 2011 he will experience a material change in his professional position at LAMCO LLC, the management company of the Lehman Brothers bankruptcy estate, and will no longer be involved in the management of the shares of the Company held by such entity. Mr. Salzman offered to resign from the Company’s Board of Directors. On June 28, 2011, the Board of Directors accepted his resignation. The Board also decreased the size of the Board by one seat, to a total of eight.
https://www.sec.gov/Archives/edgar/data/1388133/000119312511179000/d8k.htm
7.7Mil shares of SHOR X $7
= $53.9 Mil
Peanuts. lol
I Guess SHOR shares have been sold:
http://finance.yahoo.com/quote/SHOR/holders?p=SHOR
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SUNNYVALE, Calif., Feb. 16, 2011 – ShoreTel® (NASDAQ: SHOR), the leading provider of brilliantly simple IP phone systems with fully integrated unified communications, today announced that its board of directors named Eric Salzman a director, effective immediately, expanding the board to nine members. Salzman will also serve on the board’s nominating and governance committee. Salzman is a managing director at LAMCO LLC, the management company of the Lehman Brothers Bankruptcy Estate.
“As a representative of Lehman Brothers, ShoreTel’s largest shareholder, Eric Salzman brings the perspective of a major institutional shareholder to the boardroom,” said Gary Daichendt, chairman of ShoreTel’s board of directors. “Furthermore, Eric’s nearly 20-year career in finance provides valuable expertise to ShoreTel in the refinement and execution of its strategy.”
Salzman has managed a multi-billion dollar portfolio in Lehman Brothers’ Principal Investing and Private Equity Division since 2008. Prior to this, he held a variety of roles in investment management and investment banking, including managing director in the Global Trading Strategies division for Lehman Brothers, senior research analyst at Basso Capital Management and senior vice president in the Private Equity Division at Lehman Brothers. He is a graduate of the University of Michigan and Harvard Business School.
https://www.shoretel.com/news/press-releases/shoretel-appoints-eric-salzman-board-directors
M's Volume has been up for the past two weeks.
FWIW
M's Volume has been up for the past two weeks.
FWIW
In his 2015 memoirs, Ben Bernanke says (p. 291):
I do not want the notion that Lehman’s failure could have been avoided, and that its failure was consequently a policy choice, to become the received wisdom, for the simple reason that it is not true.
At another point, Bernanke says (p. 288):
If a means of saving Lehman did exist, given the tools then available, we were not clever enough
to think of it during those frenetic days
Exxon Wins Round In $250M Securities Dispute With Lehman
By Alex Davis
Law360, London (October 28, 2016, 1:37 PM BST) -- The High Court on Friday largely sided with energy giant Exxon Mobil Corp. against failed bank Lehman Brothers Holdings Inc. in a dispute over the valuation of $250 million in securities held as collateral for a deal closed in the months before the bank’s 2008 collapse.
Judge William Blair ruled in favor of Exxon’s valuations for the vast majority of the portfolio of securities in his judgment, although the amount owed is yet to be decided.
Excellent post! Thank you.
Holding 9 mil shares long & strong.
Open= 0.4909, 10 shares
last= 0.0617, 400 shares
M's up 715%!
LOL
Yes it is! :)
Here is a link for the Ninth distribution, it is the same too
http://dm.epiq11.com//LBH/Document/GetDocument/2774179
Dear CT's,
Will I get paid before Christmas, Please?
A long shopping list is waiting.
TIA
Up 900%,
we are Rich!lol
Lehman Ends $1B Spat Over GreenPoint RMBS
By Jonathan Randles
Law360, New York (September 20, 2016, 7:47 PM EDT) -- A New York judge on Tuesday approved a settlement that significantly reduces a $1.3 billion claim brought by insurer Syncora Guarantee Inc. against the Lehman Brothers bankruptcy estate over faulty residential mortgage-backed securities originating from GreenPoint Mortgage Funding Inc.
The settlement, approved by U.S. Bankruptcy Judge Shelley Chapman, will reduce the size of Syncora’s claim against Lehman to $37 million. The deal also releases Lehman from potential claims brought by U.S. Bank NA, indenture trustee to a securitized trust consisting of more than 29,000 GreenPoint loans....
http://www.gtcontracting.co/
Steven Sulja Email address:
steven@gtcontracting.co
http://securityofficerhq.com/agency/gt-contracting-llc-7343586084
Docket#53686
09/20/2016
Order Approving the Settlement Agreement By and Among Lehman Brothers Holdings Inc., Structured Asset Securities Corporation, and U.S. Bank National Association as Indenture Trustee and in Certain other Capacities signed on 9/20/2016 (White, Greg)
Case: Lehman Brothers Holdings Inc.
Oil & energy sector??
Panorama Petroleum?
State Oil Company Canada?
Mahmood Arshad, Dr. Waseem Rahman?
http://panoramapetroleum.com/corporate-information/
http://stateoilcanada.com/corporate-information/
Roll tide!
;)
No problem!
Can you help finding him?
My guess, March/April 2017.
Five years are enough to execute the POR!
Effective date was March 6, 2012
1st Distribution commenced on April 17, 2012
6.4 Redistribution of Subordinated Claims
....
b) the Subordinated Class 10B Distribution shall be automatically distributed to holders of Allowed Claims in LBHI Class 3, LBHI Class 4A, LBHI Class 4B and LBHI Class 5 pursuant to Sections 4.3(b), 4.4(b), 4.5(b) and 4.6(b) of the Plan, respectively, until all such Claims are satisfied in full;
-------------------
Docket 52991,
P's went to OBS along with Commons and other preferred s
Do you guys recall this:
Don't you think that classes 3,5,7 are Paid in full?
Tia
Lehman Reaches Deal With Paulson, Rival Bank Group
Jun 29 2011 | 11:02am ET
Lehman Brothers has finally won accord between two warring groups of creditors, one led by hedge fund Paulson & Co., for its $65 billion liquidation plan.
The bankrupt bank, which collapsed three years ago, announced that it would seek approval of its disclosure statement on the deal on Aug. 30, before sending the plan to creditors for approval. The deal ends the battle between Lehman's bondholders, led by Paulson and the California Public Employees' Retirement System, and its derivatives creditors, led by 13 banks who served as Lehman's largest counterparties.
Under the agreement "in principle," senior bondholders would get 21.1 cents on the dollar, with derivates claims getting between 27.9 cents and 32 cents. Unsecured claims would receive 19.9 cents. Bondholders would have gotten 25.4 cents under Paulson's rival plan, and just 16 cents under the Goldman Sachs-Morgan Stanley proposal, which would pay counterparties up to 40 cents on the dollar.
https://www.finalternatives.com/node/17235
Joe,
If Trust preferred securities are issued by a bank holding company, they are treated as capital rather than liabilities under banking regulations.
Do your DD.
Trust-preferred security
A trust-preferred security is a security possessing characteristics of both equity and debt. A company creates trust-preferred securities by creating a trust, issuing debt to it, and then having it issue preferred stock to investors. Trust-preferred securities are generally issued by bank holding companies. The preferred stock securities issued by the trust are what are referred to as trust-preferred securities.
The security is a hybrid security with characteristics of both subordinated debt and preferred stock in that it is generally very long term (30 years or more), allows early redemption by the issuer, makes periodic fixed or variable interest payments, and matures at face value. In addition, trust preferred securities issued by bank holding companies will usually allow the deferral of interest payments for up to 5 years.
The principal advantages of these hybrid characteristics are favorable tax, accounting, and credit treatment. Trust preferred securities have an additional advantage over other types of hybrid securities (such as similar types of debt issued directly to investors without the intervening trust), which is that if they are issued by a bank holding company, they will be treated as capital (equity/own funds) rather than as debt for regulatory purposes. This is why trust preferred securities are issued overwhelmingly by bank holding companies, even though any company can issue them. However, Frank-Dodd changes this benefit.
Structure
The issuing company forms a Delaware trust (a Connecticut trust is also common) and holds 100% of the common stock of the trust. The trust then issues preferred stock to investors. All of the proceeds from the issuance of preferred stock are paid to the company. In exchange, the company issues junior subordinated debt to the trust with essentially the same terms as the trust's preferred stock. All steps except the formation of the trust occur simultaneously. If the issuing company is a bank holding company, it will also usually guarantee the interest and maturity payments on the trust preferred stock.
Advantages
Trust preferred securities are used by bank holding companies for their favorable tax, accounting, and regulatory capital treatments. Specifically, the subordinated debt securities are taxed like debt obligations by the IRS, so interest payments are deductible. Dividends on preferred stock, by comparison, are paid out of after-tax income. The company may therefore enjoy a significantly lower cost of funding.
If issued by a bank holding company, they are treated as capital rather than liabilities under banking regulations, and may be treated as the highest quality capital (tier 1 capital) if they have certain characteristics. Since the amount of liabilities (such as deposits) that a banking institution may have is limited to some multiple of its capital, this regulatory treatment is highly favorable and is why the trust preferred structure is favored by bank holding companies.
To be eligible as Tier 1 capital, such instruments must provide for a minimum five-year consecutive deferral period on distributions to preferred shareholders. In addition, the intercompany loan must be subordinated to all subordinated debt and have the longest feasible maturity. The amount of these instruments, together with other cumulative preferred stock a bank holding company may include in Tier 1 capital, may constitute up to 25 percent of the sum of all core capital elements, including cumulative perpetual preferred stock and trust preferred stock. Non-financial companies are more likely to use less complex structures, such as issuing junior subordinated debt directly to the public.
Disadvantages
The principal disadvantages of trust preferred securities is cost. Because the trust preferred securities are subordinated to all of the issuer's other debt and typically have features like early redemption and optional deferral of interest payments, investors demand high interest rates. These rates will be much higher than ordinary senior debt or subordinated debt. Offering costs are high as well. Investment banks will take a large underwriting fee to sell the securities to the public, and legal and accounting fees will also be high. They have also been blamed for the failure of a few banks during the recent financial crisis.
https://en.wikipedia.org/wiki/Trust-preferred_security
Why did Kelman-Lazarov Inc buy 500K shares lately?
Position as of 06/30/2016:
http://www.nasdaq.com/symbol/sljb/institutional-holdings
KELMAN has a portfolio of $178 MILLION.
http://www.nasdaq.com/quotes/institutional-portfolio/kelman-lazarov-inc-992534
Do you think they know something we don't?
Do you believe they'll increase their position in the near future??.
TIA & GLTA
It says restitution $35 MILLION to the victims.
How do you think they are going to do that?
...EARLY BIRDS...GBDX Alert..$$35 MILLION NEWS!!
Can we see a Dime??
IMO
IX. RESTITUTION
In exchange for benefits received under this Plea Agreement, the defendant agrees to make full restitution in the amount of $35,000,000.00 in US. Currency to the victims of the crimes.
https://www.scribd.com/document/321993497/TURINO-PLEA-AGREEMENT
BIG
IMO