Traders Cooperative

[Joe Stocks]

Today I am trying to get myself up to date with Lehman. I still hold about 80,000 shares of lehman trust preferreds. They can be bought for about 15 cents a share here and that is about what I have in them now. I had actually written these off in my mind as worthless. But, after looking through some SEC filings and some usaully worthless yahoo postings I have come across a few gems and have some HOPE that I may someday get my money back.

LEHMQ is still a big company. I think they have about 2600 employees. They appear to have cash growing as they settle claims and sell off assets. Here is what one yahoo posted that seems pretty knowledgable;
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My thinking is as follows...do your own due diligence:

12B Cash
35B RE/PE/Bank Platform (as of March 2009)
10B in LBI
17B JPM
5.5 Derivatvies
10B Non-debtor Entities
30B Increase in marks from what was marked down since 09/14/08
balance sheet
17B 35% recovery of 50B lent to Subsidiaries
18B 35% recovery of 50B of NET Receivables from Subsidiaries

164B give or take of assets to recover. I think most claims are bondholders and persons that have filed to get money back that is being counted in the Sr Unsecured/Jr Unsecured securities. Senior Secured Priorities have been netted out already.

My feeling is the the Sr. Unsecured eventually get 80%+, Jr Unsecured get 50%+ and the preferred get $2.50+. I think all will participate in new issue stock of spinoff.

Have not worked out how equity players would get treated on the NOL's of 10B. Have that question out to numerous people including A&M but no knows the answer yet.

For what it is worth.

Coach T
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_L/threadview?m=te&bn=10602&tid=243169&mid=243169&tof=1&frt=2#243169
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Now this one will take some time to play out. The BK judge just gave Lehman another 8 months to come up with a reorganization plan to exit.

And look at lehman just seizing some buildings for $459 mil loan accord that someone paid $5 bil for.
Lehman Seizes Broadway Buildings in $459 Million Loan Accord
http://www.bloomberg.com/apps/news?pid=20601103&sid=aqqM6V_gM1A4

A SEC filing of interest.
http://www.sec.gov/Archives/edgar/data/806085/000110465909042295/0001104659-09-042295-index.htm