LEHNQ Company info 08/17/2014 16:27:02 $LEHNQ
nday, August 17, 2014
Lehman Creditors Recover Another $ 4.6 Billion
Thus far, unsecured creditors of failed Lehman Brothers have recovered $ 57.1 billion according to today's Wall Street Journal. This doesn't include more than $ 105 billion that was returned to customers in the immediate aftermath of the Lehman Bankruptcy.
What this suggests is that, had Lehman had a path to Chapter 11 bankruptcy, it may well have managed its way through and returned as a new Lehman Brothers, rather than go through liquidation. In the 1930's, nearly a third of the banks that failed turned out to have positive net worth after liquidation, suggesting that the bank runs that put them under were purely psychological.
Similarly, it is looking more and more like what put Lehman under was psychology not economics. The collapse of Lehman's access to the repo market in October of 2008 was the precipitate cause of Lehman's bankruptcy. That is the modern form of a "run on the bank."
Normally, when companies can't pay their bills, there are two alternatives available to them (or, more accurately, to their creditors): 1) Chapter 7 bankruptcy (liquidation); or 2) Chapter 11 bankruptcy (recapitalization of the balance sheet reducing overall debt and ultimately emerging as a new company with a clean(er) balance sheet). This latter process is not available to financial service companies, mainly because no one will do business with a bankrupt financial service company.
Strangely, travelers have no hesitation flying on bankrupt airlines or shopping at bankrupt stores or gaining health care at a bankrupt hospital. But, partly by law, partly by custom, financial services entities cannot, in practice, utilize Chapter 11.
That should be changed.
There is no reason to liquidate an ongoing concern if a reorganization of the balance sheet can keep the business alive.
The current government strategy is to strangle financial service companies with regulations so that they cannot fail. That is a sure fire way to guarantee that they will fail.
Better is to provide through legislation a Chapter 11 path, so that the Lehman Brothers of the world can operate like United Airlines -- go bankrupt but emerge healthier and wiser after bankruptcy. Chapter 11 puts the onus on equity holders (who normally lose everything) and bond holders (who lose a lot but become partly bond holders and partly equity holders in the new company). The taxpayers and customers are normally spared in Chapter 11. That's the way it should be.
Quote:
2262 12/07/2009 Notice of Presentment of Stipulation and Order Between the Debtors, Trustee, Creditors Committee, Barclays Capital Inc. and JPMorgan Chase Bank, N.A. filed by Amy R. Wolf on behalf of JP Morgan Chase Bank N.A.. with presentment to be held on 12/11/2009 (check with court for location) Objections due by 12/11/2009, (Attachments: # (1) Stipulation and Proposed Order)(Wolf, Amy)
Case: SIPC vs. Lehman Brothers, Inc.
Related: none
Quote:
8. Barclays’ windfall was increased still further because estimates of
liabilities the Court was told Barclays would assume as part of the Asset Purchase Agreement
were, in fact, inflated. These assumed liabilities included, inter alia, Barclays’ purported
agreement to pay (i) $2 billion in employee bonuses and (ii) between $1.5 and $2.25 billion in
contract cure amounts. These assumed liabilities, which materially impacted the value of the
sale, were deliberately inflated to make it appear the deal would provide a net benefit to Lehman.
After the closing, Barclays in fact paid only about $1.738 billion of this $3.5-4.25 billion amount
that had been described to the Court.
Quote:
Hearing was in progress and indeed, after it had concluded, and (iii) approximately $2.3 billion
in OCC margin deposits purportedly added after the Sale Hearing ended. In addition, Barclays
failed to pay approximately $500 million of the bonuses it had agreed to pay, and paid only about
$238 million of the $1.5 billion in cure liabilities that the Court had been told it would likely
assume.
Quote:
38. Likewise, the estimate of cure liabilities the Court was told Barclays
would be assuming was wildly inflated. Kelly and, on information and belief, others knew the
estimate was inflated. In the end, Barclays assumed only $238 million in contract cure liabilities
out of the $2.25 billion shown on the 9/16/08 Financial Schedule and the $1.5 billion figure that
was presented to the Court as an estimate of the cure liability Barclays would assume.
39. Barclays never intended to assume anything close to $1.5 billion or $2.25
billion in the cure liabilities described to the Court.
http://insuranceclaimsbadfaith.typepad.com/fi...6-2009.pdf
http://chapter11cases.com/2014/08/17/lehman-b...btor-3884/
Excellent point!
Quote:
No, maybe what it means is, Guster and Toogood aren't getting the job done.
Thus, an emergency call to Joe Stocks. He's back.
No, maybe what it means is, Guster and Toogood aren't getting the job done.
Thus, an emergency call to Joe Stocks. He's back.
You are right. I wrote that in a previous post shortly before the Oct. 2nd date was announced. I think it has to be +/- 5 days from Sept. 30th.
Maybe they needed the profits for the coffee fund.
I was thinking 12,000 shares for a company that big isn't very much but then, these are very hard to come by nowadays. And maybe they also want to stay under the radar?
Now that was funny!
Chessman,
Good to hear you around. Post more often. You're right on the money and funny while doing it.
Thank you mr. Chess.
Never thought about some folks shorting. Very good.
Stick around. Don't be a stranger and post more often . Ty again
I thought the distribution for the CTs is October not September.
Quote:
10B should see a distribution in September
The court order for the LBI 9/10/2014 distribution was not signed until 7/30/2014! WOW
Quote:
Detailed Quote for LEHMAN BRO HD C/T IV PR L (LEHLQ)
$ 0.35 0.0001 (+0.03%) Volume: 14.24k 11:16 AM EDT Aug 15, 2014
A silent purchase to maintain the low price level!
It's pretty obvious ...
having been in the market, especially OTC, for several years that a whole bunch of lying is going on here at the Lehman board and it isn't from hestheman, cotton, robigus, etc.
The only reasons the bashing from VeryBad, PusBus and others is going on is for obvious (to me) reasons:
1. Somebody shorted these Lehman stocks at too low a price and are either trying to recover or make money.
2. Somebody is bid sitting and trying to get others to sell low.
Anyone posting on this board about bringing truth to light to save investors or caring about others not getting ripped off is a liar, plain and simple. You are FOS!
I have been reading every message on this board for 4+ years now and the bashing is getting more intense. This means we are getting nearer to some kind of payoff. Hang in there investors. Almost there.
Chessman
That's a small amount for them to buy, but I guess 12,000 rather than none.
i have the same calculation a couple months ago
same interpretation about satisfied...
ct's are next(is they settled te claim)
J.P. Morgan Securities LLC started buying CTs in July 2014!
***Order for LBI 9/10/14 Distribution - Docket 9520***
Quote:
08-01420-scc Doc 9520 Filed 07/30/14 Entered 07/30/14 14:37:02 Main Document
Pg 4 of 267
ORDERED that entry of this Order is without prejudice to the rights of JPMorgan
Chase Bank, N.A., J.P. Morgan Securities LLC (formerly known as J.P. Morgan Securities, Inc.)
and J.P. Morgan Clearing Corp. (each a “JPMorgan Entity” and collectively “JPMorgan”) to
assert, and the Trustee and any other party in interest in the SIPA Proceeding to contest, in the
event that their claims (the “JPM Subrogated Claims”) that were subrogated to Lehman Brothers
Holding Inc. (“LBHI”) pursuant to the Collateral Disposition Agreement dated March 16, 2010
(the “CDA”) to which JPMorgan and LBHI are parties and which was approved by this Court by
an order entered on March 24, 2010 [ECF No. 7785 in LBHI’s chapter 11 case no. 08-13555
(SCC)] are reconveyed to them pursuant to the CDA, that the allowable amount of the JPM
Subrogated Claims exceed $1.5 billion in the aggregate (any allowable amount of the JPM
Subrogated Claims in excess of $1.5 billion in the aggregate, the “Excess JPM Subrogated
Claims Amount”); and it is further
****
Quote:
LEHLQ - LEHMAN BR CAP TR IV
Page of 1
July 2014 June 2014 Year-to-Date
Volume Rank % Volume Rank % Volume Rank %
Total Share Volume 165,445
NITE
Knight Capital Americas LLC 88,934 1 53 107,795 1 67 794,295 1 70
ETRF
G1 Execution Services, LLC. 35,012 2 21 14,817 2 9 59,854 4 5
CDEL
Citadel Securities LLC 17,292 3 10 12,106 3 7 89,414 3 7
JPMS
J.P. Morgan Securities LLC 12,000 4 7 - - - 12,000 7 1
CSTI
CANACCORD GENUITY INC. 9,620 5 5 9,350 4 5 117,658 2 10
STXG
Stockcross Financial Services 2,587 6 1 6,242 6 3 26,091 5 2
Those were forms W-4, not W-2.
You didn't put yourself on Ignore, did you?
nday, August 17, 2014
Lehman Creditors Recover Another $ 4.6 Billion
Thus far, unsecured creditors of failed Lehman Brothers have recovered $ 57.1 billion according to today's Wall Street Journal. This doesn't include more than $ 105 billion that was returned to customers in the immediate aftermath of the Lehman Bankruptcy.
What this suggests is that, had Lehman had a path to Chapter 11 bankruptcy, it may well have managed its way through and returned as a new Lehman Brothers, rather than go through liquidation. In the 1930's, nearly a third of the banks that failed turned out to have positive net worth after liquidation, suggesting that the bank runs that put them under were purely psychological.
Similarly, it is looking more and more like what put Lehman under was psychology not economics. The collapse of Lehman's access to the repo market in October of 2008 was the precipitate cause of Lehman's bankruptcy. That is the modern form of a "run on the bank."
Normally, when companies can't pay their bills, there are two alternatives available to them (or, more accurately, to their creditors): 1) Chapter 7 bankruptcy (liquidation); or 2) Chapter 11 bankruptcy (recapitalization of the balance sheet reducing overall debt and ultimately emerging as a new company with a clean(er) balance sheet). This latter process is not available to financial service companies, mainly because no one will do business with a bankrupt financial service company.
Strangely, travelers have no hesitation flying on bankrupt airlines or shopping at bankrupt stores or gaining health care at a bankrupt hospital. But, partly by law, partly by custom, financial services entities cannot, in practice, utilize Chapter 11.
That should be changed.
There is no reason to liquidate an ongoing concern if a reorganization of the balance sheet can keep the business alive.
The current government strategy is to strangle financial service companies with regulations so that they cannot fail. That is a sure fire way to guarantee that they will fail.
Better is to provide through legislation a Chapter 11 path, so that the Lehman Brothers of the world can operate like United Airlines -- go bankrupt but emerge healthier and wiser after bankruptcy. Chapter 11 puts the onus on equity holders (who normally lose everything) and bond holders (who lose a lot but become partly bond holders and partly equity holders in the new company). The taxpayers and customers are normally spared in Chapter 11. That's the way it should be.
Quote:
2262 12/07/2009 Notice of Presentment of Stipulation and Order Between the Debtors, Trustee, Creditors Committee, Barclays Capital Inc. and JPMorgan Chase Bank, N.A. filed by Amy R. Wolf on behalf of JP Morgan Chase Bank N.A.. with presentment to be held on 12/11/2009 (check with court for location) Objections due by 12/11/2009, (Attachments: # (1) Stipulation and Proposed Order)(Wolf, Amy)
Case: SIPC vs. Lehman Brothers, Inc.
Related: none
Quote:
8. Barclays’ windfall was increased still further because estimates of
liabilities the Court was told Barclays would assume as part of the Asset Purchase Agreement
were, in fact, inflated. These assumed liabilities included, inter alia, Barclays’ purported
agreement to pay (i) $2 billion in employee bonuses and (ii) between $1.5 and $2.25 billion in
contract cure amounts. These assumed liabilities, which materially impacted the value of the
sale, were deliberately inflated to make it appear the deal would provide a net benefit to Lehman.
After the closing, Barclays in fact paid only about $1.738 billion of this $3.5-4.25 billion amount
that had been described to the Court.
Quote:
Hearing was in progress and indeed, after it had concluded, and (iii) approximately $2.3 billion
in OCC margin deposits purportedly added after the Sale Hearing ended. In addition, Barclays
failed to pay approximately $500 million of the bonuses it had agreed to pay, and paid only about
$238 million of the $1.5 billion in cure liabilities that the Court had been told it would likely
assume.
Quote:
38. Likewise, the estimate of cure liabilities the Court was told Barclays
would be assuming was wildly inflated. Kelly and, on information and belief, others knew the
estimate was inflated. In the end, Barclays assumed only $238 million in contract cure liabilities
out of the $2.25 billion shown on the 9/16/08 Financial Schedule and the $1.5 billion figure that
was presented to the Court as an estimate of the cure liability Barclays would assume.
39. Barclays never intended to assume anything close to $1.5 billion or $2.25
billion in the cure liabilities described to the Court.
http://insuranceclaimsbadfaith.typepad.com/fi...6-2009.pdf
http://chapter11cases.com/2014/08/17/lehman-b...btor-3884/
Excellent point!
Quote:
No, maybe what it means is, Guster and Toogood aren't getting the job done.
Thus, an emergency call to Joe Stocks. He's back.
No, maybe what it means is, Guster and Toogood aren't getting the job done.
Thus, an emergency call to Joe Stocks. He's back.
You are right. I wrote that in a previous post shortly before the Oct. 2nd date was announced. I think it has to be +/- 5 days from Sept. 30th.
Maybe they needed the profits for the coffee fund.
I was thinking 12,000 shares for a company that big isn't very much but then, these are very hard to come by nowadays. And maybe they also want to stay under the radar?
Now that was funny!
Chessman,
Good to hear you around. Post more often. You're right on the money and funny while doing it.
Thank you mr. Chess.
Never thought about some folks shorting. Very good.
Stick around. Don't be a stranger and post more often . Ty again
I thought the distribution for the CTs is October not September.
Quote:
10B should see a distribution in September
The court order for the LBI 9/10/2014 distribution was not signed until 7/30/2014! WOW
Quote:
Detailed Quote for LEHMAN BRO HD C/T IV PR L (LEHLQ)
$ 0.35 0.0001 (+0.03%) Volume: 14.24k 11:16 AM EDT Aug 15, 2014
A silent purchase to maintain the low price level!
It's pretty obvious ...
having been in the market, especially OTC, for several years that a whole bunch of lying is going on here at the Lehman board and it isn't from hestheman, cotton, robigus, etc.
The only reasons the bashing from VeryBad, PusBus and others is going on is for obvious (to me) reasons:
1. Somebody shorted these Lehman stocks at too low a price and are either trying to recover or make money.
2. Somebody is bid sitting and trying to get others to sell low.
Anyone posting on this board about bringing truth to light to save investors or caring about others not getting ripped off is a liar, plain and simple. You are FOS!
I have been reading every message on this board for 4+ years now and the bashing is getting more intense. This means we are getting nearer to some kind of payoff. Hang in there investors. Almost there.
Chessman
That's a small amount for them to buy, but I guess 12,000 rather than none.
i have the same calculation a couple months ago
same interpretation about satisfied...
ct's are next(is they settled te claim)
J.P. Morgan Securities LLC started buying CTs in July 2014!
***Order for LBI 9/10/14 Distribution - Docket 9520***
Quote:
08-01420-scc Doc 9520 Filed 07/30/14 Entered 07/30/14 14:37:02 Main Document
Pg 4 of 267
ORDERED that entry of this Order is without prejudice to the rights of JPMorgan
Chase Bank, N.A., J.P. Morgan Securities LLC (formerly known as J.P. Morgan Securities, Inc.)
and J.P. Morgan Clearing Corp. (each a “JPMorgan Entity” and collectively “JPMorgan”) to
assert, and the Trustee and any other party in interest in the SIPA Proceeding to contest, in the
event that their claims (the “JPM Subrogated Claims”) that were subrogated to Lehman Brothers
Holding Inc. (“LBHI”) pursuant to the Collateral Disposition Agreement dated March 16, 2010
(the “CDA”) to which JPMorgan and LBHI are parties and which was approved by this Court by
an order entered on March 24, 2010 [ECF No. 7785 in LBHI’s chapter 11 case no. 08-13555
(SCC)] are reconveyed to them pursuant to the CDA, that the allowable amount of the JPM
Subrogated Claims exceed $1.5 billion in the aggregate (any allowable amount of the JPM
Subrogated Claims in excess of $1.5 billion in the aggregate, the “Excess JPM Subrogated
Claims Amount”); and it is further
****
Quote:
LEHLQ - LEHMAN BR CAP TR IV
Page of 1
July 2014 June 2014 Year-to-Date
Volume Rank % Volume Rank % Volume Rank %
Total Share Volume 165,445
NITE
Knight Capital Americas LLC 88,934 1 53 107,795 1 67 794,295 1 70
ETRF
G1 Execution Services, LLC. 35,012 2 21 14,817 2 9 59,854 4 5
CDEL
Citadel Securities LLC 17,292 3 10 12,106 3 7 89,414 3 7
JPMS
J.P. Morgan Securities LLC 12,000 4 7 - - - 12,000 7 1
CSTI
CANACCORD GENUITY INC. 9,620 5 5 9,350 4 5 117,658 2 10
STXG
Stockcross Financial Services 2,587 6 1 6,242 6 3 26,091 5 2
Those were forms W-4, not W-2.
You didn't put yourself on Ignore, did you?
