LEHNQ Opinions 08/18/2014 06:25:48 $LEHNQ
Follow up;
Remember, this is a rough estimate because the numbers are only from the distribution table that does not include other things or expenses.
Anyway, those numbers are good enough to see that there is a huge amount of deficit.
It will be more accurate if we used the balance sheet table.
Ana, I see now where you looking at. It is the claims update table in page 29.
The table will show you the claim is 341.2B, less 65.3B distribution.. The net claim is 275.9B.
Like I said on my first reply, The fifth distribution is not yet reflected in March. So you have to add about 16B to the distributed 65.3B, equals to 81.3B. Then you subtract the 81.3B to 341.2B, equals to net claim of 259.9B.
The deficit then is 259.9B minus remaining asset of about 43B, that will give you a deficit of about 216.9B.
I can't get what you meant. Are you looking at the balance sheet itself?
The balance sheet will show you that the remaining asset (balance)is a negative of more than 200B or 224B ( I don't have it in front of me). It is the difference between asset and liability. You also have to put the fifth distribution of about -16B into account because it is not reflected yet in March.
Let me know if you understand what I'm saying.
Toogood maybe it was not 200B after all!!! or at least great amount was just "Funny Money"
insert-text-here
That is peculiar.....I wonder what their plans are also.
daisy, not sure, but, in one of cottons posts it was stated, I will guess july 15th.
Anyway thats close enough.
This is turning out to be one caraaaazy play.
My wand wave to me before siegfried and roy show up with one of thier tigers.
BTW!!!! THIS POST JUST PUSHED US TO SPOT 3 ON THE HOTTEST BOARDS
wand wave, wand wave, wand wave, wand wave.
Insider trading?
Typical...reminds me of wamu
Anyway, if this is the case, CTS are probably golden with JPM behind the scenes working the strings.
Its either you in or you are out at this point. We all talked all the scenarios to death and the remaining ones are the ones who are in for the NOLs. NOLs are going to be huge. There is really not much more new to say except NOLS NOLS NOLs.
My seat belt is fasten in the ac Gus bus... To da moon guster.
This really looks compelling there might be a sep/oct distribution to 10B/CTS:
Any insight on the cut off or record date to qualify for the upcoming distribution? The record date may have already closed explaining the lack of upward price movement on the CTS.
Even if the cut off date closed and buyers starting today won't be able to participate in a sep/oct distribution, the official notice (btw way this notice is posted on Lehman's epiq system), considering there will be expected future payments! It may be worthwhile to snag some more shares at this price level as a speculative investment imo!
Correction --- to CTS, not OBS
over 14,500 reads today, that is crazy!!!
I'm not sure where this comes from, we are a small group that knows the payout is near..
Who let the cat out of the bag?
gonna get some big money in the next two months!!!
top 5 now..!
Isn't it also worth bolding the sentence that follows?...
“That such a distribution is even possible represents an extraordinary achievement that was far from certain when the liquidation began. We expect additional distributions to unsecured general creditors, while maintaining appropriate reserves and protecting claimants’ interests and due process rights.”
That's the kicker imo. We expect ADDITIONAL distributions to UNSECURED creditors... Warrants a wow in my book.
This could be proof of my conspiracy theory that those senior creditors who had rights to vote on the POR also loaded their boats with unsecured debt that was trading at pennies on the dollar. They agreed to what appeared like a 75% hair cut at the senior/higher debt level (or no hair cut at the secured level) and then did the unspeakable, diverted the remaining assets from other senior/higher debt holder who agreed to satisfied in full at 17-30% recovery rates. We're dealing with mega billions here; I don't believe those debt holders who formed majority approval of POR just two years ago are currently scratching their heads asking "how did this happen?! Recovery for unsecured creditors?!" Heck.... They ARE the unsecured creditors, perhaps even OBS stakeholders, that will make off like bandits at the expense of other dumbfounded senior creditors who are dissatisfied to now be "satisfied in full"
Lesson learned: This isn't a case of big fish eats little fish...closer to fast fish eats slow fish...but more precisely conniving fish eats dumb fish... Lol
Hope we can ride the coat tails of these conniving fish.
Long live CTS, preferreds, and commons.
J.P. Morgan Securities LLC just started buying CTs last month July 2014. The LBI September 10, 2014 distribution order was approved on July 30, 2014. They are only listed for LEHLQ. I am curious about their plans for LEHLQ. Friday, August 15, 2014, all the Ls were sold at ask .35 until the ask increased to .38. I look forward to their August 2014 numbers.
Quote:
Select a different report by entering an issue or MPID: Sort By: Report Date:
Issue Market Participant
Volume Issue/MPID
Jul 2014 Jun 2014 May 2014 Apr 2014 Mar 2014 Feb 2014 Jan 2014 Dec 2013 Nov 2013 Oct 2013 Sep 2013 Aug 2013
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
Yeah I agree lets get the CT's paid and out of the way (I own CT's)..!
And then start making the J's and K's in the money, I got 300,000 J's waiting on a big payday too…!
I'm gonna be in some serious cash when that happens!
You have always said that CTs are a Barclays issue...I hope you're correct Cotton. I can't wait for you guys to go away! LOL. The faster the better...then on to the real money, Class 12...The NOL king cat daddy of them all!
Nice work Cotton.
Jimbo
**** From the LBHI/Barclays Purchase Agreement ****
Quote:
WITNESSETH
WHEREAS, the Seller and its Subsidiaries presently conduct the Business;
WHEREAS, Seller and 745 desire to sell, transfer and assign to Purchaser, and Purchaser desires to purchase, acquire and assume from Seller and 745, pursuant to Section 363 and 365 of the Bankruptcy Code, all of the Purchased Assets and Assumed Liabilities, all as more specifically provided herein; and
.
.
.
DEFINITIONS
"Contract" means any contract, indenture, note, bond, lease or other
"Lien" means any lien, encumbrance, pledge, mortgage, deed of trust, security interest, claim, lease, charge, option, right of first refusal, easement, servitude, proxy, voting trust or agreement, transfer restriction under any shareholder or similar agreement or encumbrance.
Note: Article Eight in the CTs Indenture places a lien on the conveyed assets. The lawyers know about this restriction. WOW! Claim # 22122, page 151/300
.
.
.
2.5 Cure Amounts. for a period of 60 days after the Closing, the Purchaser shall have the right upon notice to Seller to designate any contract related to the assets purchased from the Seller by Purchase or its Affiliates (the "Related Contracts"
as either (1) a Purchased Contract or (2) a Contract not designated as a Purchase Contract(a "Rejected Contract" . Until a Related Contract is so designated, Buyer shall be obligated to pay or cause to be paid ordinary course amounts due under such contract in accordance with the terms thereof. If a Related Contract is designated as a Purchase Contract, such Purchase Contract shall be assigned to the Purchase and upon such assignment Purchaser shall be obligated to pay or cause to be paid the cure amount in respect of such Purchased Contract. If a Related Contract is designated as a Rejected Contract, Purchaser shall have no further obligations in respect thereof. In the event of any dispute relating to such amount, Purchaser shall escrow such funds in a manner satisfactory to the court. This Section will not apply to real property leases.
****
Barclays own the rights to Lehman and Lehman Brothers. Our successor will have a name with a ton of goodwill and new NOLs that will enable it to operate tax free for many many years!
******
Quote:
8.9 Trademark License
(a) From and after the closing Purchaser hereby grants Seller a perpetual, worldwide, nonexclusive, full paid, royalty-free license under the trademarks "LEHMAN" and "LEHMAN BROTHERS," including any logos containing such names (collectively, the "License Marks" for any of its existing uses or in connection with the IMD Business and the unwinding of any of its other operations including use in corporate or other entity names.
.....
Note: LBHI/Barclays Purchase Agreement, Page 33 of 49
No. According to the POR, Classes 1, 2, 6A, and 6B are done.
When Classes 3, 4A, 4B, 5, 7, 8, 9A, and 9B are Satisfied in Full (which is now IMO) Classes 3 and 7 will still get their Pro Rata share "as if they had not been satisfied in full".
10A, 10B, and 10C will begin to also get their Pro Rata Share. However, Class 10C will give 10A and 10B its Pro Rata share until we are Satisfied in Full (just like 10B had to do until Classes 3, 4A, 4B, and 5 were Satisfied in Full).
So, according to the POR, the next Distribution should be divided proportionally five ways (Classes 3, 7, 10A, 10B, and 10C), but 10A and 10B get 10C's portion.
Quote:
Bad thouGht.do we still have to give our share of what the dist will be to something higher up the food chain????
Follow up;
Remember, this is a rough estimate because the numbers are only from the distribution table that does not include other things or expenses.
Anyway, those numbers are good enough to see that there is a huge amount of deficit.
It will be more accurate if we used the balance sheet table.
Ana, I see now where you looking at. It is the claims update table in page 29.
The table will show you the claim is 341.2B, less 65.3B distribution.. The net claim is 275.9B.
Like I said on my first reply, The fifth distribution is not yet reflected in March. So you have to add about 16B to the distributed 65.3B, equals to 81.3B. Then you subtract the 81.3B to 341.2B, equals to net claim of 259.9B.
The deficit then is 259.9B minus remaining asset of about 43B, that will give you a deficit of about 216.9B.
I can't get what you meant. Are you looking at the balance sheet itself?
The balance sheet will show you that the remaining asset (balance)is a negative of more than 200B or 224B ( I don't have it in front of me). It is the difference between asset and liability. You also have to put the fifth distribution of about -16B into account because it is not reflected yet in March.
Let me know if you understand what I'm saying.
Toogood maybe it was not 200B after all!!! or at least great amount was just "Funny Money"
insert-text-here
That is peculiar.....I wonder what their plans are also.
daisy, not sure, but, in one of cottons posts it was stated, I will guess july 15th.
Anyway thats close enough.
This is turning out to be one caraaaazy play.
My wand wave to me before siegfried and roy show up with one of thier tigers.
BTW!!!! THIS POST JUST PUSHED US TO SPOT 3 ON THE HOTTEST BOARDS
wand wave, wand wave, wand wave, wand wave.
Insider trading?
Typical...reminds me of wamu
Anyway, if this is the case, CTS are probably golden with JPM behind the scenes working the strings.
Its either you in or you are out at this point. We all talked all the scenarios to death and the remaining ones are the ones who are in for the NOLs. NOLs are going to be huge. There is really not much more new to say except NOLS NOLS NOLs.
My seat belt is fasten in the ac Gus bus... To da moon guster.
This really looks compelling there might be a sep/oct distribution to 10B/CTS:
Any insight on the cut off or record date to qualify for the upcoming distribution? The record date may have already closed explaining the lack of upward price movement on the CTS.
Even if the cut off date closed and buyers starting today won't be able to participate in a sep/oct distribution, the official notice (btw way this notice is posted on Lehman's epiq system), considering there will be expected future payments! It may be worthwhile to snag some more shares at this price level as a speculative investment imo!
Correction --- to CTS, not OBS
over 14,500 reads today, that is crazy!!!
I'm not sure where this comes from, we are a small group that knows the payout is near..
Who let the cat out of the bag?
gonna get some big money in the next two months!!!
top 5 now..!
Isn't it also worth bolding the sentence that follows?...
“That such a distribution is even possible represents an extraordinary achievement that was far from certain when the liquidation began. We expect additional distributions to unsecured general creditors, while maintaining appropriate reserves and protecting claimants’ interests and due process rights.”
That's the kicker imo. We expect ADDITIONAL distributions to UNSECURED creditors... Warrants a wow in my book.
This could be proof of my conspiracy theory that those senior creditors who had rights to vote on the POR also loaded their boats with unsecured debt that was trading at pennies on the dollar. They agreed to what appeared like a 75% hair cut at the senior/higher debt level (or no hair cut at the secured level) and then did the unspeakable, diverted the remaining assets from other senior/higher debt holder who agreed to satisfied in full at 17-30% recovery rates. We're dealing with mega billions here; I don't believe those debt holders who formed majority approval of POR just two years ago are currently scratching their heads asking "how did this happen?! Recovery for unsecured creditors?!" Heck.... They ARE the unsecured creditors, perhaps even OBS stakeholders, that will make off like bandits at the expense of other dumbfounded senior creditors who are dissatisfied to now be "satisfied in full"
Lesson learned: This isn't a case of big fish eats little fish...closer to fast fish eats slow fish...but more precisely conniving fish eats dumb fish... Lol
Hope we can ride the coat tails of these conniving fish.
Long live CTS, preferreds, and commons.
J.P. Morgan Securities LLC just started buying CTs last month July 2014. The LBI September 10, 2014 distribution order was approved on July 30, 2014. They are only listed for LEHLQ. I am curious about their plans for LEHLQ. Friday, August 15, 2014, all the Ls were sold at ask .35 until the ask increased to .38. I look forward to their August 2014 numbers.
Quote:
Select a different report by entering an issue or MPID: Sort By: Report Date:
Issue Market Participant
Volume Issue/MPID
Jul 2014 Jun 2014 May 2014 Apr 2014 Mar 2014 Feb 2014 Jan 2014 Dec 2013 Nov 2013 Oct 2013 Sep 2013 Aug 2013
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
Yeah I agree lets get the CT's paid and out of the way (I own CT's)..!
And then start making the J's and K's in the money, I got 300,000 J's waiting on a big payday too…!
I'm gonna be in some serious cash when that happens!
You have always said that CTs are a Barclays issue...I hope you're correct Cotton. I can't wait for you guys to go away! LOL. The faster the better...then on to the real money, Class 12...The NOL king cat daddy of them all!
Nice work Cotton.
Jimbo
**** From the LBHI/Barclays Purchase Agreement ****
Quote:
WITNESSETH
WHEREAS, the Seller and its Subsidiaries presently conduct the Business;
WHEREAS, Seller and 745 desire to sell, transfer and assign to Purchaser, and Purchaser desires to purchase, acquire and assume from Seller and 745, pursuant to Section 363 and 365 of the Bankruptcy Code, all of the Purchased Assets and Assumed Liabilities, all as more specifically provided herein; and
.
.
.
DEFINITIONS
"Contract" means any contract, indenture, note, bond, lease or other
"Lien" means any lien, encumbrance, pledge, mortgage, deed of trust, security interest, claim, lease, charge, option, right of first refusal, easement, servitude, proxy, voting trust or agreement, transfer restriction under any shareholder or similar agreement or encumbrance.
Note: Article Eight in the CTs Indenture places a lien on the conveyed assets. The lawyers know about this restriction. WOW! Claim # 22122, page 151/300
.
.
.
2.5 Cure Amounts. for a period of 60 days after the Closing, the Purchaser shall have the right upon notice to Seller to designate any contract related to the assets purchased from the Seller by Purchase or its Affiliates (the "Related Contracts"
as either (1) a Purchased Contract or (2) a Contract not designated as a Purchase Contract(a "Rejected Contract" . Until a Related Contract is so designated, Buyer shall be obligated to pay or cause to be paid ordinary course amounts due under such contract in accordance with the terms thereof. If a Related Contract is designated as a Purchase Contract, such Purchase Contract shall be assigned to the Purchase and upon such assignment Purchaser shall be obligated to pay or cause to be paid the cure amount in respect of such Purchased Contract. If a Related Contract is designated as a Rejected Contract, Purchaser shall have no further obligations in respect thereof. In the event of any dispute relating to such amount, Purchaser shall escrow such funds in a manner satisfactory to the court. This Section will not apply to real property leases. ****
Barclays own the rights to Lehman and Lehman Brothers. Our successor will have a name with a ton of goodwill and new NOLs that will enable it to operate tax free for many many years!
******
Quote:
8.9 Trademark License
(a) From and after the closing Purchaser hereby grants Seller a perpetual, worldwide, nonexclusive, full paid, royalty-free license under the trademarks "LEHMAN" and "LEHMAN BROTHERS," including any logos containing such names (collectively, the "License Marks"
for any of its existing uses or in connection with the IMD Business and the unwinding of any of its other operations including use in corporate or other entity names. .....
Note: LBHI/Barclays Purchase Agreement, Page 33 of 49
No. According to the POR, Classes 1, 2, 6A, and 6B are done.
When Classes 3, 4A, 4B, 5, 7, 8, 9A, and 9B are Satisfied in Full (which is now IMO) Classes 3 and 7 will still get their Pro Rata share "as if they had not been satisfied in full".
10A, 10B, and 10C will begin to also get their Pro Rata Share. However, Class 10C will give 10A and 10B its Pro Rata share until we are Satisfied in Full (just like 10B had to do until Classes 3, 4A, 4B, and 5 were Satisfied in Full).
So, according to the POR, the next Distribution should be divided proportionally five ways (Classes 3, 7, 10A, 10B, and 10C), but 10A and 10B get 10C's portion.
Quote:
Bad thouGht.do we still have to give our share of what the dist will be to something higher up the food chain????
