Lehman Brothers Holdings Inc. (LEH)
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In a framework unveiled Tuesday, Lehman proposed a settlement with 13 of their largest derivatives counterparties, the so-called big-bank counterparties. If accepted by the banks, the deal could cut erase billions of dollars in derivatives claims that have been filed against Lehman and its affiliates.
"This is a major step forward in resolving this ...
http://online.wsj.com/article/...98900.html?ru=yahoo&mod=yahoo_hs
Lehman Brothers Holdings Inc. schlägt eine umfassende Beilegung der ungelösten Derivate handelt mit mehr als einem Dutzend seiner größten Kontrahenten, darunter einige der größten Wall-Street-Banken in einen Zug der Investmentbank könnte helfen, sagt Geschwindigkeit der Auflösung von dessen Konkurs Fall.
In einen Rahmen vorgestellt Dienstag, vorgeschlagen Lehman eine Siedlung mit 13 ihrer größten Terminbörse Kontrahenten, die so genannte Big-Bank Kontrahenten. Wenn von den Banken akzeptiert, könnte der Deal schneiden löschen Milliarden Dollar in Derivate behauptet, dass gegen Lehman und seine Mitgliedsorganisationen eingereicht worden sind.
"Dies ist ein großer Schritt vorwärts bei der Lösung dieses ...
http://www.ariva.de/chart/images/chart.m?z=a2468~b1~Uall~W1
http://www.ariva.de/chart/images/chart.m?z=a5792~b1~Uall~W1
aktuell:marketcap: wamuq 250 mio euro, lehmq 28 mio euro.
bin stark am überlegen noch in die preffs einzusteigen! ist zufällig jmd da drinne?
grüße
May 31, 2011, 1:37 p.m. EDT
Lehman unveils plan to settle derivatives claims
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Share | Recommend PrintEmail Alert By Patrick Fitzgerald
Lehman Brothers Holdings Inc. is proposing a wide-ranging settlement of its outstanding derivatives trades with more than a dozen of its largest counterparties--including some of Wall Street's biggest banks--in a move the investment bank says could help speed the resolution of its Chapter 11 case, the largest and most complex in history.
In a framework unveiled Tuesday, Lehman proposed a settlement with 13 of their largest derivatives counterparties, the so-called "big bank counterparties." If accepted by the banks, the deal could cut erase billions of dollars in derivatives claims that have been filed against Lehman and its affiliates.
"This is a major step forward in resolving this important group of derivatives claims," said Daniel Ehrmann, managing director at Alvarez & Marsal, the firm that's unwinding Lehman under Chapter 11, and the investment bank's head of international operations and co-head of derivatives, in a statement Tuesday. "We are hopeful that counterparties who have provided input to the framework will settle and look forward to announcing such progress soon."
Lehman has been in talks for months with 13 of the banks holding the largest derivatives claims against its estate. For the settlement to work, Lehman says at least 10 of the big bank counterparties must sign off on the deal by June 30. Absent that approval, Lehman said it will "vigorously" contest their derivative claims and "intend to seek to reduce such claims to amounts lower than the derivatives framework."
Among the big banks Lehman has sparred with over derivatives are Bank of America Corp. BAC +0.30% , Bank of New York Mellon Corp. BK +1.34% , Citibank C +0.42% , Deutsche Bank DB +2.37% , Credit Suisse Group CS +0.49% and J.P. Morgan Chase & Co. JPM +0.94%
In effect, Lehman is offering to settle the claims using a common valuation method in exchange for seeking to reduce those claims in what would undoubtedly be lengthy, and costly, litigation.
According to Lehman's most recent Chapter 11 plan, about 30 financial institutions filed $22 billion in derivatives claims against Lehman and its derivatives subsidiary.
Lehman representatives have argued that figure is inflated. If the derivatives claims are calculated according to new framework, Lehman estimates they would total about $10 billion.
News of the proposed settlement terms spurred activity in the bond market, where Lehman's bonds were the most actively traded high yield securities Tuesday morning with approximately $111 million in bonds changing hands, according to MarketAxess. The bank's $4 billion 5.625% note due 2013 rose one-quarter of a cent to 26.50 cents on the dollar on volume of $78 million face amount.
Derivatives represent a significant source of cash for Lehman creditors still waiting to get paid more than two and a half years after the investment bank filed for bankruptcy protection on Sept. 15, 2008.
At the time of its collapse, Lehman was a party to or had guaranteed more than 10,000 derivative contracts representing more than 1.7 million transactions, according to court documents. The team working on unwinding the deals has so far recovered billions in cash for the benefit of creditors.
(Dow Jones Daily Bankruptcy Review covers news about distressed companies and those under bankruptcy protection)
übertrieben. Washington Mutual geht durch die Decke! ;-)
Nehme den Kursanstieg von Lehman aber wohlwollend zu Kenntnis....schönes Geburtstagsgeschenk! ;-)
cheers!
LG
Alexfra die 1.
Wenigstens gibt es heute auch mal wieder richtig Umsatz.
Bin zwar immer noch kritisch, aber nicht hoffnungslos :-)
Dachte nicht das Wamu und Lehmann mir mal so den Tag versüssen.
Toi, toi, toi für uns alle!
Hoffe auf einen fetten, steuerfreien Gewinn.