Lehman Brothers Holdings Inc. (LEH)
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Vom Mutterthread:
Lehman Brothers and Wamu Inc.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=65534698
Zitat REALtime64:
Lehman Brothers and Wamu Inc.
--Settlement seen as part of 'momentum building' for support of new plan
By Joseph Checkler
Of DOW JONES DAILY BANKRUPTCY REVIEW
NEW YORK (Dow Jones)--Lehman Brothers Holdings Inc. (LEHMQ) has struck a deal with State Street Bank & Trust Co. over a commercial-loan dispute that calls for State Street to reduce its claim against Lehman by more than a third in exchange for backing Lehman's new plan to pay back creditors.
In a Friday filing with U.S. Bankruptcy Court in Manhattan, Lehman said State Street has agreed to slash the claim--to $400 million from $638 million--against Lehman. It stemmed from what State Street called a breach of contract over real-estate loan-repurchase agreements.
Lehman's commercial-paper unit entered into a repurchase agreement on commercial loans with State Street, but stopped making required payments in the days before its September 2008 bankruptcy filing. State Street sued Lehman, saying that Lehman had defaulted on its obligations.
Lehman depended on repurchase agreements--short-term collateral-backed credit lines commonly called "repos"--to fund its business.
Daniel Ehrmann, co-head of Lehman's derivatives business, told Dow Jones the settlement with State Street is another case of "momentum building" that Lehman has been working on since filing its first amended plan earlier this year, a plan that was updated again last month.
"More and more players are going to fall into place," said Ehrmann, pointing out a wide-ranging derivatives settlement offer with 13 of its largest derivatives counterparties, eight of which have already agreed.
A hearing on the State Street settlement is set for Aug. 17. A State Street spokeswoman didn't immediately respond to a message seeking comment.
Lehman's new plan could pay creditors up to $65 billion and gives those owed money from Lehman's various subsidiaries larger recoveries than they would have received under its original plan, but defines how much they can claim.
Holders of senior bonds of the Lehman parent company would receive slightly less--about 21.1 cents on the dollar compared to 21.4 cents in a prior plan--but benefit from what should be a quicker payback. Those bondholders also get some money that will be reallocated from the pool of money being paid back from the Lehman subsidiaries.
A group including hedge-fund manager Paulson & Co., which represents about $20 billion mostly in those bonds, had filed a competing proposal, as had a group led by Goldman Sachs Group Inc. (GS) and distressed-investment firm Silver Point Capital. Those groups now support Lehman's new plan.
Support isn't universal, however. Last week, distressed hedge-fund manager Centerbridge Credit Advisors LLC said it intends to oppose Lehman's new plan, calling it "the product of horse trading principally among the most vocal objectors" to Lehman's prior plan.
Lehman's collapse in September 2008 marked the largest U.S. bankruptcy case ever filed. Since then, a team of hundreds of bankruptcy professionals under the direction of restructuring firm Alvarez & Marsal has managed Lehman's assets, which include real-estate holdings, corporate debt and derivatives, for the benefit of creditors.
Lehman estimated earlier this year that it would likely have $322 billion in allowed claims against the estate, with $272 billion from the parent company and about $50 billion from its various subsidiaries.
aha! Also damit die Besonderheit betont wird schreibt man das Wort dann falsch. Dann könnte man ja bei besonderen "Frauen" auch gleich "vrauen" schreiben, damit da das Wort auch besonders ist.
Das ist irgendwie tatsächlich besonders....
... besonders dumm!
Gibt es einen besonderen Grund, weshalb Du Actie als "Aktie" andauernd falsch schreibst? - Das Wort ist doch von Actio, also aus dem Lateinischen, hergeleitet, in welcher Schriftsprache es den Buchstaben "k" gar nicht gibt!
Selbst-redend wird das Wort nicht nur im Italienischen, sondern auch im Spanischen und Französischen weiterhin correct mit "c" geschrieben - wie ja zu Anfang etliche Jahrzehnte lang auch in Deutschland:
Beispiele: www.deutsche-hypo.de - http://www.basaltag.de - http://weberbank.de
http://de.wikipedia.org/wiki/...ische_Packetfahrt-Actien-Gesellschaft
Danach kam das Wort unter jene findigen Wörterbuch-Herausgeber, die (oft von deutschtümelndem Tam-tam begleitet) alle Jahre lang willkürlich die Rechtschreibung ändern, was stets neue, "verbesserte" Auflagen ihrer Druckwerke erfordert - und ihnen hierdurch die Auslastung sichert. - Nicht umsonst sitzen ja deren Herausgeber auch in fast jeder "Beratungs"-Commission für die neue deutsche Rechtschreib-Deform...
Actuellere Beispiele: "So eben" statt soeben und "Rauhaardackel" statt Rauhhaardackel.
Im Übrigen würde ich die Actie derer LEHMAN Brothers selbst DANN nicht als "Aktie" sondern als ACTIE schreiben, wenn das "falsch" wäre - ganz einfach deshalb, weil diese Actie halt eine ganz BESONDERE Actie ist.
LG: Teras.
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Egal welche Wurzeln das Wort hat, ist es nur als "Aktie" Bestandteil der deutschen Sprache. Womit "actie" eindeutig falsch geschrieben ist und damit deine Gegefrage ebenso unsinnig ist.
Nichtsdestotrotz sind deine Beiträge informativ.
PS: Hinter "egal" kommt normalerweise ein Komma.
Richard Fuld, genannt Dick, war letzter Chef der in die Pleite gegangenen Investmentbank Lehman Brothers. Nun muss er vor den Kadi. Ein New Yorker Gericht machte den Weg jetzt frei.
Der Chef der 2008 untergegangenen Investmentbank Lehman Brothers, Dick Fuld, wird sich wohl schon bald vor Gericht für die Milliardenverluste von Investoren verantworten müssen. Das Bezirksgericht von Manhattan wies einen Antrag ab, die Klage von fünf Pensionsfonds gegen Fuld, sein Topmanagement und die Wirtschaftsprüfungsagentur der Bank, Ernst & Young, abzuweisen.
Der zuständige Richter sah es als „durchaus möglich an“, dass die Investoren nur deshalb Aktien und Anleihen von Lehman erworben hätten, weil das Institut seine wahre wirtschaftliche Lage verschwiegen habe. Lehman ging am 15.September mit einem Bilanzsumme von 639 Milliarden Dollar in die Insolvenz und löste damit die jüngste Finanzkrise aus.
http://www.handelsblatt.com/unternehmen/banken/...r-frei/4440106.html
Wed Jul 27, 2011 4:58pm EDT
* Deal valued at at least $385 mln
* Part of Lehman's $13.2 bln real estate portfolio
* Lehman asks to transfer loan asset management
(Adds loan deal)
NEW YORK, July 27 (Reuters) -
Lehman Brothers Holdings (LEHMQ.PK) has made a preliminary deal to sell most of a
commercial real estate property in Rosslyn, Virginia, to a
Goldman Sachs (GS.N) unit, raising at least $385 million to
help pay back creditors, according to court documents.
It also said on Wednesday in separate court documents that
it plans to transfer the management of about $5 billion in
commercial real estate loans to an outside firm, WCAS/Fraser
Sullivan Investment Management.
It may also sell those loans at some point, it said.
Lehman, which filed for bankruptcy in September of 2008 at
the height of the financial crisis, has been selling its assets
as it raises money to pay back creditors.
The Rosslyn property is part of Lehman's real estate
holdings, sales of which are expected to bring in $13.2 billion
by the end of 2014, according to other Lehman court filings.
Lehman has already made $3 billion from real estate sales
since filing for bankruptcy, according to court filings.
The company is also expected to sell or do an initial
public offering for its stake in an apartment building owner
Archstone, sources have previously told Lehman.
Lehman, which has asked the court to approve the privately
arranged Rosslyn sale, said in a court filing late on Tuesday
the deal values the Rosslyn portfolio, which includes 3 million
square feet of commercial real estate at 10 properties, at
$1.257 billion.
Lehman plans to sell its 78.5 percent limited partnership
interest in the Rosslyn site.
Real estate investment firm Monday Properties and
affiliates of Lehman Brothers Real Estate Partners II -- which
is partly owned by Lehman Brothers Holdings -- each own 10.8
stakes in the company that are not included in the Lehman
deal.
LOAN PORTFOLIO
LAMCO, the asset management business created to manage
Lehman's real estate assets after bankruptcy, has up to now
been managing the commercial portfolio, which includes $3.8
billion in commercial real estate loans and another $1.5
billion in unfunded commitments.
Lehman will also transfer about a dozen LAMCO employees to
the outside firm, the court documents said. The company is
seeking court approval.
Fraser Sullivan may seek to create structures that can
issue collateralized loan obligations, or CLOs, in order to be
able to sell the loans and raise cash, the documents said.
(Additional reporting by Nick Brown, editing by Bernard
Orr)
(Reporting by Caroline Humer, editing by Dave Zimmerman)
tzee .. die aktie wird nie mehr über 10 cent kommen meiner meinung nach :)
es wird lehman auch niemand übernehmen .. wer will schon einer der größen bankenschuldenberge am bein haben ...
aber wenn die insolvenz vorbei ist, und sich die schulden in luft auflösen sind wir alle reich !!!! lol :D
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UNS das Meiste! ^^
Wenn es so sein sollte wie du denkst Think, dann war es ein guter Zock, Für mich ist die Chance höher als das Risiko!
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wie thinK mit Insider-Beiträgen kommen, werden demnächst noch mehr von dieser Fraktion hier aufschlagen. Ist aber auch ein Indikator dafür, dass wir hier kommende Woche ganz andere Kurse sehen - sollten sich die LEHMQ-MM's weiterhin an den WAMUQ-Kurs halten ;-)
Ab ins Bett ihr DENKER, und denkt bitte im Dunkeln lieber mal über euer Bildungsniveau nach!
ja du superbrain .. jeder hat eine andere meinung ... musst ja nicht gleich sentimental werden und dich angesprochen fühlen ... o_O
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A) Nein. Die Actie wird auf jeden Fall die 10-ct-Marke überschreiten (egal, ob $- oder €-cent)
B) Ja, glaub ich auch nicht, dass jemand LEH übernehmen wird. LEH wirds alleine schaffen.
C) Nein, nicht alle werden reich sein. Nur die, die zu dem Zeitpunkt der Insolvenz-Auflösung noch investiert sein werden.
Du hast übrigens Recht, es kann nicht jeder die gleiche Meinung haben. Sonst wärs ja auch zu einfach.
Gruß, IM Monika
"Lehman, WCAS Fraser Sullivan Make Deal On $5.3B Loan Portfolio
Lehman Brothers Holdings Inc. struck a deal with WCAS Fraser Sullivan Investment Management LLC that will allow the failed investment bank to turn its $5.3 billion commercial-loan portfolio into cash.
The deal, filed with the U.S. Bankruptcy Court in Manhattan Wednesday afternoon, allows Lehman to more quickly monetize one of its largest assets, its commercial-loan portfolio, rather than selling the loans at depressed prices or waiting for them to mature. Some 30% of those loans don't mature until 2016 or later.
Lehman reached an asset-management agreement with Fraser Sullivan Tuesday that calls for the firm to assist in transferring part of the portfolio to collateralized loan obligations, or CLOs, and manage the remaining portion of the portfolio that is not eligible to be included in such securitizations, court papers said.
The proposal, which is subject to court approval, would bring between $1.6 billion and $2.0 billion in cash into the Lehman estate following the sale of securities by the CLO issuers.
"This is a great outcome for the estate," said Doug Lambert, chief executive of Lamco, the asset-management unit Lehman spun out of its bankruptcy case.
"Not only does this agreement with Fraser Sullivan ensure maximization of recovery value from our loan portfolio over the long term, but it also provides continuity of management who are aligned with the estate's mission to deliver that value back to creditors," he said in an email.
Lambert is also a managing director with restructuring advisor Alvarez & Marsal.
According to court papers, certain employees of Lamco, who had been overseeing the commercial portfolio, will move to Fraser Sullivan.
A hearing on the matter is set for Aug. 17.
The commercial portfolio includes loans from 157 issuers with an outstanding principal balance of $3.8 billion and unfunded commitments of about $1.5 billion
Wenn ich mich recht erinnere, hat WAMU bei LEHM auch noch eine Rechnung zu begleichen. Und rein zufällig gibt es vor der offiziiellen WAMU-Urteilsverkündung von Mary diesen Termin? Langsam wird mir einiges klar! ;-)
Da ich gerade versuche Urlaub zu machen, werde ich meine Gedanken dazu erst am Montag verfassen. Obama hat keine andere Chance als den Haushaltsetat zu erhöhen (JPM, USA-Rating, Korruptionsvertuschung). Ich melde mich wieder...
Mortgage Co. Seeks Defense in Lehman Contract Suit
By Roxanne Palmer
Law360, New York (July 29, 2011) -- American Federal Mortgage Corp. on Friday sued certain underwriters at Lloyd's of London in New Jersey, saying the insurer is obligated to defend and indemnify AFMC in a breach of contract suit brought by bankrupt investment banking giant Lehman Brothers Holdings Inc.
Flanders, N.J.-based AFMC went after Lloyd's in a third-party complaint filed within Lehman's suit, which claims that it breached terms of a loan agreement that guaranteed the mortgage loans did not originate from any misrepresentations, fraud or predatory lending practices.
Lehman claims that the mortgage company also breached terms of the agreement by misrepresenting information on borrowers' identities, income, employment, credit, assets and liabilities that was used to originate the mortgage loans.
AMFC says it purchased a mortgage bankers and mortgage brokers professional liability insurance policy from Lloyd's along with a mortgage bankers fidelity bond that entitles it to defense in the contract suit.
Lehman is seeking an unspecified amount of damages, plus interest, for AMFC's alleged breaches of contract and express warranty. The company also wants the court to order the mortgage company to repurchase the bad loans from it immediately.
The investment banking giant filed for Chapter 11 protection in September 2008 amid the growing financial crisis. It sold most of its brokerage business assets to Barclays PLC in a hasty deal approved shortly after the company's sudden collapse.
On Wednesday, a New York bankruptcy judge approved Lehman's motion to have WCAS Fraser Sullivan Investment Management LLC manage its $5.3 billion commercial loan portfolio in order to generate up to $2 billion for creditors.
Lehman CEO Bryan Marsal said in June that he expects up to $65 billion in assets will be recovered through the investment firm's bankruptcy proceedings, an increase from the previous $60 billion estimate in January.
On July 1, the bankrupt company announced that creditors holding more than $100 billion in claims had rallied in support of its latest reorganization plan, marking a significant advance in the long-running proceedings.
Thirty of Lehman's heftiest creditors have signed on to the debtor's second amended Chapter 11 plan and given the plan priority over two competing proposals, the company says.
The ascendant plan does not consolidate the 23 Lehman debtors, primarily satisfying creditor claims from the pertinent company entity. However, the plan includes a global settlement of overarching disputes, like the status of intercompany claims, subordination agreements and asset allocations, banishing the threat of lengthy and complex litigation over the Chapter 11 distributions.
Representatives for Lloyd's could not be immediately reached for comment Friday.
AMFC is represented by Anthony J. Riposta.
Counsel information for Lloyd's was not immediately available.
Lehman is represented by Elissa P. Fudim and Jennifer L. Rubin of Akerman Senterfitt LLP.
The case is Lehman Brothers Holdings Inc. V. American Federal Mortgage Corp., case number 2:11-cv-01163, in the U.S. District Court for the District of New Jersey.
--Additional reporting by Samuel Howard and Pete Brush. Editing by Elizabeth Bowen.
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YEEEEESSSSSS
Lehman Appeals Barclays' $13B 'Windfall'
By Richard Vanderford
Law360, New York (July 29, 2011) -- Lehman Brothers Holdings Inc. said Thursday it would appeal an order allowing Barclays Capital Inc. to take a $13 billion “windfall” on discounted assets it bought from the defunct financial giant in the wake of its bankruptcy filing in New York.
Lehman said in a brief notice that it would ask a district court to take up its long-running fight to have the alleged windfall returned.
Litigation over the asset sale has attracted attention not just because of the amount of money at stake, but because it may have future implications on to what extent quickly made bankruptcy court decisions can be undone, a point U.S. Bankruptcy Judge James Peck himself noted.
Judge Peck in September 2008 approved a sale order by which Barclays bought the bulk of Lehman's North American investment banking and capital market business.
Lehman said in 2009 that it had discovered its assets were deeply discounted in that sale, and asked Judge Peck to partially undo his sale order and force Barclays to pay back its alleged windfall.
The amount at issue has varied between court filings, though Judge Peck said in February that about $13 billion was in dispute.
He ruled in February that the sale process was “imperfect, but it was still adequate under the exceptional circumstances of Lehman Week,” a “war zone”-like period in the early days of the bankruptcy during which lawyers tried to quickly engineer a deal.
Judge Peck's opinion went to great lengths — 103 pages — to justify his decision not to reopen the Barclays sale. The company was “melting” and the quick transaction saved thousands of jobs, he said.
In another order issued in mid-July, Judge Peck affirmed that ruling. Lehman is appealing the July order.
Representatives for Lehman and Barclays did not immediately respond to requests for comment.
The Lehman bankruptcy has managed to move forward despite the large-dollar distraction posed by the Barclays case. On July 20, Judge Peck approved a settlement between Lehman and creditors that should significantly reduce the potential for litigation in the bankruptcy.
The deal will stop creditors who collectively hold about $100 billion in claims from pursuing discovery or proposing competing plans of their own — concessions both sides said were necessary given the potentially enormous costs of litigating.
Lehman is represented by Jones Day.
Barclays is represented by Boies Schiller & Flexner LLP.
The adversary case is Lehman Brothers Holdings Inc. v. Barclays Capital Inc., case number 09-01731, in the U.S. Bankruptcy Court for the Southern District of New York.
The bankruptcy case is In re: Lehman Brothers Holdings Inc. et al., case number 1:08-bk-13555, in the U.S. Bankruptcy Court for the Southern District of New York.
--Editing by Chris Giganti.
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Lehman Probe Not Over, On Life Support
http://www.reuters.com/assets/print?aid=USN1E76S1FL20110729
Lehman to appeal order validating Barclays sale
4:44pm EDT
* Says sale afforded Barclays $11 billion "windfall"
* Judge ruled sale was "imperfect," but not unfair
NEW YORK, July 29 (Reuters) - Lehman Brothers Holdings Inc (LEHMQ.PK: Quote, Profile, Research, Stock Buzz) will appeal a court order upholding the rushed sale of its North American business to Barclays PLC (BARC.L: Quote, Profile, Research, Stock Buzz) nearly three years ago, a deal Lehman said afforded Barclays an $11 billion "windfall."
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kursziel nächste woche 0,17-0,20€
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