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Lehman Brothers

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bucksenraeke
0
Vandaag springen enkele Lehman bonds naar 10,0.
Blijkbaar zit de afhandeling van het faisement in een eindfase. Heeft iemand zicht op de afhandeling? Wat mogen we nog verwachten voor deze producten?
PerpLex
0
Ik zag op Bloomberg nieuws dat Lehman de terugbetaling wil versnellen. Er wordt een percentage van 18% genoemd:

www.bloomberg.com/news/2012-08-15/leh...
benito c.
1
Ik zie in de gauwigheid dat ong 12% van de erkende vorderingen als eerste uitbetaling gaat plaatshebben.
Van de verschillende steepeners is er slechts een die voor 100% gewaardeerd is, de rest zit tussen de 60 en 70%.
De eerste uitbetaling is hoger dan verwacht, zo gaat het meestal bij dit soort afwikkelingen uit een faillissement, eerst somber zijn, dan kan het later meevallen.
lute11
0
quote:

benito c. schreef op 6 mei 2013 20:55:


Ik zie in de gauwigheid dat ong 12% van de erkende vorderingen als eerste uitbetaling gaat plaatshebben.
Van de verschillende steepeners is er slechts een die voor 100% gewaardeerd is, de rest zit tussen de 60 en 70%.
De eerste uitbetaling is hoger dan verwacht, zo gaat het meestal bij dit soort afwikkelingen uit een faillissement, eerst somber zijn, dan kan het later meevallen.

Waar haal je deze informatie vandaan?
Ik kan wel vinden dat ze willen terug betalen, maar niet op welke steepeners.
D(rente)
0
shaai
0
het lijkt erop dat de nog verhandelde Lehman's al paar dagen vast op HALTED staan? volgens mij geen freeze obv de trading range. Het geld ook voor alle normaal handelende Lehman notes (tussen de 10-20% handelend). Komt er iets aan, of schort de curator de notering op, of stopt de listing om paar centjes te besparen? Ik had er zelf tussen de normale ook 1 waarvan de listing/verhandelbaarheid al lang is beeindigd.
lute11
0
hierbij het antwoord va NYX op de vraag:
Ik wil graag weten waarom de Lehman steepeners op Halted staan?
het gaat mij dan om de volgende isins:
XS0232364868
xs0210433206
xs0229584296
xs0218304458
xs0213416141
wanneer kunnen deze isins weer verhandeld worden?
antwoord:
Geachte ....,

De Lehman steepeners staan op halted sinds 7 augustus na uitgave van een notice. Deze kunt u vinden in de bijlage of via de volgende link: europeanequities.nyx.com/sites/europe...
Bovenstaande link kunt u vinden door op www.aex.nl rechtsboven de isin code in te typen. Vervolgens ziet u dan rechts in beeld Notices & Fact Sheets staan.
Het is nog niet publiek bekend wanneer deze weer open gaan.
Hopende uw vraag hiermee voldoende te hebben beantwoord.
shaai
0
WTF? komt erdan een block trade aan op een andere koers???

403 BLOCK TRADES
4403/1 Algemeen
“Block Trades” in Effecten die zijn toegelaten tot de notering of de verhandeling op
een Euronext Effectenmarkt kunnen buiten het Central Order Book worden uitgevoerd
voor zover zij voldoen aan de voorwaarden bepaald in deze Rule 4403. Voor de
toepassing van deze Rule zal in een Notice worden bepaald welke Effecten worden
gelijkgesteld met Aandelen of obligaties.
4403/2 Aandelen.
4403/2A Definitie
Met betrekking tot Aandelen en gelijkgestelde Effecten, dient onder Block Trade te
worden verstaan elke Transactie die gelijk is aan of hoger dan de volgende drempels
(voor toepassing van deze Rule 4403/2, aangeduid als “Normal Block Amount” of
“NBA”):
(i) EUR 500.000 voor Aandelen die behoren tot het segment Euronext 100;
(ii) EUR 250.000 voor Aandelen die behoren tot het segment Next 150;
(iii) EUR 100.000 voor alle andere Aandelen die doorlopend worden verhandeld;
(iv) EUR 50.000 voor Aandelen die enkel worden verhandeld via auction; en
(v) EUR 1.500.000 voor Effecten die behoren tot het NextTrack-segment.
Euronext zal ten minste elk jaar, of wanneer de marktomstandigheden een eerdere
herziening vereisen, de hierboven bepaalde bedragen aanpassen overeenkomstig de
in Rule 1402 bepaalde wijze.
4403/2B Gewone Block Trades
Block Trades in Aandelen en gelijkgestelde Effecten worden uitgevoerd tegen een
koers binnen de volgende bandbreedtes (met inbegrip van de grensgetallen):
(i) wat de Aandelen betreft die behoren tot de segmenten Euronext 100 en Next 150:
(a) de gewogen gemiddelde bandbreedte indien het bedrag van de Block
Trade kleiner is dan vijfmaal de toepasselijke NBA. De gewogen
gemiddelde bandbreedte wordt verkregen door de gemiddelde bied- en
gemiddelde laatprijs te berekenen door voor elk van de bied- en laatzijde
het aantal Aandelen dat zich in het Central Order Book bevindt, te
vermenigvuldigen met de overeenstemmende koersen totdat voldoende
aandelen in rekening werden gebracht om voor iedere kant van het
Datum van uitgifte: 1 maart 2007
Pagina 38 van 38
benito c.
0
Ik heb nog maar wat bijgekocht, ze lijken nu wel aan de prijs, maar uiteindelijk blijkt dat altijd mee te vallen.
lute11
0
Ik zie nu pas je reactie Benito.
Ik heb, vlak voordat ik het hier heb gemeld, ook even wezen shoppen in de lehman winkel. Er waren een paar goede deals te maken op dat moment, waaronder een "market".

Jou melding dat het vaak meer waard is dan vooraf wordt gesteld heeft daar ook aan mee gedragen (lees: bedankt).
lute11
0
Er is weer een uitkering op de lehmans geweest. Ik had het even niet gvolgd, als ik het snel even uitreken kom ik op 3,3%. das toch weer lekker meegenomen.
DeZwarteRidder
0
Assets
LBT's main asset is an allowed class 4A claim against LBHI of USD 34,548,000,000.
To date, LBT received four distributions from LBHI totalling USD 5,642,381,703.


The date of the fifth distribution of LBHI is set on 3 April 2014



www.lehmanbrotherstreasury.com/genera...
DeZwarteRidder
0
Lehman Settlement Frees Cash for Creditors
Collapsed Investment Bank to Make $767 Million Payment to Freddie Mac

By
Joseph Checkler
Updated Feb. 19, 2014 9:56 p.m. ET

NEW YORK—Creditors of Lehman Brothers Holdings Inc. will receive hundreds of millions of dollars from the estate of the bankrupt firm following a settlement with Federal Home Loan Mortgage Corp. FMCC +13.23%

On Wednesday, a bankruptcy judge approved a $767 million payout from Lehman to settle Freddie Mac's claims over two loans the mortgage giant made to Lehman before the investment bank's 2008 collapse.

Lehman creditors already have received $60 billion out of the more than $70 billion Lehman's estate hopes to return, and more is expected in the near future.

The deal, approved by Judge Shelley C. Chapman of U.S. Bankruptcy Court in Manhattan, is structured similarly in some ways to a recently approved settlement between Lehman and Fannie Mae, FNMA +10.63% which will receive about $540 million for its claim based on the latest calculations. Freddie and Fannie will hand over loan information that will allow Lehman to pursue claims against mortgage originators for alleged misrepresentations. Lehman's lawyers said those claims can be substantial.

The previous judge in Lehman's bankruptcy case, James Peck, had ordered Lehman to set aside $5 billion for the Fannie and Freddie claims when he approved a liquidation plan in late 2011. Because those settlements were for far less than what was set aside, other creditors should get more back.

Another distribution is set for next month, and the payouts should continue into 2015 and beyond. The unwinding estate's chief general counsel, Matthew Cantor, on Wednesday told Judge Chapman Lehman still has $12.8 billion set aside in an account to pay claims that still haven't been resolved, and as those claims are sorted out, more money will be returned.

For other creditors, many of which are the hedge funds and other investment firms that bought claims cheaply in the months and years after Lehman's collapse, the approval means bigger recoveries, possibly soon.

Wednesday's hearing marked the first major Lehman decision by Judge Chapman, who took over for Mr. Peck after he retired from the bench last month.

"These are big shoes to fill," Judge Chapman said Wednesday.

Mr. Peck, 68 years old, is joining Morrison & Foerster LLP in March as co-head of the global business-restructuring and insolvency group.

Lehman, led by Chairman and Chief Executive Richard Fuld, collapsed into the largest bankruptcy ever in September 2008, a breaking point that accelerated the financial crisis. Those in charge of the holding company and its brokerage have sorted out tens of thousands of claims, hundreds of disagreements and the concerns of dozens of classes of creditors.

Lehman broke itself up into 23 subsidiaries for the purpose of its bankruptcy case, and divvied its creditors up based on which Lehman entities owed them money.

For instance, creditors of the Lehman Brothers Specialty Finance unit now are getting paid more than 55 cents on the dollar for their claims, while general unsecured creditors of Lehman's parent company are getting far less.

Lehman's estate has been very successful in recovering money to pay back the creditors, causing the expected recoveries to rise with each distribution.

Ever since Mr. Peck approved Lehman's distribution plan in December 2011, the failed bank called an initial $65 billion estimate a low-ball number. By August 2012, it increased the estimate to $67.5 billion but warned it still had key settlements to reach.

However, after reaching a landmark three-way deal with the trustee unwinding its U.S. brokerage and a U.K. affiliate, it became less conservative with its estimates and creditor recoveries increased.

Individual customers of the U.S. brokerage, which was unwound separately from the Lehman parent, received all $92.3 billion they were owed almost immediately after Lehman's bankruptcy. The bulk of the Lehman customer accounts, with assets of more than $40 billion, have been transferred to Barclays BARC.LN +0.30% PLC.

Other customers of the brokerage—mostly hedge funds and big banks—had to wait as trustee James W. Giddens sorted out claims issues both in the U.S. and overseas. However, those customers started receiving their money last year.

The case won't disappear from bankruptcy court quickly, though. Lehman has a new board of directors and $9.3 billion in assets—apart from its claims reserve and excluding money related to foreign affiliates and litigation reserves to manage and sell, Mr. Cantor said Wednesday. Those assets are mostly related to private equity. A large chunk of Lehman's real-estate assets have been sold.

Lehman, once the nation's fourth-largest investment bank, officially emerged from Chapter 11 protection in March 2012. But because of those remaining assets, and the claims it still has to sort out, the bank is expected to exist in some form for years to come.

Corrections & Amplifications
Lehman Brothers' $9.3 billion in remaining assets excludes money related to foreign affiliates and litigation reserves. The company has sold a large chunk, not "most," of its real-estate assets. A previous version of this article on said litigation reserves were included in the $9.3 billion figure and that the bank has sold most of its real-estate assets.
DeZwarteRidder
0
wo 05 mrt 2014, 12:05
Britse curatoren Lehman Brothers houden £5 miljard over
van onze redactie
AMSTERDAM -

De curatoren die het faillissement van de Britse tak van Lehman Brothers afwikkelen, verwachten ongeveer £5 miljard (€6,1 miljard) over te houden. De schuldeisers van de zakenbank krijgen volgende maand hun laatste schulden terugbetaald en kunnen mogelijk de miljarden extra ook in hun zak steken.

Een van de curatoren legt tegen Reuters uit dat de bewuste tak van Lehman, Lehman Brothers International Europe, failliet is gegaan door een acuut gebrek aan cash. Dit ontstond nadat het Amerikaanse moederbedrijf omviel, aan de balans van de bank lag het volgens de curator niet.

De val van Lehman Brothers in september 2008 wordt over het algemeen gezien als het startschot van de financiële crisis.
Les voor wetgevers

PwC-curator Tony Lomas zegt dat het afwikkelen van Lehmans faillissement een belangrijke les is voor wetgevers en centrale banken. Die denken vooral aan kapitaaleisen voor de banken en houden volgens de curator te weinig rekening met acute liquiditeitsproblemen, zoals die Lehman Brothers de das om deden.
Schuldfondsen

De curatoren zoeken nog uit wie precies aanspraak kan maken op welk deel van het overschot. Bovendien zijn zij, zes jaar na dato, nog druk met het verkopen van de laatste bezittingen van de bank.

De extra miljarden zijn een flinke meevallers voor fondsen, die de afgelopen jaren met een flinke korting delen van de schuld opkochten. Zij speculeerden er daarmee op dat de curatoren de volledige schuld terug zouden betalen. Volgens de curator is ongeveer de helft van de totale schuld in handen van zulke schuldfondsen, die zich richten op 'distressed debt'.
Nederland

Een ander onderdeel van Lehman Brothers, Lehman Brothers Treasury, was in Nederland gevestigd. De curatoren hebben de schuldeisers tot en met eind 2013 $1,65 miljard terugbetaald.
DeZwarteRidder
0
Lehman plans to distribute $14.2 billion to creditors

By Jonathan Stempel

Wed Mar 27, 2013 4:52pm EDT

The Lehman Brothers booth on the trading floor of the New York Stock Exchange, is shown in this September 16, 2008 file photo. REUTERS/Brendan McDermid/Files

The Lehman Brothers booth on the trading floor of the New York Stock Exchange, is shown in this September 16, 2008 file photo.

(Reuters) - Lehman Brothers Holdings Inc said on Wednesday it plans to distribute about $14.2 billion to creditors early next month, as the company winds down following its emergence from bankruptcy protection last year.

The distribution, to be made April 4, will be Lehman's third since it emerged from Chapter 11 protection on March 6, 2012.

Lehman said the payout will increase total distributions to about $47.2 billion, with two-thirds going to third parties.

The company has said it hopes to distribute more than $65 billion, on average about 21 cents on the dollar for allowed claims.

April's payout will include $9.4 billion to third-party creditors and affiliates, $4.4 billion to other Lehman debtors and affiliates, and $370 million for claims deemed valid since the second distribution on October 1.

Following the distribution, holders of senior unsecured claims against the parent company will have received about 14.8 cents on the dollar on their claims, a court filing showed.

Lehman's next distribution is expected around September 30.

Separately, Lehman said it has reached a settlement with Lehman Brothers Finance AG, its former Swiss-based derivatives unit, over billions of dollars of guarantees and intercompany claims.

It said terms will be disclosed later. The settlement requires court approval, and Lehman said it expects a hearing to be held on April 24.

Lehman's wind-down is expected to take a few years. The company is still litigating against JPMorgan Chase & Co (JPM.N), once its main clearing bank, and others to maximize potential payouts to creditors.

Once Wall Street's fourth-largest investment bank, Lehman filed for bankruptcy protection on September 15, 2008, in what was a major trigger for that year's global financial crisis.

The company reported $639 billion of assets at the time, making the bankruptcy by far the largest in U.S. history.

Separately on Wednesday, Lehman issued its monthly operating report.

It has spent about $2.08 billion on fees and expenses for restructuring advisers, law firms and other professional counsel since the bankruptcy began, court filings showed.

The payout for services since the company emerged from Chapter 11 has been about $192 million, including $14.7 million in February, the filings show.

The case is In re: Lehman Brothers Holdings Inc, U.S. Bankruptcy Court, Southern District of New York, No. 08-13555.
shaai
1
kennelijk hoger dan het eerdere bericht: niet 14.2 maar 17.9 bn
Het blijft voor mij lastig in te schatten wat er voor later nog in het vat zit, maar voorlopig weer een meevaller.

Updated March 27, 2014 9:34 p.m. ET

online.wsj.com/news/articles/SB100014...

Lehman to Dole Out Additional $17.9 Billion to Creditors

In liquidation, Lehman Brothers Holdings Inc. is overdelivering.

A string of recent settlements with other banks and its own foreign affiliates have helped drive up the recoveries for every major class of the failed investment bank's creditors, with some groups getting as much as 6 cents on the dollar more than Lehman initially estimated, according to court papers filed Thursday.

For some of the hedge funds that spent the months and years after Lehman's collapse buying its debt at steep discounts, an increase of just a few pennies on the dollar can add up to millions of dollars of additional profits.

Previously
Lehman Settlement Frees Cash for Creditors (Feb. 19, 2014)
On Thursday, Lehman said it would repay creditors an additional $17.9 billion next week, its fifth distribution since a bankruptcy judge approved its liquidation plan in December 2011. After that money is returned, Lehman's creditors will have been paid more than $80 billion. That represents a $15 billion increase from the bank's initial estimate of how much would be returned to creditors.

While much of the most recent distribution involves money Lehman entities owe each other, the overall picture for creditors has steadily improved with each distribution. A series of recent deals—including settlements with Fannie Mae, Freddie Mac, the Internal Revenue Service and the bank's own foreign subsidiaries—helped free up more cash than expected for the latest distribution.

Creditors holding bonds issued by the Lehman parent company are now expected to recover 26.9 cents on the dollar, up from an estimated 21.1 cents when the liquidation plan was approved. Creditors of Lehman's main derivatives arm, a group that included Goldman Sachs Group Inc. and distressed-debt investor Silver Point Capital, will see their recoveries increase by about 3 cents to 30.9%. General unsecured creditors of Lehman will get more than 25 cents on the dollar, up from less than 20 cents.

Lehman's Chapter 11 payment plan treats creditors of its subsidiaries better than those of the parent, but all have benefited from the increased recoveries.

After Lehman failed in September 2008, some creditors didn't want to wait for their money or take a chance that they wouldn't get paid at all. Some distressed-investing hedge-fund managers were willing buyers of their claims, deploying teams to study Lehman's balance sheet to identify potentially valuable assets they could buy at a discount.

For many of them, the strategy worked.

Paulson & Co., for instance, has been a major investor in bonds of Lehman's holding company and claims against other Lehman units. The Wall Street Journal reported last year that the hedge fund had made more than $1 billion investing in Lehman claims and continued to hold onto some of them.

Paulson, a longtime holder of Lehman unsecured bonds, bought other types of Lehman claims over the past three years. The firm, which helped lead the negotiations on Lehman's creditor-payment plan, had more than $4 billion invested in Lehman claims, people familiar with the matter told The Wall Street Journal last year. Other investment firms, including Halcyon Asset Management LLC and King Street Capital Management LP, have also made money on Lehman claims, according to people familiar with the matter.

Lehman's collapse on Sept. 15, 2008, was the largest bankruptcy in U.S. history. The filing sent markets into turmoil and triggered a global financial crisis. Lehman's main business was quickly sold to Barclays PLC, and the company's New York-based holding company officially exited bankruptcy in 2012.

A new company, overseen by a new board of directors, is still winding down Lehman's estate and selling off its remaining holdings. That process is expected to continue for several more years.

Individual customers of Lehman's brokerage received all of the $92.3 billion they were owed almost immediately after the bankruptcy filing.
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