Lehman Brothers has officially announced that its top-level parent company, Lehman Brothers Holdings Inc, will file for Chapter 11 bankruptcy protection. None of its subsidiaries will be included in the filing and will continue to operate, according to the press release Lehman issued.
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first?
So are the Lehman trading desks open tomorrow for business?
closed. AUS suspended trading on lehman already.
Off Subject:
CNBC has incredible commercials at this hour, anyone catch the Penthouse Executive Club one?
Off Subject:
CNBC has incredible commercials at this hour, anyone catch the Penthouse Executive Club one?
From the statement, both content and date, it appears that the contingent swap trades made Sunday are void.
Not that much was accomplished in that session anyway.
http://cgi.ebay.com/LEHMAN-BROTHERS-BANKRUPTCY-DOMAIN-NAME-FALLOFLEHMAN-COM_W0QQitemZ320299692197QQcmdZViewItem?hash=item320299692197&_trkparms=72:1163|39:1|66:2|65:12|240:1318&_trksid=p3286.c0.m14
UNREAL!!!!
Yeah, the executive club one was fantastic. I loved the requisite woman at the table for dinner, quickly dispatched for the after events.
LOOK AT THIS. A WEBSITE FOR LEHMAN EMPLOYEES TO SEND THEIR RESUMES IS UP FOR SALE ON EBAY. PRETTY SMART I MUST ADMIT.
http://cgi.ebay.com/LEHMAN-BROTHERS-COLLAPSE-RESUME-DOMAIN-NAME_W0QQitemZ320299542422QQcmdZViewItem?hash=item320299542422&_trkparms=72:1163|39:1|66:2|65:12|240:1318&_trksid=p3286.c0.m14
Fucking hilarious!!!!
http://cgi.ebay.com/Lehman-Brothers_W0QQitemZ110289318047QQcmdZViewItem?hash=item110289318047&_trkparms=72%3A1163%7C39%3A1%7C66%3A2%7C65%3A12%7C240%3A1318&_trksid=p3286.c0.m14
http://WWW.LEHMANRESUMES.COM
Oh, whew! It’s just the holding company. That’s great news, because I was worried that some of their subsidiaries, like Slime and Slimier Ltd, Amalgamated Sleaze, and ScamCo might be in jeopardy. Looks like we dodged the bullet on this one boys!
I like the “…LBHI is exploring the sale of its broker-dealer operations and, as previously announced, is in advanced discussions with a number of potential purchasers to sell its Investment Management Division (“IMD”). LBHI intends to pursue those discussions as well as a number of other strategic alternatives…”
Oh yea? Care to elaborate anyone?
My apologies for not understanding this whole process in greater detail. I am an older person (near retirement age), and my broker informed me on Friday night that he has been sitting on over 4000 shares in LEH (common stock) since January.
I am in a panicked mode right now (can hardly breathe), and I have many questions. Help!!
1. Are my holdings in LEH now worthless?
2. Can someone with some knowledge of Chapter 11 AND Parent/Subsidiary Issues provide some guidance as to what are the possible outcomes with my shares?
3. Should I sell these shares first thing this morning during pre-market, or is it possible that these shares could regain value (or receive a payout) in the future?
4. If LEH emerges from Chptr 11, would it issue new shares or trade with the old ones?
Any other advice? If you think I’m an idiot, providing me with a link that would explain this stuff would still be appreciated, especially the whole Parent-Holding Co vs. Subsidiary thing as to the Chapter 11 filing.
Thanks in advance.
1) Pretty much so.
2) Outcome: You’re screwed.
3) The stock will be frozen, you won’t be able to sell them. Even if you could, the stock would be worthless, so no one would buy it. If all the creditors get paid off, you could get a proportionate share of what is left after that, but this isn’t going to happen. Their debts exceed their asset values.
4) Lehman filed bankruptcy to wind up, not to continue as a going concern. It won’t be reissuing stock.
15 -
You own common stock that was worth $240K (calling it 4K shares for ease of math).
1. LEH is trading well below a buck in pre-market.
2. This money is gone.
3. LEH will be halted. Not that this matters, as the pre-market trades have established that LEH is worthless.
This is a bankruptcy. The reason people are bailing on the stock is that common stock holders are subordinated to everyone else in a pre-defined pecking order in bankruptcy proceedings. They get paid last, which means they don’t get paid.
4. LEH isn’t coming out of bankruptcy.
So your stock is worth somewhere between
reorganization obviously a better alternative to selling yourself for a penny on the dollar if you know you’re worth more.
Carney,
Good job this weekend. Hope you got some sleep.
This one on ebay is better lehmanbankruptcy.com I am sure a law firm will pick it up for the class action lawsuits that are about to come
http://cgi.ebay.com/lehmanbankruptcy-com-lehman-brothers-bankruptcy_W0QQitemZ280267295899QQcmdZViewItem?hash=item280267295899&_trkparms=72%3A1163|39%3A1|66%3A2|65%3A12|240%3A1318&_trksid=p3286.c0.m14
This one on ebay is better lehmanbankruptcy.com I am sure a law firm will pick it up for the class action lawsuits that are about to come
http://cgi.ebay.com/lehmanbankruptcy-com-lehman-brothers-bankruptcy_W0QQitemZ280267295899QQcmdZViewItem?hash=item280267295899&_trkparms=72%3A1163|39%3A1|66%3A2|65%3A12|240%3A1318&_trksid=p3286.c0.m14