Lehman Brothers has filed for Chapter 11 bankruptcy protection from its creditors. The filing was made in the U.S. Bankruptcy Court in the Southern District of New York. The case had not yet been assigned to a judge. You can download the filing here.
Lehman’s lead bankruptcy lawyer is Harvey Miller of Weil Gotshal.
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
1st
“This bankruptcy offers no consideration for Lehman’s shareholders, I reject your non negotiable statement of fact. Lehman has come back from worse. Get Jimmy Cayne on the phone, we’ll LBO the Fed then help ourselves to the discount window”
- Dick Fuld
Ask not for whom the bell tolls… it tolls for thee.
Is the $138B of debt under the Citi name on the Citi balance sheet or held for other companies?
jesus this press conference is painful, ugh…
“List the names of any person who directly or indirectly owns, controls, or holds, with power
to vote, 5% or more of the voting securities of Debtor:
Beneficial Owner Percentage of Outstanding
Common Stock
(1) AXA and related parties 7.25
(2) ClearBridge Advisors, LLC and related parties 6.33
(3) FMR LLC and related parties 5.87″
long day at the office..
Another comment like that #3 and I’m gonna ring your bell.
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&ssPageName=STRK:MESELX:IT&item=320299216040
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&ssPageName=STRK:MESELX:IT&item=320299216040
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&ssPageName=STRK:MESELX:IT&item=320299216040
@ Anal_yst
I am bleeding from the eyeballs listenting to it.
Anyone know if BAC has an out clause based in advanced due dilligence of MER?
Bess ban the URL from #8. Everyone is sick of it.
#6,
Clearbridge equals ex-Shittygroup Asset Mgmt. Keep up the good work guys.
thank god thats over, I’m not quite sure how long it takes msm journalists to figure out different ways to ask the same questions, sheesh!
In other news, when the hell did CapitalIQ (S&P) start their big advertising onslaught?
Both on Dealbreaker AND CNBC today, hmmmm….
Dick Fuld, your table is ready, Mr Cayne has already been seated.
Way to screw over 25K employees, Dick. You wont be remembered for anything except for that. Oh, and unibrow you ginormous tool.
SEC Said to Be Preparing Rules Against Manipulative Short Sales
*SEC SAID TO BE READYING RULES AGAINST MANIPULATIVE SHORT SALES
*SEC SAID TO BE LIKELY TO TOUGHEN RULES AS EARLY AS THIS WEEK
damn it feels good to be a banker!
gotta love it when masters of the universe squirm for one paycheck. bottles and models anyone?
SEC Said to Be Preparing Rules Against Manipulative Short Sales
*SEC SAID TO BE READYING RULES AGAINST MANIPULATIVE SHORT SALES
*SEC SAID TO BE LIKELY TO TOUGHEN RULES AS EARLY AS THIS WEEK
@11,
what does that mean?
@11,
what does that mean?
@11,
what does that mean?
as a variant on TLDR: too many articles, can’t work
Seriously, though, kudos to JC and BL for keeping the fresh information flowing and subsidizing coffee for those LEH employees.
@4
I’m looking through the LEH bankruptcy filings as well. On Pg.1 (Schedule 1) you can see that under “30 Largest Unsecurured Claims”, CitiBank and Bank of New York Mellon have approx. $138b of “bond debt”.
My financial expertise is novice. Can someone more skilled explain to me the consequences of LEH bankruptcy towards CitiBank and Bank of New York or am I blowing this outta proportion.
-PD
17, 18, 19
It means they are about as good at managing money as you are at posting once.
@21
60 cents on the dollar would be a good place to start for the secured bondholders. Problem is LEH has a ton of toxic stuff to sell, as does the rest of the street. Whether it sells or not it will still have to be marked, which could create a spiral for eveyone in an illiquid market. Then you would have to start giving that 60 cents a haircut depending on the amount they are actually able to dispose of. If the vulture funds aren’t hungry, this could get much uglier. Knowing that, why would the vultures step in now? Food for thought….
@ 23/beentheredonethat
I appreciate that a lot thank you.
-PD
If the vultures can’t salivate over this, then they ought to return their client’s funds and stop pretending they are such astute appraisers of value.
@23 – haven’t seen any Leh secured debt trade but senior unsecured is trading around 34 cents on the dollar and sub debt is indicated around 5 cents on the dollar. The LEH J preferreds issued in Feb are trading at 14 cents outright($25 par).
Bess,
Sorry about that “Bank of Brothers” thing.
What about bankofbullish.com
That has GOT to be the URL for the firm that results from the B of A acquisition of Merrill.
Own that URL and you’ve got a ticket to the highlife.
NotNasser– I’ve got barclehs.com and bankruptbrothers.com
Hi…
I think they do need to file then have a fire sale. pay off the stock holders and or offer them something if another bank buys out the left over assets.Lehman should not be bailed out using tax payers money. It should be allowed to fail if it cannot find a buyer. Lehman like all investment banks are cut throat and will not blink to help government or tax payers when times are good and will not give an employee whose performance in their perception is not up to mark. So, please do not use poor tax payers money to bail out any investment banks.
………………………
Gomez
http://www.shepelskylaw.com
Hi…
I think they do need to file then have a fire sale. pay off the stock holders and or offer them something if another bank buys out the left over assets.Lehman should not be bailed out using tax payers money. It should be allowed to fail if it cannot find a buyer. Lehman like all investment banks are cut throat and will not blink to help government or tax payers when times are good and will not give an employee whose performance in their perception is not up to mark. So, please do not use poor tax payers money to bail out any investment banks.
………………………
Gomez
http://www.shepelskylaw.com