Yunus80
Del PIG non si butta nulla
Buono ('nzomma
) a sapersi... comunque, in generale, qual è la priorità dei fornitori rispetto agli obbligazionisti secondo la normativa US?
Obbligazioni in default Lehman Brothers - sviluppi Chapter 11
- Creatore Discussione paologorgo
- Data di Inizio
Buono ('nzomma
) a sapersi... comunque, in generale, qual è la priorità dei fornitori rispetto agli obbligazionisti secondo la normativa US?
AeneA
Pochi ma buoni
http://www.ft.com/cms/s/0/93a88ce0-...e9-11dd-b634-0000779fd18c.html?nclick_check=1
Mr Marsal legge Paolo
:
"Lehman, which filed for the largest bankruptcy in history in September, would distribute stock in those companies into a trust that would benefit its creditors. That stock would eventually be converted to cash as assets are sold."
Interessante anche questo:
"Lehman is considering the future of the industrial bank it operates in Utah and Lehman Brothers Bank, its thrift. It may try to convince US regulators that the two banks are financially viable and, therefore, eligible to sell loss-making assets into the $700bn troubled asset relief programme. Lehman approached the US Treasury late last year to request inclusion in the Tarp but was denied, said Mr Marsal. The bank plans to reapply for Tarp assistance."
Vedremo...
Mr Marsal legge Paolo
:"Lehman, which filed for the largest bankruptcy in history in September, would distribute stock in those companies into a trust that would benefit its creditors. That stock would eventually be converted to cash as assets are sold."
... Quindi, la sensazione che vogliano "monetizzare" tutto è prevalente. Magari non subito. Ed è sensato, oggi non ti danno nulla per certi assets.
....
Ma non si può escludere alla fine una "finanziaria" che rimanga con alcune partecipazioni, anche perchè il mondo nei prossimi due anni cambierà, e le condizioni potrebbero rendere sensato e possibile quello che oggi lo è meno.
I miei dubbi restano sui vantaggi: una NewCo che deve riquotarsi, essere soggetta alle regole della SOX, fare filing, pagare un managemnet e BoD è veramnete nell'interesse dei bondholders? (spese di diversi milioni di dollaro l'anno...)
Immagino dipenda da cosa c'è dentro. Se c'è poco, io farei un Trust con il compito di gestire i guadagni, e e vendere appena possibile.
Ma nel mezzo ci sono tante di quelle sorprese, che non mi stupirei se i bookmakers facessero fatica a dare percentuali a queste ipotesi...
Interessante anche questo:
"Lehman is considering the future of the industrial bank it operates in Utah and Lehman Brothers Bank, its thrift. It may try to convince US regulators that the two banks are financially viable and, therefore, eligible to sell loss-making assets into the $700bn troubled asset relief programme. Lehman approached the US Treasury late last year to request inclusion in the Tarp but was denied, said Mr Marsal. The bank plans to reapply for Tarp assistance."
Vedremo...
Ultima modifica:
AeneA
Pochi ma buoni
poi guardo le cose con calma, sono appena tornato, ma un commento ci sta tutto: la banca che dovrebbe chiedere il TARP è quella che ha appena detto a Lehman: ve le avevamo vendute il 14 Settembre, le schifezze?!?
La storia si fa ancora più interessante...
E già, proprio quella banca
AeneA
Pochi ma buoni
Articolo della buonanotte:
Lehman Brothers’ Debt Has Shrunk by Two-Thirds to $200 Billion
By Linda Sandler and Christopher Scinta
Feb. 2 (Bloomberg) -- Lehman Brothers Holdings Inc., in its fifth month of bankruptcy, has about $200 billion of unsecured liabilities left to pay, down two-thirds from when it sought court protection, Chief Executive Officer Bryan Marsal said.
Lehman originally had $613 billion in debt, of which $400 billion was short term loans offset by a similar amount of assets that “netted out,” Marsal said in an interview. The firm has $7 billion in cash so far to pay creditors.
“We have 500 people working the assets,” Marsal said. Based on Lehman’s bond prices of 15 cents on the dollar or less, investors anticipate recoveries of no more than $30 billion, or 15 percent of liabilities.
Marsal, 57, co-CEO of New York-based restructuring firm Alvarez & Marsal Inc., took over Lehman’s top job this year from Richard Fuld. Creditors may be paid partly in cash and partly in stock as illiquid real estate and private equity are expected to be sold in the next two to three years, said Marsal.
The restructuring chief said he’s evaluating a plan to create separate companies for real estate and private equity, which would distribute stock.
His firm stands to reap a success fee based on the amount of assets recovered for investors, on top of hourly rates the firm is charging to liquidate the bank.
Once the fourth-largest U.S. investment firm, New York-based Lehman filed the biggest-ever U.S. bankruptcy Sept. 15 in U.S. Bankruptcy Court in Manhattan. The firm has yet to file up-to- date lists of assets and liabilities for all units, making it hard for creditors to figure out how much they might get, said bankruptcy lawyer Martin Bienenstock of Dewey & LeBoeuf, who represents Lehman creditors including Walt Disney Co.
Filing Delays
“The delays in filing schedules for the different entities are keeping creditors in the dark,” Bienenstock said. “Marsal’s comments allow a little light into the room.”
Lehman in December accepted $813.8 million in dividend- paying preferred shares for its Neuberger Berman money management unit, giving 51 percent of the stock to Neuberger money managers and executives while retaining 49 percent.
The bankrupt firm’s New York headquarters accounted for most of the $1.54 billion it received from Barclays Plc for its North American brokerage.
The real estate would be sold “down the road” when commercial property values recover, Marsal said. Some or all of the $8 billion in bank loans may be converted to cash within two years, he said.
Raised $2 Billion
Lehman said last month that it had cash totaling $6.96 billion. So far the bank has raised about $2 billion from $26 billion in derivatives contracts, Marsal said.
His firm was paid $18 million for services and $715,395 in expenses for the six weeks through Nov. 1 after Lehman’s bankruptcy filing, according to court papers filed Jan. 30. That included Marsal’s fees of $322,150 for 379 hours at $850 an hour.
Payments for services were $13.3 million from Nov. 2 through Nov. 30 and expense reimbursements were $711,565, with Marsal getting $156,400 for 184 hours of administration, according to court documents.
The case is In re Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
To contact the reporters on this story: Linda Sandler in New York at [email protected] and; Christopher Scinta in New York bankruptcy court at [email protected].
Last Updated: February 2, 2009 16:42 EST
Lehman Brothers’ Debt Has Shrunk by Two-Thirds to $200 Billion
By Linda Sandler and Christopher Scinta
Feb. 2 (Bloomberg) -- Lehman Brothers Holdings Inc., in its fifth month of bankruptcy, has about $200 billion of unsecured liabilities left to pay, down two-thirds from when it sought court protection, Chief Executive Officer Bryan Marsal said.
Lehman originally had $613 billion in debt, of which $400 billion was short term loans offset by a similar amount of assets that “netted out,” Marsal said in an interview. The firm has $7 billion in cash so far to pay creditors.
“We have 500 people working the assets,” Marsal said. Based on Lehman’s bond prices of 15 cents on the dollar or less, investors anticipate recoveries of no more than $30 billion, or 15 percent of liabilities.
Marsal, 57, co-CEO of New York-based restructuring firm Alvarez & Marsal Inc., took over Lehman’s top job this year from Richard Fuld. Creditors may be paid partly in cash and partly in stock as illiquid real estate and private equity are expected to be sold in the next two to three years, said Marsal.
The restructuring chief said he’s evaluating a plan to create separate companies for real estate and private equity, which would distribute stock.
His firm stands to reap a success fee based on the amount of assets recovered for investors, on top of hourly rates the firm is charging to liquidate the bank.
Once the fourth-largest U.S. investment firm, New York-based Lehman filed the biggest-ever U.S. bankruptcy Sept. 15 in U.S. Bankruptcy Court in Manhattan. The firm has yet to file up-to- date lists of assets and liabilities for all units, making it hard for creditors to figure out how much they might get, said bankruptcy lawyer Martin Bienenstock of Dewey & LeBoeuf, who represents Lehman creditors including Walt Disney Co.
Filing Delays
“The delays in filing schedules for the different entities are keeping creditors in the dark,” Bienenstock said. “Marsal’s comments allow a little light into the room.”
Lehman in December accepted $813.8 million in dividend- paying preferred shares for its Neuberger Berman money management unit, giving 51 percent of the stock to Neuberger money managers and executives while retaining 49 percent.
The bankrupt firm’s New York headquarters accounted for most of the $1.54 billion it received from Barclays Plc for its North American brokerage.
The real estate would be sold “down the road” when commercial property values recover, Marsal said. Some or all of the $8 billion in bank loans may be converted to cash within two years, he said.
Raised $2 Billion
Lehman said last month that it had cash totaling $6.96 billion. So far the bank has raised about $2 billion from $26 billion in derivatives contracts, Marsal said.
His firm was paid $18 million for services and $715,395 in expenses for the six weeks through Nov. 1 after Lehman’s bankruptcy filing, according to court papers filed Jan. 30. That included Marsal’s fees of $322,150 for 379 hours at $850 an hour.
Payments for services were $13.3 million from Nov. 2 through Nov. 30 and expense reimbursements were $711,565, with Marsal getting $156,400 for 184 hours of administration, according to court documents.
The case is In re Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
To contact the reporters on this story: Linda Sandler in New York at [email protected] and; Christopher Scinta in New York bankruptcy court at [email protected].
Last Updated: February 2, 2009 16:42 EST
sparviero7000
Forumer storico
Per Lehman Brothers una soluzione alla Parmalat? (Il Sole 24 Ore)
Il Sole 24 Ore di oggi scrive che per i creditori di Lehman Brothers ci sarebbe una soluzione sul modello di Parmalat, vale a dire la possibilità che i crediti possano essere convertiti in azioni in azioni di una nuova società che potrebbe tornare in borsa nel giro di due anni. Secondo il quotidiano finanziario, la società di consulenza, Alvarez&Marsal starebbe studiando il progetto di separare l’ex colosso bancario statunitense in due società. In una di queste confluirebbero le attività immobiliari, mentre l’altra gestirebbe le attività di private equity. Il Sole 24 Ore scrive anche che Lehman Brothers sta tentando di accedere al piano di salvataggio da 700 miliardi di euro importato dal governo statunitense dell’amministrazione Bush. L’ex colosso bancario, infatti, controlla due banche commerciale
Il Sole 24 Ore di oggi scrive che per i creditori di Lehman Brothers ci sarebbe una soluzione sul modello di Parmalat, vale a dire la possibilità che i crediti possano essere convertiti in azioni in azioni di una nuova società che potrebbe tornare in borsa nel giro di due anni. Secondo il quotidiano finanziario, la società di consulenza, Alvarez&Marsal starebbe studiando il progetto di separare l’ex colosso bancario statunitense in due società. In una di queste confluirebbero le attività immobiliari, mentre l’altra gestirebbe le attività di private equity. Il Sole 24 Ore scrive anche che Lehman Brothers sta tentando di accedere al piano di salvataggio da 700 miliardi di euro importato dal governo statunitense dell’amministrazione Bush. L’ex colosso bancario, infatti, controlla due banche commerciale
AeneA
Pochi ma buoni
Insomma si sono presi a schiaffoni per una scaletta... però ha cominciato lei
Ci manca solo che si debba ricominciare con un altro giudice
AeneA
Pochi ma buoni
Docket 2726 - Fundo de Investimento
Opsss... ci siamo sbagliati... possiamo uscire dal ch11?
Fundo = Fundo de Investimento Multimercado Credito Privado Navigator Investimento No Exterior
Il Fundo entra in ch11 il 5 ottobre, insieme ad altre sussidiarie della LBHI; nella fretta, si ritiene che sia una filiale del Delaware
rolleyes e si cerca di proteggerla dalle "pretese" delle banche...
"Circumstances Of Filing
9. On October 5, 2008, Ten (10) of the Debtors, including Fundo, a wholly
owned subsidiary of chapter 11 debtor Lehman Brothers Special Financing Inc. (“LBSF”),
undertook an emergency filing of chapter 11 petitions with this Court. The filing was
precipitated by the Debtors’ belief that certain banks were, or might be, planning to seize assets
of the Debtors. Fundo was listed on a schedule of Lehman entities holding bank accounts with
substantial cash balances. The Debtors reviewed the information on Fundo in their database and,
based on an inaccurate notation, concluded that Fundo was a U.S. entity incorporated in
Delaware. As a result, Fundo was included in the group of entities for whom the Debtors filed
chapter 11 petitions in an effort to protect assets, for the benefit of all stakeholders, from
unilateral action by the banks. "
Poi, quasi 5 mesi dopo, ci si accorge che:
"10. Subsequent to the filing, the Debtors have become aware of several facts
that inform their current decision to seek dismissal of Fundo’s chapter 11 case, including the
following:
• Fundo is an investment fund organized in Brazil, not a Delaware corporation. The
Debtors have been advised that, under Brazilian law, Fundo does not have a separate
legal personality, except that it can, through its manager (administrador in Portuguese),
enter into contracts and engage in other actions as if it were a legal entity. The Debtors
have been further advised that under Brazilian law, a fund is not eligible for bankruptcy.
• On March 17, 2008, Fundo de Investimento Multilercado Credito Privado Navigator
changed its name to Fundo de Investimento Multilercado Credito Privado Navigator
Investimento No Exterior.
• Fundo is managed by BNY Mellon Serviços Financeiros Distribuidora de Titulos e
Valores Mobiliários S.A., an affiliate of The Bank of New York Mellon, as manager and
administrator, but has no creditors or assets in the U.S. save for an LBHI guaranty of a
claim that Fundo has against a non-U.S., non-debtor affiliate (the “LBHI Guaranty”)."
E allora che ci fanno nel ch11??? Avrebbero perfino trovato chi si comprerebbe qualcosa, ma il potenziale acquirente non si sente sicuro se il Fundo è coinvolto nel ch11 del secolo...
"11. The pendancy of its chapter 11 case has, and is likely to continue to,
impair Fundo’s ability to fully implement its current objective, which is to wind-down its
business in a manner that will maximize recovery for all of its stakeholders. For example, as part
of its winding-down, Fundo has explored the market for certain of its assets in Brazil. Potential
sale partners, however, are reluctant to enter into substantive negotiations because of the
uncertainty surrounding the effect of the U.S. case on Fundo’s assets in Brazil. In sum, the
chapter 11 case has placed Fundo in a bind: it receives none of the protections of the Bankruptcy
Code, since all of its creditors and assets, save for the LBHI Guaranty, are located abroad; under
Brazilian law it may be ineligible for bankruptcy; and it is subject to many of the burdens of
bankruptcy, such as cumbersome administration and the possible triggering of ipso facto
provisions. "
E allora, per cortesia, possiamo farlo uscire?
" Relief Pursuant to Section 305(a)
18. Section 305(a) provides that:
(a) The court, after notice and a hearing, may
dismiss a case under this title or may
suspend all proceedings in a case under this
title, at any time if –
(1) the interests of creditors and the
debtor would be better served by
such dismissal or suspension…. "
Mah...
Opsss... ci siamo sbagliati... possiamo uscire dal ch11?
Fundo = Fundo de Investimento Multimercado Credito Privado Navigator Investimento No Exterior
Il Fundo entra in ch11 il 5 ottobre, insieme ad altre sussidiarie della LBHI; nella fretta, si ritiene che sia una filiale del Delaware
rolleyes e si cerca di proteggerla dalle "pretese" delle banche..."Circumstances Of Filing
9. On October 5, 2008, Ten (10) of the Debtors, including Fundo, a wholly
owned subsidiary of chapter 11 debtor Lehman Brothers Special Financing Inc. (“LBSF”),
undertook an emergency filing of chapter 11 petitions with this Court. The filing was
precipitated by the Debtors’ belief that certain banks were, or might be, planning to seize assets
of the Debtors. Fundo was listed on a schedule of Lehman entities holding bank accounts with
substantial cash balances. The Debtors reviewed the information on Fundo in their database and,
based on an inaccurate notation, concluded that Fundo was a U.S. entity incorporated in
Delaware. As a result, Fundo was included in the group of entities for whom the Debtors filed
chapter 11 petitions in an effort to protect assets, for the benefit of all stakeholders, from
unilateral action by the banks. "
Poi, quasi 5 mesi dopo, ci si accorge che:
"10. Subsequent to the filing, the Debtors have become aware of several facts
that inform their current decision to seek dismissal of Fundo’s chapter 11 case, including the
following:
• Fundo is an investment fund organized in Brazil, not a Delaware corporation. The
Debtors have been advised that, under Brazilian law, Fundo does not have a separate
legal personality, except that it can, through its manager (administrador in Portuguese),
enter into contracts and engage in other actions as if it were a legal entity. The Debtors
have been further advised that under Brazilian law, a fund is not eligible for bankruptcy.
• On March 17, 2008, Fundo de Investimento Multilercado Credito Privado Navigator
changed its name to Fundo de Investimento Multilercado Credito Privado Navigator
Investimento No Exterior.
• Fundo is managed by BNY Mellon Serviços Financeiros Distribuidora de Titulos e
Valores Mobiliários S.A., an affiliate of The Bank of New York Mellon, as manager and
administrator, but has no creditors or assets in the U.S. save for an LBHI guaranty of a
claim that Fundo has against a non-U.S., non-debtor affiliate (the “LBHI Guaranty”)."
E allora che ci fanno nel ch11??? Avrebbero perfino trovato chi si comprerebbe qualcosa, ma il potenziale acquirente non si sente sicuro se il Fundo è coinvolto nel ch11 del secolo...
"11. The pendancy of its chapter 11 case has, and is likely to continue to,
impair Fundo’s ability to fully implement its current objective, which is to wind-down its
business in a manner that will maximize recovery for all of its stakeholders. For example, as part
of its winding-down, Fundo has explored the market for certain of its assets in Brazil. Potential
sale partners, however, are reluctant to enter into substantive negotiations because of the
uncertainty surrounding the effect of the U.S. case on Fundo’s assets in Brazil. In sum, the
chapter 11 case has placed Fundo in a bind: it receives none of the protections of the Bankruptcy
Code, since all of its creditors and assets, save for the LBHI Guaranty, are located abroad; under
Brazilian law it may be ineligible for bankruptcy; and it is subject to many of the burdens of
bankruptcy, such as cumbersome administration and the possible triggering of ipso facto
provisions. "
E allora, per cortesia, possiamo farlo uscire?
" Relief Pursuant to Section 305(a)
18. Section 305(a) provides that:
(a) The court, after notice and a hearing, may
dismiss a case under this title or may
suspend all proceedings in a case under this
title, at any time if –
(1) the interests of creditors and the
debtor would be better served by
such dismissal or suspension…. "
Mah...
AeneA
Pochi ma buoni
Docket 2742 - 2743 - 2747 - Woodlands Commercial Bank
Stavo proprio leggendo questi docket
Un'altra banca della Lehman (indirettamente posseduta attraverso la Lehman Brothers Bancorp Inc, non debitrice): nel dkt 2742 viene richiesto la possibilità di finanziarla, sottolineando l'urgenza dell'azione...
"1. It is imperative that LBHI be authorized to fund a capital injection
into Woodlands Commercial Bank, formerly known as Lehman Brothers Commercial
Bank (“Woodlands” or the “Bank”) – its indirect wholly owned non-debtor subsidiary
to preserve the opportunity to realize the fair value of the Bank’s assets and maximize
recoveries to LBHI’s creditors. As of September 30, 2008, the Bank’s financial
statements reflected the value of LBHI’s equity interest in the Bank at $1 billion. Since
September 30, 2008, there has been no significant change in the composition of the
Bank’s assets or its liabilities. Indeed, the Bank’s current assets include almost $2 billion
in cash or readily liquidable securities. However, due primarily to certain actions by
Lehman Brothers Inc. (“LBI”) surrounding the Bank’s purchase of certain municipal
securities on September 12, 2008 through LBI and LBI’s failure to deliver the securities,
the Bank’s December 31, 2008 financial report reflects a material decrease in the Bank’s
capital level to the point that the Bank’s regulators now contend the Bank is insufficiently
capitalized as calculated under applicable banking regulations. Given the Bank’s
regulatory position, the Bank found it necessary to enter into a cease and desist order with
its regulators that requires the Bank to raise its capital by no later than February 20, 2009
to satisfy all capital adequacy levels required by the applicable regulations. Unless the
Bank complies with the cease and desist order, the Bank faces an imminent risk of the
most serious of regulatory actions – the appointment of a receiver. If a receiver is
appointed, the Bank’s assets likely will be seized and subjected to a fire sale liquidation,
and any opportunity to realize the value that could be derived for the benefit of LBHI and
its creditors will be permanently lost. "
LBHI richiede:
" 8. By this Motion, LBHI seeks authorization, but not direction,
pursuant to sections 105(a) and 363(b)(1) of the Bankruptcy Code and Bankruptcy Rule
6004 to fund capital infusions into the Bank of up to $272 million in cash (the “Capital
Contributions”), of which the initial infusion of up to approximately $200 million would
be made by February 20, 2009.
The initial capital infusion is expected to be made, and
additional capital infusions may be made, in exchange for a first right of recovery on the
Bank’s claim against LBI and/or others related to certain municipal securities. "
Ovviamente
" The Bank is an extremely valuable asset of LBHI’s estate. "
Nel dkt 2743, sempre datato 6 febbraio, l'avvocato Perez richiede di accellerare la procedura, anticipando l'esame della mozione all'11 febbraio.
E infine, dkt 2747, sempre di oggi, Peck approva la data di udienza, fissando al 10 febbraio la deadline per le eventuali obiezioni.
Stavo proprio leggendo questi docket
Un'altra banca della Lehman (indirettamente posseduta attraverso la Lehman Brothers Bancorp Inc, non debitrice): nel dkt 2742 viene richiesto la possibilità di finanziarla, sottolineando l'urgenza dell'azione...
"1. It is imperative that LBHI be authorized to fund a capital injection
into Woodlands Commercial Bank, formerly known as Lehman Brothers Commercial
Bank (“Woodlands” or the “Bank”) – its indirect wholly owned non-debtor subsidiary
to preserve the opportunity to realize the fair value of the Bank’s assets and maximize
recoveries to LBHI’s creditors. As of September 30, 2008, the Bank’s financial
statements reflected the value of LBHI’s equity interest in the Bank at $1 billion. Since
September 30, 2008, there has been no significant change in the composition of the
Bank’s assets or its liabilities. Indeed, the Bank’s current assets include almost $2 billion
in cash or readily liquidable securities. However, due primarily to certain actions by
Lehman Brothers Inc. (“LBI”) surrounding the Bank’s purchase of certain municipal
securities on September 12, 2008 through LBI and LBI’s failure to deliver the securities,
the Bank’s December 31, 2008 financial report reflects a material decrease in the Bank’s
capital level to the point that the Bank’s regulators now contend the Bank is insufficiently
capitalized as calculated under applicable banking regulations. Given the Bank’s
regulatory position, the Bank found it necessary to enter into a cease and desist order with
its regulators that requires the Bank to raise its capital by no later than February 20, 2009
to satisfy all capital adequacy levels required by the applicable regulations. Unless the
Bank complies with the cease and desist order, the Bank faces an imminent risk of the
most serious of regulatory actions – the appointment of a receiver. If a receiver is
appointed, the Bank’s assets likely will be seized and subjected to a fire sale liquidation,
and any opportunity to realize the value that could be derived for the benefit of LBHI and
its creditors will be permanently lost. "
LBHI richiede:
" 8. By this Motion, LBHI seeks authorization, but not direction,
pursuant to sections 105(a) and 363(b)(1) of the Bankruptcy Code and Bankruptcy Rule
6004 to fund capital infusions into the Bank of up to $272 million in cash (the “Capital
Contributions”), of which the initial infusion of up to approximately $200 million would
be made by February 20, 2009.
The initial capital infusion is expected to be made, and
additional capital infusions may be made, in exchange for a first right of recovery on the
Bank’s claim against LBI and/or others related to certain municipal securities. "
Ovviamente
" The Bank is an extremely valuable asset of LBHI’s estate. "
Nel dkt 2743, sempre datato 6 febbraio, l'avvocato Perez richiede di accellerare la procedura, anticipando l'esame della mozione all'11 febbraio.
E infine, dkt 2747, sempre di oggi, Peck approva la data di udienza, fissando al 10 febbraio la deadline per le eventuali obiezioni.
Similar threads
