Lehman

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Lehman Files Status Update





Bankrupt Lehman Brothers posted a monthly operating report for January in which it disclosed a $1.8 billion increase in the cash of the bankrupt estate. At the end of January Lehman held total cash of $6.8 billion. The cash at LBHI alone is worth roughly 5 cents in recoveries to bondholders (assuming $150 billion in unsecured claims).

 
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Lehman Files Status Update





Bankrupt Lehman Brothers posted a monthly operating report for January in which it disclosed a $1.8 billion increase in the cash of the bankrupt estate. At the end of January Lehman held total cash of $6.8 billion. The cash at LBHI alone is worth roughly 5 cents in recoveries to bondholders (assuming $150 billion in unsecured claims).

 
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Barclays Fleeced Lehman Creditors By $5 Billion





For those that remember the surreal weekend before Lehman filed chapter 11, Barclays was considered an eleventh hour white knight who would swoop in and buy the bank. These rumors were squashed after Barclays pussied out, saying it would not be able to afford Lehman without the Queen's, the Fed's and Santa Claus' blessings... Nonetheless, the bank did its diligence, and 4 days after Lehman filed, Barc used the smoke and mirrors of bankruptcy court to snatch the U.S. broker dealer for metaphorically pennies on the dollar, and literally $1.75 billion.

 
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Why Citi Will Not Follow In Lehman's Footsteps





Here is something for all those who say we are permadoom sayers... Fresh from gimme credit, and we tend to agree. A full blown implosion of Citi would be the Mutual Assured Destruction to everyone with exposure to Citi, which is... well... everyone, whether it is by 1 or 6 degrees of separation. Betting on Citi's demise is ironically just like buying US Sovereign CDS: you have a high likelihood of being right, but if you are, the money you make (assuming someone honors the contract you are collecting under) will be worth just the paper it is written on.

From GimmeCredit:

 
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More Bad News For Bankrupt Lehman: CFO Resigns





The bad news for creditors of bankrupt Lehman Bros just keep coming.

 
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More Insider Transactions In Unwinding Lehman





Following in the footsteps of previous insider firesales (Neuberger, R3, merchant-banking) within the bankrupt estate, Lehman's former Venture Capital arm is the most recent asset to be sold to yet another Lehman insider, this time Thomas Banahan, ex-head of global venture c

 
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Lehman Advisors to Pocket $1.4 Billion





As we have pointed out before (here and here), the free-for-all that is the Lehman bankruptcy case is a gold mine for a whole lot of scavengers.

 
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Lehman Advisors to Pocket $1.4 Billion





As we have pointed out before (here and here), the free-for-all that is the Lehman bankruptcy case is a gold mine for a whole lot of scavengers.

 
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First Lehman, Now Goldman Saying Run For Cover





A report released earlier by Goldman thinkers Krag Gregory and John Marshall discussing volatility and options strategy, is recommending loading up the boat on S&P puts. The GS "portfolio strategy" team (we assume this is not the guys on the prop side who usually execute the opposite of whatever the sellside guys preach) expects the market to retest the 750 low in Q1, pretty much what Lehman said over the weekend.

 
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Lehman Bankruptcy Judge James Peck Arrested for Beating Wife





The stress of the "biggest bankruptcy in history" and all those fee applications must really be getting to him.

 
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Alvarez Asks For $400,000/Day To Let Lehman Creditors Sort Out Their Own Mess





Restructuring consultancy firm Alvarez & Marsal has decided to take the easy way out, and simply give creditors in the Lehman's bankruptcy equity instead of trying to maximize cash recoveries. The bulk of Lehman's residual value (or lack thereof) is contained in its hard to value real estate and private equity assets.

 
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Anton Valukas Named Examiner in Lehman Bankruptcy Case





Anton Valukas, a Jenner and Block lawyer who specializes in criminal law and business litigation, was appointed the role of examiner in Lehman's bankruptcy case.

 
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Lehman Carcass: Feeding Ground for 513 Lawyers





A notice sent out yesterday to all known and unknown lawyers involved in the "biggest bankruptcy of all time" can be found here.


Lawyers A Thru C, for full list click above

 
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Lehman Carcass: Feeding Ground for 513 Lawyers





A notice sent out yesterday to all known and unknown lawyers involved in the "biggest bankruptcy of all time" can be found here.


Lawyers A Thru C, for full list click above

 
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Lehman Posts Bankruptcy Status Update





Once the 4th largest investment bank in the U.S., and the house that Dick Fuld built, Lehman Brothers' today posted an update of its reorganization status in an 8K with the SEC. In a very interesting analysis by Alvarez & Marsal, several things become obvious.

 
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