Sep 19, 2009 (Zacks.com via COMTEX) -- "Morgan Stanley (MS) sold a claim on $1.2 billion of Lehman Brothers' (LEHMQ) liquidation to about 10 different investors this week. The claim was connected to approximately 10,000 derivative transactions for which Lehman was the counterparty. The sales price was 38.5% of the face value or $462 million. Lehman Brothers Holdings filed for Chapter 11 bankruptcy protection in September 2008. This was the high water mark of the credit market turmoil. After this big fall, some counterparties suffered huge losses, which are now looking to claim. Some investors have the capability of recovering more on the claims than what the original sellers of the claims expect. As a result, demand for buying and selling those claims has increased significantly. Furthermore, with signs of recovery, the recent market stability boosted the trading opportunities in these claims as their value increased over the last six months. One of the first big blocks of claims was traded by Deutsche Bank (DB) in June. Deutsche traded more than EUR500 million in the liquidation of Lehman's European operating company, Lehman Brothers International Europe. Last month, hedge fund Citadel Investment Group sold a claim on $423 million of Lehman Brothers' assets to Credit Suisse Group (CS), according to a filing at New York Bankruptcy Court. Though cyclical headwinds and market turmoil are expected to persist for a while, we believe that the management of Morgan Stanley is staying the course to emerge from the downturn and building a strong competitive position. However, the current backdrop remains challenging, given the weak housing market and increasing unemployment. Morgan Stanley's second quarter results experienced continued improvement in credit default spreads and it was among the first banks to repay the bailout money. Given the continued momentum in its core institutional securities franchise and cost containment measures, we expect Morgan Stanley to deliver strong results in the near future."
More money in the bank!!
More money in the bank!!
You might get lucky adding in the low $5s since the bid/ask is now $5.30 x $7.00 ... I saw one low trade go through towards the end of the day, but that mightve been MM manipulation, tough to tell right now. These will be heading to $10 in short-order and after that, all I can say is buckle your seatbelts. These could see as much as $100 by the time Lehman's trial starts -- OCT 15, 2009!!
HUGE WIN FOR LEHMAN BROS TODAY:
http://www.reuters.com/article/marketsNews/idCNN2339187720090923?rpc=44
NY court nixes option to cease payments in swap dispute
NEW YORK, Sept 23 (Reuters) - A decision by a New York bankruptcy court in a dispute involving Lehman Brothers (LEHMQ.PK) is likely to make it harder for companies that have derivatives trades with the firm to keep the contracts open yet avoid making payments due to the bank's failure.
The court found last week that Metavante Technologies (MV.N), which had an interest rate swap with Lehman, must continue to make payments on the contract, after the company chose not to exercise an option to terminate the swap upon Lehman's failure.
Metavante, a provider of banking and payment technology, had argued that it should not be required to make payments on the contract because Lehman's default left it without an effective counterparty.
The firm also argued that as the non-defaulting party it had the option to wait to terminate the trade until market conditions favored the company.
"The court is saying that while you don't have to designate an early termination you then have to perform, and if you do elect to terminate under the safe harbor you have to do so within a reasonable amount of time after the bankruptcy occurs," said Richard Schetman, partner at law firm Cadwalader, Wickersham & Taft in New York in a comment on the decision.
Derivatives, contracts that are based on the value of an underlying asset, benefit from a safe harbor provision that allows trade counterparties to terminate the contracts in the event of a default.
The contracts, however, don't typically specify a deadline for announcing an intention to terminate the trade.
"This case provides some clarity on the application of the swap safe harbor, though my sense is that the large majority of counterparties have previously terminated their Lehman trades," said Schetman.
Lehman has sued counterparties including American International Group (AIG.N) for using its bankruptcy as a means to avoid making payments on derivatives, which it says violates U.S. bankruptcy code. For details, see [ID:nN12164349]
The case was heard in the U.S. Bankruptcy Court for the Southern District of New York. (Reporting by Karen Brettell; Editing by Theodore d'Afflisio)
http://www.reuters.com/article/marketsNews/idCNN2339187720090923?rpc=44
NY court nixes option to cease payments in swap dispute
NEW YORK, Sept 23 (Reuters) - A decision by a New York bankruptcy court in a dispute involving Lehman Brothers (LEHMQ.PK) is likely to make it harder for companies that have derivatives trades with the firm to keep the contracts open yet avoid making payments due to the bank's failure.
The court found last week that Metavante Technologies (MV.N), which had an interest rate swap with Lehman, must continue to make payments on the contract, after the company chose not to exercise an option to terminate the swap upon Lehman's failure.
Metavante, a provider of banking and payment technology, had argued that it should not be required to make payments on the contract because Lehman's default left it without an effective counterparty.
The firm also argued that as the non-defaulting party it had the option to wait to terminate the trade until market conditions favored the company.
"The court is saying that while you don't have to designate an early termination you then have to perform, and if you do elect to terminate under the safe harbor you have to do so within a reasonable amount of time after the bankruptcy occurs," said Richard Schetman, partner at law firm Cadwalader, Wickersham & Taft in New York in a comment on the decision.
Derivatives, contracts that are based on the value of an underlying asset, benefit from a safe harbor provision that allows trade counterparties to terminate the contracts in the event of a default.
The contracts, however, don't typically specify a deadline for announcing an intention to terminate the trade.
"This case provides some clarity on the application of the swap safe harbor, though my sense is that the large majority of counterparties have previously terminated their Lehman trades," said Schetman.
Lehman has sued counterparties including American International Group (AIG.N) for using its bankruptcy as a means to avoid making payments on derivatives, which it says violates U.S. bankruptcy code. For details, see [ID:nN12164349]
The case was heard in the U.S. Bankruptcy Court for the Southern District of New York. (Reporting by Karen Brettell; Editing by Theodore d'Afflisio)
Lehman Stocks should SOAR tomorrow.
LEHMQ NEWS!!! HUGE!!!
Judge Seeks To Return Reserve Primary Fund Assets Quickly
Last update: 9/23/2009 5:08:39 PM
By Daisy Maxey
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--A federal judge indicated he wants to move quickly to return remaining assets in the Reserve Primary Fund to its shareholders, the same day that the fund said it plans a $1 billion distribution to shareholders.
The distribution, set for on or about Oct. 2, will be the fifth to the Primary Fund's shareholders since the once-$63 billion money-market fund reported losses last year as a result of its stake in Lehman Brothers Holdings Inc. (LEHMQ), sparking redemptions and fear across the money-market fund industry.
The pro-rata payout to investor
s represents about 22% of the fund's remaining asset value of $4.5 billion. Included in the remaining $4.5 billion is about $3.5 billion that will remain in the fund and includes its stake in Lehman Brothers securities, which is valued at zero. That money is being held in a special reserve to be used for costs and expenses, including legal and accounting fees, pending or threatened claims against it, its officers and trustees, and claims that could be made against its assets.
Meanwhile, Paul Gardephe, the federal judge considering the Securities and Exchange Commission's distribution plan in the U.S. District Court for the Southern District of New York, indicated his ambitious goal is to set a deadline of Dec. 23 to get the bulk of the money still in the fund back to shareholders, sources who attended Wednesday's two-and-a-half-hour hearing said.
The judge is expected to issue an order as early as today directing the SEC to file a final order for its distribution plan, and to suggest a monitor to oversee the liquidation, sources said.
Gardephe indicated he would order further briefs within 10 days on whether a "claw back," which would take some assets back from investors who got out of the fund before it shut off redemptions, will be considered, according to the sources.
The SEC's plan would appoint a monitor to liquidate and distribute the fund's assets on a pro-rata basis, investigate the grounds for a "claw back" and look into the circumstances surrounding some transfers by shareholders to other funds as Primary Fund ran into trouble, among other duties. Under that plan, the monitor would have 90 days to consider the claw back issue, but sources said the judge appears to want to settle the matter more quickly.
Top securities regulators in Massachusetts have opposed the SEC's plan because of the possibility of a claw back, which they say would be unfair to investors who were able to redeem. However, some significant investors in the fund are in favor of a clawback, sources say.
Under the SEC's plan, Primary Fund investors would be expected to receive 99 cents on the dollar.
After the distribution now set early October is made, the fund will have returned to investors about 92% of the assets it held as of the close of business on Sept. 15, 2008. On Sept. 16, 2008 the fund's net asset value dipped below the $1 per share money-market funds strive to maintain.
The planned distribution will represent principal only, and income accrued after Sept. 14, 2008 is addressed in the fund's liquidation plan.
If the judge approves the SEC's distribution proposal for the Primary Fund, which its trustees support, it would settle the lion's share of the liquidation, though some would continue, and likely result in assets being returned to investors relatively quickly. If he doesn't approve the plan, the fund will likely continue to be mired in litigation.
In a May 5 complaint, the SEC charged Reserve Management; Bruce Bent Sr., the founder of the Primary Fund; and his son, Bruce Bent II; among others, with fraud relating to their actions in regard to the Primary Fund. That complaint will continue regardless of what happens with the SEC's distribution plan.
The defendants have made a motion to dismiss that complaint, and the SEC has responded.
By Daisy Maxey; Dow Jones Newswires; <?XML:NAMESPACE PREFIX = SKYPE /><SKYPE:SPAN id=softomate_v3_highlight_0 class=skype_v3_tb_injection title=Call this phone number in United States of America with Skype: +12124162237 mode=".modern" context="212-416-2237" durex="%DADDYWIDTH%" durex2="%DADDYHEIGHT%" path="file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/" type=".flex" fwidth="" freecall="" isfax="" nof="" skypeaction="call" skypeid="0"><SKYPE:SPAN id=skype_v3_tb_nop0 class=skype_v3_tb_nop> </SKYPE:SPAN><SKYPE:SPAN style="BACKGROUND-IMAGE: url(file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/inactive_a.modern.flex.gif)" id=skype_v3_tb_droppart_0 class=skype_v3_tb_imgA_flex title="Skype actions" skypeaction="drop" skypeid="0" skypesms="0"> <SKYPE:SPAN style="BACKGROUND-IMAGE: url(file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/famfamfam/US.gif)" id=skype_v3_tb_img_f0 class=skype_v3_tb_imgFlag></SKYPE:SPAN> <SKYPE:SPAN class=skype_v3_tb_nop> </SKYPE:SPAN></SKYPE:SPAN><SKYPE:SPAN style="BACKGROUND-IMAGE: url(file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/inactive_s.flex.modern.gif)" id=skype_v3_tb_img_s0 class=skype_v3_tb_imgS> </SKYPE:SPAN><SKYPE:SPAN style="BACKGROUND-IMAGE: url(file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/inactive_m.modern.gif)" id=skype_v3_tb_text0 class=skype_v3_tb_injectionIn><SKYPE:SPAN style="BACKGROUND-IMAGE: url(file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/inactive_m.modern.gif)" id=skype_v3_tb_innerText0 class=skype_v3_tb_innerText> 212-416-2237 </SKYPE:SPAN></SKYPE:SPAN><SKYPE:SPAN style="BACKGROUND-IMAGE: url(file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/inactive_r.modern.gif)" id=skype_v3_tb_img_r0 class=skype_v3_tb_imgR><SKYPE:SPAN class=skype_v3_tb_nop> </SKYPE:SPAN></SKYPE:SPAN></SKYPE:SPAN> <SKYPE:SPAN id=softomate_v3_print_0 class=skype_v3_tb_injection_print context="">212-416-2237</SKYPE:SPAN>; daisy.maxey@dowjones.com
LEHMQ NEWS!!! HUGE!!!
Judge Seeks To Return Reserve Primary Fund Assets Quickly
Last update: 9/23/2009 5:08:39 PM
By Daisy Maxey
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--A federal judge indicated he wants to move quickly to return remaining assets in the Reserve Primary Fund to its shareholders, the same day that the fund said it plans a $1 billion distribution to shareholders.
The distribution, set for on or about Oct. 2, will be the fifth to the Primary Fund's shareholders since the once-$63 billion money-market fund reported losses last year as a result of its stake in Lehman Brothers Holdings Inc. (LEHMQ), sparking redemptions and fear across the money-market fund industry.
The pro-rata payout to investor
s represents about 22% of the fund's remaining asset value of $4.5 billion. Included in the remaining $4.5 billion is about $3.5 billion that will remain in the fund and includes its stake in Lehman Brothers securities, which is valued at zero. That money is being held in a special reserve to be used for costs and expenses, including legal and accounting fees, pending or threatened claims against it, its officers and trustees, and claims that could be made against its assets.
Meanwhile, Paul Gardephe, the federal judge considering the Securities and Exchange Commission's distribution plan in the U.S. District Court for the Southern District of New York, indicated his ambitious goal is to set a deadline of Dec. 23 to get the bulk of the money still in the fund back to shareholders, sources who attended Wednesday's two-and-a-half-hour hearing said.
The judge is expected to issue an order as early as today directing the SEC to file a final order for its distribution plan, and to suggest a monitor to oversee the liquidation, sources said.
Gardephe indicated he would order further briefs within 10 days on whether a "claw back," which would take some assets back from investors who got out of the fund before it shut off redemptions, will be considered, according to the sources.
The SEC's plan would appoint a monitor to liquidate and distribute the fund's assets on a pro-rata basis, investigate the grounds for a "claw back" and look into the circumstances surrounding some transfers by shareholders to other funds as Primary Fund ran into trouble, among other duties. Under that plan, the monitor would have 90 days to consider the claw back issue, but sources said the judge appears to want to settle the matter more quickly.
Top securities regulators in Massachusetts have opposed the SEC's plan because of the possibility of a claw back, which they say would be unfair to investors who were able to redeem. However, some significant investors in the fund are in favor of a clawback, sources say.
Under the SEC's plan, Primary Fund investors would be expected to receive 99 cents on the dollar.
After the distribution now set early October is made, the fund will have returned to investors about 92% of the assets it held as of the close of business on Sept. 15, 2008. On Sept. 16, 2008 the fund's net asset value dipped below the $1 per share money-market funds strive to maintain.
The planned distribution will represent principal only, and income accrued after Sept. 14, 2008 is addressed in the fund's liquidation plan.
If the judge approves the SEC's distribution proposal for the Primary Fund, which its trustees support, it would settle the lion's share of the liquidation, though some would continue, and likely result in assets being returned to investors relatively quickly. If he doesn't approve the plan, the fund will likely continue to be mired in litigation.
In a May 5 complaint, the SEC charged Reserve Management; Bruce Bent Sr., the founder of the Primary Fund; and his son, Bruce Bent II; among others, with fraud relating to their actions in regard to the Primary Fund. That complaint will continue regardless of what happens with the SEC's distribution plan.
The defendants have made a motion to dismiss that complaint, and the SEC has responded.
By Daisy Maxey; Dow Jones Newswires; <?XML:NAMESPACE PREFIX = SKYPE /><SKYPE:SPAN id=softomate_v3_highlight_0 class=skype_v3_tb_injection title=Call this phone number in United States of America with Skype: +12124162237 mode=".modern" context="212-416-2237" durex="%DADDYWIDTH%" durex2="%DADDYHEIGHT%" path="file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/" type=".flex" fwidth="" freecall="" isfax="" nof="" skypeaction="call" skypeid="0"><SKYPE:SPAN id=skype_v3_tb_nop0 class=skype_v3_tb_nop> </SKYPE:SPAN><SKYPE:SPAN style="BACKGROUND-IMAGE: url(file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/inactive_a.modern.flex.gif)" id=skype_v3_tb_droppart_0 class=skype_v3_tb_imgA_flex title="Skype actions" skypeaction="drop" skypeid="0" skypesms="0"> <SKYPE:SPAN style="BACKGROUND-IMAGE: url(file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/famfamfam/US.gif)" id=skype_v3_tb_img_f0 class=skype_v3_tb_imgFlag></SKYPE:SPAN> <SKYPE:SPAN class=skype_v3_tb_nop> </SKYPE:SPAN></SKYPE:SPAN><SKYPE:SPAN style="BACKGROUND-IMAGE: url(file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/inactive_s.flex.modern.gif)" id=skype_v3_tb_img_s0 class=skype_v3_tb_imgS> </SKYPE:SPAN><SKYPE:SPAN style="BACKGROUND-IMAGE: url(file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/inactive_m.modern.gif)" id=skype_v3_tb_text0 class=skype_v3_tb_injectionIn><SKYPE:SPAN style="BACKGROUND-IMAGE: url(file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/inactive_m.modern.gif)" id=skype_v3_tb_innerText0 class=skype_v3_tb_innerText> 212-416-2237 </SKYPE:SPAN></SKYPE:SPAN><SKYPE:SPAN style="BACKGROUND-IMAGE: url(file://C:/Users/kuwlness/AppData/Local/Temp/Low/__SkypeIEToolbar_Cache/e70d95847a8f5723cfca6b3fd9946506/static/inactive_r.modern.gif)" id=skype_v3_tb_img_r0 class=skype_v3_tb_imgR><SKYPE:SPAN class=skype_v3_tb_nop> </SKYPE:SPAN></SKYPE:SPAN></SKYPE:SPAN> <SKYPE:SPAN id=softomate_v3_print_0 class=skype_v3_tb_injection_print context="">212-416-2237</SKYPE:SPAN>; daisy.maxey@dowjones.com
Didnt you get the PQs when they were $3-5?? If so, they're trading between $7-8 now and thats mostly because of manipulation -- they are still one of the best Lehman buys right now -- I think LEHCQ is the best from a percentage basis right now, but theyre not as liquid and fluctuate heavily on MM manipulation.
The PQs are gonna pop between now and October 15th (first day of the Lehman trial). I've heard a very wide range for what these could be worth, but I'm guessing they'll probably be worth at least $20 by this time in October, but hoping for more like $45. In the long run, assuming things go Lehman's way (which is to be expected considering all their assets), there will be enough to pay off the Preferreds in a range that is wide -- some say 5-10%, and others say 25-50%.
All I know is, the LEHPQs have a full face value of $1000 ... so anything less than 5% of $1000 is a good deal. 5% of $1k = $50. Although, the potential upside is monstrous considering they could be worth as much as $500, maybe even full face if the liquidation goes well enough ... and looking at the economy, there's a good chance their sh!t will be worth more over the next 6-8 months as they continue to liquidate their assets.
MMs are playing games big time. I had an open order for 500 (regular order, not all or none) at $5.75 and I didnt get filled when they dropped it all the way to $2 earlier. It's so blatantly obvious. I took a few screenshots and sent them to my broker, even though I know it'll get me nowhere. But its unreal the maniplation these MMs are doing, not to mention someone got paid huge by buying at $2, considering they closed at $9. Instant 450% ROI. Such BS, lol. Not complaining though, when they dropped it the 2nd time, I got filled at $5.75 ... only for 100 though unfortaunately. I suggest everyone leave a good until cancelled order on the LEHPQs at the bid because these are easy money and are gonna be huge going into 10/15. HUGE!! Lol
Remember, these are easy to sell, but hard as hell to buy back. Dont get caught flipping 'em!
Nothing but AIR between $15 and $200, lets see if we can get her back up there ... wouldnt that be sweet!?
http://stockcharts.com/charts/gallery.html?LEHPQ
http://stockcharts.com/charts/gallery.html?LEHPQ
as for lehman no way in hell i'd touch
there's a long ass line of creditors looking to get some money
------------------------
U.S. Bancorp Leads U.S. Firms in Lehman Claims (Update1)
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By Michael J. Moore
Sept. 25 (Bloomberg) -- The U.S.’s eight biggest banks, including U.S. Bancorp and Bank of America Corp., filed more than $20.8 billion of claims in Lehman Brothers Holdings Inc.’s bankruptcy case.
U.S. Bancorp, acting as a trustee, filed claims of more than $12.4 billion, according to Lehman’s bankruptcy claims administrator, Epiq Systems. Bank of America, the biggest U.S. bank by assets, is seeking to recover more than $5.2 billion. Morgan Stanley, which converted into a bank holding company less than a week after Lehman collapsed, is seeking at least $3 billion.
Creditors from sovereign wealth funds to sports teams submitted more than 16,000 claims against Lehman before a Sept. 22 deadline. Lehman, once the fourth-largest investment bank, filed the largest bankruptcy in U.S. history by assets listed in the petition in September 2008. The New York-based company said it had $613 billion of total debts and $639 billion of assets.
Lehman creditors worldwide might file more than $1 trillion in claims against the bankrupt investment bank and likely will have trouble validating them, said Harvey Miller, Lehman’s lead bankruptcy lawyer.
Goldman Sachs Group Inc. filed claims totaling at least $90 million, according to data listed on Epiq’s Web site for the Lehman case. Citigroup Inc. filed for at least $7 million, while PNC Financial Services Group Inc. is seeking more than $3.2 million. JPMorgan Chase & Co. and Wells Fargo & Co. are seeking to recover more than $500,000 each.
Some of the claims are duplicates, filed for the same amount against different Lehman units, and some were made by investment funds that the firms manage. Others, such as U.S. Bancorp, were acting as trustees on behalf of others.
Credit Suisse
Several large claims also have been sold in recent months, according to court records. Credit Suisse Group AG, Switzerland’s second-largest bank, is trying to sell a $1 billion claim it holds against Lehman, people familiar with the matter said yesterday.
Some claims may have been filed and not yet posted, and claims related to certain Lehman securities aren’t due until Nov. 2, according to court papers.
The case is: In re Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
there's a long ass line of creditors looking to get some money
------------------------
U.S. Bancorp Leads U.S. Firms in Lehman Claims (Update1)
Share | Email | Print | A A A
By Michael J. Moore
Sept. 25 (Bloomberg) -- The U.S.’s eight biggest banks, including U.S. Bancorp and Bank of America Corp., filed more than $20.8 billion of claims in Lehman Brothers Holdings Inc.’s bankruptcy case.
U.S. Bancorp, acting as a trustee, filed claims of more than $12.4 billion, according to Lehman’s bankruptcy claims administrator, Epiq Systems. Bank of America, the biggest U.S. bank by assets, is seeking to recover more than $5.2 billion. Morgan Stanley, which converted into a bank holding company less than a week after Lehman collapsed, is seeking at least $3 billion.
Creditors from sovereign wealth funds to sports teams submitted more than 16,000 claims against Lehman before a Sept. 22 deadline. Lehman, once the fourth-largest investment bank, filed the largest bankruptcy in U.S. history by assets listed in the petition in September 2008. The New York-based company said it had $613 billion of total debts and $639 billion of assets.
Lehman creditors worldwide might file more than $1 trillion in claims against the bankrupt investment bank and likely will have trouble validating them, said Harvey Miller, Lehman’s lead bankruptcy lawyer.
Goldman Sachs Group Inc. filed claims totaling at least $90 million, according to data listed on Epiq’s Web site for the Lehman case. Citigroup Inc. filed for at least $7 million, while PNC Financial Services Group Inc. is seeking more than $3.2 million. JPMorgan Chase & Co. and Wells Fargo & Co. are seeking to recover more than $500,000 each.
Some of the claims are duplicates, filed for the same amount against different Lehman units, and some were made by investment funds that the firms manage. Others, such as U.S. Bancorp, were acting as trustees on behalf of others.
Credit Suisse
Several large claims also have been sold in recent months, according to court records. Credit Suisse Group AG, Switzerland’s second-largest bank, is trying to sell a $1 billion claim it holds against Lehman, people familiar with the matter said yesterday.
Some claims may have been filed and not yet posted, and claims related to certain Lehman securities aren’t due until Nov. 2, according to court papers.
The case is: In re Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
I'll just refer you to the article posted a few lines up, but here's a quick statement from the article:
"A federal judge indicated he wants to move quickly to return remaining assets in the Reserve Primary Fund to its shareholders, the same day that the fund said it plans a $1 billion distribution to shareholders."
It's only a few lines up, titled: "Judge Seeks To Return Reserve Primary Fund Assets Quickly"
And that's just the beginning. Next up is the lawsuit against JPM starting 10/15. Mo' Money ... the Fed's not gonna be able to print enough money to cover all these lawsuits ... "Print Bitches!"
