Obbligazioni in default Lehman Brothers - sviluppi Chapter 11 (1 Viewer)

AeneA

Pochi ma buoni
Altro sguardo ai proof of claims... sono arrivati a quasi 1900.

Ora spicca, mettendoli in ordine di grandezza, quello che ha presentato il 6 gennaio la Lehman Brothers Bank, di $ 2.192.000.000 (parzialmente secured).

Nel claim si parla di questa cifra come derivata da certi Master Forward Agreement e Master Netting Agreement fra LBB e LBHI, definiti "safe harbored" (che vuol dire?:-?) per le leggi del Bankruptcy.

Mi sembra particolare il fatto che il claim venga da un'entità del gruppo; non mi ricordo da chi dipenda la LBB, domani magari cerco di rintracciarla nello schema delle sussidiarie.
 

AeneA

Pochi ma buoni
Docket 2642 - LBHI e Valukas

Accordo fra Miller e Valukas, con richiesta di approvazione del giudice entro le 12 del 29/1 e tempo massimo per le obiezioni entro le 11.30 dello stesso giorno, sulle "Shared Information", le informazioni che verranno passate da LBHI all'Examiner.

Dall'accordo sembra che Miller si sia preoccupato di garantire che il passaggio di informazioni rispetti il segreto professionale:

"1. Documents and/or information that the Examiner may request from Lehman
may be subject to a privilege or other protection from discovery, including the attorney-client
privilege, the work-product doctrine or any other privilege, right, or immunity Lehman may be
entitled to claim or invoke
(collectively, the “Shared Information”). This Stipulation does not
create any obligation or duty on behalf of Lehman to provide any Shared Information to the
Examiner and the provision of any Shared Information is voluntary. Except as expressly
provided herein, the Examiner may use the Shared Information in connection with the Examiner
Investigation.
2. By entering into this Stipulation or by any action or conduct pursuant to this
Stipulation, including, but not limited to, Lehman’s provision of Shared Information to the
Examiner, neither the Parties, nor their respective professionals, intend to, or shall, waive, in
whole or part, the attorney-client privilege, the work-product doctrine or any other privilege,
right, or immunity they may be entitled to claim or invoke with respect to any Shared
Information or otherwise. "

Infatti l'Examiner e i suoi collaboratori saranno obbligati a tenere riservate le informazioni di cui verranno a conoscenza; se dovessero ricevere richieste da terze parti, anche in caso di inchieste governative o processi, devono avvertire entro 3 giorni Lehman, che a sua volta avrà 5 giorni per obiettare.

Inoltre:

"5. If the Examiner desires to share Shared Information with any persons or
entities (including governmental units) not authorized to receive Shared Information pursuant to
this Stipulation (whether through any oral or written report by the Examiner, witness interview,
deposition, or examination under Federal Rule of Bankruptcy Procedure 2004), the Examiner
must either (i) obtain the advanced, written consent of Lehman or its counsel, or (ii) file an
application with the Bankruptcy Court, in camera, to request authorization to produce, share or
otherwise provide any of the Shared Information with a party not covered by this Stipulation.
Lehman shall have ten (10) business days to either consent to the disclosure of Shared
Information or oppose the Examiner’s application. "

"8. Any violation of the terms of this Stipulation by the Examiner shall
constitute sufficient cause for Lehman to immediately cease providing the Examiner any Shared
Information and demand the return of all Shared Information within five (5) business days.

Furthermore, any third-party who has received Shared Information from the Examiner other than
in compliance with this Stipulation, whether inadvertent or not, shall, upon learning that any
documents or materials are Shared Information, immediately return all Shared Information to
Lehman no later than two (2) calendar days from receipt of a request for the return of the Shared
Information by Lehman or the Examiner.
9. Nothing in this Stipulation is intended to expand or limit the rights,
responsibilities, and powers of Lehman and/or the Examiner
. "
 

AeneA

Pochi ma buoni
Se potessi, vorrei potere avere al mio fianco AeneA su ogni Chapter 11 che seguo: anche questa volta mi hai segnalato una chicca molto interessante... :up:

La situazione contrattuale tra le entità è piuttosto complessa, ma le cose più interessanti, dal mio punto di vista, sono le coincidenze temporali... vediamole insieme...

Paolo, vogliamo parlare dell'intuito femminile? :D:D:D

Avevo notato la data corretta in fondo al claim, ma ancora troppi ne devo "mangiare" di docket per analizzarli e cogliere i collegamenti come fai tu...


Oggi comunque nulla di interessante... continuano le Notice of Withdrawal, almeno un paio al giorno, mano a mano che si accordano con le controparti per i derivati e gli altri contratti, ma mi sembra inutile commentarle ad una ad una; ne sentiremo discutere probabilmente il 29 al meeting con i creditori.
 

negusneg

New Member
Intanto negli Usa le parcelle degli avvocati fallimentari sono in bolla... :D

Bankruptcy Lawyers Seek $18.50 a Minute From Court (Update1)

By Lindsay Fortado and Linda Sandler
data


Jan. 28 (Bloomberg) -- Lawyers at Kirkland & Ellis LLP, home to former Whitewater prosecutor Ken Starr, are asking as much as $1,110 an hour for bankruptcy work while creditors are recovering less of their loans through company restructurings.
Kirkland requested a top rate equal to $18.50 a minute :eek: for advising Tronox Inc. in its bankruptcy, according to court papers filed Jan. 26. Chicago-based Sidley Austin LLP and New York’s Skadden, Arps, Slate, Meagher & Flom LLP also requested hourly rates exceeding $1,000 in the past two months in separate bankruptcy cases, as lenders’ recoveries are forecast by ratings company Moody’s Corp. to drop 22 percent in the recession.
Professionals’ fees in bankruptcy cases are growing at four times the rate of inflation, estimated Lynn LoPucki, a professor of bankruptcy law at the University of California, Los Angeles. Total fees paid for lawyers, accountants and other professionals in bankruptcies from 1998 to 2007 doubled, while the consumer price index rose about 25 percent, he said.
“As the economy gets worse, the bankruptcy lawyers are charging more,” LoPucki said. “It seems that each month one sets a new record for hourly billing rates. $1,110 is, to my knowledge, a record for the debtor’s bankruptcy counsel.”
Lenders’ average recoveries may shrink to 35 cents on the dollar as the worldwide economic slowdown deepens, compared with 45 percent of the face value of corporate debt in previous downturns, Kenneth Emery, Moody’s Investors Service Inc.’s director of corporate default research, said in an interview earlier this month. Bonds of newspaper publisher Tribune Co., which filed for bankruptcy Dec. 8, are trading at 1.5 cents on the dollar to 4.25 cents, signaling bondholders may get no more than the market value.
‘Need Best Team’
“In this environment, you need the best team of advisers you can find,” Robert Gibney, a spokesman for titanium dioxide- maker Tronox, said in an e-mail.
Kirkland’s Richard Cieri, chairman of the firm’s bankruptcy practice, said he’s charging $965 an hour as the lead lawyer advising Tronox, up from his fee of $925 last year. The $1,110- an-hour rate reflects conversion of a U.K.-based partner’s fee from pounds to dollars, Cieri said.
Partners at Sidley, where U.S. President Barack Obama once worked and met his wife Michelle, want to charge as much as $1,100 an hour to advise Tribune Co. on its restructuring, according to a Dec. 26 court filing. Skadden Arps requested as much as $1,050 an hour for partners counseling Circuit City Stores Inc. in its bankruptcy, according to court papers filed Nov. 20.
Lehman Bankruptcy
The top fees quoted by Kirkland, Sidley and Skadden surpass the rates charged by Weil, Gotshal & Manges LLP in the Lehman Brothers Holdings Inc. case, the largest in history with $613 billion in debt. Weil has asked for $650 to $950 an hour for partners and counsel, and $355 to $595 for associates.
“We do not believe we should be pushing the envelope at the highest edge of hourly rates,” Harvey Miller, a partner at Weil and the lead lawyer advising Lehman, said in an e-mail. :rolleyes:
James Conlan, co-chairman of Sidley’s bankruptcy group, didn’t return a call or e-mail seeking comment.
Gregg Galardi, the lead Skadden lawyer on the Circuit City case, said he’s not charging the high rate.
“That’s just our general rates now,” Galardi said. “I’m not sure if anyone on the case is charging that much. I’m not there yet.”
While rates are subject to approval by bankruptcy courts, the judges don’t often deny the law firms’ requests.
‘Glorified Liquidation Tool’
Bankruptcy fees may eventually be challenged on grounds that lawyers are mostly liquidating companies instead of restructuring them, said Stephen Lubben, a professor at Seton Hall University School of Law in Newark, New Jersey.
“There is a limit to how many attorneys can demand these kinds of hourly rates, so long as the credit markets remain tight and Chapter 11 tends to be little more than a glorified liquidation tool,” he said in an e-mail.
Bankruptcy fees continue to rise as the recession shrinks law firm jobs in mergers and acquisitions, structured finance, capital markets and real estate. San Francisco firms Thelen LLP and Heller Ehrman LLP and New York’s Thacher, Proffitt & Wood shut down in the past six months from a lack of business. New York-based Cadwalader, Wickersham & Taft and White & Case LLP and Chicago-based Sonnenschein, Nath & Rosenthal have cut lawyers.
New York’s Cravath, Swaine & Moore LLP said last year it would freeze 2009 billing rates as its clients struggle during the recession. The firm has five bankruptcy lawyers led by partner Richard Levin.
James Sprayregen, a Kirkland bankruptcy partner who returned to the firm in December after two and a half years as a managing director at Goldman Sachs Group Inc., also charges $965 an hour, Cieri said.
‘Avenues to Object’
“This is a market,” Robert Lawless, a professor at the University of Illinois College of Law, said in an e-mail. “No one is forcing anyone to pay those fees, and creditors do have avenues to object.”
Akin Gump Strauss Hauer & Feld LLP partners are asking as much as $1,050 an hour to advise a committee of unsecured creditors in the bankruptcy of Bally Total Fitness of Greater New York Inc., according to a Jan. 22 filing. The most expensive lawyer with “primary responsibility” for advising the committee is Akin Gump partner David Botter, who charges $825 an hour, according to the papers.
New York-based Simpson Thacher & Bartlett LLP, special counsel to Lehman, asked the federal bankruptcy court in Manhattan handling the case to approve as much as $1,000 hourly.
Circuit City spokesman Bill Cimino, Tribune spokesman Gary Weitman and Lehman spokeswoman Kimberly Macleod didn’t immediately respond to requests for comment.
To contact the reporters on this story: Lindsay Fortado in New York at [email protected]; Linda Sandler in New York at [email protected].
Last Updated: January 28, 2009 13:42 EST
 

Imark

Forumer storico
Solo per dire che è un piacere leggervi, e per scusarmi per una partecipazione poco (anzi, ad oggi, per niente) attiva...:)
 

AeneA

Pochi ma buoni
Docket 2698 - First Quarterly Report....

... of Compensation for Professional Services:


NOTICE OF FILING OF ALVAREZ AND MARSAL
NORTH AMERICA, LLC’S FIRST QUARTERLY REPORT OF
COMPENSATION FOR PROFESSIONAL SERVICES RENDERED
AND REIMBURSEMENT OF ACTUAL AND NECESSARY EXPENSES
INCURRED FROM SEPTEMBER 15, 2008 THROUGH NOVEMBER 30, 2008

1233404228speseavvocati.jpg


:wall::wall::wall:

(PS: Scusate se scrivo poco questi giorni... ho un po' da fare, ma riprenderò il ritmo appena possibile :) )
 

negusneg

New Member
NEW YORK (MF-DJ)--I creditori di Lehman Brothers otterranno azioni
anziche' contanti.

E' quanto si apprende dal Financial Times, secondo cui gli asset non
liquidi della banca entrata in bancarotta verranno separati in una nuova
societa'. L'obiettivo e' quello di mantenere gli asset finche' le
condizioni dei mercati finanziari non miglioreranno, facendo recuperare
loro valore. Si tratta di un piano ancora allo studio, scrive il Ft, ma
che potrebbe portare alla quotazione in borsa anche di questa seconda
societa'.
cs
(fine)



MF-DJ NEWS
0209:22 feb 2009 09:22
 

negusneg

New Member
Lehman mulls plan to give creditors stock - FT
Sun Feb 1, 2009 8:36pm EST

NEW YORK, Feb 1 (Reuters) - Bankrupt Lehman Brothers Holdings Inc (LEHMQ.PK) is considering a plan to put illiquid assets into two companies and give creditors stock in them instead of cash, the Financial Times reported on its website.

The plan would help the bankrupt investment bank wait for markets to improve so it can avoid a fire sale of assets that are difficult to sell amid the financial crisis, Bryan Marsal, co-head of Alvarez and Marsal, told the paper.

Marsal's firm is managing Lehman's liquidation.

The two standalone companies could be listed within two years, the paper reported, adding the plan was in preliminary stages.

One company would include the investment bank's real estate holdings, now valued at $43 billion, the paper said. The other would include private equity and proprietary investments.

Lehman may also seek approval for its industrial bank in Utah and thrift Lehman Brothers Bank to sell loss-making assets under the U.S. government's bailout plan, the paper said.

Lehman could not be immediately reached for comment.

Lehman, weighed down by bad assets, collapsed in September in the largest-ever U.S. bankruptcy after it was unable to find a buyer to come to its rescue.
 

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