Posts filed under “M&A”

SIPC: Lehman To Be Liquidated

How did this little gem slip by unnoticed?  Tomorrow at 4PM, Lehman is to be liquidated.

SIPC released this:

“On Friday, September 19, 2008, SIPC will file a proceeding placing LBI in liquidation under the Securities Investor Protection Act (SIPA). After extensive discussions and consultation with representatives of the firm and its parent company, as well as representatives of the Securities and Exchange Commission, the Federal Reserve, the Commodity Futures Trading Commission, the Financial Industry Regulatory Authority and others, SIPC has decided that such action is appropriate for the protection of customers and to facilitate the transfer of customer accounts of LBI and an orderly unwinding of the business of the brokerage firm.

This action is being taken in connection with a proposed sale of the business of the broker-dealer to Barclays Capital Inc. A hearing on approval of that sale is scheduled for September 19, 2008, at 4p.m., in the Chapter 11 proceeding of the parent company, LBHI.

One of our small funds was prime brokered with Lehman, and even though we were advocates of selling/shorting the equity, that was merely a trade.

Our hearts go out to the many good people there suffering through this Fuldian mess.

Hopefully, the Barclays buy means that many of the 10,000 people who work in that division wont lose their jobs . . .

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Source:
SIPC ISSUES STATEMENT ON LEHMAN BROTHERS INC.: LIQUIDATION PROCEEDING NOW ANTICIPATED
WASHINGTON, D.C. – September 18, 2008
http://www.sipc.org/media/release18Sept08.cfm

Category: Corporate Management, Credit, Legal, M&A, Short Selling, Valuation

Merger Rumors, Shotgun Weddings

Category: Bailouts, Credit, M&A

My Mea Culpa on Thain

Category: Bailouts, Corporate Management, Credit, M&A, Valuation

Lehman Gets PE Bid; Friday Night Fed Meeting

Category: Bailouts, Corporate Management, Credit, M&A, Valuation

Lehman Bailout This Weekend?

Category: Bailouts, Credit, M&A, Valuation

Fannie + Freddie = Frannie ?

Category: Bailouts, Credit, M&A, Real Estate

Bove: Fuld Has Three Days to Solve Lehman’s Problems

Richard Bove, an analyst at Ladenburg Thalmann & Co., talks about the possible sale of Lehman Brothers Holdings Inc. or some of its assets. Korea Development Bank said it’s "considering" an investment in the company and is "open" to an acquisition, according to a Reuters report. Lehman is the fourth-biggest U.S. securities firm.

click for video
Bove_leh

00:00 Potential bidders for Lehman
01:24 Fuld has "run out of options."          
02:52 Potential share valuation in transaction

Running time 03:31

Source:
Bove Says Fuld Has Three Days to Solve Lehman’s Problems: Video
Aug. 22 (Bloomberg,  August 22, 2008 11:17 EDT
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=awb.LjDNxr7M

Category: Credit, Finance, M&A, Video

Bove: Fuld Has Three Days to Solve Lehman’s Problems

Richard Bove, an analyst at Ladenburg Thalmann & Co., talks about the possible sale of Lehman Brothers Holdings Inc. or some of its assets. Korea Development Bank said it’s "considering" an investment in the company and is "open" to an acquisition, according to a Reuters report. Lehman is the fourth-biggest U.S. securities firm.

click for video
Bove_leh

00:00 Potential bidders for Lehman
01:24 Fuld has "run out of options."          
02:52 Potential share valuation in transaction

Running time 03:31

Source:
Bove Says Fuld Has Three Days to Solve Lehman’s Problems: Video
Aug. 22 (Bloomberg,  August 22, 2008 11:17 EDT
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=awb.LjDNxr7M

Category: Credit, Finance, M&A, Video

Bear Trap, part II

Category: Corporate Management, Financial Press, Legal, M&A

Spiffy!

Category: Corporate Management, Derivatives, Earnings, M&A