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Folgender Artikel nocheinmal: Tenor ist. Lehman Brothers wird zerschalgen. Somit können wir höchstwahrscheinlich die Hoffnung begraben das durch ein Wunder die Firma aufersteht und uns ausbezahlt. Insofern sind meine Hoffnugnwen nur noch: - Kulanzlösungn Citibank (Sparkasse etc) - Klage - geringe Hoffnung Geschäft wird noch gekauft, da die Situation wem gehört was sehr undurchsichtig ist wird sich aber wohl kein Käufer finden. - Kleinsterlös aus Insolvenzmasse Ich bitte daher daher alle die schon einen Anwalt aufgesucht ahben um Rückmeldung wie sie die LAge einschätzen. Ich habe mein Zertifikate noch im April diesen Jahres auf Anraten meiner Bank geakauft. "Lehman structure could take years to unravel By Chris Hughes and Julie MacIntosh Published: September 28 2008 18:18 | Last updated: September 28 2008 18:18 In the two weeks since Lehman Brothers’ dramatic collapse, almost all of its operating businesses have been sold off and thousands of jobs have been saved. To the casual observer, Lehman’s demise no longer looks so catastrophic. But the rushed sale of Lehman’s US investment banking business and the subsequent sale of most of its European and Asian businesses are a sideshow to the real task of repaying the failed bank’s thousands of creditors by liquidating its highly complex financial assets. No previous bankruptcy or insolvency situation comes close to the challenge that faces the administrators and lawyers trying to salvage value from Lehman. EDITOR’S CHOICE Full coverage: Global financial crisis - Sep-25Fuld to get taste of office life with lawyers - Sep-28Lehman staff unhappy over carve-up - Sep-28Barclays Capital pursues Lehman talent - Sep-26Barclays Capital announces new US team - Sep-26Nomura offers bonuses to Lehman staff - Sep-25They have prioritised the sale of Lehman’s operating business units, because the prospects for achieving any such sale were diminishing rapidly as rival banks targeted clients and staff. Now only Neuberger Berman, Lehman’s prestigious US wealth management business, the UK asset management unit and the Capstone Mortgage Services businesses, also based in the UK, have yet to find buyers. Deals for these are expected in the next four weeks. The transactions seen so far have been for people and infrastructure. They only really benefited staff, with the buyers paying only nominal sums that will go into the pot to pay creditors. Countdown Sunday, September 14: Lehman Brothers declared bankrupt in the US Wednesday, September 17: Barclays agrees purchase of Lehman’s US broker-dealer business and real estate assets including Times Square headquarters. 10,000 jobs involved Monday, September 22: Nomura agrees purchase of Lehman’s Asian business. Barclays withdraws from talks to buy Lehman’s European business. Tuesday, September 23: Nomura agrees purchase of Lehman’s European corporate finance and equities businesses, safeguarding 2,500 jobs Friday, September 26: Talks with Nomura on deal to buy Lehman’s European fixed income business stall Nomura’s deal to buy Lehman’s European equities and corporate finance business involved no client assets or trading inventory. Barclays’ agreement to buy Lehman’s US investment banking operations saw the UK bank take on just $47bn of trading assets and a similar size portfolio of liabilities – a fraction of Lehman’s overall trading and banking books. That leaves a mammoth task ahead, and visibility over recovery rates for creditors remains poor. “I’m interested the debt is being priced at 19 cents in the dollar. The fact that someone is putting a price on it is a spectacular gamble,” says Tony Lomas, partner at PwC, administrator to Lehman’s European business. The new priority is to release assets belonging to hedge funds that were clients of Lehman’s European prime brokerage operations. Administrators expect this to take weeks, as not all client accounts were segregated, and some assets were used as security to raise debt for applying leverage. Moreover, some hedge fund positions were linked to other parts of the Lehman empire, which was broken up into its individual legal entities the moment it went bankrupt. So while Lehman may hold several million shares in say BP, it is far from clear how to divide them between a group of hedge fund clients claiming to have invested in the oil group through Lehman. It is not just hedge funds; many conventional long-only clients have also been unable to close trades that were open with Lehman at the time of its collapse. These investment clients are not guaranteed to recover the full value of their portfolios on the Friday night prior to Lehman’s collapse on Sunday. Providers of leverage may have a prior claim on the assets. And portfolio values could have been hit by market movements in the past two weeks, when hedge funds have been unable to trade. The biggest challenge then begins in earnest: liquidating Lehman’s gigantic portfolio of derivatives contracts, securities holdings, warehoused mortgages and real estate assets. At its last quarterly results, posted days before it went under, Lehman reported total assets of $600bn. But it is hard to know yet what Lehman’s real assets and liabilities are because of the scale of its involvement in derivatives. The gross value of its interest rate swaps book is more than $10 trillion, according to one insider. Unwinding it all will require the assistance of existing staff, which could be a source of tension. No one expects the process to be rapid. Most observers expect this all to take two years at the very least. Many of Lehman’s staff may be glad to have found a new parent in Barclays or Nomura, but creditors to the failed firm have a long wait before they know what – if anything – they will receive." |
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| aus der Diskussion: | Lehman Brothers Chapter 11 -> Auswirkung(en) auf deren Zertifikate |
| Autor (Datum des Eintrages): | Hoffnung01 (29.09.08 07:59:07) |
| Beitrag: | 593 von 2,327 (ID:35321898) |
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