Lehman Brothers Holdings Inc. (LEH)

20.06.2012 | 00:08
Fitch Upgrades Lehman Brothers Floating Rate Commercial Mortgage Trust 2007-LLF C5

"FITCH Ratings has upgraded seven classes and affirmed three classes of LEHMAN Brothers Floating Rate Commercial Mortgage Trust 2007-LLF C5. The upgrades reflect the deleveraging of the transaction due to $1.2 billion in loan repayments since the last review. Fitch's performance expectations incorporate prospective views regarding the outlook of the commercial real estate market. A detailed list of rating actions follows at the end of this release.

All of the remaining loans have reached their original final maturity dates; three loans have been modified or are in forbearance. Eleven of the twelve remaining loans are in special servicing or are expected to be transferred imminently.

Under Fitch's methodology, all loans are modeled to default in the base case stress scenario, defined as the 'B' stress. In this scenario, the modeled average cash flow decline is 9.1% and pooled expected losses are 10.6%. To determine a sustainable Fitch cash flow and stressed value, Fitch analyzed servicer-reported operating statements and STR reports, updated property valuations, and recent sales comparisons. Fitch estimates that average recoveries will be strong at approximately 89.4% in the base case.

The transaction is collateralized by 12 loans; five loans are secured by office or office/industrial properties (33.8%), six by hotels (26.1%), and one by industrial properties (40.1%). Ten loans (89.3%) mature in 2012 or have already matured, and two loans (10.7%) mature in 2013/2014.


The three largest pooled contributors to losses in the 'B' stress scenario are: the CalWest Industrial Portfolio (40.1%), Sheraton Old San Juan (3.6%) and Park Hyatt Beaver Creek (4.6%).

The CalWest Industrial Portfolio loan is secured by 95 warehouse, business park, and flex/office properties located in 12 distinct markets across six states with a total of 23.4 million rentable sf. In addition to the $275 million included in the trust, there is $825 million of pari passu debt and $1.348 billion of mezzanine debt held outside the trust. Since issuance, occupancy has dropped as tenant leases have expired and in place rents have declined. Occupancy at issuance was 92% with in place rents of approximately $7.29 psf.

As of April 2012, the portfolio was 83.8% occupied with average in place rents of approximately $7.03 psf. The loan reached its final maturity in June 2012 and is expected to transfer to special servicing imminently. According to news reports, BLACKSTONE Group LP reached an agreement to take control of the properties after having acquired significant portions of the mezzanine debt"...

SOURCE / LINK / QUELLE  dieses Ausschnitts und des Weiterlesens dann HIER:
http://www.finanznachrichten.de/...mortgage-trust-2007-llf-c5-004.htm  

Jun 22, 2012, 08.02PM IST
Financial Reporting Council, the UK audit watchdog, closes Lehman probe against E&Y
From (Reuters):

"BRITAIN's audit watchdog has closed a two-year old probe into how Ernst & Young endorsed statements from failed U.S. investment bank LEHMAN Brothers, saying there was no realistic prospect of a tribunal finding a rule breach.

The Financial Reporting Council said on Friday its team obtained and reviewed E&Y's audit files in BRITAIN, hard copy documentation from staff members' laptops and email, and information from other regulators.

"There is no realistic prospect that a Tribunal would make an adverse finding against Ernst & Young LLP in the UK or members within that firm. The investigation will therefore be closed and no further action taken," it said.

E&Y said the watchdog's decision confirmed "our belief in the quality of our audit work".

The FRC opened a formal probe in June 2010 to focus on E&Y's audit of the European operations of LEHMAN Brothers which collapsed in September 2008 and led to a global markets meltdown.

A 2,200 page report by Anton VALUKAS in March 2010 on the collapse of LEHMAN for the U.S. Bankruptcy Court criticised E&Y for failing to question and challenge improper or inadequate disclosures by LEHMAN.

The FRC probe looked at the accounting treatment of LEHMAN's use of what VALUKAS said was a "gimmick" -- Repo 105 and Repo 108 transactions channelled through the bank's LONDON unit to make its balance sheet look smaller"...

SOURCE / LINK / QUELLE  dieses Ausschnitts und des Weiterlesens dann HIER:
http://articles.economictimes.indiatimes.com/...ort-e-y-anton-valukas  

Die im Beitrag #10024 mit dem  Docket #28752  kurz unterbrochene Order(s)-SIGNED-Serie geht jetzt hier weiter, und zwar mit dem Docket #28855:

Docket #28855, 06/19/2019:  Supplemental Order Signed on 6/19/2012 Granting One Hundred Fifty-Ninth Omnibus Objection to Claims (Invalid Blocking Number LPS Claims). (Nulty, Lynda).
Case: Lehman Brothers Holdings Inc.
Related: none.

Main Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1761542
Exhibit:  http://dm.epiq11.com/LBH/Document/GetDocument/1761543  

Docket #28858, 06/19/2019:  Fourth Supplemental Order Signed on 6/19/2012 Granting Debtors One Hundred Thirty-Sixth Omnibus Objection to Claims (Misclassified Claims). (related document(s) [16867]) (Nulty, Lynda).
Case: Lehman Brothers Holdings Inc.
Related: 16867.

Main Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1761547
Exhibits:  http://dm.epiq11.com/LBH/Document/GetDocument/1761548

Doch scheinen mir diese "Exhibits"  FEHLERHAFT,  zumal bislang auch nur  EIN  "Exhibit" durchclickbar ist, nämlich das "Exhibit 1"...  

Docket #28859, 06/19/2019:  Supplemental Order Signed on 6/19/2012 Granting Debtors Eighty-Second Omnibus Objection to Claims (Duplicative of Indenture Trustee Claims). (Nulty, Lynda).
Case: Lehman Brothers Holdings Inc.
Related: none.

Main Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1761549
Exhibits:  http://dm.epiq11.com/LBH/Document/GetDocument/1761550

Hier gilt bezüglich derer "Exhibits" (=Anlagen) Ähnliches wie im vorigen Beitrag...  

22.06.2012 | 15:43
Federal Court Approves $40 Million Settlement in Lehman Brothers Residential Mortgage-Backed Securities Class Action Lawsuit

"A federal judge yesterday approved a $40 million settlement in a mortgage-backed securities class action lawsuit against individuals previously affiliated with LEHMAN Brothers Holding, Inc. ("Lehman Brothers"), which in September 2008 filed the largest bankruptcy in US history. Led by Locals 302 and 612 of the International Union of Operating Engineers – Employers Construction Trust Fund, New Jersey Carpenters Health Fund, and Boilermakers-Blacksmith National Pension Trust, the plaintiffs are represented by Cohen Milstein Sellers & Toll PLLC.

The final approval by Judge Lewis A. KAPLAN of the U.S. District Court, Southern District of New York, ends four years of litigation against individuals previously affiliated with Lehman Brothers, who were charged with filing misleading Offering Documents regarding the credit quality of billions of dollars worth of mortgage pass-through certificates issued in 2006 and 2007.

"While this settlement by no means compensates investors for the full amount of their damages, we believe it is an excellent result given the bankruptcy and limited insurance funds available," said plaintiffs' lead counsel Steven J. TOLL, of Cohen Milstein Sellers & Toll PLLC.

Under the terms of the settlement, the LEHMAN Brothers Estate will pay $8.3 million and insurers for the firm's officers and directors will pay the remaining $31.7 million"...

SOURCE / LINK / QUELLE  dieses Ausschnitts und des Weiterlesens dann HIER: http://www.finanznachrichten.de/...ities-class-action-lawsuit-004.htm  

Gehört auch zum Regel-Process derer Chapter-11-Verfahren:  VERSPÄTET eingereichte Forderungen können dennoch als rechtzeitig eingereicht gewertet werden, sofern nicht die Partei des Forderungs-Inhabers die Verspätung zu vertreten gehabt hat:

Docket #28860, 06/19/2019:  Order Signed on 6/19/2012 Deeming Claim No. 34460 Filed by Encore Fund, LP c/o Symphony Asset Management as Timely Filed. (Related document(s) [28587]) (Nulty, Lynda).
Case: Lehman Brothers Holdings Inc.
Related: 28587.

Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1761566  

Docket #28861, 06/19/2019:  Order Signed on 6/19/2012 Deeming Claim No. 34458 Filed by Adagio Fund c/o Symphony Asset Management as Timely Filed.
(Related document(s) [28585]) (Nulty, Lynda).
Case: Lehman Brothers Holdings Inc.
Related: 28585.

Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1761568  

Docket #28862, 06/19/2019:  Order Signed on 6/19/2012 Deeming Claim No. 34459 Filed by Fortissimo Fund c/o Symphony Asset Management as Timely Filed.
(Related document(s) [28588]) (Nulty, Lynda).
Case: Lehman Brothers Holdings Inc.
Related: 28588.

Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1761583  

Docket #28863, 06/19/2019:  Order Signed on 6/19/2012 Deeming Claim No. 34461 Filed by Andante Fund, LP c/o Symphony Asset Management as Timely Filed.
(Related document(s) [28586]) (Nulty, Lynda).
Case: Lehman Brothers Holdings Inc.
Related: 28586.

Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1761585

Und damit ist diese kleine SUB-Serie auch schon wieder beendet.  

Nach dieser kleinen SUB-Serie derer doch noch "timely Fileds" geht es jetzt offenkundig mit der Vorbereitung des nächsten HEARING's am DONNERSTG (28.6.2012) weiter:

Docket #25050, 02/07/2012:  Notice of Adjournment of Hearing of Debtors One Hundred Eighty-Sixth Omnibus Objection to Claims (Misclassified Claims) filed by Robert J. Lemons on behalf of Lehman Brothers Holdings Inc. with hearing to be held on 6/28/2012 at 10:00 AM at Courtroom 601 (JMP) (Lemons, Robert).
Case: Lehman Brothers Holdings Inc.
Related: none.

Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1612496  

Docket #25051, 02/07/2012:  Notice of Adjournment of Hearing of Debtors One Hundred Eighty-Seventh Omnibus Objection to Claims (Misclassified Claims) filed by Robert J. Lemons on behalf of Lehman Brothers Holdings Inc. with hearing to be held on 6/28/2012 at 10:00 AM at Courtroom 601 (JMP) (Lemons, Robert).
Case: Lehman Brothers Holdings Inc.
Related: none.

Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1612499  

Docket #25401, 02/16/2012:  Notice of Adjournment of Hearing / Notice of Adjournment of Debtors One Hundred Eighty-Third Omnibus Objection to Claims(No Liability CMBS Claims) filed by Robert J. Lemons on behalf of Lehman Brothers Holdings Inc. with hearing to be held on 6/28/2012 at 10:00 AM at Courtroom 601 (JMP) (Lemons, Robert).
Case: Lehman Brothers Holdings Inc.
Related: none.

Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1615498  

Docket #27002, 03/19/2012:  Notice of Adjournment of Hearing on the Motion of Monti Family Holding Company Ltd. for Leave to Conduct Rule 2004 Discovery of Debtor Lehman Brothers Holdings Inc and Other Entities (related document(s) [16803]) filed by Richard J. McCord on behalf of Monti Family Holding Company, Ltd. with hearing to be held on 6/28/2012 at 10:00 AM at Courtroom 601 (JMP) (McCord, Richard).
Case: Lehman Brothers Holdings Inc.
Related: 16803.  

Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1721886  

Docket #27615, 04/26/2012:  Motion for Objection to Claim(s) / Plan Administrators Objection to Claim of AIG Global Services, Inc. f/k/a [=formerly known as / "früher bekannt als"] AIG Technologies, Inc. (Claim No. 66918) with hearing to be held on 6/28/2012 at 10:00 AM at Courtroom 601 (JMP) Responses due by 5/29/2012, filed by Lynn P. Harrison III on behalf of Lehman Brothers Holdings Inc. (Harrison, Lynn).
Case: Lehman Brothers Holdings Inc.
Related: none.

Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1739318  

Docket #27853, 05/14/2012:  Motion for Objection to Claim(s) Number: 4922 / Objection to Claim of Svenska Handelsbanken AB (publ) (Claim No. 4922) filed by Jacqueline Marcus on behalf of Lehman Brothers Holdings Inc. with hearing to be held on 6/28/2012 at 10:00 AM at Courtroom 601 (JMP) Responses due by 6/14/2012,
(Marcus, Jacqueline).
Case: Lehman Brothers Holdings Inc.
Related: none.

Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1746029  

Docket #27854, 05/14/2012:  Objection / Plan Administrators Objection to Claim Filed by Middle Mountain 156, LLC filed by Jacqueline Marcus on behalf of Lehman Brothers Holdings Inc. with hearing to be held on 6/28/2012 at 10:00 AM at Courtroom 601 (JMP) Objections due by 6/14/2012, (Attachments: # (1) Exhibit - Exhibit A Part 1 of 2# (2) Exhibit - Exhibit A Part 2 of 2# (3) Exhibit - Exhibits B-C# (4) Exhibit - Exhibit D# (5) Exhibit - Exhibits E-G# (6) Exhibit - Exhibits H-K) (Marcus, Jacqueline).
Case: Lehman Brothers Holdings Inc.
Related: 2.  

Main Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1746080
Exhibit - Exhibit A Part 1 of 2:  http://dm.epiq11.com/LBH/Document/GetDocument/1746081
Exhibit - Exhibit A Part 2 of 2:  http://dm.epiq11.com/LBH/Document/GetDocument/1746082
Document 4 of 7:  http://dm.epiq11.com/LBH/Document/GetDocument/1746083
Document 5 of 7:  http://dm.epiq11.com/LBH/Document/GetDocument/1746084
Document 6 of 7:  http://dm.epiq11.com/LBH/Document/GetDocument/1746085
Document 7 of 7:  http://dm.epiq11.com/LBH/Document/GetDocument/1746086  

Docket #27862, 05/14/2012:  Notice of Objection to Claims NO. 58912 FILED BY CITIBANK, N.A., LONDON BRANCH filed by Michael A. Rollin on behalf of Lehman Brothers Holdings Inc. with hearing to be held on 6/28/2012 at 10:00 AM at Courtroom 601 (JMP) Objections due by 6/13/2012, (Attachments: # (1) Exhibit A# (2) Exhibit B)
(Rollin, Michael).
Case: Lehman Brothers Holdings Inc.
Related: none.

Main Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1746147
Exhibit A:  http://dm.epiq11.com/LBH/Document/GetDocument/1746148
Exhibit B:  http://dm.epiq11.com/LBH/Document/GetDocument/1746149  

Docket #27863, 05/14/2012:  Notice of Objection to Claims ON THE PARTIAL OBJECTION TO CLAIM NO. 67735 FILED BY CITIGROUP GLOBAL MARKETS, INC. filed by Michael A. Rollin on behalf of Lehman Brothers Holdings Inc. with hearing to be held on 6/28/2012 at 10:00 AM at Courtroom 601 (JMP) Objections due by 6/13/2012, (Attachments: # (1) Exhibit A) (Rollin, Michael).
Case: Lehman Brothers Holdings Inc.
Related: none.

Main Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1746151
Exhibit A:  http://dm.epiq11.com/LBH/Document/GetDocument/1746152  

Docket #27865, 05/14/2012:  Motion for Omnibus Objection to Claim(s) : Two Hundred Ninety-Fourth Omnibus Objection to Claims (Late-Filed Claims) filed by Jacqueline Marcus on behalf of Lehman Brothers Holdings Inc. with hearing to be held on 6/28/2012 at 10:00 AM at Courtroom 601 (JMP) Responses due by 6/14/2012, (Marcus, Jacqueline).
Case: Lehman Brothers Holdings Inc.
Related: none.

Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1746159  

Docket #27866, 05/14/2012:  Motion for Omnibus Objection to Claim(s) : Two Hundred Ninety-Fifth Omnibus Objection to Claims (Duplicative of Indenture Trustee Claims) filed by Jacqueline Marcus on behalf of Lehman Brothers Holdings Inc. with hearing to be held on 6/28/2012 at 10:00 AM at Courtroom 601 (JMP) Responses due by 6/14/2012, (Marcus, Jacqueline).
Case: Lehman Brothers Holdings Inc.
Related: none.

Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1746160

Scheint eine längere Serie zu werden, also mache ich jetzt erst 'mal eine Pause...  

Docket #27867, 05/14/2012:  Motion for Omnibus Objection to Claim(s) : Two Hundred Ninety-Sixth Omnibus Objection to Claims (Amended and Superseded Claims) filed by Jacqueline Marcus on behalf of Lehman Brothers Holdings Inc. with hearing to be held on 6/28/2012 at 10:00 AM at Courtroom 601 (JMP) Responses due by 6/14/2012,
(Marcus, Jacqueline).
Case: Lehman Brothers Holdings Inc.
Related: none.

Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1746161  

Docket #27868, 05/14/2012:  Motion for Omnibus Objection to Claim(s) : Two Hundred Ninety-Seventh Omnibus Objection to Claims (Invalid or No Blocking Number LPS Claims) filed by Jacqueline Marcus on behalf of Lehman Brothers Holdings Inc. with hearing to be held on 6/28/2012 at 10:00 AM at Courtroom 601 (JMP) Responses due by 6/14/2012,
(Marcus, Jacqueline).
Case: Lehman Brothers Holdings Inc.
Related: none.

Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1746164  

Docket #27869, 05/14/2012:  Motion for Omnibus Objection to Claim(s) : Two Hundred Ninety-Eighth Omnibus Objection to Claims (Duplicative LPS Claims) filed by Jacqueline Marcus on behalf of Lehman Brothers Holdings Inc. with hearing to be held on 6/28/2012 at 10:00 AM at Courtroom 601 (JMP) Responses due by 6/14/2012, (Marcus, Jacqueline).
Case: Lehman Brothers Holdings Inc.
Related: none.

Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1746165  

Docket #27870, 05/14/2012:  Motion for Omnibus Objection to Claim(s) : Two Hundred Ninety-Ninth Omnibus Objection to Claims (No Liability Claims) filed by Jacqueline Marcus on behalf of Lehman Brothers Holdings Inc. with hearing to be held on 6/28/2012 at 10:00 AM at Courtroom 601 (JMP) Responses due by 6/14/2012, (Marcus, Jacqueline).
Case: Lehman Brothers Holdings Inc.
Related: none.

Document:  http://dm.epiq11.com/LBH/Document/GetDocument/1746166