Posts
... according to the Wall Street Journal in a report on Monday, via Biz Journals.
Lehman Brothers Holdings Inc's emergency bankruptcy filing wiped out as much as $75 billion of potential value for creditors based on an analysis by the bank's restructuring advisers.
Had Lehman Brothers been able to pursue a more orderly filing – including the sale of assets prior to filing for bankruptcy protection—the bank might have had time to sort out its derivatives portfolio and a maintained some value, the Journal reported from an analysis by Alvarez & Marsal, the bankruptcy advisers.
Losses through derivatives alone could cost creditors up to $50 billion, the Journal reported.
The Journal reported it is too soon to know how much money the company’s creditors will recover through bankruptcy proceedings. Unsecured creditors of the failed brokerage have said in court filings they are owed $200 billion.
The Journal reported that creditors might only recover 10 cents on the dollar – or about $20 billion – given the current bond market.
The disorderly bankruptcy filing also pushed down the value of other Lehman Brothers assets, hurting recovery efforts, the analysts told the paper.
And yet, the government forces us taxpayers to give Lehman, and others, our tax dollars in a massive Wall Street bailout, but none of the CEO's get punished or prosecuted, or not even a pay cut for fucking up many retiree's 401k plans or other retirement plans in this " ponzi scheme ". It's fucking amazing!
0 Comments:
Post a Comment