Paging Anton Valukas: Dick Fuld Secretly Transferred Jupiter Island Home To Wife

While John Thain will be enjoying his creme of the crap status of reviled interior decorators for some time, Dick Fuld is about to upstage him in the shady asset transfer category. Cityfile has broken the following bombshell: the Gorilla's $13 million home on Jupiter Island, which was held by both Mr and Mrs Dick, was recently transferred singly to Kathy. Dick sold his portion of the house on 265 S Beach Rd, Jupiter Island to his wife for the princely sum of $100. The transfer occurred on November 10, as the sordid details of Lehman's bankruptcy were becoming public knowledge.

(265 S Beach Road, Jupiter Island)

Additionally we did some extra work and tracked down the public info in Martin County's Tax Collector database on the Fuld's estate (available here). Last year the couple paid $197,193 in property tax alone; this year the amount due is $205,410. All the unemployed Lehmanites who lost their life savings will be pleased to know their former boss is still doing relatively ok. Also the public Recorded Document search in Marin County will present the Gorilla's signature in all its florid glory on the Transfer of Warranty deed.

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Anton Valukas Named Examiner in Lehman Bankruptcy Case

Anton Valukas, a Jenner and Block lawyer who specializes in criminal law and business litigation, was appointed the role of examiner in Lehman's bankruptcy case. Another lawyer, Martin Bienenstock said "the Lehman case needs sunshine from an independent and learned voice." And while Valukas may or may not have prior bones to pick with Dick Fuld, he will not have prosecutorial authority: his report will be compiled for the court with any evidence serving prosecutors and creditors. The notice filed in bankuptcy court can be found here. Sphere: Related Content

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Lehman Posts Bankruptcy Status Update

Once the 4th largest investment bank in the U.S., and the house that Dick Fuld built, Lehman Brothers' today posted an update of its reorganization status in an 8K with the SEC. In a very interesting analysis by Alvarez & Marsal, several things become obvious. Among the more noteable are: the debtors' objective is to emerge from bankruptcy in 18-24 months (vs. others' estimates that the unwind of the estate could last as long as 10 years), the total value of planes that Lehman has owned is $164 million and Lehman's artwork adds another $30 million.

Among facts stated which are actually relevant for creditors are:

• Total headcount has been reduced from 25,158 at filing 9/15/2008 to 4,142 at 1/1/2009


• A&M has 6 asset teams in place with defined tasks/plans


• Cash position has grown from $3.3 billion at filing to almost $7 billion on 1/2/2009


• Cash generated from asset sales is $1.7 billion consisting of $1.3 billion Barclays sale, $0.2 billion sale of Eagle Energy, and $0.1 billion R3 sale (Ed. to mega insider Rick Rieder)


• $145 million generated from subsidiary receipts, $86 million from investments and $17 from other.


• All this was offset by $293 million to keep the liquidation "operating"


• Lehman's loan portfolio at end of 2008 was $33 billion retianed and $8.4 billion pledged


• Reduced continget liability: unfunded commitments have been reduced by $6.3 billion (20%) mitigating potential claim exposure


• Carrying value of its 1,409 private equity principal investments was $12.3 billion


• Interestingly, total Real Estate Assets, allegedly the rotten fruit that was the cause of all this shebang, were valued at $42.9 billion (of which residential was only $3.4 billion, and the balance is commercial real estates spread among North America, Europe and Asia)


• Currently Lehman notes it has 45 legacy commercial real estate teams in place, 3 residential, and 8 corporate


• Lehman's derivatives book has been successful in collecting $2 billion in cash as of 1/2/2009; Curiously in the Deriv Book, there was $23.8 billion of receivables at petition with 3,930 ISDA counterparties (of this $14.3 billion, or 1,808 counterparties has been terminated)


• Neuberger Berman sale results in a $1.8 billion realized investment: $1 billion in retained stock and $0.8 billion in retained cash


• And of course the other assets, which are probably most interesting to our readers, which include a 2008 G550 airplane, 3 CRJ 200s, one Boeing 767 and one Sikorsky 76C

Lehman's bonds have recently traded at about 12 cents on the dollar indicating the market is expecting recoveries of around $16 billion on the roughly $150-160 billion of unsecured claims. Seems that if A&M continues doing their job efficiently (which is a change from prior sentiment, with bondholders using some very fancy expletives when referring to Bryan Marsal previously), then these bonds could actually run up quite a bit even in this horrendous environment. Also at 3pm Judge Peck appointed an examiner in the Lehman bankrtupcy case... Depending on just how big of a fan of Dick Fuld the examiner may be, all the actions of the Gorilla taken just before the bankruptcy may end up having a pretty Madoffesque impact on his current freely-roaming lifestyle.

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