big sell bids and big dump at end to 25.5 cents.
Is this because lehmans brothers decision tonite will occur. From the last update
" On 13 November 2008, LBHI, LBCC and its affiliated entities filed a Motion (“Motion”) seeking
permission from the Bankruptcy Court to allow those entities to transfer, assign or terminate
each derivative contract in accordance with certain procedures outlined in the Motion,
which, if granted, would obviate the need for further court approvals for such transfer, assignment
or termination. The Hedge is a derivative contract which falls under the ambit of
the relief sought by the Lehman entities in the Motion.
On 29 November 2008, Norton filed an Objection to the Motion. Among other things, one of
the principal points raised in the Objection in opposition to the Motion is that the Hedge is
not capable of assignment under the U.S. Bankruptcy Code in that it is an indivisible component
of a financial accommodation and transaction, and that any attempt at separation
would be inconsistent with the substance of the overall financial transaction and applicable
law.
A number of other hedge counterparties also lodged Objections against the Motion.
On the last occasion the Motion was to be heard by the Bankruptcy Court, the hearing was
adjourned by the Lehman entities to 3 June 2009 (at which time a further adjournment may
be requested by the Lehman entities)."
A decision to afjourn motion tonite will be great news for Norton. If lehmans want to hear objections to motion in court then maybe not so good.
This decision means $20 million plus a year to Norton.
Any thoughts???
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