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Lehman ABS Corp Bkd Trust Certs 2001-08, 7.375% General Motors
Ticker Symbol: CCYPQ* CUSIP: 21988G858 Exchange: OTOTC
* NOTE: This security is no longer trading as of 1/31/2012
Security's Distribution is Suspended!
QUANTUMONLINE.COM SECURITY DESCRIPTION: Lehman ABS Corp., 7.375% Corporate Backed Trust Certificates, Series 2001-8, Class A-1, price to the public $25. Underlying securities are the 8.10% Debentures due 6/15/2024 issued by General Motors Corp. (NYSE: GM). The certificates pay 7.375% per annum distributions semiannually on 6/15 & 12/15 to holders of record one day prior to the payment date. Certificates are callable at the option of the call warrant holder on or after 3/08/2006 at $25 per certificate plus accrued and unpaid interest. Certificate ratings at the IPO were A by S&P and A2 by Moody's. Lehman ABS Corp. is an indirect wholly-owned subsidiary of Lehman Brothers Inc. (NYSE: LEH). For further information on the Corporate Backed Trust Certificates, see the IPO Prospectus by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (GM)
Notes: From the 8-K report filed with the SEC on 2/13/2012 -- This current report on Form 8-K relates to the Corporate Backed Trust Certificates, Series 2001-8, Class A-1, issued by the Trust (the “Certificates”). The Trust’s assets consist solely of a $32,575,000 escrow position established by the Depository Trust Company (“DTC”) representing the original $32,575,000 principal amount 8.10% Debentures due June 15, 2024 (the “Underlying Securities”) issued by General Motors Corporation (the “Underlying Securities Issuer”) for the purpose of making distributions under the Second Amended Joint Chapter 11 Plan of the Underlying Securities Issuer described below.
On June 1, 2009, the Underlying Securities Issuer filed for bankruptcy protection in U.S. Bankruptcy Court in New York. Under the Trust Agreement, the bankruptcy filing by the Underlying Securities Issuer constituted an event of default with respect to the Certificates.
On March 18, 2011, the Underlying Securities Issuer and certain of its affiliates (collectively with the Underlying Securities Issuer, the “Debtors”) filed their Second Amended Joint Chapter 11 Plan, which was confirmed by an order of the Bankruptcy Court entered on March 29, 2011 (as so confirmed, the “Plan”). The Plan became effective on March 31, 2011 and provides for distributions under the Plan to holders of Allowed General Unsecured Claims.
On November 1, 2011, the Trustee, as a holder of the Underlying Securities, received its pro rata share of a distribution consisting of 2,604 shares of New GM Stock (CUSIP 37045V100), 2,367 New GM Warrants (Exercise Price of $10.00 per Share, CUSIP 37045V118) and 2,367 New GM Warrants (Exercise Price of $18.33 per Share, CUSIP 37045V126) (collectively, the “New GM Securities”). The Trustee allocated and distributed the New GM Securities to the holders of Class A-1 Certificates then outstanding and unpaid, (after deducting costs incurred in connection therewith) in accordance with Section 5(d) of the Series Supplement on or about January 31, 2012. The Trustee received 140 shares of New GM Stock (CUSIP 37045V100) as a fee. The record date for the January 31, 2012 distribution was January 30, 2012. There were insufficient amounts to make a distribution to the holders of Class A-2 at that time. In-kind distribution of the New GM Securities to Class A-1 Certificateholders was deemed to reduce the principal amount of such Certificates on a dollar-for-dollar basis. The New GM Securities distributed by the Trustee were subject to rounding as provided in Section 5.6 of the Plan, and no fractional securities were distributed. Each holder’s allocated amount may have varied slightly due to rounding. The amounts of New GM Securities that were allocated per 1,000 original amount of Certificates are set forth on Exhibit 99.1 attached hereto.
On January 31, 2012, distribution was made to the holders of the certificates issued by the Trust as described above.
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IPO - 3/6/2001 - 1.30 Million Units @ $25.00/unit.
Link to IPO Prospectus
Previous Ticker Symbol: CYP Changed: 6/01/2009
Market Value $31.3 Million
Company's Online Information Links
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HOME PAGE:
http://www.lehman.com/
(This parent company URL is for reference only and does not have specific information on the security.)
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Company's Online SEC EDGAR Filings |
Address and Phone Numbers |
Address: 200 Vesey Street, 24th Floor, New York, NY 10285 |
Main Phone Number |
212-526-7000 |
Fax Number |
212-526-3738 |
Toll Free Phone Number |
800-666-2388 |
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