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Lehman June 11

    Client Attorney Privileged/Attorney Work Product/At Request of Counsel

    Unresolved Claims

  1. Lehman Seeks Protection From European Guarantee Claims

    Jun 10, 2015 | Law360

    By Jonathan Randles

    Lehman Brothers Holdings Inc. moved Wednesday to protect itself from potentially having to pay billions of dollars to investors located across the globe that hold guarantee claims against the failed investment bank, telling a New York bankruptcy court that the investors will be fully compensated in proceedings in the United Kingdom.
  2. Lehman Still Has Billions in Assets and Unresolved Claims

    Jun 10, 2015 | Dow Jones - Daily Bankruptcy Review

    By Joseph Checkler

    Lehman Brothers Holdings Inc . is winding down is business, but its bankruptcy case remains a massive undertaking. And it has the numbers to prove it.

    3. Indian Securities

  3. Seven Years On, Lehman Surrenders Its Broking License

    Jun 11, 2015 | Business Standard

    By Peter Schiff & Marc Faber

    Nearly seven years after its collapse sparked off the global financial crisis, Lehman Brothers still retained the right to trade in Indian securities. It surrendered its broking membership on Wednesday.

    4. Full Text of Stories Below

    Client Attorney Privileged/Attorney Work Product/At Request of Counsel

    Unresolved Claims

  1. Lehman Seeks Protection From European Guarantee Claims

    Jun 10, 2015 | Law360

    By Jonathan Randles

    Lehman Brothers Holdings Inc. moved Wednesday to protect itself from potentially having to pay billions of dollars to investors located across the globe that hold guarantee claims against the failed investment bank, telling a New York bankruptcy court that the investors will be fully compensated in proceedings in the United Kingdom.

    The largest remaining pool of unresolved claims against the LBHI estate are those related to it guaranteeing certain obligations of its foreign subsidiary, Lehman Brothers International (Europe). In a motion, LBHI argues it shouldn't have to face any related monetary exposure because LBIE will ultimately pay creditors that hold these guarantee claims in full for any losses, plus interest.

    The motion asks U.S. Bankruptcy Judge Shelley Chapman to value the European investors claims against LBHI at $0, which would shield it from paying off these claims. LBHI argues that if it were required to pay any amount on these claims, LBIE creditors “would receive more than a single satisfaction of their claims,” which is unlawful.

    If LBHI's request is granted, it would allow the estate to free up $4.3 billion it has been holding in reserve. Granting the request would also speed up resolution of the bankruptcy, LBHI said, because it would let the estate avoid having to engage in substantial discovery investigating the merits of the creditors' claims.

    There are approximately 1,150 disputed claims against the estate that assert guarantee liability related to LBIE, according to the motion. The various holders of these claims are located in 46 countries, LBHI said.

    “The holders of the guarantee claims and primary claims (potentially different parties) are spread around the world,” LBHI said. “These facts make the task of claims resolution that much more expensive, time-consuming, and difficult.”

    The motion was filed a day after LBHI Chief General Counsel Matthew Cantor updated Judge Chapman on the status of the bankruptcy. Cantor said that although significant progress has been made in winding down the bank's affairs, he suggested that the most contentious litigation with creditors remained.

    Currently, LBHI has approximately $15 billion in assets across its estates and is seeking to recover millions of dollars more in over a dozen clawback suits, according to a presentation Cantor provided to the court...

    For full story:

    http://www.law360.com/articles/666213/lehman-seeks-protection-from-european-guarantee-claims

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  2. Lehman Still Has Billions in Assets and Unresolved Claims

    Jun 10, 2015 | Dow Jones - Daily Bankruptcy Review

    By Joseph Checkler

    Lehman Brothers Holdings Inc . is winding down is business, but its bankruptcy case remains a massive undertaking. And it has the numbers to prove it.

    Nearly seven years after collapsing, Lehman still has $15 billion in assets and $68 billion in claims to resolve. The failed investment bank said in a filing it is now focusing its attention on litigation and contested claims that have yet to be settled....

    Subscription needed for full story:

    http://bankruptcynews.dowjones.com/Article?an=DJFDBR0120150610eb6anqq6d&cid=32135018&ctype=ts&ReturnUrl=http%3a%2f%2fbankruptcynews.dowjones.com%2fArticle%3fan%3dDJFDBR0120150610eb6anqq6d%26cid%3d32135018%26ctype%3dts

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    3. Indian Securities

  3. Seven Years On, Lehman Surrenders Its Broking License

    Jun 11, 2015 | Business Standard

    By Peter Schiff & Marc Faber

    Nearly seven years after its collapse sparked off the global financial crisis, Lehman Brothers still retained the right to trade in Indian securities. It surrendered its broking membership on Wednesday. 

    ...Lehman was founded in 1850 and headquartered in New York. It was founded by Henry Lehman who immigrated from Germany to the United States of America in 1844. He opened a small shop, a general store, in the city of Montgomery in Alabama state in the same year. His brothers Emanuel and Mayer joined him six years later, and they named their venture Lehman Brothers. 

    The latest circular says that the exchange has approved the surrender of Lehman Brothers Securities Private Limited, with Sebi registration number INB231281537. The member last traded on September 24, 2008.

    Earlier circulars too had announced a surrender of separate broking licenses. Many large entities have multiple memberships on bourses. Notices in this regard are seen in 2011, 2012 and 2013. Emails sent to the stock exchanges on the matter did not immediately receive a reply. 

    However, an information form filled up by Lehman earlier showed memberships in BSE and the National Stock Exchange (NSE), and a merchant banking license. The BSE license had already been surrendered in 2013. A check of regulatory records show that there is no registered merchant banker under the Lehman name. This suggests that the NSE circular may have wiped the last of the Lehman name in India.

    For full story:

    http://www.business-standard.com/article/markets/seven-years-on-lehman-surrenders-its-broking-license-115061100216_1.html

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