Bank of America shopping Lehman claim: report
NEW YORK (Reuters) - Bank of America Corp <BAC.N> is selling a claim with a face value of about $800 million that it holds against bankrupt Lehman Brothers Holdings Inc <LEHMQ.PK>, Bloomberg reported citing people familiar with the matter.
Hedge funds are the likely buyers, Bloomberg said on Thursday, citing people who asked not to be identified because the transaction is private.
Creditors from sovereign wealth funds to sports teams submitted more than 16,000 claims against Lehman before a September 22 deadline. Bank of America filed a $2.86 billion claim, and its Merrill Lynch International unit filed one for $1.54 billion it said was tied to swap agreements, Bloomberg said.
Lehman claims with similar terms are currently selling for about 37 cents on the dollar, the people told Bloomberg.
The largest claim Lehman faces, for at least $48.8 billion, was filed by Wilmington Trust Co as indenture trustee for various Lehman senior notes, Bloomberg said.
A Bank of America spokesman could not be reached for immediate comment late Thursday.
(Reporting by Ilaina Jonas; Editing by Lincoln Feast)
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