On Monday, the United States Trustee filed a notice identifying Anton R. Valukas as the examiner appointed in the Lehman Brothers Holdings, Inc. bankruptcy cases. Mr. Valukas is the chairman of Jenner & Block, a law firm headquartered in Chicago. According to his firm biography, Valukas was the United States Attorney for the Northern District of Illinois from 1985 through 1989. Prior to joining Jenner in 1976, he also held several positions with the U.S. Department of Justice, including... Read Full Story
Lehman Brothers Holdings Inc.’s bankruptcy has turned the real-estate industry into a world of haves and have-nots.
When the investment bank collapsed in September, its property assets alone were valued at a staggering $43 billion, making it one of the largest real-estate bankruptcies ever. Since then, Lehman’s partners, creditors and vendors in hundreds of property deals have been fighting for what is left of the investment bank’s real-estate carcass.
Typically, partners of a company... Read Full Story
Credit Suisse Group said Sunday it has paid around 100 million Swiss francs ($86.7 million) in compensation to 2,000 clients who lost money in collapsed U.S. investment bank Lehman Brothers. Most of the beneficiaries received the money in the third quarter, said spokesman Jan Vonder Muehll, confirming reports by the weeklies NZZ am Sonntag and Sonntagszeitung. Only 11 clients declined to accept the money, Vonder Muehll said. Switzerland's second biggest bank compensated clients who had half... Read Full Story
... according to the Wall Street Journal in a report on Monday, via Biz Journals . Lehman Brothers Holdings Inc's emergency bankruptcy filing wiped out as much as $75 billion of potential value for creditors based on an analysis by the bank's restructuring advisers. Had Lehman Brothers been able to pursue a more orderly filing – including the sale of assets prior to filing for bankruptcy protection—the bank might have had time to sort out its derivatives portfolio and a maintained some... Read Full Story
Chief fixed-income strategist Jack Malvey, who joined Barclays Capital Inc. when it acquired Lehman Brothers Holdings Inc. in September, is leaving the firm, according to an internal memo. Malvey, 58, was the chief global fixed-income strategist at Lehman before the bankrupt firm sold its investment banking business to Barclays Plc for $1.75 billion. Prior to joining Lehman, Malvey was a director of corporate bond research at Kidder Peabody. Joseph Di Censo, 32, a senior strategist who also... Read Full Story
wrote an interesting post today on Here’s a quick excerpt CHICAGO: Bidding began on Lehman Brothers Holdings Inc’s real-estate assets in Japan over the past week, The Wall Street Journal reported on Saturday, citing people familiar with the matter. Read Full Story
BCSI reports on latest events arising in the chapter 11 cases commenced by Lehman Brothers Holdings Inc. ( EMAILWIRE.COM , January 19, 2009 ) FAIRLESS HILLS, Pa. -- Jan. 19, 2009 -- Bankruptcy Creditors' Service, Inc., published Issue No. 14 of LEHMAN BROTHERS BANKRUPTCY NEWS today. The 29-page newsletter contains stories with these headlines: [00767] LEHMAN TO GET OUT OF BANKRUPTCY IN 2 YEARS, CHIEF SAYS [00768] COURT DIRECTS APPOINTMENT OF EXAMINER IN LEHMAN'S CASE [00769] NY... Read Full Story
Yesterday, Lehman Brothers Holdings Inc. filed a notice identifying NBSH Acquisition, LLC as the successful bidder for the Investment Management division of Lehman Brothers, Inc. The company also filed a copy of the Unit Purchase Agreement with the court. The agreement identifies NBSH Acquisition, LLC as “a newly formed Delaware limited liability Company formed by certain senior managers (other than portfolio managers) of [Lehman's investment management business] for the purpose of... Read Full Story
Deutsche Bank AG filed an adversary complaint against Lehman Brothers Holdings, Inc. on Tuesday requesting that the bankruptcy court order Lehman Brothers to return $72.5 million that Deutsche Bank asserts it mistakenly transferred to Lehman Brothers on September 26, 2008. Deutsche Bank asserts in the complaint that it intended to transfer the funds to a counter party (presumably unrelated to Lehman) under an ISDA Master Agreement but had incorrect wire instructions on file. Deutsche... Read Full Story
BCSI reports on latest events arising in the chapter 11 cases commenced by Lehman Brothers Holdings Inc. ( EMAILWIRE.COM , January 25, 2009 ) FAIRLESS HILLS, Pa. -- Jan. 25, 2009 -- Bankruptcy Creditors' Service, Inc., published Issue No. 15 of LEHMAN BROTHERS BANKRUPTCY NEWS today. The 24-page newsletter contains stories with these headlines: [00793] U.S. TRUSTEE APPOINTS ANTON VALUKAS AS CHAP. 11 EXAMINER [00794] EXAMINER'S APPLICATION TO EMPLOY JENNER AS LEGAL COUNSEL [00795... Read Full Story
