Lehman Brothers Financial SA (LEHNQ)

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Do you think 2017 is the year

Lehman Bros. Seeks Another Extension For Claim Objections
Law360, Wilmington (November 14, 2016, 6:28 PM EST) -- Lehman Brothers Holdings Inc. asked a New York bankruptcy judge Friday to add 18 months to claim objection deadlines for the company’s Chapter 11 case, adding to assurances that the nation’s largest corporate failure will churn into a second decade.


"In a filing with the Bankruptcy Court for the Southern District of New York, the company requested that its March 2017 deadline be moved to September 2018. Hundreds of cases remain to be taken up, the company said, despite completion of some 68,300 claims asserting more than $1.3 trillion in liabilities and confirmation of the company’s Chapter 11 plan in December 2011."

Schedules for those already destined for litigation extend into the second half of 2018. Barring an objection extension to September 2018, the company said, Lehman would need to object to all remaining claims and expand objections for those now in process “simply to ensure no creditor receives a windfall at the expense of all holders of allowed claims.”

The alternative would be to give up on potentially winning objections, the company said in its filing, prejudicing those with allowed claims.