Lehman Brothers Financial SA (LEHNQ)

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#2 Lehman Brothers $200 billion in NOLS under Chapter 11 Fresh Start Accounting:

http://www.mondaq.com/unitedstates/x/83990/After+The+Bankruptcy+Fresh+Start+Accounting

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Lehman Brothers historical asset value = $620 Billion

Lehman Brothers liabilities subject to compromise = $250 Billion

Lehman Brothers Successor Fresh Start asset value = $168 Billion as of March 6, 2012.

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Math:

$620 B - $452 B Fresh start valuation adjustment = $168 B Lehman Brothers Successor Fresh Start asset value as of March 6, 2012

$452 B - ($250 B Gain on Settlement on liabilities subject to compromise + $2 Professional Fees) = $200 B NOLS

Note: Fresh start accounting requires the Lehman Brothers Reorganized Debtors to be insolvent on September 15, 2008 and old equity must own less than 50% of Successors new voting shares. Lehman Brothers has been selling off $168 B in assets since March 6, 2012 to pay down debt...