Lehman Brothers Financial SA (LEHNQ)

[Joe Stocks]

>>Does anyone recall the date this happened? <<<
December 6th,2011.

U.S. Bankruptcy Judge James M. Peck described the case — the largest bankruptcy in U.S. history — in those lofty terms during an emotional Dec. 6 hearing at which he blessed the monumental plan,

Listen guys, the term "reorganization is a generic term - much like Kleenex which you guys will need plenty of when this is over. If it was a reorganization plan, the plan would say that and how it is to be reorganized -- and who is in charge to reorganize. The plan is anything but a reorganization plan. The word 'reorganize' or any variation of it does not appear at all in the plan which is as written a plan of liquidation. Read it yourself.

“The emergence of Lehman Brothers and the confirmation of the liquidating plan are the end of a very orderly and I think highly successful process, given where Lehman was as of Sept. 15, 2008,” when the groundbreaking petition was filed, Samorajczyk said. “Financial institutions normally don't survive an orderly bankruptcy — they tend to get liquidated very quickly,” with secured creditors seeing the only recovery.

In contrast, Lehman, which filed for Chapter 11 protection early enough to ensure greater-than-expected recoveries for unsecured creditors, was able to use the bankruptcy process, rather than government intervention, to get the most it could for creditors.

https://www.mhlawyers.com/news/lehman-exit-vindicates-ch-11-process-experts-say

Looking forward to the Wu decision. You guys will learn something from that.