Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

THE COURT: Okay. Is there anyone else on the
22 phone who'd like to be heard?
23 MR. GREGORY: Yes. I would like to be heard, Your
24 Honor.
25 THE COURT: Okay. Go ahead, Mr. Gregory. The SEC 1 has ruled whereby if you purchase these securities, you own
2 them as though you own them from day one, and you have
3 standing. Well, it should be considered fraud for these
4 securities to still trade if the prospectus cannot be
5 honored --
6 THE COURT: Well, Mr. Gregory --
7 MR. GREGORY: -- according to the parity rules --
8 THE COURT: I'm not going to --
9 MR. GREGORY: Go ahead.
10 THE COURT: Mr. Gregory, I'm going to engage you
11 in a detailed discussion of what the SEC has or has not
12 said. I will tell you that as far as I'm aware people trade
13 in all sorts of securities that range from worthless to
14 entirely worthless to worth a few pennies to let's see who
15 you sell it to for another penny.
16 This is a bankruptcy case that was conducted
17 pursuant to the rules of this Court, Federal Rules of Civil
18 Procedure as adopted and incorporated into the bankruptcy
19 rules according to the Bankruptcy Code under the glare and
20 spotlight for years and years and years.
21 It resulted in a plan of reorganization. The plan
22 of reorganization contemplated a bar date and an orderly
23 process for the consideration of claims. That's what has
24 occurred here.
25 In fact, this case is coming to its conclusion.
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Distinguished Bankruptcy Judge To Retire From Southern District Bench. The United States Bankruptcy Court for the Southern District of New York announces that Judge Shelley C. Chapman has declared her intention to retire on June 6, 2022. Judge Chapman joined the Southern District bench in 2010.