Lehman Brothers Financial SA (LEHNQ)

[wamugold]

One of the main differences between Lehman’s UK arm and most other insolvencies is that Rattigan and his colleagues wrung out much more money than expected. That outcome made the fights among creditors about where they stood in a waterfall all the more important and fiercely contested. It isn’t unusual for trials to decide who should be paid and in what order in big insolvencies, but with Lehman there were three waterfall cases in the UK alone. Many of the most experienced and expensive lawyers in London have represented hedge funds, Lehman’s US holding company, and even the government tax authorities, all arguing they were entitled to the last remnants of Lehman’s wealth.