The Zombie Dancers

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Could Take 10 Years To Wind Up Lehman Europe - BBC)

LONDON (Dow Jones)--Lehman Brothers' European operations may take a decade to wind up, its lead administrator told the BBC.

"I think we will break the back of the case in the next 30 to 36 months, but the rest of the case will continue for many years after that," said PricewaterhouseCoopers partner Tony Lomas.

PwC has recovered GBP5.5 billion, but there are "many more billions" still left to recover, Lomas said.

The administration team is preparing to file a claim of around $140 billion against Lehman's parent company in New York, including the $8 billion that was "swept back" to the U.S. two days before Lehman filed for Chapter 11 bankruptcy proceedings.


Full story: http://news.bbc.co.uk/1/hi/business/8255782.stm


-London bureau, Dow Jones Newswires; [phone]; [e-mail]


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(END) Dow Jones Newswires

September 15, 2009 03:24 ET (07:24 GMT)

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