STATEMENT OF THE UNITED STATES TRUSTEE
REGARDING MOTIONS TO UNSEAL MOTIONS FOR RELIEF FROM
SEPTEMBER 20, 2008 SALE ORDER (AND RELATED SIPA SALE ORDER)
TO: HON. JAMES M. PECK, UNITED STATES BANKRUPTCY JUDGE:
Diana G. Adams, the United States Trustee for Region 2 (the “United States Trustee”), by
and through her counsel, hereby files this Statement of the United States Trustee Regarding
Motions to Unseal Motions for Relief From September 28, 2008 Sale Order (and Related SIPA
Sale Order) (the “Motions to Unseal”).
SUMMARY STATEMENT
Before the Court are related Rule 60(b) Motions (defined at 3 below) and Motions to
Unseal filed by Lehman Brothers Holdings, Inc. (“LBHI”) and certain of its direct and indirect
subsidiaries (collectively with LBHI, the “Debtors”), the Official Creditors’ Committee of the
Debtors (the “Creditors’ Committee”) and James W. Giddens, as trustee for the SIPA liquidation
of Lehman Bros. Inc. (the “SIPA Trustee”) with respect to the signature transaction in these cases
thus far – the sale of the assets from the North American broker dealer business of Lehman
Brothers Inc. to Barclays Capital, Inc. (“Barclays”) within four days of the commencement of
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these bankruptcy cases. The Motions to Unseal should be granted, and the Rule 60(b) Motions
unsealed and adjudicated, to the extent of the fullest disclosure permitted under Bankruptcy Code
section 107.
The “open courtroom has been a fundamental feature of the American judicial system.”
Brown v. Williamson Tobacco Corp. v. Federal Trade Comm’n, 710 F.2d 1165, 1178 (6 Cir. th
1983). Particularly here, where there is widespread public interest in the Debtors’ bankruptcy
cases, and because the issues raised in the Motions to Unseal and their underlying Rule 60(b)
Motions are so significant to the cases, it is important that these specific proceedings be carried
out with as much transparency as is possible within the parameters of Bankruptcy Code section
107. Accordingly, the United States Trustee respectfully requests that the evidentiary basis upon
which the Rule 60(b) Motions are adjudicated – and the public conduct of the proceedings – be
as open as the statute allows.
Now if that doesn't give you a "warm and fuzzy" nothing will!
The Perfect Storm Continues!
Coach T
