Lehman Bros. 5.67 D Series Preferred ( fka LEHDQ)

[coach tequila]

"Lehman and Barclays were in court on Thursday for a status conference over their dispute, in which they were discussing a schedule for evidentiary hearings."

http://www.reuters.com/article/marketsNews/idUSN1524013020091015

UPDATE 1-Barclays owed $3 bln in assets from Lehman-lawyer
Thu Oct 15, 2009 3:30pm EDT


NEW YORK, Oct 15 (Reuters) - Barclays Capital (BARC.L) is still owed billions in assets from bankrupt Lehman Brothers Holdings Inc (LEHMQ.PK), whose U.S. broker-dealer business it purchased last year, a Barclays lawyer told a federal judge on Thursday.

The British bank's lawyer, Hamish Hume, told Judge James Peck of federal bankruptcy court in Manhattan that Lehman, which is seeking to change the terms of the transaction, has not yet delivered $3 billion of assets he said is owed to Barclays. He did not disclose what that assets were.

Lehman said in court documents last month that Barclays Capital got an $8.2 billion "windfall profit" from excess assets it took in the fire sale of Lehman's U.S. brokerage business, a deal quickly assembled in September 2008 in the days following the Lehman bankruptcy.

Lehman claimed that "critical changes" were made to the sale in between the time the sale order was signed and the deal was closed, resulting in Barclays gaining control of assets that Lehman said were not supposed to be part of the purchase.

A lawyer for Lehman did not counter Barclays claim in court.

Barclays has said Lehman is making "an opportunistic claim" and trying to "re-trade the deal."

Enjoy,

Coach T