Lehman Preferred Series "J" Preferred (fka LEHJQ)

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Barclays offered 'lucrative' jobs to Lehman Brothers executives, court documents reveal

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/6367290/Barclays-offered-lucrative-jobs-to-Lehman-Brothers-executives-court-documents-reveal.html

Barclays offered "lucrative" jobs to executives in Lehman Brothers handling the cut-price sale of assets to the British bank after the dramatic collapse of the US investment bank, according to documents filed with a US bankruptcy court.

By Roland Gribben
Published: 7:47PM BST 18 Oct 2009

The offer raises questions about the "arms length" nature of the deal, states evidence filed by Lehman that consists of information gleaned from emails.

Lehman Brothers Holdings, forced into bankruptcy last year after the Bush administration refused to intervene to save the group, claims Barclays made an improper $8.2bn (£5bn) "windfall profit" from the asset deal. It has asked the US Bankruptcy Court in New York to re-examine the deal.
The court documents also show that senior executives knew they were selling the brokerage business at a $5bn discount to Barclays. Ian Lowitt, chief financial officer at the time and treasurer Paolo Tonucci knew Barclays was paying $45bn in exchange for securities worth about $50bn according to the documents. The details in the documents have been sealed until now.