Lehman Preferred Series "J" Preferred (fka LEHJQ)

[goforthebet]

Thu, Nov. 26, 2009 10:15 PM

Lehman Brothers Holdings, the investment bank liquidating in bankruptcy, has asked a judge for permission to pay $50 million to employees dealing with its derivative contracts. Lehman was a party to or guaranteed more than 10,000 derivative contracts, which it has been winding down with the help of about 230 full-time employees, the company said in a filing Wednesday in U.S. Bankruptcy Court in New York. So far the team has brought in more than $8 billion in cash and settled 17 percent of the contracts, it said. A bonus pool “designed to motivate and reward employees” in the group will help to maximize the value of the remaining contracts and deal with derivatives claims, it said.

http://www.kansascity.com/business/story/1595468.html