Lehman Preferred Series "J" Preferred (fka LEHJQ)

[joyceschoice]

Latest press out - 2 hrs ago - about the recent trustee settlement of PIM assets for Lehman customers.

Statement of the Office of the Trustee of Lehman Brothers Inc. (LBI) Settlement to Finalize Private
James W. Giddens, the Trustee for the Liquidation of Lehman Brothers Inc. (LBI), the broker-dealer of Lehman Brothers, is pleased to note the U.S. Bankruptcy Court's approval of a settlement agreement with Barclays to finalize the transfer of Private Investment Management (PIM) assets to former LBI customers.


This milestone brings to a successful conclusion the Account Transfer phase of the Securities Investor Protection Act (SIPA) liquidation of LBI. Since the demise of Lehman in September 2008, the Trustee has overseen the successful transfer of 110,000 accounts containing more than $92 billion in customer assets to Barclays, Neuberger Berman, and other SIPC member broker dealers. Overall the Trustee is administering more than $110 billion in the liquidation of LBI, the largest broker-dealer ever to fail. The Trustee's transfers of accounts allowed customers to continue trading within days of LBI's filing, maintaining liquidity and investor confidence through a tumultuous time in the nation's markets.


The PIM conversion of accounts -- effected in accordance with court orders, provisions of the SIPA statute, and regulatory intent -- was the only remaining aspect of the Account Transfers not yet fully complete. The Securities Investor Protection Corp. (SIPC), the U.S. Securities and Exchange Commission (SEC) and the Federal Reserve Bank of New York all supported the Trustee's motion and the Account Transfer process, and with today's ruling their and the Trustee's goal of customer protection has in fact been achieved.


The Trustee is acting pursuant to his principal duty to return property to public customers while at the same time maximizing the estate for all creditors. This settlement does not affect the Trustee's separate, pending claims against Barclays in the Rule 60(b) motion and adversary proceedings, requesting the Court rule that billions of dollars of disputed assets that Barclays is claiming remain the property of the LBI estate. The transfer of these assets would create an unfair windfall for Barclays at the expense of public customers.

The Trustee continues to work through an enormous workload to resolve claims not covered by the Account Transfers in a fair, transparent and orderly process. The Trustee has determined more than 85% of asserted public customer claims filed by the June 1, 2009 deadline, and has made substantial progress in reconciling large, omnibus claims asserted by LBHI, LBIE and others.

Media Contact: Kent Jarrell 202-230-1833

http://pr-usa.net/index.php?option=com_content&task=view&id=302462&Itemid=29