Lehman Preferred Series "J" Preferred (fka LEHJQ)

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UPDATE 1-Lehman Brothers examiner ends probe of collapse
Mon Feb 8, 2010 4:26pm ESTStocks

http://www.reuters.com/article/idUSN0820300520100208

* Lehman Brothers examiner completes probe

* Examiner says to file 2,200 page report

* Says report should be made public as soon as possible

* Court says report can temporarily be filed under seal

By Emily Chasan

NEW YORK, Feb 8 (Reuters) - The court-appointed examiner investigating the collapse of U.S. investment bank Lehman Brothers Holdings Inc revealed in court documents on Monday that he has completed his probe and is ready to file a report with the court.

The probe has resulted in a 2,200-page report, excluding appendixes, that the examiner said should be made public as soon as possible.

Anton Valukas, chairman of law firm Jenner & Block, was appointed as examiner in the case in January 2009. He was given the task of reporting on issues surrounding Lehman's collapse and how it pursued the sale of key assets to Barclays Plc (BARC.L). He was also asked to look for evidence of fraud, dishonesty or misconduct.

"The examiner has completed his report and believes that it should be a public record open to examination," attorneys for Valukas said in a court filing on Monday.

Valukas received permission from U.S. Bankruptcy Judge James Peck on Monday to temporarily file the report under seal so that the parties involved could address concerns about confidentiality and privileged information.

When Lehman filed for bankruptcy in September 2008 with more than $600 billion in debt, it was the largest bankruptcy in U.S. history. Many said its collapse helped trigger the worst parts of the U.S. financial crisis.

Under U.S. bankruptcy law, an examiner can be appointed in any bankruptcy case if someone requests it and the court finds the company's debts exceed $5 million.

The case is In re: Lehman Brothers Holdings Inc, U.S. Bankruptcy Court, Southern District of New York, No. 08-13555. (Editing by Steve Orlofsky)

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