Lehman Preferred Series "J" Preferred (fka LEHJQ)

[coach tequila]

Lehman Liquidators Challenge Claims (Excerpt)
Financial Times http://www.ft.com/cms/s/0/e0e45b72-180a-11df-91d2-00144feab49a.html

(This is a great example of the bogus claims being filed)

Mr Marsal, who has branded some of the claims “outrageously unreasonable”, argues that the banks exploited a loophole in derivatives regulations that allowed them to make claims for the theoretical, rather than actual, cost of replacing the trades.

Lehman Brothers Holdings’ figures show that, the day before Lehman filed for bankruptcy, the company was actually owed money from its derivatives counter-parties. However, following the bankruptcy, the banks filed claims for a total of $51bn.

“The claims figures just don’t add up, and some of the most aggressive claims are clearly unsupportable,” Mr Marsal said.

The large banks involved in the Lehman claim declined to comment or could not be reached, but bank executives said the claims were valid and they would defend them.

Coach T