Replies to post #2772 on Lehman Bros 7.25% Pref'd Series P (fka LEHPQ)

[Grinner1]

Here is something...not sure what to read into this or the timing

http://www.accountancyage.com/accountancyage/news/2251983/fall-lehman-brothers-continues

Another source from the same web page states:

Lehman Brothers administrator PricewaterhouseCoopers returns to court today to once again fight for approval of its plan to distribute money to creditors faster.

In August, the High Court dismissed proposals to speed up the handing out of money owed to hedge funds, with the firm now appealing that decision.

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About $9bn still needs to be returned to creditors, but various discrepancies and poor record keeping mean that it is unclear who should get what, and the money isn’t enough to cover all demands.

PwC’s proposal, which has wide support from hedge funds, would see the firm distribute the money in the most equitable way as fast as possible, in return for various hedge funds dropping legal action to obtain its money.

However the Big Four firm must have legal approval for the plan before it can move forward. Otherwise it will be forced to negotiate individually with each creditor – a costly and time consuming process.

[DJN]

Yes, there was court today, but I can't find any good information on it. There is this article from 51 minutes ago.

http://www.ft.com/cms/s/0/0a0bd22c-c299-11de-be3a-00144feab49a.html

Note: The hearing is expected to continue today, although judgment is likely to be reserved until a later date.