Lehman's Bankruptcy Petition
Courtesy of Credit Slips guest blogger extraordinaire, Stephen Lubben, here is the chapter 11 bankruptcy petition for Lehman Brothers Holdings, Inc.
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Courtesy of Credit Slips guest blogger extraordinaire, Stephen Lubben, here is the chapter 11 bankruptcy petition for Lehman Brothers Holdings, Inc.
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Wow--it's a biggie. Oddly, Schedule 1 says its senior unsecured notes are owed $138 billion as of July 2, 2008, while Exhibit A says the unsecured non-subordinated debt securities are only $110.5 billion (with all three tranches of unsecured bonds totalling only $128 billion) as of May 31, 2008. Either (1) those senior notes have a HECK of an interest rate, (2) somebody goofed on either Schedule 1 or Exhibit A, or (3) I'm not understanding what I'm reading (or maybe the senior secured bonds are held in two tranches, one by fewer than 500 holders???). Whichever it is, it's a biggie.
Posted by: Jason Kilborn | September 15, 2008 at 08:56 PM
What is the story with "BNYM as TRUSTEE". Yesterday BNYM sent out an internal memo saying " we are a trustee only... no risk to us.. we are jolly good etc" Is this correct ?
Thanks.
Posted by: Clarity | September 15, 2008 at 11:01 PM