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Lehman's Bankruptcy Petition

posted by Bob Lawless

Courtesy of Credit Slips guest blogger extraordinaire, Stephen Lubben, here is the chapter 11 bankruptcy petition for Lehman Brothers Holdings, Inc.

Comments

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.

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.

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  • As a public service, the University of Illinois College of Law operates Bankr-L, an e-mail list on which bankruptcy professionals can exchange information. Bankr-L is administered by one of the Credit Slips bloggers, Professor Robert M. Lawless of the University of Illinois. Although Bankr-L is a free service, membership is limited only to persons with a professional connection to the bankruptcy field (e.g., lawyer, accountant, academic, judge). To request a subscription on Bankr-L, click here to visit the page for the list and then click on the link for "Subscribe." After completing the information there, please also send an e-mail to Professor Lawless (rlawless@illinois.edu) with a short description of your professional connection to bankruptcy. A link to a URL with a professional bio or other identifying information would be great.

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