Wednesday, 6 May 2015
Last updated 18 min ago
Jan 19 2011 | 4:59am ET
A lawyer for Paulson & Co. and other Lehman Brothers creditors dismissed the bankrupt investment bank’s plan to exit bankruptcy as Lehman prepares to lay out its plan to do just that.
“The debtors have a ‘hope’ plan which is based upon the hope that creditors accept what the debtors propose,” Christopher Shore told U.S. Bankruptcy Court Judge James Peck last week. But that “hope” is almost certain to be dashed, because the Lehman estate “has no creditor support.”
Lehman has “not used any of the past two years to facilitate inter-creditor negotiations that are going to be essential to moving this process forward,” Shore said.
“From a plan process standpoint then, very little, if any, real progress has been made towards exit,” Shore added.
Shore’s clients, who also include hedge fund Fir Tree Partners and the California Public Employees’ Retirement System, filed a rival bankruptcy plan last month. Paulson and its fellow unsecured creditors claim that plan would more equitably divide the $57.5 billion Lehman has left, offering more money to the unsecured creditors.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…