Sunday, 19 April 2015
Last updated 7 min ago
Jun 29 2011 | 11:02am ET
Lehman Brothers has finally won accord between two warring groups of creditors, one led by hedge fund Paulson & Co., for its $65 billion liquidation plan.
The bankrupt bank, which collapsed three years ago, announced that it would seek approval of its disclosure statement on the deal on Aug. 30, before sending the plan to creditors for approval. The deal ends the battle between Lehman's bondholders, led by Paulson and the California Public Employees' Retirement System, and its derivatives creditors, led by 13 banks who served as Lehman's largest counterparties.
Under the agreement "in principle," senior bondholders would get 21.1 cents on the dollar, with derivates claims getting between 27.9 cents and 32 cents. Unsecured claims would receive 19.9 cents. Bondholders would have gotten 25.4 cents under Paulson's rival plan, and just 16 cents under the Goldman Sachs-Morgan Stanley proposal, which would pay counterparties up to 40 cents on the dollar.
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…