Tuesday, 5 May 2015
Last updated 4 hours ago
Feb 20 2014 | 9:15am ET
Lehman Brothers' settlement with Freddie Mac is good news for the bankrupt bank's hedge-fund creditors.
A federal judge yesterday approved a $767 million payout to Freddie Mac. That is much less than the bank was forced to set aside two years ago, giving the Lehman estate more money to distribute to other creditors.
Former U.S. Bankruptcy Judge James Peck had ordered Lehman to keep $5 billion aside to pay Fannie Mae and Freddie Mac. But the combined payout to the two government-backed mortgage giants is just over $1.3 billion.
In addition, Fannie and Freddie will turn over information that will allow Lehman to sue mortgage originators, potentially increasing the pot for creditors even further. Currently, Lehman has almost $13 billion to pay unresolved claims.
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…