Tuesday, 26 May 2015
Last updated 43 min ago
Oct 7 2008 | 11:37pm ET
Legendary Texas oilman T. Boone Pickens and four of his hedge funds have sued a Lehman Brothers division for breach of contract.
Pickens and his BP Capital filed suit in New York State Supreme Court in Manhattan, alleging that Lehman Brothers Commodity Services broke a default agreement by failing to return collateral. Pickens and the hedge funds are seeking $59.9 million.
According to the complaint, Pickens—whose funds have lost about $1 billion this year while he leads a campaign for increased alternative energy use in the U.S.—and his firm sent termination letters to LBCS on Sept. 23, a week after Lehman filed for bankruptcy but before the commodity division filed itself. The suit is the second such action taken against LBCS, following a $500 million suit filed by Bank of America last month.
“The notices of termination specified Lehman Holdings’ bankruptcy filing as the relevant event of default,” the complaint alleges. “Defendant has failed to pay the amounts due.”
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…