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Last updated 22 hours ago
Nov 24 2008 | 1:46am ET
Hedge funds have won a majority of seats on the creditors committee overseeing the bankruptcy of Lehman Brothers’ European business.
GLG Partners, Oceanwood Capital Management and Ramius Capital each won a seat on the five-member committee, which will assist receiver PricewaterhouseCoopers in figuring out who is owed what by Lehman Brothers International Europe. Some hedge funds have been extremely critical of PwC, saying it is moving too slowly to free up their frozen assets.
Approximately US$70 billion in prime brokerage assets at LBIE remain frozen, and PwC has said it could take months or years to untangle the mess.
Joining the hedge funds on the committee are LBIE parent Lehman Brothers Holdings—itself undergoing liquidation in the U.S.—and Legal & General Investment Management, Financial News reports. The five committee members were elected by LBIE creditors from 10 nominees at a Nov. 14 meeting in London.
Specifically, the GLG European Long/Short Fund and Ramius’ Credit Opportunities Funds were elected, along with Oceanwood, Lehman and L&G.