Monday, 25 May 2015
Last updated 2 days ago
Jul 16 2009 | 9:08am ET
Nine months after their assets got caught up in the Lehman Brothers bankruptcy, the hedge funds that used the Wall Street bank’s U.K. prime brokerage operations may have caught a glimpse of the light at the end of the tunnel.
PricewaterhouseCoopers, the administrator of Lehman Brothers International Europe, laid out a plan that could unfreeze some of the $11 billion from 700 funds still tied up as part of the Lehman bankruptcy. Under the proposal, the prime brokerage assets would be assigned their value as of Sept. 12, three days before Lehman collapsed, including money pledged to Lehman and then lent out. Before a packed courtroom in London, filled with about 50 lawyers representing hedge funds, among others, PwC asked for a hearing in October to approve the plan, which would be followed by a creditor vote.
If the creditors approve the plan, PwC said it could begin returning assets by the beginning of next year. If not, it could take another nine months to develop a new plan. The proposal needs 75% support to be approved.
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…