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The corpse of Lehman Brothers wants the Second Circuit Court of Appeals to take a really close look at the part of its bankruptcy that say “no cash” should go to Barclays when it bought Lehman’s brokerage. Because, you know, their honors this month said that Barclays could have $4 billion in cash from the brokerage, and, not to belabor the point, but that seems like a lot more than “no cash.”
[The bankruptcy court judge] said the Lehman brokerage was entitled to the approximately $4 billion in so-called margin assets, and that Barclays should get the $1.9 billion in so-called clearance box assets.
Both sides appealed, and the district court ruled that Barclays was entitled to both groups of assets. Mr. Giddens appealed to the Second Circuit, which earlier this month affirmed the district court’s ruling. That prompted Tuesday’s request for rehearing.