Lehman Brothers

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.” Read more »

  • 13 Aug 2014 at 6:02 PM

Ernst & Young Can’t Believe Its Luck

Re: Getting off scot-free for telling Lehman Brothers that it could just write all of those things off. So it’s pinching itself, basically appealing the miraculous verdict so that no one can take it away. Read more »

  • 05 Aug 2014 at 10:55 AM
  • Banks

Lehman Brothers Still A Totally Viable Business

The corpse of the investment bank has made $8.3 billion more than it expected since it stopped being an investment bank three years and change ago. Read more »

A small group of firms that waded into the morass in the aftermath of the financial crisis, including Paulson & Co., King Street Capital Management LP, Varde Partners Inc., Halcyon Asset Management LLC and Solus Alternative Asset Management LP have made billions of dollars trading in the debt. As claims are being paid out, often at a multiple of initial estimates, investors that have spent years analyzing the bankruptcy are ploughing money back into newly available loans, such as those between the investment bank’s Hong Kong and U.S. units, fueling a rally unmatched by stocks and high-risk bonds. [Bloomberg]

  • 20 Feb 2014 at 12:55 PM
  • Banks

Former Bank Gets Extra $3.7 Billion Or So To Play Around With

Lehman Brothers was perhaps not as extremely well-capitalized or strongly liquid as Dick Fuld claimed, but its corpse is looking pretty well-capitalized today. Read more »

Earlier this week, an anonymous veteran of the hedge fund world took to eBay to list the fleeces he’d picked up as an employee of several hedge funds that either have been or will soon be consigned to the scrap heap of corporate history: SAC Capital, SAC subsidiary Sigma Capital, Quadrum Capital, and Stratix. Seller “madinny” started the bidding at $1,500 for the entire lot, and then sat back and waited for the offers to roll in. Unfortunately, it appears that no one, not even the foremost collectors of hedge fund swag among us, would bite. So he did what any guy trying to unload Wall Street memorabilia at an admittedly steep price would do: He rummaged through his closet and came up with a couple items to sweeten the deal. Read more »

  • 18 Sep 2013 at 2:05 PM

Joe Gregory Needs Your Help

Remember Joe Gregory? Former Lehman Brothers president? Used to commute to the office from Long Island via helicopter? Was publicly dressed down by Dick Fuld on at least one occasion for leaving the house wearing a hideous green suit? He voluntarily resigned in June 2008, and since he technically wasn’t on site when the firm bit the big one, felt he was entitled to $233 million in back pay. And yet, despite filing a claim for his money over four years ago, has seen not one dime! Presumably the estate will get to his case soon (Gregory’s claim remains outstanding, so there’s still hope) but in the meantime, Big G’s gotta put food on the table. He put his 15,000-square-foot home on the market last year for $22 million and now is holding a fire sale of all his furniture. Read more »