Lehman reorganisation plan not equitable, says LBIE administrator
Plans by Lehman Brothers Holding Inc (LBHI) to disregard a majority of guarantee claims from its affiliates are not fair, according to one of the joint administrators of Lehman Brothers International (Europe) (LBIE).
There had been speculation LBHI, the parent company, would seek to challenge a large portion of the $223 billion affiliate claims against it, as reported by Risk last month (April 2010, pages 37–39).
In particular, the company was expected to call into question the validity of a board resolution signed by Lehman’s then chief executive Richard Fuld and former board director John Macomber on June 9, 2005. This document appeared to guarantee LBHI would step in and assume the liabilities and
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