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Lehman bankruptcy filing wiped out billions: report

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dkf Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-29-08 10:28 AM
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Lehman bankruptcy filing wiped out billions: report
Edited on Mon Dec-29-08 10:53 AM by dkf
NEW YORK (Reuters) - Lehman Brothers Holdings Inc's (Other OTC:LEHMQ.PK - News) emergency bankruptcy filing wiped out as much as $75 billion of potential value for creditors, The Wall Street Journal reported on Monday, citing an analysis by the bank's restructuring advisers.


A more planned and orderly filing would have allowed Lehman to sell some assets outside of bankruptcy court protection and would have given it time to unwind derivatives positions, according to the analysis by Alvarez & Marsal.

The Journal said it was too early to say how much money Lehman creditors would recover; it said unsecured creditors have asserted they are owed $200 billion.
http://finance.yahoo.com/news/Lehman-bankruptcy-filing-rb-13926030.html
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JHB Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-29-08 10:35 AM
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1. But the guys running it already had their money...
...so why should they care about what happens to everyone else?

:sarcasm: (in case it's not obvious)
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Skink Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-29-08 10:36 AM
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2. Probably fronting for Madoff.
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Fleshdancer Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-29-08 10:51 AM
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3. and yet it's now harder for the average Joe to declare bankruptcy
$75 billion. Wow.

What's next for Lehman Brothers? Will the company go away or will it restructure and change its name?

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notesdev Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-29-08 10:54 AM
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4. Did it wipe out billions?
Or simply reveal that those billions never really existed in the first place?
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