Tuesday, May 14, 2013

The Undead: Lehman Reaches Beyond Grave to Grab Millions From Nonprofits

From Bloomberg: Once the world’s fourth-biggest investment bank, Lehman Brothers Holding Inc. filed the biggest bankruptcy in U.S. history on Sept. 15, 2008, after suffering billions in losses on subprime mortgages.
Almost five years after Lehman Brothers Holding Inc (LEHMQ). filed for bankruptcy and set off the global financial crisis, managers of the bank’s estate are demanding millions of dollars from retirement homes, colleges and hospitals.

After selling most of its assets, Lehman now says it was shortchanged by scores of nonprofits that were forced to pay to exit derivatives that were unwound after the firm filed for Chapter 11 protection….

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