The trustee liquidating Lehman Brothers Inc. (LEHMQ) said he aims to start paying the bankrupt brokerage’s remaining customers early next year from available assets of $18.3 billion, according to the good people at Bloomberg.
Trustee James Giddens, who also is liquidating the MF Global (MF) Inc. broker-dealer, asked a judge to approve the distribution yesterday, more than three years after the Lehman parent filed the biggest bankruptcy in U.S. history. He didn’t say how much money customers can expect, only that his goal was to make “a significant” payment. Large payouts must await resolution of remaining disputes over claims, he said.
“The trustee would like to be in a position to proceed with interim distributions to customers in early 2012, with reserves as appropriate for disputed claims,” Giddens said in a court filing yesterday. “Disputes involving the largest dollar values will have to be resolved before large distributions of customer property can proceed.” By law, Giddens must share the assets equally among customers. He has gathered $23.7 billion to pay customers from settlements, litigation and negotiations with banks and other business partners,…
Read all about it at http://www.bloomberg.com/news/2011-12-02/lehman-brokerage-trustee-seeks-to-allocate-18-3-billion-to-customer-fund.html
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