Lehman open trade confirmation ruling appealed

By Caroline Salls

Pittsburgh, Dec. 23 - Pyrrhuloxia, LP has appealed an order approving Lehman Brothers Holdings, Inc.'s motion to assume or reject open trade confirmations, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the court approved the trade confirmation assumption or rejection motion on Dec. 16.

The assumed trades consist mostly of sell-position trades that were agreed upon at a time when market conditions were more favorable than they are now. The estates will realize significant value from the assumption of these agreements.

Lehman proposes to reject most of its buy-position trades, which will relieve the estates of their obligation to purchase devalued loan interests.

New York-based Lehman Brothers Holdings is the fourth-largest investment bank in the United States. The company filed for bankruptcy on Sept. 15. Its Chapter 11 case number is 08-13555.

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