Lehman Brothers' examiner obtains permission to retain Duff & Phelps as financial adviser

By Rebecca Melvin

New York, Feb. 25 - The examiner appointed in the Lehman Brothers Holdings Inc. bankruptcy cases was given permission to retain Duff & Phelps LLC as his financial adviser at a hearing Wednesday at the U.S. Bankruptcy Court for the Southern District of New York.

D&P's retention is necessary and in the best interest of the examiner and the debtors and their estates to increase the capital level of Lehman Brothers Bank, FSB through a settlement and a direct $15 million capital contribution, the examiner, Anton R. Valukas, stated in his motion.

The examiner motion was originally brought by the Walt Disney Co. in October to investigate whether Lehman Brothers Commercial Corp. has administrative claims against Lehman Brothers Holdings as a result of the holdco's cash sweeps of commercial's cash balances, if any, after Sept. 15, when the holding company filed for Chapter 11 bankruptcy.

No other matters were on the agenda for the Feb. 25 omnibus hearing of the Lehman Brothers bankruptcy case. Many items had been adjourned.

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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