Lehman Brothers Securities trustee considering winddown, distribution

By Caroline Salls

Pittsburgh, Nov. 6 – Lehman Brothers Securities NV bankruptcy trustee Michiel Gorsira is considering winding down the company’s estate and making a final distribution to creditors in the first quarter of 2015, according to a news release.

Lehman said the wind-down process, which will require approval from the supervisory judge overseeing its bankruptcy proceedings.

The company said the process would be expected to include a combination of an in-kind distribution of at least 85% of intercompany claims against Lehman Brothers Holdings Inc. and Lehman Brothers International Europe, as well as the sale for cash of the remaining portion of those claims and any remaining assets with a corresponding distribution of the proceeds to creditors.

The trustee intends to solicit proposals from market participants to help facilitate the wind down, the release said.

New York-based Lehman Brothers Holdings Inc. was the fourth-largest investment bank in the United States. The company emerged from bankruptcy on March 6, 2012.

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