| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers L > Headlines for Lehman Brothers Securities NV > News item |
Lehman Brothers entity in Curacao will be first to finalize bankruptcy
By Caroline Salls
Pittsburgh, May 15 – Lehman Brothers Securities NV in Curacao will be one of the first Lehman Brothers companies worldwide to finalize its bankruptcy proceedings when a final cash distribution is executed on Tuesday, according to a news release.
The final cash distribution to the creditors will be made by bankruptcy trustee Michiel Gorsira of law firm VanEps Kunneman VanDoorne.
Following the worldwide collapse of Lehman Brothers in September 2008 in New York, Lehman Brothers Securities in Curacao said it was declared bankrupt by the Curacao bankruptcy court in January 2009. The main activity of this Lehman entity was the issuance of complex financial structured products, including warrants and certificates.
“In January 2009, we had no funding and insufficient access to information and documents,” Gorsira said in the release.
“Six and a half years later, we have settled intercompany claims of more than $11 billion, valued the LBS derivative portfolio of 332 securities at approximately $900 million, and have paid out more than $1 billion to its creditors.”
In the summer of 2014, the company said first discussions with creditors and market participants took place to determine whether the remaining intercompany receivables against other Lehman companies, which varied from $1.2 million to $5.2 billion, could be sold in order to make one final cash distribution.
Lehman Brothers Securities said the claims were sold in April.
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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.