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GLG TD Holdings Inc

0.0591
0.00 (0.00%)
After Hours
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type
TD Holdings Inc NASDAQ:GLG NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.0591 0.0584 0.0595 0 01:00:00

CORRECT (09/24): Major Banks, Govts, Funds Claim On Lehman

25/09/2009 4:41pm

Dow Jones News


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Major financial institutions including Barclays Bank PLC (BCS) and Morgan Stanley (MS), Abu Dhabi's sovereign wealth fund and hedge fund GLG Partners (GLG) are among the claimants seeking money from collapsed investment bank Lehman Brothers, according to filings on the claims administrator's Web site.

In one of its claims, Barclays is demanding as much as $1.34 billion in respect of guarantees given under derivatives contracts; Morgan Stanley's largest claim for $1 billion is also connected to Lehman's role as counterparty on trades with the investment bank; other banks making claims on derivative contracts include Lloyds Banking Group's (LYG) unit Bank of Scotland, and Swiss bank UBS AG (UBS).

The carnage caused by the collapse of Lehman Brothers just one year ago goes far beyond companies in the financial sector and ranges from amounts as high as $48 billion being claimed by bondholders represented by the U.S.' Wilmington Trust Co. to just a fistful of dollars in the case of private investors and borrowers.

The Association of German Banks is asking for just under $26 billion relating to contracts between its member banks and Lehman Brothers, while pension funds including the New York State Teachers' Retirement plan also submitted hefty claims.

New York State wants $1.2 billion in back taxes and New York City, where Lehman Brothers had its headquarters, submitted a $627 million tax bill for unpaid commercial rent tax and general corporation tax going as far back as 1996.

Missed rent on Lehman's 30-year lease at London's Canary Wharf, the center of the bank's U.K. operations, comes to more than $2.6 billion, according to the building owner's filing, which asks for more than $4 billion in all.

A hospitality event is behind the $126,000 being claimed by the Mandarin Oriental Hotel in Washington, D.C., where 30 people were scheduled to be entertained at Lehman's expense.

Lehman Brothers filed for bankruptcy protection overnight Sunday, Sept. 14, 2008, in the U.S. with its European operations being put into administration the following day. The collapse of one of the world's largest banks paralysed financial markets and heralded the disappearance of Bear Stearns while Bank of America (BAC) subsequently took over Merrill Lynch.

All claims must have been filed with the U.S. bankruptcy court in New York, which is handling the Chapter 11 proceedings, by Sept. 22. Creditors claiming under derivatives contracts or guarantees must also provide more details and supporting documents on the dedicated Web site being managed by Epoeq Bankruptcy Solutions by Oct. 22.

-By Marietta Cauchi and Margot Patrick, Dow Jones Newswires; +44 207 842 9241; marietta.cauchi@dowjones.com

 
 

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