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ehman Settles Most Disputes Over Derivative Transactions
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By Christopher Scinta

Dec. 16 (Bloomberg) -- Lehman Brothers Holdings Inc., the investment bank that filed for bankruptcy with more than $613 billion in debt, settled 65 of the 101 objections to its plan to resolve about 930,000 derivatives contracts.

About 30,000 of the contracts remain open, said Robert Lemons, a Weil Gotshal & Manges lawyer representing Lehman. He said the contracts are worth billions of dollars to Lehman’s creditors, though the exact value isn’t clear.

U.S. Bankruptcy Judge James Peck in Manhattan said he would approve the procedures for assigning open derivative contracts and settling terminated contracts for parties that didn’t object or withdrew objections. Peck said set a Dec. 22 hearing to consider claims by creditors that filed objections.

“It is wrong for the case to put a cloud of doubt over this particular order,” Peck said.

Lemons said Lehman wants to assign some of the open contracts that are “in the money” for the debtors that the counterparties haven’t terminated to bring in funds for the estate. The order would allow Lehman to resolve derivatives agreements without asking the court to address each one.

When it sought bankruptcy protection Sept. 15, Lehman listed more than $613 billion in debt as of May 31, dwarfing WorldCom Inc.’s 2002 bankruptcy, previously the largest.

The case is In re Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

To contact the reporter on this story: Christopher Scinta in New York bankruptcy court at cscinta@bloomberg.net
Last Updated: December 16, 2008 14:15 EST



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