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  $8.2B back into the Lehman pot?
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Sugar  
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 More options Sep 29, 10:05 am
From: Sugar <crichard...@gmail.com>
Date: Tue, 29 Sep 2009 07:05:38 -0700 (PDT)
Local: Tues, Sep 29 2009 10:05 am
Subject: $8.2B back into the Lehman pot?
Lehman Urges Court To Unseal Details Of Barclays Sale Probe
David McLaughlin
 |  28 September 2009

Lehman Brothers Holdings Inc. and its creditors are ratcheting up
their fight with Barclays PLC over Lehman's sale to the British bank,
pushing to make public new details that Barclays wants to keep secret.

Lehman and its creditors, who claim Barclays pocketed a massive
windfall from the sale, say Barclays is going too far in demanding
that documents and depositions about the deal be kept from public
view.

"Barclays has misused the provisions of the confidentiality order to
seal virtually the entire record," Lehman's lawyers said in court
papers.

The accusations come after Lehman and creditors unveiled earlier this
month the results of their investigation into the sale of Lehman's
broker-dealer business to Barclays days after Lehman filed for
bankruptcy.

They are asking a New York bankruptcy judge to revisit the deal and
order Barclays to return what they say are billions of dollars in
excess assets that the British bank received.

The lengthy court documents backing up their findings were heavily
redacted because much of the information stemmed from documents and
testimony by ex-Lehman employees that Barclays deemed confidential.

Lehman and the committee representing unsecured creditors are now
asking a judge for permission to make public the redacted sections of
their court filings describing their findings. They say Barclays has
no right to keep the information secret.

"Keeping the motions sealed will harm both the creditors in these
cases and the public at large," lawyers for the creditors committee
said.

A spokesman for Barclays couldn't be reached for comment.

Lehman says Barclays received at least $8.2 billion in excess assets,
including an undisclosed $5 billion discount off the book value of
securities transferred to Barclays and $2.7 billion in additional
assets that also weren't disclosed to the judge who approved the sale.


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