Lehman Holdings to sell $4.22 billion of Lehman Brothers Inc. claims

By Jim Witters

Wilmington, Del., May 22 - Lehman Brothers Holdings Inc. and some of its affiliates agreed to sell $4.22 billion of general unsecured claims against Lehman Brothers Inc. for an aggregate price of $1.88 million, according to a May 22 company press release.

The purchase price represents 44.5% of the face value of the claims.

The sale of the claims is subject to certain closing conditions, including the effectiveness of the settlement agreement, reached on Feb. 21 between Lehman and James W. Giddens, trustee for the SIPA liquidation of Lehman Brothers Inc.

The U.S. Bankruptcy Court for the Southern District of New York approved the agreement on April 16.

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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