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Lehman to Pay $2.4 Billion to End Crisis-Era Mortgage Claims
8 marzo 2018
Lehman Brothers Holdings Inc.’s bankruptcy estate will pay $2.38 billion to compensate for its role in the previous decade’s mortgage crisis, a federal judge decided, far less than the $11.4 billion some hedge funds had sought.
U.S. Bankruptcy Judge Shelley Chapman ruled in Manhattan Thursday after a 22-day trial to resolve the long-running dispute over Lehman’s flawed residential mortgage-backed securities. Her decision puts a final tally on what buyers of the securities, known as RMBS, can recover for breaches by the investment bank when it pooled individual home loans and sold them off as bonds during the housing bubble.
A settlement of RMBS claims is a landmark for Lehman’s other creditors because it frees up more of the defunct bank’s assets to distribute. Lehman recently closed out a $2 billion dispute with Citigroup Inc. over derivatives, and similar litigation over derivatives with Credit Suisse Group AG is the last major remaining contest.
‘Burden of Proof’
Lehman "created and enjoyed a robust market" in securitizing home loans, Chapman said, recounting the company’s role in the financial crisis. But plans went awry when the housing bubble popped and defaults soared on mortgage bonds, which “threatened to pull the entire U.S. economy into the abyss as well,” Chapman said. New York-based Lehman went bankrupt in 2008.
A settlement of RMBS claims is a landmark for Lehman’s other creditors because it frees up more of the defunct bank’s assets to distribute. Lehman recently closed out a $2 billion dispute with Citigroup Inc. over derivatives, and similar litigation over derivatives with Credit Suisse Group AG is the last major remaining contest.
Questo l'aspetto più interessante dell'intera vicenda!
Soured Lehman Mortgage Claims Valued at $2.4 Billion
Bondholders had valued claims against Lehman at $11.4 billion
BlackRock Financial Management Co., Pacific Investment Management Co. and Goldman Sachs Asset Management LP supported a $2.4 billion deal in settlement talks with the Lehman administrators, but hedge funds including Tilden Park Capital Management LP and BlueMountain Capital Management LLC saw that as a lowballed figure.
Unsecured creditors, who were estimated to receive about 21 cents on the dollar when Lehman’s liquidation plan went into effect in 2012, have now recovered nearly 44 cents and are in line for more. Bankruptcy administrators had set aside reserves to cover potential judgments that can now be distributed. The largest variable in the wind-down is now a $1 billion derivatives trial with Credit Suisse AG that is scheduled to begin in October.
Trovato altro riscontro al mio ragionamento che precede: questa decisione "libera" risorse che erano state accantonate in prospettiva di una decisione negativa e che ora potranno essere messe a disposizione dei creditori.
