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Lehman Liquidation Plan Set For Vote

NEW YORK CITY-US Bankruptcy Judge James Peck approved the plan on Aug. 30, and creditors have until Nov. 4 to vote on the proposal, according to Bloomberg.

By Jacqueline Hlavenka | Updated on August 31, 2011

NEW YORK CITY-Failed investment bank Lehman Brothers Holdings Inc. got approval by US Bankruptcy Court Judge James Peck to send its liquidation plan to creditors for a vote, giving them a say in the matter after the bank filed for bankruptcy in September 2008, Bloomberg reports. Creditors now have until Nov. 4 to vote on the proposal, and Lehman will return to court in December to request approval of the plan, the article said.

During the hearing, Lehman’s bankruptcy attorney Harvey Miller said total claims would come to approximately $360 billion, which he described as “bordering on the miraculous” in getting to this stage in the case, Bloomberg reported. The proposal is the result of a settlement Lehman reached with senior bondholder Paulson & Co. and Goldman Sachs Group Inc., who opposed an earlier plan to eliminate remaining assets.

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