Thursday, August 25, 2011

Lehman revises bankruptcy plan to deal with objections

Lehman Brothers Holdings Inc filed a revised version of its bankruptcy plan that included a request from JPMorgan Chase that the bank did not play any role in drafting the disclosure statement.

According to court filings, the new paragraph in the statement says that JPMorgan also disagrees with certain descriptions and characterizations of JPMorgan.

Prior to Lehman filing for Chapter 11 protection, JPMorgan served as the company's primary bank. JPMorgan and its affiliates have filed proofs of claims against Lehman of around USD 29 billion.

Read the rest of the article at Money Control

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