NEW YORK, Jan. 28, 2015 /PRNewswire/ -- James W. Giddens, Trustee for the liquidation of Lehman Brothers Inc. (LBI) under the Securities Investor Protection Act, today filed a motion with the Bankruptcy Court seeking a second interim distribution totaling approximately $2.2 billion to unsecured general creditors with allowed claims.
"When this liquidation began, the possibility of a general estate was in doubt, and the fact that general creditors now stand to receive 27 percent of their allowed claims is a significant achievement," Giddens said. "We will continue winding down the estate and working toward additional distributions to general creditors, while maintaining appropriate reserves and protecting claimants' interests and due process rights."
The Trustee has distributed more than $3.7 billion to LBI's creditors since July 2014 and now seeks the Court's approval to increase distributions to unsecured general creditors by approximately $2.2 billion. If approved, this second interim distribution would achieve an approximately 27 percent distribution to unsecured general creditors.
In total, customers have received more than $106 billion, fully satisfying the 111,000 customer claims. Secured, priority, and administrative creditors have also received 100 percent distributions. The Trustee's principal focus is now to resolve remaining claims and make further general creditor distributions in order to close the estate as promptly as possible.
Together, the customer and general creditor distributions represent the largest distributions across the worldwide Lehman insolvency proceedings, and it would not have been possible without the assistance of the Securities Investor Protection Corporation and the Securities and Exchange Commission, and the oversight of United States Bankruptcy Court judges, the Honorable James M. Peck and the Honorable Shelley C. Chapman.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lehman-brothers-inc-trustee-plans-additional-22-billion-distribution-to-unsecured-general-creditors-300027212.html
SOURCE Office of the Trustee for the Liquidation of Lehman Brothers Inc.
