James48843
09-15-2009, 10:02 PM
THIS is interesting.
The big boys are now fighting- Take a look at this article- where Barclays is accused in a Court filing of taking $8 BILLION more than it was supposed to.
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http://l.yimg.com/a/i/us/fi/gr/ap_106x27.gif (http://us.rd.yahoo.com/finance/news/apf/SIG=10kfmofol/*http://www.ap.org/) Lehman: Barclays took $8.2B more than allowed
Lehman says Barclays took $8.2B more than it should have in rushed sale of US banking unit
By Vinnee Tong, AP Business Writer
On Tuesday September 15, 2009, 7:27 pm EDT
SAN FRANCISCO (AP) -- Lehman Brothers has accused Barclays Capital of taking $8.2 billion more than it should have when it bought key assets of the failed investment bank a year ago.
http://d.yimg.com/a/p/fi/24/61/43.jpg?x=200&y=133&q=85&sig=kruOmTu6hX75b5Xx8SKpdw--AP - FILE - In this Sept. 16, 2008 file photo, people work inside the Lehman Brothers headquarters in New ...
Related Quotes
SymbolPriceChangeLEHMQ.PK (http://finance.yahoo.com/q?s=LEHMQ.PK)0.1350-0.0175http://ichart.finance.yahoo.com/instrument/1.0/LEHMQ.PK/chart;range=1d/image;size=179x98 (http://finance.yahoo.com/q?s=LEHMQ.PK)
Lehman made its claim in a court filing Tuesday, the one-year anniversary of its chaotic bankruptcy filing. The court approved the sale of its U.S. banking business to Barclays less than a week after it filed.
Now Lehman wants a judge to force Barclays to give back some of the money it took as part of the deal, including $5 billion it said was given as extra collateral. Lehman said the extra value was not disclosed to the court.
"Because of these undisclosed and unauthorized features of the deal, Barclays received billions more than the value it paid," Lehman lawyers wrote in an argument to the court.
A Barclays spokesman, Michael O'Looney, said Lehman is simply making "an opportunistic claim."
"Now that the economy has begun to stabilize the Lehman Estate is trying to re-trade the deal on the basis of a meritless argument," O'Looney said by e-mail.
Lehman said Barclays took the $5 billion as well as another $2.3 billion in margin deposits on its Options Clearing Corp. accounts, and about $2.7 billion in other assests added before the court's approval of the sale. It said Barclays took on about $1.7 billion in liabilities.
(More to the story:
http://finance.yahoo.com/news/Lehman-Barclays-took-82B-more-apf-3106327173.html?x=0&sec=topStories&pos=1&asset=&ccode= ) (http://finance.yahoo.com/news/Lehman-Barclays-took-82B-more-apf-3106327173.html?x=0&sec=topStories&pos=1&asset=&ccode=)
(note: The story says Barclays took $2.3 billion in margin deposits. I wonder if any of that was the TSP slush fund money (the assets held in conjunction with TSP trades held during the three day settlement period we previously talked about.....)
The big boys are now fighting- Take a look at this article- where Barclays is accused in a Court filing of taking $8 BILLION more than it was supposed to.
------------------------------------------
http://l.yimg.com/a/i/us/fi/gr/ap_106x27.gif (http://us.rd.yahoo.com/finance/news/apf/SIG=10kfmofol/*http://www.ap.org/) Lehman: Barclays took $8.2B more than allowed
Lehman says Barclays took $8.2B more than it should have in rushed sale of US banking unit
By Vinnee Tong, AP Business Writer
On Tuesday September 15, 2009, 7:27 pm EDT
SAN FRANCISCO (AP) -- Lehman Brothers has accused Barclays Capital of taking $8.2 billion more than it should have when it bought key assets of the failed investment bank a year ago.
http://d.yimg.com/a/p/fi/24/61/43.jpg?x=200&y=133&q=85&sig=kruOmTu6hX75b5Xx8SKpdw--AP - FILE - In this Sept. 16, 2008 file photo, people work inside the Lehman Brothers headquarters in New ...
Related Quotes
SymbolPriceChangeLEHMQ.PK (http://finance.yahoo.com/q?s=LEHMQ.PK)0.1350-0.0175http://ichart.finance.yahoo.com/instrument/1.0/LEHMQ.PK/chart;range=1d/image;size=179x98 (http://finance.yahoo.com/q?s=LEHMQ.PK)
Lehman made its claim in a court filing Tuesday, the one-year anniversary of its chaotic bankruptcy filing. The court approved the sale of its U.S. banking business to Barclays less than a week after it filed.
Now Lehman wants a judge to force Barclays to give back some of the money it took as part of the deal, including $5 billion it said was given as extra collateral. Lehman said the extra value was not disclosed to the court.
"Because of these undisclosed and unauthorized features of the deal, Barclays received billions more than the value it paid," Lehman lawyers wrote in an argument to the court.
A Barclays spokesman, Michael O'Looney, said Lehman is simply making "an opportunistic claim."
"Now that the economy has begun to stabilize the Lehman Estate is trying to re-trade the deal on the basis of a meritless argument," O'Looney said by e-mail.
Lehman said Barclays took the $5 billion as well as another $2.3 billion in margin deposits on its Options Clearing Corp. accounts, and about $2.7 billion in other assests added before the court's approval of the sale. It said Barclays took on about $1.7 billion in liabilities.
(More to the story:
http://finance.yahoo.com/news/Lehman-Barclays-took-82B-more-apf-3106327173.html?x=0&sec=topStories&pos=1&asset=&ccode= ) (http://finance.yahoo.com/news/Lehman-Barclays-took-82B-more-apf-3106327173.html?x=0&sec=topStories&pos=1&asset=&ccode=)
(note: The story says Barclays took $2.3 billion in margin deposits. I wonder if any of that was the TSP slush fund money (the assets held in conjunction with TSP trades held during the three day settlement period we previously talked about.....)