Lehman to Repurchase Loans to SunCal Projects

"By Linda Sandler

March 26 (Bloomberg) -- Lehman Brothers Holdings Inc., which is liquidating to pay creditors, said it will buy back loans it made to bankrupt real estate projects undertaken with California’s SunCal Cos. from the investment firm that is holding them.

The loans have a face value of more than $1 billion, Lehman said in a filing yesterday in U.S. Bankruptcy Court in Manhattan. Fenway Capital LLC acquired the loans as part of an repurchase agreement that drew Lehman into a court battle with SunCal, as the defunct investment bank sought to protect its stake in SunCal projects it financed.

Lehman said it also will end a $3 billion commercial paper note program with a Fenway unit that began in September 2008, just before Lehman filed for bankruptcy.

The notes were pledged to JPMorgan Chase & Co., and will revert to Lehman as a result of a settlement of claims with JPMorgan this month.

Kimberly Macleod, a Lehman spokeswoman, didn’t immediately respond to an e-mail asking how much the deals would cost the company.

Lehman has been trying to impose a reorganization plan on the California projects. SunCal, which has its own plan, said Lehman no longer owned the loans and so had no rights as a secured creditor. Lehman said in the filing the deal with Fenway, which require court approval, will end litigation over the SunCal repurchase agreement.

“ SunCal initiated the bankruptcy action for each of these Lehman-involved LLCs in January 2009 with the goal of obtaining new financing from another source and moving the projects forward,” SunCal spokesman Joe Aguirre said in an e-mail today.

The bankruptcy cases are In re Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan), and In re Palmdale Hills Property LLC, 8:08- bk-17206, U.S. Bankruptcy Court, Central District of California (Santa Ana). SunCal’s lawsuit is 8:09-ap-01005, U.S. Bankruptcy Court, Central District of California (Santa Ana).

--Editors: Charles Carter, Steve Farr "

Source
http://www.businessweek.com/news/2010-03-26/lehman-to-repurchase-loans-to-suncal-projects-correct-.html

Lehman Brothers still obsessed on my Statcounter with JP Morgan Whistleblower Peter Sivere, George Demos - Disciplinary Committee...

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Lehman Brothers Real Estate Partners funds II

Lehman Brothers Real Estate Partners funds II Searched
New Delhi, Delhi, India

Mahanagar Telephone Nigam Ltd.

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"Peter Sivere George Demos" - Searched by Lehman Brothers - New York

"peter sivere and geroge demos"

My Guess is that Lehman Brothers meant to search "Peter Sivere George Demos" - the thing is why are they so interested in Peter Sivere - every day they are searching something about Peter Sivere.  So you have JP Morgan Issues, Proskauer Rose connected to JP Morgan.. Proskauer Rose VERY interested in my Posts on Neuberger Berman, and now Lehman Brothers every day googling about Peter Sivere... what are they all hiding.. ???

Lehman Brothers seems to have underpriced Neuberger Berman, and participated in Bankruptcy Corruption.. oh well as we know from the Summit 1031 Bankruptcy - the Iviewit Technologies Patent Theft - the Petters Bankruptcy and more.. well the Bankruptcy Courts is the Biggest business of all.. the Creditors, Shareholders get screwed... the Attorneys get Mega-Rich, the Public Get to Pay Huge Bailouts.. and the FBI and DOJ they do nothing to "over sight" the US Bankruptcy Courts and Bankruptcy Laws.. no one holds the Bankruptcy Trustee, Judge or Attorneys accountable and the Pay off For Corruption is Irresistable...

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"Lehman Brothers Real Estate Associates"

Jones, Day, Reavis & Pogue Googling "Lehman Brothers Real Estate Associates" -

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Lehman accounting tricks possibly illegal - Lehman Brothers Bankruptcy - Lehman Brothers Whistleblower

"" NEW YORK – A Lehman Brothers whistleblower warned his bosses that accounting gimmicks the bank used before its collapse may have been illegal, his lawyer said Friday.

Matthew Lee, a former Lehman senior vice president, was fired days after questioning the accounting tricks in a letter to his superiors, attorney Erwin Shustak said. Shustak gave a copy of the letter to The Associated Press.

Lehman Brothers Holdings Inc. imploded in September 2008, becoming the biggest corporate bankruptcy in U.S. history. The collapse sent financial markets across the globe into a free-fall and prompted a massive bailout of the U.S. banking system.

An examiner appointed by the bankruptcy court said in a 2,200-page report last week that Lehman hid its debt and perilous financial condition by using an accounting gimmick called Repo 105. The report revealed Lee's warnings to the bank, though his letter makes public the first internal assessment of the legality of Lehman's bookkeeping.

In a letter dated May 18, 2008, Lee wrote that he discovered that the bank had been underreporting its debt by about $5 billion at the end of each month.

Lee, a 14-year Lehman veteran, wrote that he felt compelled to report the "discrepancies" under the firm's code of ethics, saying he believed they "possibly constitute unethical or unlawful conduct."

"I believe the manner in which the firm is reporting these assets is potentially misleading to the public and various governmental agencies," Lee wrote. "If so, I believe the firm may be in violation of the code."

Days after sending the letter, the firm told Lee he was being terminated as part of a general layoff, Shustak said. After his firing, Shustak wrote a letter to the bank saying that Lee "believes he has been the victim of retaliation for bringing what he believed, in good faith, to have been ethical and securities law violations by Lehman."

Lee, 56, later reached a severance agreement with Lehman, however, he stopped receiving payments after the firm's collapse, Shustak said. He has filed a claim with the bankruptcy court to recover the unpaid amount.

The bankruptcy examiner's report and Lee's letter could provide a framework for any future legal action against Lehman executives.

Senate Banking Committee Chairman Christopher Dodd on Friday called for Attorney General Eric Holder to investigate the circumstances that led to Lehman's collapse. A Justice Department spokeswoman said the department would review the request.

The examiner, Anton Valukas, discovered that Lehman put together complex transactions that allowed the firm to sell "toxic," mostly mortgage-backed, securities at the end of a quarter — wiping them off its balance sheet when regulators and shareholders were examining it — and then quickly buy them back.

His report doesn't conclude whether executives violated securities laws. It does say that the executives' decision not to disclose the effects of its business judgments appears to be sufficient evidence to support the awarding of civil damages in a trial.

The executives named by the report include former CEO Richard Fuld and three chief financial officers. Fuld has denied knowing what the transactions were or the accounting for them.

Securities and Exchange Commission Chairman Mary Schapiro said Wednesday that the agency is investigating several companies' actions in the run-up to the financial crisis of 2008. Without naming Lehman or other banks, Shapiro said the bankruptcy examiner's report raised "some very interesting points" and will be helpful to the SEC probe. ""

Source
http://news.yahoo.com/s/ap/20100319/ap_on_bi_ge/us_lehman_brothers_whistleblower

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Lehman Brothers Real Estate Partners III, L.P.

"" EXECUTIVE SUMMARY
Lehman Brothers Real Estate Partners III, L.P. (together with its parallel funds, the “Fund” or
“LBREP III”) is a global real estate merchant banking fund being formed to continue Lehman
Brothers’ successful real estate investment activities.

The Fund is the third generation opportunistic real estate private equity fund of Lehman Brothers Holdings Inc. (“Lehman Brothers” or the “Firm”) and follows the success of Lehman Brothers Real Estate Partners II, L.P. (“LBREP II”), a $2.4 billion fund formed in December 2004, and its predecessor Lehman Brothers Real Estate Partners, L.P. (“LBREP I”), a $1.6 billion real estate fund formed in 2000 (together, the “LBREP Funds”). PSERS has committed previously to Lehman Brothers Real Estate Partners Funds I & II.

The Fund will be managed by Lehman Brothers Real Estate Associates III, L.P. The Fund is targeting total capital commitments of $4.0 billion for opportunistic real estate equity investments primarily in North America, Europe and Asia.

As
with the LBREP Funds, Lehman Brothers and its employees will make a substantial contribution
to the Fund, totaling at least the lesser of 20% of the total commitment and $800 million. This
significant investment substantially aligns the interests among Lehman Brothers and its
employees, the limited partners of the Fund and the management and employees dedicated to
the Fund.

The Fund will benefit from its position in the Real Estate Private Equity Group (“REPE”), an
integrated component of Lehman Brothers’ Global Private Equity business, headed by Michael
Odrich, and the Global Real Estate Group (the “Global Real Estate Group” or “GREG”), led by
Mark Walsh. The Fund will be Lehman Brothers’ primary vehicle for opportunistic investment in real estate and will be managed by Global Co-Heads, Brett Bossung and Mark H. Newman,each with over 18 years of industry experience. The close working relationship between REPE and GREG offers the Fund a unique opportunity to access the Firm’s deal flow globally and enjoy the benefit of the many relationships established by Lehman Brothers with real estate entrepreneurs around the world. '"

Full Document and Source
http://164.156.7.89/org/board/resolutions/2007/lehman_20071213.pdf

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