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Send back $8b, Lehman Brothers Europe tells parent
(Agencies)
Updated: 2008-09-22 09:47 James Peck, the judge in Lehman's bankruptcy case in New York, said Friday that the court would examine the issue in greater detail, but he put it aside so he could focus first on the sale of Lehman's investment banking and trading units as well as certain real estate assets to Barclays.
The Sunday Times reported that Japan's Nomura and Barclays might bid for Lehman's British-based equities and investment banking business. The paper also reported that BNP Paribas was interested. A spokesman for Lehman's bankruptcy law firm in the US, Weil, Gotshal & Manges, did not immediately return calls for comment on Sunday. Thorogood said the request for the funds to be returned was made in a letter sent Wednesday, but she could not immediately provide a copy of the document. The money would be used to pay back creditors, Thorogood said, adding that salaries were being funded through other financing until the end of the month. British Prime Minister Gordon Brown said his government was working with the US government to get the cash back. While mistakes had been made in Britain, he said the primary blame for the crisis had to go to the United States, and he urged the adoption of international financial regulations. "It's fair to say also that we're in a new world, and I think what people haven't appreciated is we've now got global financial systems but we've only got national regulators to cover them," Brown told the BBC. "I've been pressing for some years, and I wish I could have persuaded other countries to do what I wanted, and that was to create a global system of financial regulation." |
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