Lehman administrator seeks $8bn

[babsbunny]

http://news.bbc.co.uk/2/hi/business/7627956.stm


Lehman administrator seeks $8bn
Lehman Brothers UK staff packing up
Lehman's administrators want to repatriate $8bn from the US

The European administrators of failed US investment bank Lehman Brothers have filed a court order in New York demanding $8bn (£4.4bn) is returned from the US to London.

A PricewaterhouseCoopers (PwC) spokesman said the money was needed to pay creditors, salaries, property bills and other day-to-day expenses.

Lehman's European headquarters, where 4,500 staff worked, is based in London.

PwC is currently trying to find buyers for various parts of Lehman Europe.

[dipsydoodle]

1. Those funds

were transferred from London to NY on the Friday night to accrue overnight interest - common practice. The funds were supposed to be returned to Lehman London either the following morning or the Monday morning- they were not returned and hence the claim.