Hedge Funds Frozen Assets
Lehman May Return $11 Bil of Frozen Hedge Fund Assets
"This agreement has been negotiated over the last six months and will now allow us to return a further $11 billion or so of trust assets to their rightful owners," Steven Pearson, joint administrator for LBIE and a PricewaterhouseCoopers partner, said in a statement.
Hundreds of hedge funds were left hanging last September when New York-based Lehman filed for bankruptcy. More than $35 billion of assets that they entrusted to Lehman's London unit have been frozen as part of the receivership process.
The proposal, which will be sent to fund managers Tuesday, would return assets to funds and close out positions without the need to post further collateral. LBIE's creditors' committee supports the plan unanimously.
Clients have until Dec. 29 to vote on the plan. PwC hopes to set a deadline for filing claims at the end of February and return assets before the end of March.
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