Lehman Bondholders Push Rival Reorganization Plan

Law360, New York (December 15, 2010, 8:08 PM EST) -- Bondholders of Lehman Brothers Holdings Inc. on Wednesday put forth a competing reorganization plan that seeks to change how the failed investment firm’s assets are distributed to creditors.

The ad hoc group of Lehman creditors, which includes the California Public Employees’ Retirement System and Paulson & Co., submitted the plan in the U.S. Bankruptcy Court for the Southern District of New York, claiming that the company’s own plan mainly benefits big banks at the expense of other creditors.

A CalPERS representative said the pension fund was...
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