Judge OKs Lehman's $957M Deal With German Affiliate

Law360, New York (March 23, 2011, 4:40 PM EDT) -- A New York bankruptcy judge reluctantly approved Lehman Brothers Holdings Inc.'s discounted purchase of $1.5 billion of notes for $957 million from its German affiliate Wednesday, saying that he still didn't understand how the 37 percent discount was reached.

"I suppose I'm satisfied, although I still have some questions about how the discounted amounts came to be," Judge James M. Peck of the U.S. Bankruptcy Court for the Southern District of New York said, noting that the approval was "an important building block" in the ultimate...
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