Lehman Approved To Sell Berkshire-Backed Muni Shares

Law360, New York (May 18, 2011, 9:32 PM EDT) -- An affiliate of bankrupt Lehman Brothers Holdings Inc. won approval Wednesday in New York to sell interests in the proceeds of a swap agreement with Warren Buffett's Berkshire Hathaway Inc. that relate to $8 billion in municipal debt.

U.S. Bankruptcy Judge James M. Peck approved the request that was made by Lehman's derivative unit, Lehman Brothers Special Financing, which owns 100 percent of the legal entity at issue, 1271 LLC.

The order came as the largest bankruptcy in history, now 2 1/2 years old, grinds slowly...
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