Lehman Blasts SunCal For Ignoring Automatic Stay

Law360, New York (May 25, 2011, 5:58 PM EDT) -- Lehman Brothers Holdings Inc. asked a New York bankruptcy court on Tuesday to enforce an automatic stay and block California real estate developer SunCal from contesting some $1.5 billion in Lehman claims.

Lehman, which provided debt financing to bankrupt SunCal, said the developer is playing “Russian roulette” by flouting the court’s order. In October, the New York bankruptcy court issued a stay in the case of Lehman’s commercial paper unit, but SunCal has continued to pursue an order disallowing 14 of Lehman's claims, which total roughly...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.