Lehman Asks 2nd Circ. To Block Intervention In Dante Case

By Martin Bricketto (February 1, 2012, 6:56 PM EST) -- Lehman Brothers Special Financing Inc. on Tuesday asked the Second Circuit to reject continued efforts by liquidators of an Australian affiliate and certain noteholders to intervene in an adversary proceeding involving its controversial Dante program.

In February 2011, a New York bankruptcy court declined to let the so-called Dante noteholders and Lehman Brothers Australia Ltd. liquidators intervene in one of more than 50 adversary proceedings that LBSF brought, based on a stay order halting those avoidance actions. The stay was supposed to help resolve claims through a court-ordered alternative dispute resolution process.

A federal court then tossed the appellants' appeal because...

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