LOS ANGELES/NEW YORK - Yahoo Inc has submitted a formal proposal to buy Hulu, joining a growing list of bidders for the video service owned by News Corp and Walt Disney Co, two sources with knowledge of the bid told Reuters on Friday.
LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change strategy.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Lehman seeks OK to probe Barclays payment
NEW YORK |
NEW YORK (Reuters) - Bankrupt Lehman Brothers Holdings Inc LEHMQ.PK is seeking court permission to look into whether it was adequately compensated by Barclays Plc (BARC.L) for its brokerage unit, according to court documents filed on Monday.
Lehman sold its North American broker-dealer business, its New York headquarters and other property to U.K.-based Barclays for $1.75 billion last September, a few days after it filed for bankruptcy protection.
Lehman "has become aware of apparent material discrepancies relating to the liabilities Barclays was to assume," it said in documents filed in the U.S. Bankruptcy Court in Manhattan.
Those discrepancies, which "may have resulted in a windfall to Barclays at the expense of the estate" in an amount that could reach into the "billions of dollars," include Barclay's obligation to pay employee bonuses and the transfer of certain assets during the week the sale to Barclays was negotiated, according to the filing.
A spokesman for Barclays declined to comment.
SEEKS OK TO TRANSFER ASSETS
Separately, Lehman has asked the bankruptcy court to allow it to transfer a portion of its assets, obligations and responsibilities to companies formed by former Lehman employees that previously managed the assets, saying they were "uniquely suited to manage the funds because of their intimate knowledge."
Lehman said in court documents filed Friday that it has determined "the expense of maintaining the assets and liabilities itself, would exceed the benefit of doing so."
A court hearing on the request is set for June 24, according to court papers.
Lehman filed the largest U.S. bankruptcy ever on September 15, with assets of $639 billion.
The case is In re: Lehman Brothers Holdings Inc, U.S. Bankruptcy Court, Southern District of New York, No. 08-13555.
(Reporting by Phil Wahba and Emily Chasan; Editing by Andre Grenon, Richard Chang)
- Tweet this
- Share this
- Digg this