Lehman ex-president Gregory files $233 mln claim
NEW YORK |
NEW YORK Aug 26 (Reuters) - Joseph Gregory, once Lehman Brothers' No. 2 officer, has filed a $233 million claim against Lehman's bankruptcy estate to recover deferred stock compensation.
Gregory, Chief Executive Richard Fuld's top lieutenant for years, forced out last June was by his longtime friend the day after Lehman said it expected $2.8 billon of second-quarter losses fueled by real estate and mortgage writedowns.
Three months later, the fourth-largest investment bank collapsed into the biggest bankruptcy in U.S. history, wiping out its stock.
Gregory filed a claim on Aug. 5 for deferred equity compensation: restricted and performance stock units, as well as stock options, some of which were granted as early as 1997.
Employees, counterparties and creditors have until Sept. 22 to submit claims with the bankruptcy court.
Last week, hedge fund giant Citadel Investment Group claimed its Citadel Equity Fund was owed $470.5 million on derivatives contracts it held with Lehman.
Since Lehman filed for Chapter 11 protection last September, the value of many of its assets have rebounded, while Lehman's main businesses have been sold. Lehman's U.S. units were worth close to $12 billion, up from about $3 billion. (Reporting by Joseph A. Giannone; editing by Andre Grenon)
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