* Competing plan may be filed this week - source
* Paulson, Calpers have opposed Lehman's plan
* Estimated $57.5 bln assets to be distributed
NEW YORK, Dec 14 Creditors of Lehman Brothers
Holdings Inc LEHMQ.PK, including hedge fund Paulson & Co, may
file a competing reorganization plan for distributing the
bank's assets, a person familiar with the matter said.
The plan, which may be filed this week, would come more
than two years after Lehman filed the largest U.S. bankruptcy
ever and would vie against Lehman's own reorganization proposal
filed in March.
Paulson & Co, led by billionaire John Paulson, and other
creditors including the California Public Employees' Retirement
System, or Calpers, have opposed the company's plan, saying it
would treat large bank creditors better than other creditors
and spur litigation. Calpers is the largest U.S. pension fund.
Paulson & Co declined to comment. A Calpers representative
was not immediately available.
News of the competing plan was reported earlier by
Bloomberg, which said the plan calls for distributing an
estimated $57.5 billion of Lehman assets more equally.
Lehman has said its plan, now pending before a U.S.
Bankruptcy Court judge in Manhattan, was a compromise aiming to
balance competing interests. The company said its plan would
create an asset management company to maximize the value of
Lehman's assets by managing them over the long term.
Under Lehman's plan, unsecured creditors are expected to
recover 10.4 cents to 44.2 cents on the dollar. General
unsecured creditors of the holding company would likely recover
14.7 cents on the dollar, while creditors of the derivatives
and commercial paper units could recover 21.9 to 44.2 cents on
Lehman has said it expects to file a revised reorganization
plan in the coming months that would update these estimated
The creditors are able to file a competing bankruptcy
reorganization plan with the court because Lehman's exclusive
right to a plan expired after 18 months.
The case is in Re: Lehman Brothers Holdings Inc., U.S.
Bankruptcy Court, Southern District of New York, No. 08-13555.
(Reporting by Dena Aubin; additional reporting by Caroline
Humer, editing by Dave Zimmerman)