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October 28, 2008

Disney Seeks Examiner in Lehman Bros.

Disney has filed a Motion for Appointment of an Examiner in the Lehman Bros bankruptcy case and set the matter for hearing in New York on November 5, 2008.  You can access the motion here.  It seems Lehman owed Disney about $100 million when it filed.  The motion asks the court to order the examiner to investigate several specific matters including:

  • Prepetition acts and omissions from and after March 16, 2008 in respect of LBCC's officers and directors, and LBHI’s officers and directors and the officers and directors of LBHI’s other direct and indirect subsidiaries impacting their respective fiduciary duties of care, loyalty, and good faith;
  • Postpetition acts and omissions in respect of LBHI’s officers and directors, LBCC's officers and directors, and the officers and directors of LBHI’s direct and indirect subsidiaries impacting their respective fiduciary duties of care, loyalty, and good faith;
  • Whether LBCC and LBHI’s other direct and indirect subsidiaries took any steps to protect their respective enterprises and constituencies in connection with the sale to Barclays Capital; 
  • What LBCC and other nondebtor subsidiaries of LBHI did with their cash after LBHI commenced its chapter 11 case.
  • What became of LBCC's business, including without limitation, its personnel, client lists, trade secrets, telephone numbers, after September 20, 2008.
  • Is Barclays Capital Inc. operating and/or benefiting from LBCC's business?

Objections are due Friday, October 31, 2008.  I can hear it already.  "Judge, we agree completely and have nothing to hide but we are really busy right now so order this a few months from now." 

October 28, 2008 in Current Affairs | Permalink

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