lehman

#Building_Buddy @BLDGBUDDY #Rosslyn_Twin_Towers #Office #Architect #HOK #Contractor #George_Fuller_Construction #Built #1980 #27_Stories #1100000_sf #Owner #Monday_Properties #Equity #Lehman_Brothers #Anchor_Tenant #Northrop_Grummand ; These belles of the #DC #Skyline look great , especially for their age. Due to their height the #FAA tried to block the development of these 2 buildings. Good thing they didn’t. Once home to #Gannett these towers contain a number of tenants that span across public and private sectors. Purchased as a part of a huge fund level purchase of the #Beacon_Capital portfolio in #2007 by a #Lehman - #Monday_Properties #joint_venture these 2 buildings became the spat of a fight between the #lehman_bankruptcy_estate in early #October after #Goldman_Sachs backed out of a deal to #buyout Lehman’s majority interest. Whatever happens these buildings will still be 2 of DC’s best! (Taken with Instagram at 1100 Wilson Blvd)

Lehman loses first broker bonus case


* Firm has won four cases to dateBy Ashley LauOct 12 (Reuters) - Lehman Brothers Holdings Inc suffered its first loss in the firm’s effort to win back portions of upfront bonuses paid to former brokers, according to regulatory documents released on Wednesday.Former New York-based broker Jennifer Mitchell does not have to pay back the bonus she received when she joined Lehman three years before the investment bank filed for bankruptcy in September 2008, said a Financial Industry Regulatory Authority arbitration panel.Lehman has said it is pursuing roughly 50 former brokers, some of who were hired less than a year before the bankruptcy filing, to return portions of bonuses they received when hired. The firm has won four cases and has been awarded nearly $4 million from the four brokers.The payments, often referred to as ‘employee forgivable loans,’ are paid up-front and structured as loans forgiven over time, typically a seven-year period. Brokers who leave the firm, or whose employment is terminated, before the loan term is over must return part of the payment.“They’re really golden handcuffs,” Mitchell’s lawyer, David Robbins, said. “Even if you die or become disabled, you owe the balance."In the case of Lehman brokers, their employment ended when the company filed for bankruptcy and Barclays PLC bought its U.S. brokerage arm.SURPRISE VICTORYRobbins, who has worked as a lawyer in the securities industry for 35 years, said the decision came as a surprise. Firms prevail in roughly 95 percent of all such cases, he said."I really feel like this one was different,” he said.Robbins said he could not specifically elaborate on the panel’s decision and FINRA documents did not disclose the details of the arbitration panel’s decision.In Mitchell’s case, Lehman first requested compensatory damages totaling $176,000 in interest, costs and attorney’s fees. The firm later amended the amount to $258,084.12 at the close of the hearing.New York-based attorney Neil Sussman, a former in-house attorney at Lehman, represented the firm in the Mitchell case and in the other four broker bonus cases.Robbins said he found out about the ruling from Sussman.“I was sitting at my desk and he sent me an e-mail congratulating me,” Robbins said.Lehman declined to comment about the case.


Lehman Europe creditors in line for 2012 payout


PwC, appointed administrator to Lehman Brothers’ European division when the bank collapsed in September 2008, said it had raised some 1.8 billion pounds ($2.8 billion) in cash from the unit’s assets in the last six months, bringing the total so far to 12.6 billion pounds.


Lehman says JPMorgan botched securities sale


By Nick BrownOct 11 (Reuters) - Lehman Brothers Holdings Inc accused JPMorgan Chase , its former banker, of mishandling the sale of more than $27 billion worth of securities as Lehman was collapsing in 2008.Lehman, in court papers made public on Tuesday, lobbed myriad allegations at the bank as part of the companies’ ongoing dispute in Lehman’s bankruptcy proceeding.Lehman painted an unflattering picture of JPMorgan’s methods for selling certain securities held as collateral for facilitating repurchase deals for Lehman’s U.S. brokerage, Lehman Brothers Inc (LBI).A spokesman for JPMorgan declined to comment. A lawyer for the bank did not return a call seeking comment.In court documents filed in U.S. Bankruptcy Court in Manhattan, Lehman said JPMorgan traders made improper profits on the sales by “flipping” securities – selling them to themselves at low prices and reselling to third parties at higher prices, Lehman said.Lehman is hoping to avoid or reduce a $6.3 billion claim from JPMorgan related to the securities.JPMorgan demanded roughly that sum from Lehman to help cover $25 billion in losses it incurred through its role in the LBI repurchase deals, saying the securities alone did not generate enough cash to make it whole.But Lehman said the securities had a market value of more than $27 billion, and would have covered JPMorgan’s losses if not for JPMorgan’s improper sale process.“Perhaps because JPMorgan believed it could look to the extra LBHI collateral it held as a ‘cushion,’ JPMorgan rushed to liquidate the LBI collateral without any procedures to ensure it was sold at a fair market price,” Lehman said in the filing.Lehman, in the court papers, said JPMorgan dubbed the liquidation process “Project Tassimo” in honor of one JPMorgan employee’s coffee maker. The project was assigned to JPMorgan’s “Special Situations Group,” whose members had little to no actual experience liquidating collateral, Lehman said.The bank incentivized employees to make quick deals on the securities rather than good ones by refusing to compensate its traders, Lehman said. At the same time, it failed to effectively regulate traders who sought their own profits by flipping securities, Lehman said.JPMorgan also did not set a formal floor for prices, saying only that bidders who offered a “fraction of a cent” should not be considered, according to Lehman’s argument.Details of the filing had been redacted when it was first filed in August. The parties disagreed about whether the information should be made public, with Lehman filing a motion to unseal.JPMorgan never responded to the motion. Lehman filed its unredacted motion on Tuesday.The Lehman bankruptcy is In re Lehman Brothers Holdings Inc, in the same court, No. 08-13555.


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By Anne Leader

Art collector and banker Philip Lehman died on 21 March 1947. While director of Lehman Brothers (closed 2008), Philip Lehman began collecting Italian Renaissance art. He was particularly active in his acquisitions between 1914 and 1920. Esteemed connoisseur and advisor to numerous collectors Bernard Berenson was one of his good friends. Philip’s son Robert published a catalog of his father’s collection in 1928. In that year he succeeded his father as head of the family investment firm and moved its offices to a neo-Renaissance building on William Street in Manhattan. Robert continued to collect art like his father and donated their combined collection of over 1,000 artworks to the Metropolitan Museum of Art, which is housed in a specially built wing of the museum.

Reference: Laurence B. Kanter and Patrick Le Chanu. “Lehman.” Grove Art Online. Oxford Art Online. Oxford University Press. <http://www.oxfordartonline.com/subscriber/article/grove/art/T050116>.

Roman, Crouching Lion, bronze, ca. 5th–3rd century B.C.E.. Acquired by Philip Lehman through Kelekian in October 1913. New York, The Metropolitan Museum of Art, Robert Lehman Collection, 1975.

Venetian artist, Candlestick in the form of a putto, bronze, ca. 1600 or later. Acquired by Philip Lehman through Duveen in December 1920. New York, The Metropolitan Museum of Art, Robert Lehman Collection, 1975.

Giovanni di Tano Fei, The Coronation of the Virgin, and Saints, 1394, tempera and gold on panel. Acquired by Philip Lehman by 1928. New York, The Metropolitan Museum of Art, Robert Lehman Collection, 1975.

Umbrian carpenter, Cabinet, ca. 1400 (rebuilt 20th century), walnut and iron. Acquired by Philip Lehman through Kleinberger Galleries in July 1920. New York, The Metropolitan Museum of Art, Robert Lehman Collection, 1975.

Simone Martini, Saint Ansanus, ca. 1326, tempera on wood, gold ground. Acquired by Philip Lehman in 1916. New York, The Metropolitan Museum of Art, Robert Lehman Collection, 1975.

Niccolò di Buonaccorso, Coronation of the Virgin, ca. 1380, poplar. Mitered. Gilt; brown-orange bole. Acquired by Philip Lehman 1914. New York, The Metropolitan Museum of Art, Robert Lehman Collection, 1975.

Central Italian carpenter, Cassone, second half of the 16th century (rebuilt, with replacements), walnut, partially carved, traces of gilding and polychrome; iron hardware. Acquired by Philip Lehman, by 1943. New York, The Metropolitan Museum of Art, Robert Lehman Collection, 1975.

Bartolomeo Vivarini, Death of the Virgin, 1485, tempera on panel. Acquired by Philip Lehman, New York (until 1925; sold half share to Duveen); Philip Lehman, New York, and Duveen, Paris, London, and New York (1925–at least 1931); Philip Lehman, New York until 1947. New York, The Metropolitan Museum of Art, Gift of Robert Lehman, 1950.

Dantesca type Hip-Joint Armchair, 15th or 16th century, walnut, carved; embroidery, silk velvet, metal. Acquired by Philip Lehman through Duveen from the Volpi sale. New York, The Metropolitan Museum of Art, Robert Lehman Collection, 1975.

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Independent analyst Reggie Middleton says the European Banks are failing and US taxpayers will be bailing them out.