Hong Kong and mainland creditors seek Lehman Brothers payout
Some prominent institutions and companies in Hong Kong, the mainland and Singapore who are creditors of Lehman Brothers may get a payout from the bankrupt bank, while others are more uncertain of getting their money.
Some prominent institutions and companies in Hong Kong, the mainland and Singapore who are creditors of Lehman Brothers may get a payout from the bankrupt bank, while others are more uncertain of getting their money.
The size of the fund will be US$3 billion or more, according to a US court document on the motion, which also seeks to place maximum limits on the amount of money to be paid to each creditor. The US Bankruptcy Court for the Southern District of New York will hear the motion on July 30.
Several Hong Kong companies will be paid from the fund, including almost US$14,840 to Tullett Prebon (Hong Kong) and more than US$32,500 to Stark Investments Hong Kong, according to the court document.
HSBC has unresolved claims against Lehman, and the maximum that it can be paid is US$7.04 million.
The maximum that can be paid to its US subsidiary, HSBC Bank USA, for its unresolved claims against the bankrupt bank is US$159,500, while Polytechnic University can be paid a maximum of US$20,021 for its unresolved claims.
Giddens has reached a settlement with the Hong Kong affiliates of Lehman's brokerage, recovering assets worth US$71 million for distribution to Hong Kong creditors, Bloomberg reported. The Hong Kong entities claimed they were owed US$405 million, according to US court papers.
Several major mainland institutions have unresolved claims against Lehman, but Giddens' motion has set maximum limits on the amount that can be paid to them, according to the court document.
This includes a maximum of US$14.48 million that can be paid to the Export-Import Bank of China, US$3.18 million to the Investment Company of the People's Republic of China, and US$1.21 million to China Citic Bank.
The fund will also pay almost US$583,600 to the Monetary Authority of Singapore.
The city state's sovereign wealth fund, the Government of Singapore Investment Corporation (GIC), has unresolved claims against Lehman, but the maximum that can be paid to GIC is US$277,297.
