Comments on: On Lehman’s “results” http://www.footnoted.com/gold-stars/on-lehmans-results/ Morningstar's guide to what's hiding in SEC filings Fri, 10 Feb 2012 20:24:57 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Frank Graham http://www.footnoted.com/gold-stars/on-lehmans-results/comment-page-1/#comment-8615 Frank Graham Fri, 29 May 2009 15:15:31 +0000 http://www.footnoted.com/?p=3765#comment-8615 PwC rejects global plan for Lehman recoveries A rift is developing between the 15 regional administrators of Lehman Brothers' bankruptcy proceedings after PricewaterhouseCoopers in the UK and three others rejected a new global protocol to ease cross-border recoveries. Philip Aldrick and Helia Ebrahimi Last Updated: 8:29PM BST 26 May 2009 Lehman Brothers offices in Canary Wharf after the company filed for bankruptcy. Eight regional administrators yesterday signed a code drawn up by Alvarez & Marsal, administrators to the US holding company, to "provide a framework for multilateral co-operation". However, administrators to the key investment banking subsidiaries in the US, Japan and the UK all declined to join. The process is the most complicated in history, with 15 administrators across 80 regions charged with maximising recoveries in each jurisdiction. Accountants and lawyers are expected to earn record fees from the process. Those resisting the protocol, including the Swiss affiliate, fear co-operation may not be in creditors' best interests and could put them in conflict with national insolvency laws. Mr Lomas added that PwC, like others, has already been co-operating with other affiliates where necessary PwC rejects global plan for Lehman recoveries
A rift is developing between the 15 regional administrators of Lehman Brothers’ bankruptcy proceedings after PricewaterhouseCoopers in the UK and three others rejected a new global protocol to ease cross-border recoveries.
Philip Aldrick and Helia Ebrahimi
Last Updated: 8:29PM BST 26 May 2009
Lehman Brothers offices in Canary Wharf after the company filed for bankruptcy.
Eight regional administrators yesterday signed a code drawn up by Alvarez & Marsal, administrators to the US holding company, to “provide a framework for multilateral co-operation”. However, administrators to the key investment banking subsidiaries in the US, Japan and the UK all declined to join.

The process is the most complicated in history, with 15 administrators across 80 regions charged with maximising recoveries in each jurisdiction. Accountants and lawyers are expected to earn record fees from the process. Those resisting the protocol, including the Swiss affiliate, fear co-operation may not be in creditors’ best interests and could put them in conflict with national insolvency laws.

Mr Lomas added that PwC, like others, has already been co-operating with other affiliates where necessary

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