NEW YORK (Reuters) – Barclays Plc’s President Robert Diamond said on Tuesday that Lehman creditors fared better under his bank’s purchase of Lehman Brothers core U.S. brokerage business than they would have if the assets had been sold on the open market.
The testimony came on the second day of a trial over whether the British bank received an unfair $11 billion windfall when it acquired parts of Lehman Brothers after the investment bank’s collapse in September 2008. Lehman wants the judge to review the sale.
NEW YORK, June 21 (Reuters) – Barclays Plc’s (BARC.L: Quote, Profile, Research)
President Robert Diamond said on Monday that the British bank’s
comments to the media about its deal to acquire parts of Lehman
Brothers may not have been official disclosure to the U.S.
bankruptcy court, which approved the takeover.
At issue is whether the British bank received an unfair $11
billion windfall when it acquired parts of Lehman Brothers
after the investment bank’s collapse in Sept., 2008.
NEW YORK, June 14 (Reuters) – The collapse of the U.S. real estate bubble will not be as crushing as many had anticipated, a top executive for real estate services company Jones Lang LaSalle Inc (JLL.N: Quote, Profile, Research) said on Monday at the Reuters Global Real Estate and Infrastructure Summit in New York.
After investment firm Lehman Brothers fell in September 2008, real estate investors worried there would be a widespread sell-off of debt-laden commercial properties.
NEW YORK (Reuters) – Lehman Brothers Holdings Inc is seeking Bankruptcy Court permission to make another $255 million debt investment in a New York office building, saying doing so would protect its existing investment.
Lehman already has a $437 million stake in the building, which is located on a valuable stretch of Park Avenue in Midtown Manhattan, according to court documents released on Monday.
NEW YORK (Reuters) – Author Lynn Cullen began writing her latest novel about a despised Spanish king but her discovery of a mysterious portrait changed everything.
Cullen was early in her research about Felipe II of Spain (1527-1598) when she stumbled across a painting of a woman in a fur wrap. The portrait, painted by a barely known female artist, was the inspiration for her new book “The Creation of Eve.”
Bashful New York bargain hunters may finally be able to guard their modesty at one of the city’s biggest annual retail events, as luxury chain Barney’s is considering adding dressing rooms at its mobbed New York warehouse sale.
While well-educated and well-heeled professionals don’t think twice about unleashing their animal instincts to grab the best designer merchandise at 75 percent off, many are reticent about stripping down in public to make sure they have the right size before ringing up a final sale.
NEW YORK (Reuters) – BlackBerry smartphones are firmly attached to the belt loops of most business travelers, but there are signs Apple’s trendy iPhone is making inroads into board rooms and offices.
Drugmaker AstraZeneca Plc <AZN.L> has begun iPhone trials with some senior executives and British bank Standard Chartered has given its corporate BlackBerry users the option of switching to the iPhone, a move that could result in thousands of bankers switching to the Apple device for business on the go.
NEW YORK, May 10 (Reuters) – Interest in bankrupt hotel
chain Extended Stay America [ESAIN.UL] has been high and
bidding is expected to be robust, financial and legal advisers
said on Monday.
Bids for the largest owner and operator of mid-priced
extended-stay hotels in the United States are due on May 17 and
an auction is scheduled for May 27.
NEW YORK/LONDON, May 5 (Reuters) – Barclays President Bob
Diamond will face a grilling on Friday from creditors of Lehman
Brothers who charge him with taking advantage of the investment
bank’s collapse to strike too good a deal for his bank.
Diamond, who heads the Barclays Capital (BarCap) investment
bank business that swallowed up Lehman’s U.S. core, will be
called as a witness by creditors who want back $11 billion of
NEW YORK, April 27 (Reuters) – There were no secrets kept by
those who scrambled to value Lehman Brothers <LEHMQ.PK> assets in
the tumultuous hours before the collapsing U.S. investment firm
sold its core U.S. brokerage to British bank Barclays Plc <BARC.L>
in 2008, Lehman’s former president testified on Tuesday.
In the second day of a trial over whether Barclays received an
improper $11.2 billion windfall from its takeover of Lehman
assets, Lehman’s former chief operating officer and president,
Herbert “Bart” McDade, said in a response to a question that there
was no effort to keep anything secret or private about the
valuation process, and no effort to understate the assets.