Lehman D-Day

July 20, 2009

It’s taken awhile, but a deadline for filing claims in the Lehman Brothers bankruptcy has finally been set and it’s Sept. 22.

A Sept. 15 deadline, the one-year anniversary of Lehman’s collapse, would have been more appropriate. But maybe that would have just been rubbing everyone’s face in it.

If nothing else, the claims deadline won’t get in the way of all those obligatory Lehman bankruptcy anniversary stories that every news media outlet, including Reuters, will publish.

Even before the deadline, claims from the tens of thousands of Lehman creditor have been steadily filing in. The claims filed in the case can be found on the public docket for the Lehman bankruptcy.

Actually, the Sept. 22 deadline isn’t a hard and fast deadline. Any derivatives counterparty of Lehman has an additional month to file a claim. That’s because any creditor claiming a loss on a derivatives trade must also fill out a lenghty questionnaire.

In the end, the issue of how to resolve some 700,000 busted derivatives trades will be the thorniest matter before the bankruptcy court.

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