Early this morning, Lehman Brothers Holdings, Inc. filed a notice, concerning the possible assumption and assignment of executory contracts to Barclays Capital as part of its purchase of the core assets of Lehman Brothers' U.S. broker-dealer business.
The contracts to be assumed and assigned are primarily vendor and real estate agreements to which the parent, Lehman Brothers Holdings, Inc., is a party. The contracts and the proposed cure amounts are identified in three lists posted on a website referenced in the notice. Any objections to the assumption or assignment, as well as cure amounts, must be raised at the sale approval hearing to be held commencing at 4 p.m. (EDT) this afternoon. The sale, if approved, is expected to close over this weekend.
If you or any of your clients have contracts with Lehman Brothers' broker-dealer business, you may wish to follow the procedures set out in this notice to avoid missing this deadline. The Bankruptcy Judge has been extremely forgiving about the lack of formal notice, so it is very possible that no form of traditional notice will be provided.