The United States Bankruptcy Court for the Southern District of New York overseeing the Lehman Brothers (“LBI“) case under the Securities Investor Protection Act (“SIPA“) entered an order on Nov. 7, 2008 (the “Claims Bar Date Order“) establishing the following deadlines for the filing of claims against LBI:
- The last date for the filing of customer claims under SIPA is Jan. 30, 2009.
- The last date for the filing of general (i.e., non-customer) claims is June 1, 2009.
Customer claims arise from a customer’s brokerage relationship with LBI. Specifically, a customer claim under SIPA is a claim of any person or entity on account of securities received, acquired, or held by LBI in the ordinary course of its business as a broker or dealer from or for the securities accounts of such person for safekeeping, with a view to sale, to cover consummated sales, pursuant to purchases, as collateral security, or for purposes of effecting transfer. 15 U.S.C. §78lll(2).
A meeting of customers and other creditors has been scheduled for Dec. 17, 2008, at 10 a.m. EST at the New York Marriott Downtown, 85 West Street, New York, NY 10006. This meeting is open to the public, and holders of customer claims and other claims against LBI are encouraged to attend.
The Claims Bar Date Order requires LBI to provide on Dec. 1, 2008, to all persons and entities that LBI believes to possess claims, as customers or general creditors of LBI, notice of the above deadlines and the claim forms that should be filed.
As of the date of this Alert, no deadline has been set for the filing of claims against any other Lehman Brothers entity that is the subject of a bankruptcy case. The chapter 11 debtors have moved to extend their deadline for filing schedules of assets and liabilities (detailed lists of all creditors with their addresses) and statements of financial affairs to Jan. 13, 2009. The chapter 11 debtors cite the volume and the difficulty in locating the requisite information as the basis for the extension. Claims deadlines cannot be fixed until and unless the debtors file their schedules of creditors to whom notice can be given. The hearing on this request is scheduled for Nov. 18, 2008.