On September 22, 2010, Bryan Marsal, co-chief executive officer of the restructuring firm Alvarez & Marsal ("A&M") and chief restructuring officer for Lehman Brothers Holdings Inc., presented A&M's State of the Estate report regarding the chapter 11 cases of Lehman Brothers Holdings Inc. and its affiliated debtors (collectively, the "Debtors"). In his overview of the State of the Estate report, Marsal outlined the timeline for plan confirmation, the claims reconciliation process, and recovery analysis:  

Plan Confirmation Timeline  

  • The Debtors intend to file an amended disclosure statement in the fourth quarter of 2010.  
  • The Debtors are targeting the first quarter of 2011 for confirmation of a plan of reorganization.  

Claims Reconciliation Process  

  • Approximately $1.2 trillion in general unsecured claims were initially filed against the Debtors.  
  • To date, adjusted outstanding claims stand at $464 billion and the Debtors are currently estimating allowed general unsecured claims of $365 billion.  


  • The Debtors currently estimate assets available for distribution will be $57.5 billion, an increase of $2.2 billion from earlier this year.  
  • The increase is primarily due to derivatives recoveries, up $850 million since A&M presented its last report.  

A copy of the State of the Estate report can be accessed here.