LEH files for Chapter 11, NOT chapter 7. Not sure how this affects the employees as it will be a reorganization and not bankruptcy.
got an email from management…its broker dealers or subs will continue to operate…
Where did you see the news? Couldn’t find it in any of the obvious websites.
Does Chapter-11 means no more work from tommorow?? Am I allowed to collect my personal stuff from office? I see at CNBC that employess are already taking their boxes out of their LEH HQ!!!
I just heard a minute ago on CNBC that IMD and Neuberger Bergern is still operational and is not inculded in Chap-11? What does all this mean?? any lawyers here? Should I go for work tomorrow - I work in IMD there…
office is open tomorrow blackberry, cell phone and email will continue to operate
why don’t you ask your supervisor??!
If you are in New York, I’m sure you can just go to 745 and get your stuff from your desk. 25 Bank Street should also be open all night, so the London guys can recover their personal belongings as well. Just hope you haven’t loaded too much $$$ on your Lehman card from the flex restaurant scheme, as you might not be able to recover it after tomorrow.
My Blackberry is giving notification for not filing my BEN timesheets… holy crap!! No official mail from my IT team members and managers all are too busy to update their resumes and run.
I am planning to go to the site now itself.
With Chapter 11 bankruptcy, the owner reorganizes the business so it can gain relief from creditors. Then the owner, with the help of the court and its creditors, comes up with a strategy to pay its debts. Sometimes the judge even reduces the debt. In Chapter 11 bankruptcy, the business continues to run. The intent is to help the company make a new start. But all significant business decisions must be approved by a bankruptcy court. A reorganization plan is developed to get the company out of debt. The plan must be confirmed by the court and agreed to by the creditors, bondholders, and stockholders. The court can confirm the plan over the rejection of the creditors or stockholders if it finds that the plan treats them fairly. I think employee compensation falls under secured creditor category–not sure though
So I guess Dick Fuld will continue to operate even after reorganization
sid3699 Wrote: ------------------------------------------------------- > > I think employee compensation falls under secured > creditor category–not sure though secured with what, tiger?
Employee non stock based comp takes first claim. Dinesh, go to work, reorganization means cross your fingers and get religious asap, there is some very distant possibility lehman may emerge from this eventually, although I’m almost positive nrbg will be sold as part of plan. Oh, and while getting religious, PRAY TO GOD that Dick is relieved of CEO.
it’s now on lehman’s website http://www.lehman.com/press/pdf_2008/091508_lbhi_chapter11_announce.pdf