Lehman Brothers Holdings Inc., which is selling assets to pay creditors another $32 billion by 2016, asked a judge to sign an order barring governments from taking taxes on any deals it strikes with buyers.
The liquidator of Bernard Madoff’s bankrupt firm more than doubled his estimate of how much investors may lose if he can’t overturn a judge’s ruling that dismissed much of his $1 billion claim against the owners of the New York Mets.
Bernard L. Madoff’s family would keep about $82 million of “other investors’ money” under a ruling that limited a bankruptcy trustee to claiming from the owners of the New York Mets only two years of withdrawals from the Ponzi scheme, according to a court filing.
MF Global Holdings Ltd.’s insurance unit issued $190 million of liability policies for Jon Corzine, other professionals and the company through May to cover costs of defending against allegations of wrongdoing, according to a court filing.
BP Plc may saddle potential buyers of its assets with lawsuits as Europe’s second-biggest oil company tries to raise money to pay claims that may reach $100 billion from the Gulf of Mexico spill, lawyers said.
HSBC Holdings Plc, UniCredit SpA and Merrill Lynch joined more than 400 defendants in lawsuits brought by the liquidator of Bernard L. Madoff’s brokerage filing papers in the past week to beat a deadline for asking that their cases be moved to district court from bankruptcy court.
A trustee’s investigation found that the $1.2 billion in missing MF Global Inc. customer funds began to flow out of the brokerage on Oct. 26, five days before its collapse, as computers and employees fell behind margin calls and demands for collateral.
Fees for liquidating the MF Global Inc. broker-dealer may reach $100 million in a year, based on lawyers’ estimates and costs to wind down two other brokerages, Lehman Brothers Inc. and Bernard Madoff’s firm.