Lehman Names Team From Goldman, Mizuho to Elect Directors

Lehman Brothers Holdings Inc., the bankrupt investment bank seeking approval for a $65 billion liquidation plan next month, named a committee to select directors to oversee the process.

The selection committee of creditors’ representatives will include Thomas Tormey of Goldman Sachs Group Inc., part of a group that proposed an alternative liquidation plan; Christian Wyatt of Fir Tree Partners, representing a so-called ad hoc group; and Noel Purcell of Mizuho Corporate Bank Ltd., co-chairman of an existing creditor committee, according to a court filing yesterday in U.S. Bankruptcy Court in Manhattan.

Robert Ryan of Elliott Management Corp., the defunct firm’s president, John Suckow, and liquidators of Lehman affiliates, also are on the list.

Lehman, which filed the biggest bankruptcy in U.S. history in September 2008, has said it can probably get a judge’s approval for a plan to pay an estimated $370 billion in claims, with distributions starting early next year.

Lehman filed for bankruptcy with $613 billion in debt.

The case is In re Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

Before it's here, it's on the Bloomberg Terminal. LEARN MORE