Barclay Lld Bank

Lehman, Borders, Fairfield, Madoff, Colonial: Bankruptcy

(This report contains items about companies both in bankruptcy and not in bankruptcy. Adds Fairfield Sentry, ArchBrook and Washington Mutual in Updates and section on Statistics.)

July 20 (Bloomberg) -- When the Lehman Brothers Holdings Inc. bankruptcy was less than a year old, the bankruptcy judge appointed a fee committee to review compensation sought by the dozens of professionals working for company and the creditors’ committee.

The fee committee disclosed in a court filing this week that it negotiated a 1 percent reduction in about $109 million in fees and expenses sought by lawyers for the fourth-month period ended Sept. 30. From the beginning of the bankruptcy through May, Lehman had paid professionals a total of $1.32 billion in fees and expense reimbursement.

There will be an Aug. 30 hearing in bankruptcy court for approval of the disclosure statement describing the compromise plan Lehman filed in June. For a summary of the plan, click here for the June 30 Bloomberg bankruptcy report.

The Lehman holding company filed under Chapter 11 in New York on Sept. 15, 2008, and sold office buildings and the North American investment-banking business to Barclays Plc one week later. The remnants of the Lehman brokerage operations went into liquidation on Sept. 19, 2008, in the same court, with a trustee appointed under the Securities Investor Protection Act.

The Lehman holding company Chapter 11 case is In re Lehman Brothers Holdings Inc., 08-13555, while the liquidation proceeding under the Securities Investor Protection Act for the brokerage operation is Securities Investor Protection Corp. v. Lehman Brothers Inc., 08-01420, both in U.S. Bankruptcy Court, Southern District of New York (Manhattan).

Updates

Borders Finds Buyer to Continue Operating 30 Stores

Borders Group Inc. said there is one offer from a non- liquidator to acquire 30 stores, plus associated inventory and fixtures.

If the offer measures up, the bookseller said it will seek approval for the sale at the July 21 hearing where the bankruptcy court will be asked to approve going-out-of-business sales conducted by liquidators at the remaining stores.

A state taxing authority in Texas filed papers opposing proposed terms of the sale providing where the liquidators disclaimed responsibility for taxes when the bankrupt company didn’t pay. Texas contends the bankruptcy court has no right to suspend the enforcement of state tax laws.

INTERNET SCAMS EXPOSED: Another Internet Scam: From Dr. Robert ...

We wish to inform you that the Board of Directors and management of Barclays Bank International Plc in London and has been finalized to issue an order approving immediate transfer by the British Ministry of Finance in cooperation with the United Nations and the members Executive of the Bank of England, and another mandate we received from British Prime Minister David Cameron, to transfer your outstanding inheritance fund to you, the approved amount of U.S. $ 10.700,000,00 (ten million seven hundred thousand United States dollars) be aware that we are ready to give you the best service in this reputable bank with a guarantee that your funds will be approved equipment in your designated bank account within Bank 4 working days as soon as you meet all the transfer procedures with any option you may prefer to receive your funds below for your own good. The management & board of trustees of this bank wish you to fill out the transfer form with your contact details and your direct phone number also with your banking information for the immediate processing of the legal document that will enable us carry out the transfer of your fund successfully to your nominated bank account or your contact address without any further delay.

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