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Lehman retains teddy bears and golf tees

LEHMAN Brothers and Barclays have argued over deal value, real estate and the finer points of bankruptcy law. And now teddy bears. The bears are among thousands of trinkets, including golf tees, paperweights, umbrellas and tote bags that Lehman wanted back from Barclays, the British firm that bought Lehman's brokerage business and its Manhattan headquarters in September after it declared bankruptcy.

Lehman, once the fourth-largest US investment bank, and Barclays Capital Inc both claimed ownership of the trove of knickknacks. Some of the items are stored at Lehman's old headquarters building.

The two sides reached a deal out of court and a judge approved it on Friday, letting Lehman keep the lanyards, Tiffany paperweights and desktop clocks in exchange for US$65,000 in storage fees.

Lehman will likely sell off the items but the court filings offered little detail on how the sale would proceed.

Nearly seven months after Lehman Brothers Holdings Inc filed the biggest bankruptcy in US history, its restructuring team is still working to determine the value of derivative contracts, coordinate between its numerous international insolvency proceedings and recover what it can for creditors.

The court's decision included a list of trinkets that stretched to its Boston, Chicago and San Francisco offices. They included Boston Red Sox and New England Patriots baseball caps, ski boot tote bags, a Montblanc paper clip bowl, Lehman-branded cocktail napkins and ties.

The list also included 13 copies of the book, "Theory of Financial Risk and Derivative Pricing."


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