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Volume 2 of 9: Examiner's Report on Lehman Brothers Holdings Inc Bankruptcy

Volume 2 of 9: Examiner's Report on Lehman Brothers Holdings Inc Bankruptcy

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Publicado porAaron Monk
Extensive investigation into Lehman Brothers Chapter 11 Bankruptcy
Extensive investigation into Lehman Brothers Chapter 11 Bankruptcy

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Categories:Types, Business/Law
Published by: Aaron Monk on Aug 22, 2010
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10/29/2011

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In reviewing the reasonableness of Lehman’s valuation of its CRE portfolio, the

Examiner has taken into consideration the separate reviews of Lehman’s valuation

process that were undertaken by the SEC and Ernst & Young in 2008.

& Control Report stated that “[p]roduct control is having continuous discussions with Front Office going
through deals in more detail and trying to obtain market color using recent syndications, bids, offers and
any other market information.”  Lehman, Valuation & Control Report – Fixed Income Division (Feb.
2008), at p. 27 [LBEX‐WGM 002260].
802 Lehman, GREG 2009 Strategy – Executive Update Draft Presentation [Draft] (June 20, 2008), at p. 1
[LBHI_SEC07940_124424]
803 Lehman, Global Commercial Real Estate Presentation (Aug. 6, 2008), at p. 4 [LBHI_SEC07940_302580]
(emphasis in original).  CMBS AAA Junior spreads widened from 4.15% on May 30, 2008, to 6.95% on
August 29, 2008.  Over the same period, CMBS AAA Mezz spreads widened from 2.95% to 4.60%, CMBS
AA spreads widened from 5.65% to 9.20%, CMBS A spreads widened from 7.15% to 13.70% and CMBS
BBB spreads widened from 14.65% to 21.70%.  The Examiner’s financial advisor compiled this data from
Bloomberg.
804 Lehman, Global Commercial Real Estate Presentation (Aug. 6, 2008), at p. 4 [LBHI_SEC07940_302580].

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