This Should Be Good For At Least Half A Point In Recovery
Lehman bondholders have been reduced to selling Lehman branded merchandise, including pens, canvas bags, umbrellas, and stress balls on Ebay to generate recoveries according to Bloomberg.
Tote bags, golf umbrellas, stress balls, Tiffany paperweights and other stuff now stored in closets and warehouses from New York to Chicago will be returned to Lehman and sold to pay creditors, according to a 15-page court filing today. Lehman filed the largest bankruptcy in U.S. history in September and has about $200 billion in unsecured liabilities left to pay, Chief Executive Officer Bryan Marsal said on Jan. 28.
As part of the arrangement, Lehman is barred from trying to sell the objects to Barclays’ employees, according to court papers. Lehman may have to resort to the Internet to move the goods, said Steve Ivy, chief executive officer of Dallas-based Heritage Auction Galleries.
“EBay might be the best place to sell the merchandise,” Ivy said in a phone interview. The “trinkets” are more likely to appeal to former Lehman employees than to collectors, he said.
A full itemization of the objects for sale, expected to bring untold riches to the Lehman Brothers official and ad hoc creditor committees, includes:
- 1,630 green canvas duffle bags with Lehman ribbon
- 75 Waterford Marquis Treviso crystal clocks
- 682 white Lehman coffee mugs
- 130 Swiss Army pens
- an English beechwood-lined sterling silver box from 1902
- 200 Lehman conference pens
- 12 pairs of Links of London cufflinks
- 24 Screwpull wine openers inscribed "LB,"
- 24 Titleist PRO VI golf balls inscribed "‘LB,"
- 30 girl Teddy Bears
- 18 large, ivory womens’ F&G stretch snap shirts and one Tiffany shooting star.
It is good to know that Lehman at least made their teddy bears anatomically correct. That itself would be worth a couple of extra bucks for Lehman knickknack aficionados (assuming sales tax is not imposed on purchases).