According to the WSJ, Lehman now says that Barclay's got a windfall when it purchased Lehman's investment banking operations five days after Lehman filed for bankruptcy. At the time, Judge James Peck approved the quick sale of the investment banking operations because of concern of the group holding together. Now, the creditors are questioning the price that was paid because Barclay's has commented on how much the Lehman investment banking operations have added to its earnings.
This raises the question of how this may impact Chrysler's rapid fire sales process. Some have referred to Judge Peck's quick Lehman sales process as precedent for Judge Gonzales quick Chrysler sales process. Well, now if the Lehman sale is being questioned for being too quick, will this embolden those creditors who believe the Chrysler sales process is too quick?
We shall see. We shall see.
Cheers, Mike
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