Lehman Brothers-kollapsen: Kreditorer venter fortsatt på penger

Lehman Brothers collapsed in 2008, triggering panic in financial markets and becoming the symbol of the financial crisis. The firm had grown from a trading business founded by German immigrants Henry, Emanuel and Mayer Lehman in the 1800s to one of Wall Street's largest investment banks. Recent progress in the winding-down process saw Lehman Brothers Treasury, a Dutch financing unit, announce the sale of its remaining claim against the former US parent company for $19.6 billion, equivalent to 183.26 billion Norwegian kroner.

The proceeds will be used for the final payment to bondholders, but this only settles a small portion of the Lehman saga. James Peck, the U.S. bankruptcy trustee, is unsurprised that parts of the clean-up continue. He notes that transforming complex financial assets into cash is time-consuming, complicated, and dependent on numerous factors.

Peck points out that Lehman conducted transactions worldwide, making it a complex process that maximizes value. He believes the lengthy process also indicates the scale of Lehman's reach before the collapse. Lehman's claims have also become a commodity over the years, with investors buying bankruptcy claims at a significant discount to the right to future payments.

When the Dutch unit sold other Lehman claims in 2019, they were valued at $10.5 billion, or 179.5 million Norwegian kroner. Many of those receiving money from Lehman today are not necessarily the investors who suffered losses in 2008. The finalization of the cleanup is attributed to the fact that Lehman did not leave behind a simple bankruptcy.

The company had 209 registered subsidiaries at the time of collapse, and the proceedings spanned over 80 legal jurisdictions. Lehman's subsidiaries also had significant claims against each other, leading to separate proceedings in jurisdictions such as the U.S., Britain, and the Netherlands. Each of these proceedings concluded at different times, with the U.S. parent company Lehman Brothers Holdings still ongoing as of April 2025.

A total of $129.5 billion has been distributed to creditors since the 32nd payment round in 2012, leaving around $79 million in future payments. Common senior unsecured creditors have recovered about 47% of their claims. In London, the main proceedings are completed, with Lehman Brothers International (Europe) having terminated administration in October 2025 after creditors received all their claims, including interest.

However, the overall Lehman system remains unfinished. Peck hopes to see the final end of the proceedings. He reflects on Lehman's history and what it teaches about risk management and the consequences of chasing profits with inadequate control and regulation. He draws a parallel to today's AI investments: "Could we be repeating the same mistakes now, in an era of capital investments in AI?"