Paulson Bought Lehman Bonds for as Low as 9 Cents on Dollar
This article is for subscribers only.
Hedge fund Paulson & Co. paid as little as 9 cents on the dollar for some of its $4 billion in Lehman Brothers Holdings Inc. senior bonds, according to a court filing.
A bondholders’ group including New York-based Paulson and the California Public Employees’ Retirement System made the filing in response to a U.S. bankruptcy judge’s order that the group disclose details about its members. The group is fighting to control defunct Lehman’s $61 billion liquidation with a payout plan that competes with Lehman’s own proposal.