Bloomberg News

Lehman Seeks to Force Giants Stadium to Supply Documents

August 30, 2011

(Update with Giants’ demand in fourth paragraph.)

Aug. 30 (Bloomberg) -- Lehman Brothers Holdings Inc. seeks to force Giants Stadium LLC to produce documents related to its role as partner in an interest-rate swap deal, according to a court filing.

Giants Stadium, which financed about half of the construction of the New Meadowlands Stadium with two 40-year auction rate swaps from Lehman, had a $301.8 million claim on bankrupt Lehman and its derivatives unit, according to filings. Lehman said it would file some of the documents under seal to protect confidential information, as the stadium company had requested.

Lehman, which got a judge’s approval today for information material explaining its $65 billion liquidation plan ahead of a November vote, is still handling conflicts with major creditors.

Separately, Giants Stadium told a judge it wanted to “participate” when the defunct firm deposed a former Lehman executive, Robert Taylor, who negotiated the swap agreements. The deposition is set for Sept. 27, it said.

Lehman, which has demanded 63,500 pages of documents from Giants Stadium, told the company its lawyer could attend the deposition, though not ask Taylor any questions, according to the filing in U.S. Bankruptcy Court in New York today.

The case is In re Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

--Editors: Andrew Dunn, Peter Blumberg

To contact the reporter on this story: Linda Sandler in New York at lsandler@bloomberg.net

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net


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