RPT-Lehman creditors may file rival reorganization plan
(Repeats to separate story from related Dec. 15 news alert)
* Competing plan may be filed this week - source
* Paulson, Calpers have opposed Lehman's plan
* Estimated $57.5 bln assets to be distributed
NEW YORK, Dec 14 (Reuters) - Creditors of Lehman Brothers Holdings Inc, including hedge fund Paulson & Co, may file a competing reorganization plan for distributing the bank's assets, a person familiar with the matter said.
The plan, which may be filed this week, would come more than two years after Lehman filed the largest U.S. bankruptcy ever and would vie against Lehman's own reorganization proposal filed in March.
Paulson & Co, led by billionaire John Paulson, and other creditors including the California Public Employees' Retirement System, or Calpers, have opposed the company's plan, saying it would treat large bank creditors better than other creditors and spur litigation. Calpers is the largest U.S. pension fund.
Paulson & Co declined to comment. A Calpers representative was not immediately available.
News of the competing plan was reported earlier by Bloomberg, which said the plan calls for distributing an estimated $57.5 billion of Lehman assets more equally.
Lehman has said its plan, now pending before a U.S. Bankruptcy Court judge in Manhattan, was a compromise aiming to balance competing interests. The company said its plan would create an asset management company to maximize the value of Lehman's assets by managing them over the long term.
* Competing plan may be filed this week - source
* Paulson, Calpers have opposed Lehman's plan
* Estimated $57.5 bln assets to be distributed
NEW YORK, Dec 14 (Reuters) - Creditors of Lehman Brothers Holdings Inc, including hedge fund Paulson & Co, may file a competing reorganization plan for distributing the bank's assets, a person familiar with the matter said.
The plan, which may be filed this week, would come more than two years after Lehman filed the largest U.S. bankruptcy ever and would vie against Lehman's own reorganization proposal filed in March.
Paulson & Co, led by billionaire John Paulson, and other creditors including the California Public Employees' Retirement System, or Calpers, have opposed the company's plan, saying it would treat large bank creditors better than other creditors and spur litigation. Calpers is the largest U.S. pension fund.
Paulson & Co declined to comment. A Calpers representative was not immediately available.
News of the competing plan was reported earlier by Bloomberg, which said the plan calls for distributing an estimated $57.5 billion of Lehman assets more equally.
Lehman has said its plan, now pending before a U.S. Bankruptcy Court judge in Manhattan, was a compromise aiming to balance competing interests. The company said its plan would create an asset management company to maximize the value of Lehman's assets by managing them over the long term.
