Results tagged “lehman brothers”

Canary Wharf Group has agreed to reduce its $4.5billion claim against Lehman Brothers according to documents filed in the Bankruptcy Court in New York.

The claim against the collapsed bank was filed in September 2009, but with little chance of recovering the full amount CWG has decided to reduce the figure it seeks to $780million.

JP Morgan has ended speculation about its move to Canary Wharf by announcing it has bought the former Lehman Brothers headquarters at 25 Bank Street.

The investment bank were supposed to be developing a new site for its European headquarters at Canary Riverside, but have opted to take on the Lehman Brothers site instead.

Last week it was announced Lehman Brothers' art collection would be put up for auction by Pricewater-houseCoopers at Christie's.

Although the £2million the administrator hopes to raise for creditors is a drop in the ocean compared to the billions owed, it raises the questions of what other pieces are hiding away in offices around Canary Wharf - and why?

Songbird Estates is looking to the future with confidence after seeing income levels rise during 2009.

The majority owners of Canary Wharf published its end of year accounts this morning, revealing a 7.6 per cent rise in it portfolio value, to £5billion, since June and a 10.7 per cent increase in its full-year rental income to £318.4million.

BOOK
On the Brink, Hank Paulson
Headline Business Plus, £18.99
3/5

IN A NUTSHELL
A flurry of names and phone calls, the former US treasury secretary's book is more concerned with reliving the crisis than reviewing it

Its collapse came to symbolise the financial crisis and the last remnants of Lehman Brothers is set to disappear from Canary Wharf soon.

The failed bank's administrators will vacate Lehman's former headquarters at 25 Bank Street on March 31 and will stop paying rent on April 1.

STAGE
The Power Of Yes, Lyttelton Theatre
4/5

IN A NUTSHELL
Political playwright David Hare dramatises his own exploration of the banking crisis with input from insiders, experts and observers.

Canary Wharf Group has filed a claim against bankrupt financial giant Lehman Brothers for $4.28billion in rent and charges.

The claim was filed this month with Epiq Bankruptcy Solutions in the US, and includes $2.63billion in rent, $711.3million in rates, and $552.6 in dilapidations.

A year after the Lehman Brothers collapse credit crunch victims turned up at Canary Wharf to remind everyone of the impact of the bank's failure.

The group - numbering about 20 - were from action group Spirit, campaigning for the millions of pounds independent investors lost following the bank's bankruptcy on September 15 last year.

A former Lehman Brothers trader is helping to set up a networking site for property professionals.

Syria-born Bisher Armanazi hopes that AgentPad will become the go-to site for estate agents and property experts looking to share tips, post articles and boost their online profile to attract customers.

Nomura looks set to leave Canary Wharf for a new home in the City.

The Japanese bank took on Lehman Brothers' space at 25 Bank Street when it snapped up the UK arm of the stricken bank in October. But it is now in exclusive talks to move into the upcoming Watermark Place development.

It can often be hard to imagine a world outside the office.

Docklands software engineer Stephen J Sweeney is boldly going even further, by creating an entire galaxy all by himself.

The traditional Sunday roast is as important to Brits as football and moaning about public transport.

But how do you create the perfect platter for your day of rest?

Canary Wharf Group's parent company Songbird has posted a £1.82billion pre-tax loss for the year.

The estate landlord - which has been hit by falling property prices in recent months - warned there is a material risk of breaching financial covenants over the next 12 months.

How far would you go for a decent cup of coffee?

When Ross Hargreaves and Jon Grorud first moved into the MLS Business Centres in South Quay, they didn't fancy trekking across the bridge every time they wanted a pick-me-up.

The collapse of Lehman Brothers left many fearing their careers in banking were over.

But some saw it as an opportunity to follow a different dream. Trader Bisher Armanazi swapped his suit for strings as he emerged from the ruins of the Wall Street giant.

Canary Wharf Group chief executive George Iacobescu has warned the current financial crisis may linger beyond 2011.

The high-profile Wharf figurehead predicted the upheaval may “last for three or four years� in a recent interview with a Romanian journalist.

Nomura is unlikely to move its headquarters to Canary Wharf.

The Japanese bank was mulling over moving its 3,600 staff to the former Lehman Brothers office in Bank Street but seem set to stay in the City.

Administrators for Lehman Brothers have admitted some creditors may lose their money.

The European wing of the bank estimated it had a $17billion cushion when it went bankrupt in September, but current caretakers PricewaterhouseCoopers doubt this will be adequate when assets fall and liabilities inevitably rise.

GHOULS and goblins descended on Canary Wharf to protest against the Government's bank bail-out.

Spookily-dressed anti-capitalists gathered to "dance on the grave of capitalism" on Halloween evening, but isolated clashes with police were sparked by the arrest of the event's head of security.