LEHMAN BROTHERS BANKRUPTCY NEWS, Issue No. 106

FAIRLESS HILLS, Pa. -- Judge James Peck of the U.S. Bankruptcy Court in Manhattan allowed Lehman Brothers Holdings Inc. to exercise its right of first offer in the apartment owner, Archstone.  Sale of Archstone's equity stake has been an issue the past weeks, with Lehman and Sam Zell's Equity Residential making competing bids for the apartment.

More news on the Lehman Brothers case, including its monthly operating report for December 2011, and its request to estimate certain claims, are in LEHMAN BROTHERS BANKRUPTCY NEWS, Issue No. 106 published by Bankruptcy Creditors' Service, Inc.

The 24-page newsletter contains stories with these headlines:


[03832] LEHMAN SEEKS TO EXERCISE FIRST OFFER RIGHT IN ARCHSTONE
[03833] LEHMAN'S MOTIONS TO ESTIMATE CLAIMS OF LB FINANCE, ET AL.
[03834] DEBTORS' MOTION TO SELL STAKE IN WILTON RE HOLDINGS
[03835] DEBTORS' MOTION TO STAY AVOIDANCE ACTIONS
[03836] DEBTORS' MOTION TO APPROVE SETTLEMENT WITH MERRILL LYNCH
[03837] DEBTORS' MOTION TO SET PROTOCOLS TO TERMINATE COMMITMENTS
[03838] DEBTORS' MOTION TO SET DE MINIMIS ASSETS SALE PROCEDURES
[03839] LBFPI'S MOTION TO SANCTION TWO SPV ISSUERS OVER ADR ORDER
[03840] LCPI'S MOTION TO APPROVE SETTLEMENT WITH SPI, ET AL.
[03841] LEHMAN TRUSTEE SEEKS APPROVAL FOR $18.3-BIL. ALLOCATION
[03842] BENISASIA'S MOTION TO LIFT STAY TO PROSECUTE STATE ACTION
[03843] RETAINED PROFESSIONALS' INTERIM FEE APPLICATIONS
[03844] DEBTORS' OMNIBUS OBJECTIONS TO CLAIMS
[03845] DEBTORS & COMMITTEE OBJECT TO JPMORGAN'S CLAIM NO. 66462
[03846] STIPULATION MODIFYING STAY TO ENTER INTO CALIFORNIA DEAL
[03847] STIPULATION LIFTING STAY TO ASSUME FACTIVA CONTRACTS
[03848] STIPULATION AUTHORIZING MALACHITE 2006-1 TRUST CLOSE-OUT
[03849] STIPULATIONS REQUIRING THE RETURN OF MISDIRECTED TRANSFER
[03850] LBI CLAIM TRANSFERS -- Jan. 11 to 17, 2012
[03851] RULE 2019 STATEMENT -- Cleary Gottlieb
[03852] ERNST & YOUNG SEEKS DISMISSAL OF LEHMAN-RELATED SUIT
[03853] LEHMAN BROTHERS SETTLES SECURITIES MBS CLASS ACTION
[03854] MOONLIGHT BASIN CONFIRMS SALE TO LEHMAN AFFILIATE
[03855] GERMANY CENTRAL BANK TO SELL LEHMAN LOANS TO LONE STAR
[03856] VERNON: UBS MISREPRESENTS PRODUCTS SOLD TO OHIO BIZ OWNER
[03857] VERNON: UBS DECEIVED TEXAS CLIENTS WITH LEHMAN NOTES
[03858] HKMA REPORTS PROGRESS OF PROBE ON LEHMAN-RELATED CASES
[03859] DEBTORS' MONTHLY OPERATING REPORT -- Ended Dec. 31, 2011


A copy of today's newsletter can be purchased on-line with a major credit card at Bankrupt.com/Lehman for $45. Copies of all back issues are also available for purchase at BCSI's on-line newsstand.

LEHMAN BROTHERS BANKRUPTCY NEWS tracks the restructuring of Lehman Brothers Holdings Inc.

How to Subscribe to LEHMAN BROTHERS BANKRUPTCY NEWS

LEHMAN BROTHERS BANKRUPTCY NEWS is distributed to paying subscribers by electronic mail.  New issues are published on an ad hoc basis as significant activity occurs (generally every 10 to 20 days) in the Debtors' cases.  The subscription rate is $45 per issue.  Newsletters are delivered via e-mail; invoices, transmitted following publication of each newsletter issue, arrive by fax.  Distribution to multiple individuals at the same firm is provided at no additional charge; folks outside of your firm should set-up and pay for their own subscriptions.  Subscriptions may be canceled at any time without further obligation.

To continue receiving LEHMAN BROTHERS BANKRUPTCY NEWS, please complete and submit the subscription form at Bankrupt.com/Lehman 

Company: Bankruptcy Creditors' Service, Inc.
Contact: Peter A. Chapman
Phone: (215) 945-7000
Email: peter[@]bankrupt.com

Eastman Kodak's Chapter 11 Database

Lead Debtor: Eastman Kodak Company
Case No.: 12-10202

Petition Date: Jan. 19, 2012
Bankruptcy Court: U.S. Bankruptcy Court Southern District of New York
Bankruptcy Judge: Hon. Allan L. Gropper


Debtors affiliates:

       Debtor                                   Case No.
       ------                                   --------
       Creo Manufacturing America LLC           12-10203
       Eastman Kodak Int'l Capital Co., Inc.    12-10204
       Far East Development Ltd.                12-10205
       FPC Inc.                                 12-10206
       Kodak (Near East), Inc.                  12-10207
       Kodak America, Ltd.                      12-10208
       Kodak Aviation Leasing LLC               12-10209
       Kodak Imaging Network, Inc.              12-10210
       Kodak Philippines, Ltd.                  12-10211
       Kodak Portuguesa Limited                 12-10212
       Kodak Realty, Inc.                       12-10201
       Laser-Pacific Media Corporation          12-10213
       NPEC Inc.                                12-10214
       Pakon, Inc.                              12-10215
       Qualex Inc.                              12-10216


Debtors' Counsel:     Andrew G. Dietderich, Esq.
             John J. Jerome, Esq.
             Michael H. Torkin, Esq.
             Mark U. Schneiderman, Esq.
             SULLIVAN & CROMWELL LLP
             125 Broad Street
             New York, NY 10004-2498
             Tel: (212) 558-4000
             Fax: (212) 558-3588
             E-mail: dietdericha@sullcrom.com
                     jeromej@sullcrom.com
                     schneidermanm@sullcrom.com


Debtors'
Co-Counsel:  Pauline K. Morgan, Esq.
             Joseph M. Barry, Esq.
             YOUNG CONAWAY STARGATT & TAYLOR, LLP
             Rockefeller Center
             1270 Avenue of the Americas Suite 2210
             New York, NY 10020
             Tel: 212-332-8840
             Fax: 212-332-8855
             E-mail: pmorgan@ycst.com
                     jbarry@ycst.com

Debtors' Financial and Restructuring Advisor:      FTI CONSULTING, INC.

Debtors' Investment Banker and Financial Advisor:      LAZARD FRERES & CO. LLC

Debtors' Claims and Noticing Agent:        KURTZMAN CARSON CONSULTANTS LLC

Counsel to Ad Hoc Group of Holders of Second Lien Secured Notes:        AKIN GUMP STRAUSS HAUER & FELD LLP

Total Assets: $5,102,000,000 as of Sept. 30, 2011

Estimated Liabilities: $6,751,000,000 as of Sept. 30, 2011.

MF GLOBAL Bankruptcy News, Issue No. 10

FAIRLESS HILLS, Pa. -- Bankruptcy Creditors' Service, Inc., published Issue No. 10 of MF GLOBAL BANKRUPTCY NEWS.  The 46-page newsletter contains 33 stories including the trustee's first report on the status of MF Global Inc.'s liquidation under the Securities Investor Protection Act.  Among others, the report said the SIPA Trustee has already distributed about $4 billion through new future commodity merchants.  Issue 10 also reported on MF Global Holdings' monthly operating report for the period Dec. 1 to 31, 2011.

A copy of today's newsletter can be purchased on-line with a major credit card at Bankrupt.com/MFGlobal for $45. Copies of all back issues are also available for purchase at BCSI's on-line newsstand.

MF GLOBAL BANKRUPTCY NEWS tracks the restructuring of MF Global Ltd fka Man Financial; MF Global Inc; MF Global Holdings Ltd.

How to Subscribe to MF GLOBAL BANKRUPTCY NEWS

MF GLOBAL BANKRUPTCY NEWS is distributed to paying subscribers by electronic mail.  New issues are published on an ad hoc basis as significant activity occurs (generally every 10 to 20 days) in the Debtors' cases.  The subscription rate is $45 per issue.  Newsletters are delivered via e-mail; invoices, transmitted following publication of each newsletter issue, arrive by fax.  Distribution to multiple individuals at the same firm is provided at no additional charge; folks outside of your firm should set-up and pay for their own subscriptions.  Subscriptions may be canceled at any time without further obligation.

To continue receiving MF GLOBAL BANKRUPTCY NEWS, please complete and submit the subscription form at Bankrupt.com/MFGlobal

Company: Bankruptcy Creditors' Service, Inc.
Contact: Peter A. Chapman
Phone: (215) 945-7000
Email: peter[@]bankrupt.com

Sullivan & Cromwell's First Debtor Lead Counsel Gig

While reading the Wall Street Journal's write-up on Eastman Kodak's bankruptcy filing, and going through the company's voluntary petition, one of the first things I noticed was the hiring of Sullivan & Cromwell LLP as the debtor's lead bankruptcy counsel.  I found it unusual that Eastman Kodak hired the firm.

Why am I mentioning this? Because if you are a bankruptcy lawyer, or a fan of corporate bankruptcies, you would know that big companies who file for bankruptcy usually hire bankruptcy teams from Weil Gothshal, Kirkland & Ellis, or Skadden Arps.

While I thought I was the only one who noticed the hiring, I was proven wrong because The American Lawyer had a write-up on exactly the same observation.

Brian Baxter, in a Jan. 19 AmLaw Daily article, related that Eastman Kodak is a longtime client of Sullivan & Cromwell's.  The same article also pointed out an interesting fact: S&C was founded in 1879, the same year when George Eastman, founder of Kodak, sought to obtain a patent on a plate-coating machine that would eventually give rise to his iconic camera company.


Andrew Dietderich, the head of S&C’s bankruptcy and restructuring group, who spoke with The Am Law Daily, said Eastman Kodak's is the first debtor's case where the firm will serve as a Sec. 327(a) debtor's counsel.  Mr. Dietderich also related to AmLaw Daily that the firm has represented Kodak since 1972 and it's bankruptcy filing is the 173rd matter the firm has handled for the company.

While the Eastman Kodak bankruptcy case may be the first time S&C will serve as a Sec. 327(a) debtor's counsel, S&C is not a newbie in billion-dollar cases.  Recently, as noted by the AmLaw Daily, S&C has served as counsel for the board of directors of CIT Group, which emerged from bankruptcy in 2009.  The report noted that Sullivan & Cromwell was/is involved in several major Chapter 11 bankruptcy cases, but the firm is not part of the debtor's lead bankruptcy counsel.

A full-text copy of Jan. 19 AmLaw Daily article is available here

EASTMAN KODAK Bankruptcy News, Issue No. 1

FAIRLESS HILLS, Pa. -- Bankruptcy Creditors' Service, Inc., published Issue No. 1 of EASTMAN KODAK BANKRUPTCY NEWS today.  The 31-page newsletter containing 12 headlines is the maiden issue of coverage of Eastman Kodak's billion-dollar bankruptcy filing.  The first issue allows subscribers to look into Eastman Kodak's corporate and organizational structure, its loan facilities, and the circumstances leading to its bankruptcy filing.  The first issue includes the list of Eastman Kodak's largest unsecured creditors and firms who have been tapped to assist in the Chapter 11 filing.  Lastly, the issue reported on Eastman Kodak's request to tap as much as $950 million of debtor-in-possession financing from a group of lenders led by Citicorp.

Eastman Kodak's  Chapter 11 case is Case No. 12-10202 before Judge Allan L. Gropper at the U.S. Bankruptcy Court for the Southern District of New York.  Eastman Kodak is represented by Sullivan & Cromwell LLP.

A copy of today's newsletter is available for free at <a href="https://ecommerce.bankrupt.com/bin/ibl_re?co_name=EASTMAN|KODAK">https://ecommerce.bankrupt.com/bin/ibl_re?co_name=EASTMAN|KODAK</a>

EASTMAN KODAK BANKRUPTCY NEWS tracks the restructuring of Eastman Kodak Company and its 15 affiliates.

How to Subscribe to EASTMAN KODAK BANKRUPTCY NEWS

EASTMAN KODAK BANKRUPTCY NEWS is distributed to paying subscribers by electronic mail.  New issues are published on an ad hoc basis as significant activity occurs (generally every 10 to 20 days) in the Debtors' cases.  The subscription rate is $45 per issue.  Newsletters are delivered via e-mail; invoices, transmitted following publication of each newsletter issue, arrive by fax.  Distribution to multiple individuals at the same firm is provided at no additional charge; folks outside of your firm should set-up and pay for their own subscriptions.  Subscriptions may be canceled at any time without further obligation.

To continue receiving EASTMAN KODAK BANKRUPTCY NEWS, please complete and submit the subscription form at <a href="https://ecommerce.bankrupt.com/bin/ibl_re?subco_name=EASTMAN|KODAK">https://ecommerce.bankrupt.com/bin/ibl_re?subco_name=EASTMAN|KODAK</a>

Company: Bankruptcy Creditors' Service, Inc.
Contact: Peter A. Chapman
Phone: (215) 945-7000
Email: peter[@]bankrupt.com