The bankruptcy of investment bank Lehman Brothers has sued Intel, accusing seize $ 1 billion in collateral default swap agreement chip maker, a court filing.
Under the swap agreement, perform days ago Lehman Brothers filed for bankruptcy protection in 2008, Intel gave $ 100 billion Lehman Brothers, a derivative units in exchange for 50.5 million Intel shares, to the balance sheet date September 2008 delivered in the 29th, to submit according to the bankruptcy court in New York.
OTC derivatives, Lehman Brothers (LOTC), the unit posted $ 1 billion in cash collateral as part of the agreement, Intel also. The agreement provides for compensation for loss of Intel in the case of early termination of the transaction.
According to the document, Intel, Lehman Brothers $ 100 million U.S. dollars Intel ordinary shares, Lehman Brothers, the agreement is to provide $ 5.05 billion Intel stock is independent of the value of the dollar.
Intel ordinary shares 50,552,943 shares, September 29, 2008 the value of about $ 873 million instead of $ 1 billion, "Lehman said.
September 15, 2008, two weeks after the bankruptcy filing of the Intel Corporation to terminate the agreement, and to seize the entire $ 1 billion in collateral, and did not return, Lehman said in the filing.
Through the entire foreclosure, Lehman said: "Intel violated the swap agreement."
Lehman Brothers hope that recovery from Intel unspecified amount determined at the trial.
Intel can not immediately reach outside regular U.S. business hours by Reuters to comment.
September 15, 2008, Lehman Brothers filed for the largest bankruptcy in U.S. history, $ 639 billion in assets. It is repaid to creditors about $ 6.5 billion, according to a liquidation plan being approved at the end of 2011.
The case is Lehman Brothers Holdings Inc. and Intel Corporation, Case No. 13-01340, New York, United States Bankruptcy Court, Southern District.
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