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Rating:Bruce Bent Sells Remaining Lehman Debt Not Rated 5.0 Email Routing List Email & Route  Print Print
Wednesday, April 14, 2010

Bruce Bent Sells Remaining Lehman Debt

Reported by Daniel Tovrov

A year and a half later, some of the aftermath of the collapse of the the Reserve Primary fund may finally be coming to an end. Bruce Bent and the Reserve have sold all of their Lehman Brothers holdings inside both Primary and the Reserve Yield Plus Fund. The sale generated more than $170 million the Primary fund and $6.45 million for the Yield Plus.

For the full story on the the death of the Reserve and its Primary Fund, see MFWire's timeline.

When the Reserve eventually pays out the assets to patient investors, it appears that all of the the Primary fund's assets will have been distributed. In January 2010, The Reserve Primary distributed about $3.4 billion of the remaining $3.56 billion of assets.

“We are pleased that the Funds were able to take this very significant step,” said Bent, chairman of The Reserve Fund in a statement to shareholders. “We continue to work as quickly as possible to finalize the liquidation of the Funds while treating all shareholders equitably.”

The Reserve had to await a decision from the U.S. District Court for the Southern District of New York before they could sell the debt. According to the company statement, both the court and The Reserve thought it best to not to wait any further to get rid of the holdings. 

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