London based Lehman Brother International (Europe) (”LBIE”) has had more than $35 billion assets frozen as a result of their collapse last September. Only 13.3 billion has been returned thus far. PricewaterhouseCoopers (”PWC”), Lehman ’s administrator, is hoping to return an additional $11 billion to those affected hedge fund clients, without the need to post collateral or indemnify LBIE. PWC’s proposal was originally struck down by British courts, so they are hoping to get a 90% approval from its clients to approve the return of assets. Reuters reported that those hedge fund managers with frozen assets with LBIE will be receiving a proposal on Tuesday with PWC’s plan and will have until December 29th to vote. PWC is also hoping that if the plan is approved, to file claims at the end of February and return assets by the end of March.
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