BULKY
`DOCUMENT
`
`(FILED ON PAPER - ENTIRE DOCUMENT EXCEEDS 100 PAGES)
`
`I Proceeding No.
`
`j 912194 77
`
`I Filing Date
`
`I 06/01/2016
`
`I Part I 10 of j29 j
`
`Declaration of Ignacio V. Duran
`Exhibit C (Cont.)
`
`91219477
`
`

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`Page 126
`Lehman Keeps Apartment Sector Guessing; What Firm Will Do With Its Stakes in Equity Residential and A valonBay
`Weighs on Stocks; 'We Would Like [Them] Out' The Wall Street Journal Online May
`
`Residential's chief executive, on an earnings call this month.
`
`A representative for Lehman declined to comment on its plans.
`
`Archstone, which owned about 50,000 rental units, was one of Lehman's largest investments, and the apartment
`owner's high leverage contributed to the demise of the storied investment bank in September 2008. Since Lehman
`emerged from bankruptcy protection last year, the estate has been continuing a liquidation and sold Archstone to Equity
`Residential and AvalonBay for $6.5 billion for the shares and $2.7 billion in cash.
`
`Lehman doesn't face any specific deadline for unwinding assets, so it could opt to sit on the shares. "Lehman will
`ultimately get out, but they're in no hurry to do so, because they have the necessary flexibility to exit in a fashion that
`will maximize the return to their creditors and they intend to do just that," Mr. Neithercut said on the earnings call.
`
`Lehman could decide to sell the shares sooner rather than later. Even though they are underperforming some other
`REI Ts, both Equity Residential and A valonBay are trading near records. Shares of Equity Residential closed Tuesday at
`$59.22, not far from its record of$65.47 reached on July 17. On the same day, AvalonBay hit a record $151. It closed at
`$136.64.
`
`Lehman is weighing its options as the rental-apartment sector is losing some of the allure it had during the early
`years of the economic downturn. Rents and occupancy levels continued to increase during the worst years of the
`housing crisis because some people turned to rentals instead of homeownership.
`
`More recently, though, investors have been concerned that demand for rental apartments will decline as the for-sale
`market recovers. In the first quarter, the rate of rental-revenue growth at Equity Residential and Avalon Bay slowed
`compared with previous quarters.
`
`Analysts point out that apartment-company stocks also are being reined in by the Lehman effect. Shares of Equity
`Residential and AvalonBay trade at 4% and 1 % discounts, respectively, to their net asset values, or what their properties
`would fetch if sold. By comparison, REITs in general trade at 26% premiums to their net asset values, according to
`Green Street Advisors, a real-estate research firm.
`
`Some analysts believe that, because of that disparity, now would be a good opportunity to buy Equity Residential
`and AvalonBay shares. "We're starting to pound the table, this is appears to be an incredible buying opportunity," said
`Andrew McCulloch, a Green Street managing director.
`
`But others note that if Lehman floods the market by selling its holdings too quickly, it could temporarily weigh on
`the stocks. "It's like throwing a wrench in the system," said Richard Anderson, a REIT analyst with BMO Capital
`Markets who is bullish on apartments overall.
`
`Lehman also could opt for a public offering, which would resemble a company selling additional stock. This would
`be seen as more orderly than dumping shares.
`
`Additionally, Lehman could sell the shares in multiple transactions, a strategy that might keep uncertainty hanging
`over the shares.
`
`Yet another possibility would be Equity Residential or AvalonBay buying their shares back, possibly with funds
`raised from selling buildings or debt.
`
`Analysts say such moves by the companies seem unlikely. Equity Residential and AvalonBay declined to comment.
`
`Despite the Lehman pressure on the stocks, analysts say buying Archstone was a good deal for Equity Residential
`and A valonBay.
`
`RARC:LAYSOO.l746
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`Page 127
`Lehman Keeps Apartment Sector Guessing; What Firm Will Do With Its Stakes in Equity Residential and A val on Bay
`Weighs on Stocks; 'We Would Like [Them] Out' The Wall Street Journal Online May
`
`The deals "should benefit their shareholders for the long term," Mr. Anderson said.
`
`Write to Dawn Wotapka at dawn.wotapka@dowjones.com
`
`NOTES:
`PUBLISHER: Dow Jones & Company, Inc.
`
`LOAD-DATE: May 15, 2013
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`RARCJ,A YS00~747
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`

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`Page 128
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`Lexis Nexis®
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`55 of 71 DOCUMENTS
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`Copyright 2013 Factiva ®, from Dow Jones
`All Rights Reserved
`
`U:-ACTI
`
`Copyright 2013 Dow Jones & Company, Inc. All Rights Reserved.
`
`THE WALL STREET JOURNAL.
`
`The Wall Street Journal Online
`
`SECTION: WEALTH MANAGEMENT JOURNAL
`
`LENGTH: 92 words
`
`HEADLINE: Ex-Head of Wealth at Morgan, Lehman Dies
`
`BODY:
`
`Edward Feigeles, who led private wealth management divisions at Morgan Stanley and Lehman Brothers Holdings
`Inc., has died, Bloomberg reports . He was 58.
`
`A New York native, Feigeles moved from Morgan Stanley to Lehman in 1996, and during his tenure Lehman's
`500-broker Private Client Services group became "the industry's top high-net-worth business," with average broker
`production of$1.8 million, according to the company.
`
`"There is no alternative for personal relationships when it comes to dealing with the wealthy of the world," Feigeles
`once said.
`
`NOTES:
`PUBLISHER: Dow Jones & Company, Inc.
`
`LOAD-DATE: May 2, 2013
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`RARCLAVS00~74R
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`Page 129
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`Lexis Nexis®
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`56 of71 DOCUMENTS
`
`Copyright 2013 The News York Times Company
`All Rights Reserved
`The New York Times Biogs
`(Deal Book)
`
`April 24, 2013 Wednesday
`
`SECTION: BUSINESS
`
`LENGTH: 280 words
`
`HEADLINE: Guggenheim Hires Lehman Veteran in Continued Hiring Spree
`
`BYLINE: MICHAEL J. DE LA MERCED
`
`HIGHLIGHT:
`
`The arrival of Glenn Schiffman, a former senior banker at Lehman Brothers and Nomura, signals the continuing
`growth of Guggenheim Partners, which has sought to bolster its investment banking arm.
`
`BODY:
`
`Guggenheim Partners signaled its intention to continue building out its investment bank on Wednesday,
`announcing that it had hired Glenn H. Schiffman, a longtime deal maker at Lehman Brothers.
`
`Mr. Schiffman, who is joining as a senior managing director, was most recently at the Raine Group, a boutique
`investment bank focused on the media and entertainment industries. Previously, he served as the head of investment
`banking in the Americas at Nomura of Japan.
`
`And before that, he was the head of investment banking for Asia ex-Japan for Nomura and for Lehman Brothers.
`Mr. Schiffman joined Nomura in the fall of 2008 after it bought the Asian operations of the failed American investment
`bank.
`
`"Over the years, I've had the opportunity to work with Glenn on both sides of the table in numerous projects, and
`have witnessed firsthand his client impact and ability to serve as a trusted adviser," Alan Schwartz, Guggenheim's
`executive chairman, said in a statement. "Glenn's track record both in building and managing successful businesses and
`in advising clients in major transactions is unmatched, and I am very pleased to have him join our growing team."
`
`His arrival signals the continuing growth of Guggenheim, which has sought to bolster its investment banking arm.
`That push began in 2009 when the firm hired Mr. Schwartz, a former chief executive of Bear Steams.
`
`Guggenheim has also hired the likes of Ross Levinsohn, former interim chief executive of Yahoo; Henry
`
`RARCJ,AYS003749
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`

`
`Page 130
`Guggenheim Hires Lehman Veteran in Continued Hiring Spree The New York Times Blogs(DealBook) April 24, 2013
`Wednesday
`
`Silverman, a vice chairman of Apollo Global Management; and Herbert Lurie, a onetime senior banker at Merrill
`Lynch.
`
`Anschutz Calls Off Sale of Entertainment Arm
`Guggenheim Hires Former Yahoo Chief for Media Venture
`
`LOAD-DATE: April 24, 2013
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`Page 131
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`LexisNexis®
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`57 of 71 DOCUMENTS
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`Copyright 2013 Factiva ®, from Dow Jones
`All Rights Reserved
`
`c
`
`IVA
`
`(Copyright (c) 2013, Dow Jones & Company, Inc.)
`
`THE WALL STREET JOURNAL.
`
`The Wall Street Journal
`
`April 16, 2013 Tuesday
`
`SECTION: Pg. C3
`
`LENGTH: 682 words
`
`HEADLINE: Global Finance: Creditors of Lehman Arm May Get Repaid
`
`BYLINE: By Patrick Fitzgerald and Margot Patrick
`
`BODY:
`
`Creditors of Lehman Brothers International Europe, the U .K. arm of collapsed investment bank Lehman Brothers
`Holdings Inc., may end up getting all of their money back, according to a report by LBIE's administrator.
`
`Tony Lomas, who is overseeing Lehman's U.K. administration for PricewaterhouseCoopers, said a number of
`settlements with other Lehman affiliates in the past six months helped clear the way for an initial GBP 1.8 billion ($2. 76
`billion) payment to unsecured creditors last November, and that a strengthened financial position "now suggests that ...
`there would be sufficient funds to settle in full all provable claims," excluding those by shareholders and claims for
`interest.
`
`John Suckow, chief executive of Lehman Brothers Holdings, said the parent company always expected the U.K.
`unit's creditors to get their money back. "We fully expected that LBIE, in its capacity as broker dealer and given its
`balance sheet, would be in a position to pay its creditors in full," Mr. Suckow said.
`
`Lehman's September 2008 Chapter 11 filing triggered foreign bankruptcy proceedings for more than 80 of the
`bank's far-flung affiliates.
`
`RA RCI ,A VSOO.l751
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`
`Page 132
`Global Finance: Creditors of Lehman Arm May Get Repaid The Wall Street Journal April 16, 2013 Tuesday
`
`Lehman's holding company has now reached settlements on intercompany claims with virtually all of its foreign
`affiliates, including those in the U.K., Japan, Switzerland and Hong Kong, as well as the liquidators of its U.S.
`broker-dealer.
`
`Liquidators of Lehman Brothers' Australian unit Friday sought court approval for a plan that, if approved, would
`pay back unsecured creditors less than half of what they are owed. The proposed plan would pay creditors between 39.9
`cents and 49.2 cents on the dollar, according to IMF (Australia), a Sydney-based firm that has been funding litigation
`against Lehman.
`
`An Australian court ruled last year that Lehman Brothers Australia misled unsophisticated investors -- among them
`Australian towns, charities and churches -- into buying risky securities backed by U.S. mortgages. One Australian judge
`described the investment products as essentially a "sophisticated bet" with high risks despite it being portrayed as
`prudent and readily redeemable for cash.
`
`Some 110,000 individual retail customers of Lehman's U.S. broker-dealer have also received all their money back,
`$92.3 billion in all. That unit is being wound down by James Giddens in accordance with the Securities Investor
`Protection Act. Mr. Giddens and his U.K. counterparts settled their $38 billion dispute last fall.
`
`As for Lehman Brothers Holdings' creditors, the company's Chapter 11 plan treats creditors of its subsidiaries better
`than those of the parent. For instance, it calls for creditors of Lehman's Specialty Finance unit -- the heart of the failed
`investment bank's derivatives business -- to get more than 30 cents on the dollar, thought it limits how much they can
`claim. Bondholders of Lehman's parent are getting less, about 21.1 cents on the dollar, while general unsecured
`creditors are expected to receive about 20 cents on the dollar.
`
`The number and pace of the recent Lehman settlements suggests insolvency professionals are making progress in
`winding down Lehman's vast holdings more than four years after the bank's collapse.
`
`Lehman, once Wall Street's fourth-largest investment bank, collapsed in the largest bankruptcy in history in
`September 2008. Since then a team of bankruptcy professionals under the direction of Alvarez & Marsal Inc. has
`managed the holding company's assets. Lehman's still-considerable balance sheet includes commercial real estate,
`private-equity investments, loans and derivatives contracts.
`
`Lehman's holding company officially exited Chapter 11 protection in March of last year, but its estate continues to
`wrangle with creditors over billions of dollars in disputed claims. Despite the recent round of settlements with its
`affiliates, Lehman's case is expected to continue for several more years as the team liquidates the estate's assets.
`
`Joseph Cheekier in New York contributed to this article.
`
`Subscribe to WSJ: http://online.wsj.com?mod=djnwires
`
`License this article from Dow Jones Reprint Service
`
`NOTES:
`PUBLISHER: Dow Jones & Company, Inc.
`
`LOAD-DATE: April 17, 2013
`
`RARCT,AVS00~752
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`

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`Page 133
`
`Lexis Nexis®
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`58 of 71 DOCUMENTS
`
`Copyright 2013 The News York Times Company
`All Rights Reserved
`The New York Times Biogs
`(DealBook)
`
`April 15, 2013 Monday
`
`SECTION: BUSINESS
`
`LENGTH: 292 words
`
`HEADLINE: Creditors of Lehman's European Unit Could Be Completely Repaid
`
`BYLINE: MARK SCOTT
`
`HIGHLIGHT:
`
`A settlement that has freed up an additional $9. I billion to repay creditors of Lehman Brothers International Europe
`could mean that those owed money by the European unit may receive all their money back, according to
`PricewaterhouseCoopers.
`
`BODY:
`
`LONDON - Creditors of the European division of the defunct American bank Lehman Brothers may recover all
`their money, according to a report from the accounting firm PricewaterhouseCoopers.
`
`The announcement comes after a series of legal settlements with Lehman's business units in the United States,
`Switzerland and Luxembourg that freed up an additional $9.1 billion to repay creditors of Lehman Brothers
`International Europe.
`
`In November, PricewaterhouseCoopers, which is overseeing the return of assets to creditors and money to clients of
`the European unit of Lehman Brothers, paid a total of $11 billion to more than 1,500 creditors.
`
`The accounting firm said it was now planning to distribute a new round of payments to creditors, as well as the first
`refund of clients' money, later this month.
`
`"To be able to advise ordinary unsecured creditors that we now have a reasonable chance of eventually repaying
`their claims in full marks a significant milestone," said Tony Lomas, a partner at PricewaterhouseCoopers, in a
`statement. "There is still a lot to do before finalizing the wind-down but we do expect to pay a second, significant
`dividend to creditors in the near future."
`
`The announcement caps a five-year legal fight after the collapse of Lehman Brothers in 2008.
`
`RA RC:T ,A VS003753
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`

`
`Page 134
`Creditors of Lehman's European Unit Could Be Completely Repaid The New York Times Blogs(DealBook) April 15,
`2013 Monday
`
`Lehman Brothers International Europe has been the subject of continuing legal battles with local subsidiaries and
`clients after the division failed to keep its own money separate from that of its customers.
`
`PricewaterhouseCoopers has previously said that it could take more than a decade for all of the Lehman Brothers
`creditors to be compensated from the collapse of the bank's European business.
`
`After KPMG, Audit Firms Reconsider Procedures
`S.E.C. Charges 5 Firms Over Audits in China
`
`LOAD-DATE: April 15, 2013
`
`RA RC:l ,A YS003754
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`

`
`Page 135
`
`LexisNexis®
`
`59 of 71 DOCUMENTS
`
`Copyright 2013 Factiva ®, from Dow Jones
`All Rights Reserved
`
`CTIV~
`
`Copyright 2013 Dow Jones & Company, Inc. All Rights Reserved.
`
`THE WALL STREET JOURNAL.
`
`The Wall Street Journal Online
`
`April 15, 2013
`
`SECTION: MARKETS
`
`LENGTH: 687 words
`
`HEADLINE: Creditors of Lehman's U.K. Arm May Be Fully Repaid
`
`BYLINE: By Patrick Fitzgerald And Margot Patrick
`
`BODY:
`
`Creditors of Lehman Brothers International Europe, the U.K. arm of collapsed investment bank Lehman Brothers
`Holdings Inc., may end up getting all of their money back, according to a report by PricewaterhouseCoopers, LBIE's
`administrator.
`
`Tony Lomas, who is overseeing Lehman's U.K. administration, a process similar to Chapter 11 in the U.S., said a
`number of settlements with other Lehman affiliates in the past six months helped clear the way for an initial £1.8 billion
`($2.76 billion) payment to unsecured creditors last November, and that a strengthened financial position "now suggests
`that...there would be sufficient funds to settle in full all provable claims," excluding those by shareholders and claims
`for interest.
`
`John Suckow, chief executive of Lehman Brothers Holdings, said the parent company always expected the
`European unit's creditors to get their money back. "We fully expected that LBIE, in its capacity as broker dealer and
`given its balance sheet, would be in a position to pay its creditors in full," Mr. Suckow said.
`
`Lehman's September 2008 Chapter 11 filing triggered foreign bankruptcy proceedings for more than 80 of the
`bank's far-flung affiliates. Lehman's holding company has now reached settlements on intercompany claims with
`virtually all of its foreign affiliates, including those in the U.K., Japan, Switzerland and Hong Kong, as well as the
`
`RA RCT ,A VS00~755
`
`

`
`Page 136
`Creditors of Lehman's U.K. Arm May Be Fully Repaid The Wall Street Journal Online April 15, 2013
`
`liquidators of its U.S. broker-dealer.
`
`Liquidators of Lehman Brothers' Australian unit Friday sought court approval for a plan that, if approved, would
`pay back unsecured creditors less than half of what they are owed. The proposed plan would pay creditors between 39.9
`cents and 49.2 cents on the dollar, according to IMF (Australia), a Sydney-based firm that has been funding litigation
`against Lehman.
`
`An Australian court ruled last year that Lehman Brothers Australia misled unsophisticated investors-among them
`Australian towns, charities and churches-into buying risky securities backed by U.S. mortgages. One Australian judge
`described the investment products as essentially a "sophisticated bet" with high risks despite it being portrayed as
`prudent and readily redeemable for cash.
`
`Some 110,000 individual retail customers of Lehman's U.S. broker-dealer have also received all their money back,
`$92.3 billion in all. That unit is being wound down by James Giddens in accordance with the Securities Investor
`Protection Act. Mr. Giddens and his U. K. counterparts settled their $3 8 billion dispute last fall.
`
`As for Lehman Brothers Holdings' creditors, the company's Chapter 11 plan treats creditors of its subsidiaries better
`than those of the parent. For instance, it calls for creditors of Lehman's Specialty Finance unit-the heart of the failed
`investment bank's derivatives business-to get more than 30 cents on the dollar, thought it limits how much they can
`claim. Bondholders of Lehman's parent are getting less, about 2 I. I cents on the dollar, while general unsecured
`creditors are expected to receive about 20 cents on the dollar.
`
`The number and pace of the recent Lehman settlements suggests insolvency professionals are making progress in
`winding down Lehman's vast holdings more than four years after the bank's collapse.
`
`Lehman, once Wall Street's fourth-largest investment bank, collapsed in the largest bankruptcy in history in
`September 2008. Since then a team of bankruptcy professionals under the direction of Alvarez & Marsal Inc. has
`managed the holding company's assets. Lehman's still-considerable balance sheet includes commercial real estate,
`private-equity investments, loans and derivatives contracts.
`
`Lehman's holding company officially exited Chapter 11 protection in March of last year, but its estate continues to
`wrangle with creditors over billions of dollars in disputed claims. Despite the recent round of settlements with its
`affiliates, Lehman's case is expected to continue for several more years as the team liquidates the estate's assets.
`
`Joseph Cheekier in New York contributed to this article.
`
`Write to Patrick Fitzgerald at patrick.fitzgerald@dowjones.com and Margot Patrick at
`margot.patrick@dowjones.com
`
`NOTES:
`PUBLISHER: Dow Jones & Company, Inc.
`
`LOAD-DATE: April 16, 2013
`
`RA RCT ,A YS00~756
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`

`
`Page 137
`
`LexisNexis®
`
`60 of71 DOCUMENTS
`
`Copyright 2013 Factiva ®,from Dow Jones
`All Rights Reserved
`
`(Copyright (c) 2013, Dow Jones & Company, Inc.)
`
`THE WALL STREET JOURNAL.
`
`The Wall Street Journal
`
`March 19, 2013 Tuesday
`
`SECTION: Pg. C3
`
`LENGTH: 386 words
`
`HEADLINE: Global Finance: Deutsche Boerse Faces Lehman-Tied Claim
`
`BYLINE: By Suzi Ring
`
`BODY:
`
`Deutsche Boerse AG disclosed that it faces a claim ofabout 115 million euros ($150.37 million) that the
`administrator for an overseas arm of Lehman Brothers Inc. said was paid to the exchange group's clearinghouse unit on
`the day the U.S. investment bank filed for bankruptcy protection in 2008.
`
`The exchange disclosed the claim in its annual report Friday, just weeks before the first interim distribution of
`money is due to be made to former clients of Lehman Brothers International (Europe), Lehman's London-based arm.
`
`Deutsche Boerse called the c !aim on its Eurex Clearing arm "unfounded" and said it was defending itself against
`the action.
`
`The process of unwinding billions of dollars in Lehman trades in Europe was broadly viewed within the derivatives
`industry to have run smoothly after LBIE was placed in administration on Sept. 15, 2008.
`
`Eurex said at the time that it had transferred all client positions and wound down proprietary positions by the end of
`that month, using only collateral posted by LBlE.
`
`RA RC:T ,A YS00~757
`
`

`
`Page 138
`Global Finance: Deutsche Boerse Faces Lehman-Tied Claim The Wall Street Journal March 19, 2013 Tuesday
`
`Clearing houses guarantee trades in the event that one of the parties default.
`
`Deutsche Boerse said the claim from the administrator of Lehman Brothers Bankhaus, the bank's German arm,
`relates to 113.5 million euros in collateral payments made to Eurex Clearing on Sept. 15, 2008.
`
`The administrator's claim, which the exchange group said was lodged last November, includes the repayment of the
`113.5 million euros, plus an additional I million euros and accrued interest.
`
`Deutsche Boerse, which declined additional comment, made a net profit of 645 million euros last year.
`
`Michael Frege, a partner in the Frankfurt law firm CMS Hasche Sigle, which has acted as administrator for
`Lehman's German arm, also declined to comment.
`
`Deutsche Boerse also faces a large potential claim against its U.S. options unit, which has been scrapping for years
`with the parent of the Chicago Board Options Exchange over alleged patent infringement.
`
`CBOE Holdings Inc. sued International Securities Exchange for $525 million in damages, charges which parent
`Deutsche Boerse called "unfounded."
`
`A U.S. judge on Friday dismissed a countersuit filed by ISE claiming $475 million in damages from CBOE, though
`ISE plans to appeal
`
`Subscribe to WSJ: http://online.wsj.com?mod=djnwires
`
`License this article from Dow Jones Reprint Service
`
`NOTES:
`PUBLISHER: Dow Jones & Company, Inc.
`
`LOAD-DATE: March 19, 2013
`
`RARCT,AVS00375R
`
`

`
`Page 139
`
`LexisNexis®
`
`61 of71 DOCUMENTS
`
`Copyright 2013 Factiva ®, from Dow Jones
`All Rights Reserved
`
`FACT I VA
`
`Copyright 2013 Dow Jones & Company, Inc. All Rights Reserved.
`
`THE WALL STREET JOURNAL.
`
`The Wall Street Journal Online
`
`March 19,2013
`
`SECTION: MARKETS
`
`LENGTH: 375 words
`
`HEADLINE: Deutsche Bi:irse Faces Lehman-Tied Claim
`
`BYLINE: By Suzi Ring
`
`BODY:
`
`Deutsche Bi:irse AG disclosed that it faces a claim of about (EURO)l 15 million ($150.37 million) that the
`administrator for an overseas arm of Lehman Brothers Inc. said was paid to the exchange group's clearinghouse unit on
`the day the U.S. investment bank filed for bankruptcy protection in 2008.
`
`The exchange disclosed the claim in its annual report Friday, just weeks before the first interim distribution of
`money is due to be made to former clients of Lehman Brothers International (Europe), Lehman's London-based arm.
`
`Deutsche Borse called the claim on its Eurex Clearing arm "unfounded" and said it was defending itself against the
`action.
`
`The process of unwinding billions of dollars in Lehman trades in Europe was broadly viewed within the derivatives
`industry to have run smoothly after LBIE was placed in administration on Sept. 15, 2008.
`
`Eurex said at the time that it had transferred all client positions and wound down proprietary positions by the end of
`that month, using only collateral posted by LBIE.
`
`Clearing houses guarantee trades in the event that one of the parties default.
`
`RA RCT ,A VS00~759
`
`

`
`Deutsche Borse Faces Lehman-Tied Claim The Wall Street Journal Online March 19, 2013
`
`Page 140
`
`Deutsche Borse said the claim from the administrator of Lehman Brothers Bankhaus, the bank's German arm,
`relates to (EURO) 113.5 million in collateral payments made to Eurex Clearing on Sept. 15, 2008.
`
`The administrator's claim, which the exchange group said was lodged last November, includes the repayment of the
`(EURO) 113.5 million, plus an additional (EURO) I million and accrued interest.
`
`Deutsche Borse, which declined additional comment, made a net profit of (EUR0)645 million last year.
`
`Michael Frege, a partner in the Frankfurt law firm CMS Hasche Sigle, which has acted as administrator for
`Lehman's German arm, also declined to comment.
`
`Deutsche Borse also faces a large potential claim against its U.S. options unit, which has been scrapping for years
`with the parent of the Chicago Board Options Exchange over alleged patent infringement.
`
`CBOE Holdings Inc. sued International Securities Exchange for $525 million in damages, charges which parent
`Deutsche Borse called "unfounded."
`
`A U.S. judge on Friday dismissed a countersuit filed by !SE claiming $475 million in damages from CBOE, though
`!SE plans to appeal
`
`Write to Suzi Ring at Suzi.Ring@dowjones.com
`
`NOTES:
`PUBLISHER: Dow Jones & Company, Inc.
`
`LOAD-DATE: March 19, 2013
`
`RARC:T,AYS00.1760
`
`

`
`Page 141
`
`Lexis Nexis®
`
`63 of 71 DOCUMENTS
`
`Copyright 2013 The News York Times Company
`All Rights Reserved
`The New York Times Biogs
`(DealBook)
`
`March 11, 2013 Monday
`
`SECTION: BUSINESS
`
`LENGTH: 614 words
`
`HEADLINE: After Lehman, Callan Speaks Out on a Proper Work-Life Balance
`
`BYLINE: WILLIAM ALDEN
`
`HIGHLIGHT:
`
`Erin Callan’s essay on managing the demands of a high-intensity career is the latest meditation on the
`subject by Wall Street women.
`
`BODY:
`
`Erin Callan, former chief financial officer of Lehman Brothers, has kept mostly to herself after leaving Wall Street
`during the financial crisis.
`
`But she is back in public view, with an opinion essay in The New York Times on Sunday about managing the
`demands of a high-intensity job.
`
`Writing from Sanibel, Fla., Ms. Callan says she has some regrets - not about the disastrous collapse of Lehman, per
`se, but about how she allowed her job to consume her life. Making reference to Sheryl Sandberg, Facebook's chief
`operating officer, and Marissa Mayer, the chief executive of Yahoo - two powerful women who have recently incited
`debates over work-life balance - Ms. Callan draws lessons from her experience.
`
`"Whatever valuable advice I have about managing a career, I am only now learning how to manage a life," she
`writes.
`
`"! didn't start out with the goal of devoting all of myself to my job. It crept in over time," she says. "Each year that
`went by, slight modifications became the new normal. First I spent a half-hour on Sunday organizing my e-mail, to-do
`list and calendar to make Monday morning easier. Then I was working a few hours on Sunday, then all day. My
`boundaries slipped away until work was all that was left."
`
`"Until recently, I thought my singular focus on my career was the most powerful ingredient in my success. But I am
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`After Lehman, Callan Speaks Out on a Proper Work-Life Balance The New York Times Blogs(DealBook) March 11,
`2013 Monday
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`beginning to realize that I sold myself short. I was talented, intelligent and energetic. It didn't have to be so extreme.
`Besides, there were diminishing returns to that kind of labor."
`
`Ms. Callan, who had a stint at Credit Suisse after leaving Lehman in 2008, is adjusting to a new life with her
`husband, Anthony Montella. She recently put her home in East Hampton up for sale and is living for the time being in
`Florida.
`
`Her essay, which was published just before the release on Monday of Ms. Sandberg's book, "Lean In: Women,
`Work and the Will to Lead," appears intended to add to the conversation over women in the workplace. It adds to other
`meditations on the subject by Wall Street women.
`
`Ruth M. Porat, the chief financial officer of Morgan Stanley, was said to be a tireless worker, according to a 2010
`profile by Deal Book's Susanne Craig. Hamilton E. James, the president of the Blackstone Group, said at the time of Ms.
`Porat: "She never makes you feel like you are disturbing her personal life; I don't even know if she has one."
`
`Balancing competing demands can be quite challenging. Alison Mass, co-head of the private equity banking group
`at Goldman Sachs, said in a 20 I 0 commencement speech at New York University that she had to make some sacrifices.
`
`"I've learned to accept that I cannot be an A+ at everything every day," she said, according to a transcript. "But I've
`also learned that I can be an A, on average, over the course of a week in my life."
`
`Sallie L. Krawcheck, a former executive at Bank of America and Citigroup, told Forbes in 2008 about the
`importance of taking breaks from work.
`
`"What's happened in this downturn, which I think is going to help me longer-term," she said at the time, "is that I've
`found that backing away - even if it's just for a 45-minute run in the morning or taking time off on the weekend - is
`crucial to getting through this."
`
`From a personal standpoint, the collapse of Lehman might have actually helped Ms. Callan have important
`realizations about her life, she says.
`
`"In 2007, I did start to have my doubts about the way I was living my life. Or not really living it. But I felt locked in
`to my career," she writes in the essay. "Without the crisis, I may never have been strong enough to step away."
`
`Hold Your Applause, Please, Until After the Toasts
`A Cooperative Approach on 'Too Big to Fail' Banks
`
`LOAD-DATE: March 11, 2013
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`All Rights Reserved
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`Copyright 2013 Dow Jones & Company, Inc. All Rights Reserved.
`
`THE WALL STREET JOURNAL.
`
`The Wall Street Journal Online
`
`February 19, 2013
`
`SECTION: MARKETS
`
`LENGTH: 645 words
`
`HEADLINE: Judge: Lehman Can Pay $26 Million to Creditors' Lawyers
`
`BYLINE: By Patrick Fitzgerald
`
`BODY:
`
`Lehman Brothers Holdings Inc. won court approval to pay $26 million to the professionals representing the
`individual members of its creditors committee despite protests from a government watchdog who argued the payments
`violated the law.
`
`Judge James Peck of the U.S. Bankruptcy Court in New York Friday approved the fees to the committee members'
`own lawyers as part of Lehman's Chapter 11 plan. The U.S. trustee, the government official in charge of monitoring the
`bankruptcy court, had balked, arguing bankruptcy law precluded the payment of committee members' individual
`counsel under a plan.
`
`Judge Peck noted the dispute wasn't really about the $26 million since "in the context of Lehman that is not much
`money."
`
`The bigger issue, he said, was whether the committee members could use the plan process for their own financial
`gain even ifthe same expenses would not be allowed if sought apart from a plan. Judge Peck said they could as long as
`the payments were reasonable and didn't conflict with the law.
`
`"To state this colloquially, a 'tie' should go to the 'runner' with respect to whether a plan provision is valid," said
`
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`Page 144
`Judge: Lehman Can Pay $26 Million to Creditors' Lawyers The Wall Street Journal Online February 19, 2013
`
`Judge Peck in a 20-page ruling. "In this instance, the provision authorizing payment of professional fees does not
`conflict with sections of the Bankruptcy Code that, read literally, would not allow for the payment of the same fees as
`administrative expenses."
`
`The remnants of Lehman's Brothers Holdings emerged from bankruptcy proceedings in March with a plan to repay
`creditors $67 billion over time, or 21 cents for every dollar they are owed. But the estate's lawyers continue to spar with
`creditors in an effort to reduce the tens of billions in claims filed by creditors.
`
`One o