Bloomberg reports that Goldman Sachs (GS) along with other creditors of Lehman Brothers (LEHMQ) including Morgan Stanley (MS) and Credit Suisse Group AG (CS) submitted a liquidation plan for the defunct company that would offer more cash to their group than two other recommendations for allotting $61 billion among creditors.
[From Bloomberg] : “The rival plan, filed today in bankruptcy court in New York, is the second that Lehman Chief Executive Officer Bryan Marsal has to contend with, in trying to get Lehman out of bankruptcy court after 30 ½ months. The group, which includes banks with derivatives claims on Lehman, filed its plan about four months after a rival proposal by bondholders including Paulson & Co., which won the right to a court hearing in June in U.S. Bankruptcy Court in Manhattan.”
A Goldman Sachs spokesman, declined to comment. Kimberly Macleod, a Lehman spokeswoman, told Bberg the company is reviewing the Goldman group filing.