Lehman said that to meet Payment Plan Perhaps Paulson Competingf

Lehman Brothers Holdings Inc. could face a proposal to creditors, including hedge fund Paulson & Co. for distributing an estimated $ 57.5 billion more equitable as required by its own payment plan, according to a person familiar with the matter.
The competition plan may be submitted as soon as this week, said a second person familiar with the matter. Lehman rose as much as 4 percent on the news yesterday.
A group that includes New York, Paulson, with about $ 33 billion in hedge funds, and retirement of California Public Employees System, the largest public pension fund, previously criticized the proposals in documents Lehman presented in U.S. Bankruptcy Court in Manhattan.
Under the original plan of Lehman CEO Bryan Marsal filed in March, payments ranging from about 15 cents to 44 cents. senior bondholders would get 17.4 cents on the dollar, some companies noteholders would receive 44.2 cents, and Lehman Brothers Special Finance unit would pay 24.1 cents. creditors arising from the FMRE have included Goldman Sachs Group Inc., Morgan Stanley, Credit Suisse Group AG, Deutsche Bank AG and Bank of America Corp., according to court documents.
Marsal plan "wells creditors of different estates each other," said Paulson, Calpers group earlier this year in a court filing that called the proposal unfair. The group said some Lehman creditors are paid twice, receiving "double full recovery, by collecting various Lehman entities.
Litigation
"A real possibility exists that interested parties will have no choice but to litigate," he told creditors.
The group was preparing a plan to compete last week, after the presentation was delayed, according to people familiar with the matter, who declined to be identified because the talks are private.
Armel Leslie, a spokesman for Paulson declined comment.
"We try to be attentive and listen to the views or concerns of each group of creditors," Marsal said in an e-mail. "In order to reduce the amount of fighting in the field between creditors and maximize our prospects for final approval of the plan, we decided to give other parties the opportunity to defend his position and take the criticism of a delay."
Marsal, who said in September that aimed to present a revised reorganization proposal for the fourth quarter and won court approval in March 2011, is still following the "timetable and roadmap," he said. "Much has been done to reach a consensus been credited," he said.
The increase in betting
The risks are increased as the creditors of Lehman says Marsal out against the former investment bank and counter claims Barclays and JPMorgan Chase & Co. requires billions of dollars.
He said in September that the objective of beating his previous estimate and raise $ 57,500,000,000 to creditors in the next five years, even without the revenue demand. Cut claims against the funds to about 365 billion U.S. dollars originally $ 1 trillion, he said. That would give creditors an average of 15.8 cents.
Asked yesterday if a new plan could match the creditors, who declined comment.
Paulson's group, Calpers has criticized some of the other movements Marsal. Criticizing a proposal to pump money into two banks faltering, said in September that decisions are taken by "an individual conflict and the lawyer," who did not name.
"Valuable Give-Up '
Lehman rescue of Archstone, the most active property market, implied a "give up valuable" to members of Lehman, who said the same month. A U.S. bankruptcy judge Marsal Manhattan gave his agreement to the rescue.
In a court filing on June 29 the creditor group said it was composed of 12 members holding 15.5 billion U.S. dollars in claims against the Lehman holding company. In addition to Paulson and Calpers, the group includes King Street Capital Management LP, Western Asset Management Co., Fortress Investment Group LLC, Owl Creek Asset Management LP and County of San Mateo in California, according to a June.
Less than a year after September 2008, Lehman, Paulson and other creditors should be asked why Marsal wanted to hold onto some assets so long.
Marsal, the restructuring firm, Alvarez & Marsal LLC, has an incentive to "extend" the failure to win a bonus of up to $ 52,500,000 if we can raise 45 billion U.S. dollars of assets of Lehman, creditors said in July 2009 referring to the company's compensation agreement.
Alvarez & Marsal rates
Until October, Alvarez & Marsal $ 369,800,000 was paid in fees, was $ 1.1 million paid by Lehman to the directors and advisers of 25 1 / 2 months of bankruptcy, according to a court document.
"Our record of creating value in the last 24 months speaks for itself," Marsal said.
And affiliates Lehman reported 21.1 billion U.S. dollars in cash on October 31. A judge ruled this month that Bank of America to Lehman 590 million U.S. dollars to pay for taking their deposits after the failure.
Lehman filed the largest bankruptcy in U.S. history with a debt of 613 billion U.S. dollars.
Asked how he could handle the opposition to his plan of five years, Marsal said, "if you put five creditors in a room and ask their opinion on a sales strategy, the most likely get five different answers. Our approach is not always is correct, but is based on our best ideas of what will maximize the value of the property. "
Lehman fell 2.9 percent to 5.1 cents in-the-counter trading yesterday.