 Giants trying to recover $300 million from Lehman Brothers
Giants trying to recover $300 million from Lehman Brothers
Posted by Josh Alper on August 27, 2009 5:35 PM ET
The Giants filed a claim in U.S. Bankruptcy Court to try and recover $301.8 million they believe they are owed by Lehman Brothers, the investment bank that filed for bankruptcy in September 2008.
According to the Wall Street Journal, Giants Stadium LLC., a company created by the Mara and Tisch families, believes that they are owed the money as a result of derivatives contracts they had with Lehman. The money was earmarked to help pay for the construction of their new stadium, planned to open in 2010, but the contracts were terminated when Lehman went belly up.
A spokesman for the Giants refused to comment about whether or not the cancelled derivatives contracts would have an impact on the completion of the stadium.
The Giants have been trying to sell personal seat licenses to help cover their end of the financing for the $1.6 billion stadium that they'll share with the Jets, but they've exhausted their once voluminous waiting list this summer in search of interested buyers.
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