Lehman Brothers may flood the market with junk assets it plans on selling to pay creditors. The sales may take place in a public auction, perhaps in an online forum that would allow inviduals to bid on small amounts of assets.
We’re talking, of course, about the thousands of items of Lehman-logoed knickknacks that were mistakenly transfered to Barclays after the bankrupt firm sold its brokerage unit to the British bank.
The items include tote bags, umbrellas, stress balls, Tiffany paperweights and other items, according to Bloomberg. They’ve been stores in closests and warehouses across America.
There’s speculation that the items may be put up for sale on Ebay, although Lehman is officially declining to comment on how they might be sold.
Bloomberg reports that the items include:
1,630 green canvas duffle bags with Lehman ribbon, 353 green compact golf umbrellas, 75 Waterford Marquis Treviso crystal clocks, 682 white Lehman coffee mugs, 130 Swiss Army pens, an English beechwood-lined sterling silver box from 1902, 200 Lehman conference pens, 12 pairs of Links of London cufflinks, 24 Screwpull wine openers inscribed “LB,’ 24 Titleist PRO VI golf balls inscribed “LB,” 30 girl Teddy Bears, 18 large, ivory womens’ F&G stretch snap shirts and one Tiffany shooting star.
One group may be barred from buying the items: former Lehman employees who have been hired by Barclays. As part of the agreement between the banks, Lehman is barred from trying to sell the objects to Barclays’ employees.