Lehman’s toxic legacy keeps producing strange victims. This time, it’s the NFL’s New York Giants.
WSJ: Giants Stadium LLC – a company set up by the Mara and Tisch families, the owners of the National Football League team – have filed a claim in U.S. Bankruptcy Court in Manhattan seeking to recover $301.8 million from the failed investment bank. John Mara, the Giants president and co-owner, signed off on the claim.
The company believes it’s owed the money from derivatives contracts it entered into back in 2007 with a Lehman Brothers unit related to the financing of a new football stadium. The interest-rate swap was terminated after Lehman collapsed in September of last year.
The Giants could use the money: the team is building a $1.6 billion stadium in New Jersey with the New York Jets, but the loss to Lehman could make the projected completion by the 2010 season a problem.
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