City of Memphis suing bankrupt Lehman for about 9 bucks

Reuters has a story today about strapped states and municipalities going after bankrupt financial giant Lehman Brothers for unpaid taxes, as well as contracts and investments. For example, New York City leads the pack with a $627 million claim, and California seeks $22 million. According to bankruptcy procedure, tax liens like New York's would get higher priority than unsecured ones like the $155 million claim of San Mateo County, Calif., which invested in Lehman notes.

Another municipality with a tax claim, though a bit smaller, is the City of Memphis, which has entered a claim in U.S. Bankruptcy Court for -- wait for it -- $8.91.


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