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Tue 11 Nov 2008Lehman creditors told failure bigger than Enron default
IRISH CREDITORS of the failed investment bank Lehman Brothers International (Europe) will have to wait a "significant time" before finding out if they will recover money owed to them.
Following a meeting in London on Friday, held by the administrator of the bank's European subsidiary, PricewaterhouseCoopers, joint administrator Tony Lomas told some 1,000 creditors who attended that the collapse of the bank was "at least 10 times as big" as the bankruptcy of the energy trading company Enron in 2001. He also said that it would take some time to work through the bank's $1 trillion (€790 billion) of positions.
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