Sasco

In papers filed Thursday with the U.S. Bankruptcy Court in Manhattan, seven former executives from Lehman's Structured Asset Securities Corp., known as Sasco, objected to a requested $90 million drawdown of insurance funds and said the top-level directors and officers shouldn't be allowed to use up all the insurance when the policies cover a broader swath of managers at the failed investment bank.

Fight for Lehman Insurance Eric Morath 2011

Former executives at Structured Asset Securities Corp., known as Sasco, had objected to the drawdown of insurance funds to pay for the settlement.

Judge Backs Lehman Derivatives Deal With BofA Joseph Checkler 2011

In court papers filed Friday with the U.S. Bankruptcy Court in Manhattan, Mr. Fuld and the others asked a judge to dismiss arguments from seven former executives at Lehman's Structured Asset Securities Corp., known as Sasco, who objected to the drawdown of insurance funds to pay for the settlement.

Fuld, Top Lehman Ex-Officials Blast Bid to Deny Insurance Funds Eric Morath 2011

The President had also indicated he would meet with student organisations such as Sasco, Cosas and Paso.

ANC Daily News Briefing 1996

Like the top executives, the Sasco managers said they are indemnified by the company.

Fight for Lehman Insurance Eric Morath 2011

The Sasco managers' claim to "any insurance coverage remains the rankest of speculation and, consequently, they have no standing to object," attorneys for 14 Lehman executives said in court papers.

Fuld, Top Lehman Ex-Officials Blast Bid to Deny Insurance Funds Eric Morath 2011

They said failure to do so could blow up a tentative settlement the Sasco executives have reached with purchasers of mortgage-backed securities issued by the unit, the managers said.

Fight for Lehman Insurance Eric Morath 2011

They also rejected the Sasco managers' argument that creditors would benefit from setting aside insurance funds to pay for potential future claims.

Fuld, Top Lehman Ex-Officials Blast Bid to Deny Insurance Funds Eric Morath 2011

But lawyers for the Sasco executives said the court must provide for "a fair and reasonable allocation of the remaining proceeds … to resolve pending and future claims."

Fight for Lehman Insurance Eric Morath 2011

If Mr. Fuld and other top officers manage to tap all of the insurance before Sasco managers can file their settlement with the court, the deal could fall apart or they won't have the funds to pay for it.

Fight for Lehman Insurance Eric Morath 2011