Lehman unsecured creditors scheduled to get distribution
NEW YORK – Unsecured general creditors of Lehman Brothers will get $4.6 billion in their first round of payouts from the bankrupt investment bank next month.
Lehman’s bankruptcy in September 2008 marked the start of the global financial crisis and was a major catalyst of the financial meltdown. It was the largest ever bankruptcy in U.S. history, with Lehman listing $639 billion in assets at the time.
Trustee James Giddens filed a notice Friday about the distribution, which is expected to start about Sept. 10.
Unsecured general creditors had to wait for their distribution, as all customer claims were satisfied first. The claims of secured and priority general creditors also were fulfilled.
Giddens said in a statement that more distributions to unsecured general creditors are expected.
More than $110 billion will have been distributed from the Lehman estate when accounting for customer claims and the first distribution to unsecured general creditors.
Google shark-proofing trans-Pacific data cables
Google is wrapping its trans-Pacific cables in layers of armor to protect from sharks, a product manager for the Mountain View, California, tech company said last week, according to Network World.
The cables are used to transmit data around the world, so it’s important that they not be damaged. Google uses polyethylene yarn and steel wire to protect its cables from shark bites.
It’s unclear why sharks bite down on the cables, but one theory is that they confuse the cables with prey because of the electric field around them.
Sharks have been disrupting the flow of information since the 1980s, when phone companies were installing underwater fiber cables.
“Next step, protecting the Internet from sharknados,” Google tweeted.
Gore suing Al Jazeera over Current TV sale payment
LOS ANGELES – Former Vice President Al Gore is suing Al Jazeera America, saying the news network is withholding tens of millions of dollars that it owes for buying Current TV from him and other shareholders for $500 million last year.
David Boies, Gore’s attorney, said in a statement that Al Jazeera America “wants to give itself a discount on the purchase price that was agreed to nearly two years ago.” He said the suit was filed Friday in Delaware Court of Chancery.
Al Jazeera America didn’t immediately respond to a request for comment.
The Qatar-owned news channel took over Current TV’s signal in August and hired a slew of U.S. TV news veterans like Soledad O’Brien and John Seigenthaler. It is available in nearly 60 million U.S. homes.
Gore and co-founder and former Current TV CEO Joel Hyatt each had 20 percent stakes in Current, while Comcast Corp. had less than a 10 percent stake. Another major investor in Current TV was supermarket magnate and entertainment industry investor Ron Burkle.
Six Flags Magic Mountain closing down Colossus
SANTA CLARITA, Calif. – It’s last call for Colossus.
The Southern California roller coaster that was the world’s tallest and fastest when it opened in 1978 retires Saturday outside the top 10 in both categories.
Six Flags Magic Mountain expects thousands of prospective riders on Colossus’ last day.
The mostly white wooden former giant is 125 feet tall and reaches a top speed of 62 mph.
Six Flags has not said what is planned in its place.