Bloomberg reports that Lehman Brothers Holdings Inc. has negotiated the return of thousands of Lehman Brothers merchandise that had been transferred to Barclays Plc when Lehman's sold Barclays its brokerage unit.
Tote bags, umbrellas, stress balls, Tiffany paperweights and other items now stored in closets and warehouses from New York to Chicago will be returned to Lehman and sold to pay creditors, according to a court filing yesterday. Lehman filed the largest bankruptcy in U.S. history in September and has about $200 billion in unsecured liabilities left to pay, Chief Executive Officer Bryan Marsal said Jan. 28.
As part of the arrangement, Lehman is barred from trying to sell the objects to Barclays' employees, according to court papers. The investment bank may need a liquidator to move the logoed goods, which would fetch "a discount to their intrinsic value," said Richard Kaye, chief marketing officer at Hilco Trading, which values and sells assets for companies, in a phone interview.
"A golf ball plays the same way no matter what it says on it," said Kaye, who might offer Hilco's services to Lehman, he said. "But does someone want to walk around with a logoed Lehman umbrella?"
The article says its unclear what Lehman's will do with the logoed items now. They could try and sell the loot on eBay. There are a few dozen Lehman Brothers items listed on eBay as of this writing. They aren't selling for high amounts.
Here's a listing of the items Barclays wil be returning to the Lehman Brothers according to Bloomberg.
Items in storage include: 1,630 green canvas duffle bags with Lehman ribbon, 353 green compact golf umbrellas, 75 Waterford Marquis Treviso crystal clocks, 682 white Lehman coffee mugs, 130 Swiss Army pens, an English beechwood-lined sterling silver box from 1902, 200 Lehman conference pens, 12 pairs of Links of London cufflinks, 24 Screwpull wine openers inscribed "LB," 24 Titleist PRO VI golf balls inscribed "LB," 30 girl Teddy Bears, 18 large, ivory womens’ F&G stretch snap shirts and one Tiffany shooting star.
The Lehman umbrellas won't go for much but some people may not mind the Lehman Brothers logo if it is a good umbrella. The Tiffany paperweights, Links of London cufflinks and Waterford cyrstal clocks will sell.
Bloomberg 
