{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Goat Owners Get Left High and Dry by Lehman - WSJ.com

Goat Owners Get Left High and Dry by Lehman - WSJ.com - Dow...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
See a sample reprint in PDF format. Order a reprint of this article now PAGE ONE JANUARY 27, 2009, 1:50 P.M. ET By MICHAEL CORKERY and ALEX FRANGOS Some of the world's biggest banks and law firms are fighting over what's left of Lehman Brothers Holdings . And so are the owners of 1,000 goats. A Lehman-financed venture owes a company called Goats R Us about $53,000. The goats performed fire-prevention by munching shrubs and grass on a property the venture owns in Oakland, Calif. There's little hope now that the bill will be paid, and that makes Terri Oyarzun, the founder of Goats R Us, bleating mad. She says she has had to put off buying a new truck to transport the goats, and she can't hire new herders. "This is not how I operate my business," she says. Lehman's collapse and bankruptcy filing in September left an eclectic group of businesses and individuals clamoring for what they're owed. About $43 billion of Lehman's $639 billion in assets was from the firm's far-flung real-estate operations, which included housing projects, resorts, office buildings and other properties all over the world. Those hurt include hydrologists near San Francisco and chambermaids in Palm Springs. Also left in the lurch were Chinese laborers who were flown into the Turks and Caicos Islands in the West Indies to help build a Ritz-Carlton resort. The workers stopped getting paychecks abruptly after the Chapter 11 bankruptcy filing. About 60 of them followed managers of the project around the property until they finally got paid. Many vendors didn't know that their fates were tied to the high-flying investment bank. "For Lehman Brothers, we are a speck, a drop," says Ms. Oyarzun. Lehman declined to comment for this story. A World Away The hills of East Oakland where the goats grazed couldn't have been further removed from the frenetic world of derivatives, swaps and forward contracts. The animals were hired by Lehman's partner, SunCal Cos., California's largest land developer, which planned a housing development on the 167-acre property.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.
  • Fall '09
  • slezak
  • Lehman Brothers, Lehman, Chapter 11, Title 11, United States Code, Bankruptcy of Lehman Brothers, Ms. Oyarzun

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern