One of the former Wall Street’s most powerful investment bank Lehman Brothers has found an innovative way of founding money to pay off the gigantic debt they have to their creditors. Every bit will help to repay the creditors and they have organised therefore during the bankruptcy a massive garage sale of the trinkets that were produced in happier times. Those gadgets were in fact produced for their employees and clients. The trinkets are very varied: you have binoculars, umbrellas, bags, teddy bears and even a silver-plated baby rattle, all with the Lehman logo. They sell it under the slogan “Own a piece of history”. The idea came actually from former employees. They posted their memorabilia on eBay and there was apparently a lot of public demand for it. Therefore the liquidators did the same thing and they are even planning a retail store.
When I read the article the first thing that I thought was: Who will buy a trinket of a company that went bankrupt? I can’t imagine that somebody would buy a trinket of a Belgian company that had a compulsory winding-up. Of course this bankruptcy was the biggest ever in the US and we’re not talking about a company in our little country Belgium. But by further thinking, I actually agree that liquidators will search for all the possibilities they can find to pay off the debt that the company had made, even when it seemed a bit weird at first.
Sources:
Foley, S. (July 21, 2009). Lehman sells off trinkets on eBay. Retrieved from http://www.independent.co.uk/news/business/news/lehman-sells-off-trinkets-on-ebay-1754581.html
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(By Bieke Demeester)
It is very ironic that one of the most powerful and famous banks has to sell their trinkets, in order to be able to pay his creditors. When I read this, I also wondered who would buy things with the label of a bank, which became bankrupt. Apparantly, there are interested people. Maybe because of the low price, maybe because it belonged to one of the most powerful banks of the world. I can’t think of other reasons to buy those trinkets. But one thing is sure; that’s the fact that the Lehman Brothers want to pay off their debts. Maybe that’s impossible, but as a creditor, I would appreciate their attempts to require some money. I think a lot of other companies wouldn’t think of this original way of obtaining money.
I didn’t hear of such a sale in our country. Maybe it would be a good start for companies with debts, although I doubt it would be such a success as the sale of Lehman Brothers-stuff.
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