Nevada official says $50M Lehman bond loss averted
LAS VEGAS — A Nevada official says a go-slow approach helped recoup $50 million in state funds that some feared was lost when investment firm Lehman Brothers filed for bankruptcy during the Great Recession.
State Treasurer Kate Marshall on Wednesday said that Nevada waited to sell Lehman bonds it bought in 2007 until July, after some value had been recovered. That netted $10 million.
Marshall says other states sold Lehman investments at big losses.
The state also recovered $13.7 million through the Lehman bankruptcy, and Marshall calculates that by the end of this fiscal year Nevada will have received a little more than $26 million from six years’ of interest on the bonds.
Marshall has drawn attacks from Republicans about the Lehman investment.
She’s now running as a Democrat for secretary of state.