July 20, 2012

Lehman Makes Big Uranium Sale

Published on Friday July 20 2012 (AEST)

Just how significant is this sale? 
To put it in perspective, Mr. Chang noted that the amount represents 12% of the uranium produced 
within the U.S. in 2010. 

Lehman Brothers has become a mere skeleton of what it once was as the fourth-largest U.S. investment bank. The company has somewhere around 400 employees who are charged with the task of unwinding derivatives trades and selling illiquid assets such as high-end real estate.

 The goal, of course, is to settle with creditors who have asserted more than US$300-billion in claims. It’s first payment of US$22.5-billion was made in mid-April.

 Among the items recently liquidated was 450,000 pounds of yellowcake uranium, which was acquired as part of a commodities contract. It was sold at prices ranging from US$51 to US$65 per pound, according to Versant Partners analyst Rob Chang. 

Uranium prices fell US60¢ to US$50.15 in the week ending Monday, July 16, 2012, according to Ux Consulting. 

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