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.