SBS: Lehman Suit Is 'Frivolous'
Lehman Bros Holdings sued Spanish Broadcasting System last month, saying SBS failed to pay more than $29 million in preferred stock dividends. SBS responds that it is in "full and complete compliance" with its obligations and calls Lehman's allegations "frivolous and wholly without merit."
Lehman filed its complaint against SBS last month in the Delaware Court of Chancery. In its release on the matter, SBS notes that the day before Lehman filed the claim, a judge denied Lehman's objection to SBS's proof of claim in Lehman's bankruptcy proceedings -- an unrelated legal matter. SBS is asserting almost $50 million in damages in the Lehman bankruptcy.
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