CarVal Investors LLC, the hedge-fund subsidiary of agribusiness company Cargill Inc., said it is offering 250 million British pounds ($398 million) more than two rival hedge funds that recently agreed to buy a multibillion-dollar Lehman Brothers bankruptcy claim at a discount, Dow Jones Newswires reported yesterday. Lawyers for CarVal said on Tuesday that it would pay GBP900 million ($1.4 billion) for the bankruptcy claim against Lehman Brothers International (Europe), the U.K. arm of the collapsed investment bank. That is 38 percent more than hedge funds Elliott Management and King Street Capital Management LP have agreed to pay for the claim. CarVal's lawyers said, however, that Lehman conducted a "closed" sale process and shut out the hedge fund from bidding on the claim.
