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Lehman Brothers Holdings Inc., the investment bank liquidating in bankruptcy, said it may be out of pocket by $500 million if Shinsei Bank Ltd. gains control of the reorganization of an Asian Lehman unit, Sunrise Finance Co.

It is asking a U.S. judge to stop Shinsei, backed by U.S. investor Christopher Flowers, and hold it in contempt for violating a rule that stops creditors from seizing a bankrupt company’s assets.

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