„Lehman may one have been a too-big-to-fail … global financial institution, but it was not to big to resolve in Chapter 11,“ Peck said, his voice choked up. He has spent more than three years overseeing the bankruptcy.

Lehman proposed to the court on Tuesday that its bankruptcy exit occur no earlier than January 31, giving it time to prepare to stand on its own, and paving the way for payouts to creditors to start in 2012.