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The Italian Oven, Inc.: The Italian Oven, Inc. Subsidiary Acquires Interest in Excess of $8,000,000 of Lehman Brothers Debt

^{Published on 2009-06-07 22:08:09, Last Modified on 2009-06-07 22:08:53 - Market Wire}
 

DOYLESTOWN, PA--(Marketwire - June 8, 2009) - The Italian Oven, Inc. (PINKSHEETS: [ IOVE ]) today announced that its wholly owned subsidiary, Italian Oven Financial, Inc., entered an agreement with several parties to purchase debt owed by Lehman Brothers Holdings. The face value of the debt exceeds $8,000,000.00.

Under the terms of the agreement, Italian Oven Financial, Inc. will form, within fourteen days, Bankruptcy Claims Fund, Inc., to hold the Lehman Brothers debt. Italian Oven Financial, Inc., will own the majority of the stock in BCF.

The claims consist of a portfolio of debt including employment related claims, general unsecured debts, and Lehman Brothers Capital Trust shares. The Lehman Brothers Capital Trust shares consist of claims of $25.00 plus interest of unsecured notes. The trust shares trade under the symbols LEHKQ, LEHLQ, LHHMQ, and LEHNQ. In contrast to holders of Lehman Brothers common or preferred equity shares who will receive little or no payout in the bankruptcy, IOVE's advisors believe that the notes will be treated similarly to non-equity unsecured creditors during in the litigation.

The company cautions its investors that IOVE does not suggest that it will receive 100% payout in the bankruptcy proceedings. However, management believes that the investment may ultimately prove fruitful for the company and its shareholders. The amount that will be recovered during the case may consist of cash, shares in various divisions of operating Lehman subsidiaries, or a combination thereof. Additional debt may be purchased in the future.

ABOUT THE ITALIAN OVEN, INC.

IOVE is a diversified holding corporation. IOVE share structure consists of 938,291,700 common shares of which 500,000,000 are restricted belonging to My Pleasure Limited, public float shares of 325,161,800 (held by CEDE & Company), and certificate shares of 113,129,900 (70,546,600 restricted, 42,583,300 unrestricted). No new common shares will be issued prior to November 2009 per binding resolution.

Statements contained in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors.