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Aug 18 2011 | 2:29am ET
Lehman Brothers will not live on as an asset manager in the face of objects from its creditors committee.
The bankrupt bank has given up on its search for a partner to manage its Legacy Asset Management Co. That group, which has more than 400 employees and about $65 billion in assets, including private equity assets, will instead focus on liquidating Lehman’s assets for the benefit of creditors over the next several years.
“Under the current governance, as long as it is in bankruptcy, a LAMCO partnership will not be pursued,” Lehman CEO Bryan Marsal told Reuters. From the creditor’s standpoint, “there was a real concern that we would become unfocused and instead of focusing on their $35 billion in assets, we would focus on new assets. For them, there wasn’t enough juice in the deal to warrant that distraction.”
The next hearing on Lehman’s bankruptcy plan is set for Aug. 30.