Friday, 26 December 2014
Last updated 2 days ago
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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.