Saturday, 20 September 2014
Last updated 1 day 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.