Monday, 27 April 2015
Last updated 38 min ago
Dec 5 2013 | 11:26am ET
A year before it collapsed, Lehman Brothers bought a 20% stake in hedge fund giant D.E. Shaw group. Now, five years after it went into bankruptcy, it is looking to sell that interest.
The Lehman estate has invited six firms to bid on the D.E. Shaw stake, which is passive. It is expected to fetch between $650 million and $800 million, according to The Wall Street Journal, in line with what the bank paid for it in 2007.
The invited bidders include Affiliated Managers Group and Foundation Capital Partners, which invest in hedge fund managers, and private-equity giant Blackstone Group. Bids are due this month, with two finalists selected early next year. Goldman Sachs is leading the sale.
The final price is likely to be contingent on D.E. Shaw's performance. The hedge fund will likely open its books to allow the finalists to complete due diligence.
Lehman emerged from bankruptcy last year and is now selling off its remaining assets to pay off creditors, who are owed $80 billion.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…