Show Entire Article
Lehman Brothers, which filed for bankruptcy Sunday to became the largest casualty of the global credit crisis, is in advanced talks to sell its investment management business, including the crown jewel, Neuberger Berman.
Lehman [ LEH 0.13 
+0.0 (+215,332,288.00%) ] is the biggest investment bank to collapse since 1990, when Drexel Burnham Lambert filed for bankruptcy amid a collapse in the junk bond market. Based on assets, Lehman also far surpasses WorldCom as the largest U.S. bankruptcy ever.
Lehman had assets of $639 billion at the end of May, while WorldCom had $107 billion when it filed for bankruptcy protection in 2002.
The Chapter 11 filing did not include Lehman's broker-dealer operations and other units, such as asset management firm Neuberger Berman.
Those businesses will continue to operate, although Lehman is expected to liquidate them.
Time is of the essence as Lehman sells assets.
Customers are often reluctant to trade with dealers whose parent companies are in bankruptcy, so the longer Lehman waits to sell its broker-dealer unit, for example, the less that unit will be worth.
Advice for Investors
Page 1 of 6 | Next PageShow Entire Article
More Top Stories