Do you remember the Lehman Brothers?
They were the bank that collapsed (and maybe caused the financial meltdown?). Unless you have lived under a rock for the past few years, or are two-years old, then I am sure you remember!
Believe it, or not, they are still around! But now they are lurking around in the form of a holding company, with 12 billion (USD) in real estate. AND, they must liquidate! Yup. The holding company the bankruptcy judge formed with their assets has given approval to sell their holdings.
So, how will this play out? I haven’t a clue. But, it is nice that they have 5-years to liquidate the assets, as opposed to some quick sales.
According to SFGate:
Lehman Brothers Holdings Inc., the investment bank liquidating in bankruptcy, said it aims to recover $12 billion from real estate assets in the next five years, and another $17 billion from private equity and loans.
Lehman, which filed the biggest U.S. bankruptcy in September 2008, disclosed the updated figures in a filing with the U.S. Securities and Exchange Commission today. A bankruptcy judge on April 15 approved Lehman’s plan to retain illiquid assets in a unit called Lamco for as long as five years before selling them.