Morgan Stanley Vends Lehman Claim - Zibb.com

Sep 19, 2009 (Zacks.com via COMTEX) --

Morgan Stanley (MS) sold a claim on $1.2 billion of Lehman Brothers' (LEHMQ) liquidation to about 10 different investors this week. The claim was connected to approximately 10,000 derivative transactions for which Lehman was the counterparty. The sales price was 38.5% of the face value or $462 million. Lehman Brothers Holdings filed for Chapter 11 bankruptcy protection in September 2008. This was the high water mark of the credit market turmoil. After this big fall, some counterparties suffered huge losses, which are now looking to claim. Some investors have the capability of recovering more on the claims than what the original sellers of the claims expect. As a result, demand for buying and selling those claims has increased significantly. Furthermore, with signs of recovery, the recent market stability boosted the trading opportunities in these claims as their value increased over the last six months. One of the first big blocks of claims was traded by Deutsche Bank (DB) in June. Deutsche traded more than EUR500 million in the liquidation of Lehman's European operating company, Lehman Brothers International Europe. Last month, hedge fund Citadel Investment Group sold a claim on $423 million of Lehman Brothers' assets to Credit Suisse Group (CS), according to a filing at New York Bankruptcy Court. Though cyclical headwinds and market turmoil are expected to persist for a while, we believe that the management of Morgan Stanley is staying the course to emerge from the downturn and building a strong competitive position. However, the current backdrop remains challenging, given the weak housing market and increasing unemployment. Morgan Stanley's second quarter results experienced continued improvement in credit default spreads and it was among the first banks to repay the bailout money. Given the continued momentum in its core institutional securities franchise and cost containment measures, we expect Morgan Stanley to deliver strong results in the near future.

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Tags: bankruptcy   hedge fund   housing   investment   investment opinion   market   money   new_york   research   securities   unemployment   water  

Companies: Credit Suisse Group (CS), Lehman Brothers Holdings, Inc. (LEHMQ), Morgan Stanley (MS)

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Lehman Brothers chooses Citadel to provide asset servicing platform - Zibb.com

Aug 27, 2009 (Datamonitor via COMTEX) --

Lehman Brothers Holdings has selected Citadel Solutions to provide administration services, including the creation of an asset servicing platform.

Citadel Solutions said that it will leverage its proprietary technology and team of experts to support Lehman Brothers Holdings (LBHI) in managing middle and back-office processing for its derivative, corporate bank loan,

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Tags: bank   commodity   corporate   investment   president   restructuring   technology  

Companies: Lehman Brothers Holdings, Inc. (LEHMQ)

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Japanese businessman jailed for 15 years for defrauding Lehman Brothers - Zibb.com

Sep 14, 2009 (BBC Monitoring via COMTEX) --

Tokyo, Sept. 14 Kyodo - A Tokyo court sentenced a former president of a medical consulting company to 15 years in prison and 5 million yen in fines on Monday for conspiracy in defrauding a Japanese unit of failed Lehman Brothers Holdings Inc. using fabricated documents of Japanese trading company Marubeni Corp.

The Tokyo District Court found Shigenori Saito, 47, who was president of Asclepius Ltd., guilty of conspiring to deceive the Japanese arm of the now-defunct US securities company into investing 37.1 billion yen in bogus hospital restructuring projects between August and November in 2007. The punishment given by the court was in line with what the prosecutors have sought.

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Tags: consulting   contributions   hospital   insider trading   japan   medical   money   new mexico   president   prison   restructuring   tokyo   yen  

Companies: Lehman Brothers Holdings, Inc. (LEHMQ), Marubeni Corp. (MARUY)

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Bain Capital Said to Buy 35% of SUNAC Group from Lehman - Zibb.com

TIANJIN, Sep 23, 2009 (SinoCast Daily Business Beat via COMTEX) --

Bain Capital LLC has agreed to take over a 35% stake in Tianjin-based real estate developer Sunac China Holdings Limited (SUNAC Group) from the bankrupt Lehman Brothers Holdings Inc., disclosed sources familiar with the matter on September 22.

The holdings, on which Lehman Brothers spent USD 200 million in 2007, is about to be acquired by a fund under the aegis of Bain Capital, said a source. The stake came under the custody of the bankruptcy administrator of Lehman Brothers after the US-based firm spiraled into a bankruptcy amid the financial crisis,

Source: www.hexun.com (September 23, 2009)

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Tags: bankruptcy   electrical   hong kong   ipo   public offering   real estate   SinoCast China Business Daily news   holdings   stake   financial crisis   fund   bankruptcy   IPO   shareholder  

Companies: China Holdings Inc (CHHL), Lehman Brothers Holdings, Inc. (LEHMQ)

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