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The UK property market one year after the collapse of Lehman Brothers - Telegraph

www.telegraph.co.uk | Sep 4, 2009

The Lehman Brothers collapse 12 months ago triggered the toughest year on record for the property market. Caroline McGhie reports

http://www.telegraph.co.uk/property/propertymarket/6137661/The-UK-property-market-one-year-after-the-collapse-of-Lehman-Brothers.html

News from Zibb.com

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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,

commodity and principal investment portfolios.

The implementation of the Citadel Solutions platform is anticipated to begin in September 2009, and to be fully operational in 2010.

In addition to providing ongoing services for LBHI's asset classes, Citadel

Solutions will supply technology and middle-office support during the wind-down of the Lehman Estate over an anticipated three- to four-year period.

The retention of Citadel Solutions on an interim basis was approved by the bankruptcy court and is subject to the negotiation and execution of definitive

documentation.

Jeff Donaldson, head of LBHI's technology transition effort and managing director for Alvarez & Marsal, a professional services firm overseeing LBHI's restructuring, said: "Following an extensive search, we are confident that Citadel Solutions has the technological capabilities and expertise we need to execute our transition strategy. Citadel Solutions's single platform is a flexible and cost-effective means to service LBHI's complex and diverse asset portfolios. It clearly meets our objective of maximizing value to creditors in the most suitable way."

John Buckley, president of Citadel Solutions, said: "Our subject-matter expertise in all aspects of capital markets will enable us to build an infrastructure to efficiently wind-down the assets held by the Lehman Estate. By leveraging our technology, domain capabilities and team culture, we will provide agile and innovative solutions to our partners at LBHI."

http://www.datamonitor.com

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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.

Presiding Judge Osamu Iguchi said Saito played an "integral part in the crime by telling his accomplices to forge documents" that carried the letterhead of a Marubeni vice-president. His conspirators included former Marubeni employee Yuzuru Yamanaka, 36, who has been indicted on fraud and other charges.

Saito was also ordered to pay a surcharge of some 412 million yen, the same amount of money he earned in March last year in insider trading, the court said.

He made the profit by selling off a total of 11,500 shares in LTT Bio-Pharma Co., the parent company of Saito's firm, before disclosing that his company had become unable to reimburse investors for contributions they made to its capital and that it was withdrawing from a capital tie-up with the parent firm, it said.

Source: Kyodo News Service, Tokyo, in English 1022 gmt 14 Sep 09

BBC Mon AS1 AsPol nm

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,

The deal came shortly after SUNAC Group filed for an initial public offering (IPO) in Hong Kong, according to another source, noting that the Tianjin company had to put off its planned IPO because of the collapse of Lehman Brothers.

Currently, Bain Capital is the second biggest shareholder of GOME Electrical Appliances Holding Ltd. (SEHK: 0493) with a 32.26% stake.

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

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NAIOP's Development Magazine - New Voices

NAIOP’s development ’07 brought much to the table for attendees from the commercial real estate industry. An overriding theme throughout development ‘07 was an emphasis on innovate thinking. Another predominate topic was centered on young professionals.

http://www.naiop.org/developmentmag/newvoices/index.cfm?content=200801.cfm

Market Analysis Q4 07

www.egi.co.uk

As it has been throughout the year, DTZ leads the table at year end, and has completed nearly twice as many deals in the West End market than all the other agents mentioned here.

http://www.egi.co.uk/egipost/lod/Market%20Analysis%20Q4%2007.pdf

Herbert Smith LLP - a leading and full-service international legal practice - People - Patrick

Patrick Buckingham is a partner in the corporate division specialising in financial services regulation. Patrick joined Herbert Smith in September 2007, having previously been European Regulatory Counsel at Lehman Brothers.

http://www.herbertsmith.com/People/PatrickBuckingham.htm

Franklin Bank | Personal Banking | Student Lending | Private Education Loans

Important Notice—You Are Leaving Franklin Bank By clicking Continue, you will be taken to a website that is not affiliated with Franklin Bank and may offer a different privacy policy and level of security.

http://www.bankfranklin.com/105639.html

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Morgan Stanley Vends Lehman Claim - Zibb.com
Lehman Brothers chooses Citadel to provide asset servicing platform - Zibb.com
Japanese businessman jailed for 15 years for defrauding Lehman Brothers - Zibb.com
Bain Capital Said to Buy 35% of SUNAC Group from Lehman - Zibb.com

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