Lehman Left In The Dark After Barclays Sale: Exec

Law360, New York (June 21, 2010, 3:43 PM EDT) -- The restructuring chief for Lehman Brothers Holdings Inc. testified Monday that an accounting system failure left executives in the dark about asset values following a contested sale of Lehman's key business units to Barclays PLC.

Bryan Marsal, co-CEO of turnaround consultancy Alvarez & Marsal LLC and interim CEO of Lehman, testified in the U.S. Bankruptcy Court for the Southern District of New York that he and certain other executives installed to handle Lehman’s affairs were ignorant of some of the finer points of the deal up...
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