Lehman OK'd To Hire Commercial Loan Portfolio Manager

Law360, New York (August 17, 2011, 3:52 PM EDT) -- A New York bankruptcy judge on Wednesday allowed Lehman Brothers Holdings Inc. to enlist WCAS Fraser Sullivan Investment Management LLC to manage and monetize its $5.3 billion commercial loan portfolio, a deal LBHI says could generate up to $2 billion for creditors.

U.S. Bankruptcy Judge James Peck signed off on the asset management agreement Wednesday after grilling LBHI lawyers on how it would help the fallen investment bank now, pointing out that even though it was unopposed, the deal involved substantial assets of the LBHI estate....
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