Lehman Can Sell $1.5 Billion Neuberger Stake

Law360, New York (December 14, 2011, 8:24 PM EST) -- A New York bankruptcy judge on Wednesday approved a $1.5 billion deal in which asset management firm Neuberger Berman Group LLC will acquire Lehman Brothers Holdings Inc.’s remaining 48 percent minority equity interest in the company.

The terms of the transaction will generate approximately $1.5 billion in aggregate proceeds — almost double what would have been generated by an offer received in 2008, Lehman Brothers said.

U.S. Bankruptcy Judge James M. Peck said there was just cause for the action, calling it "in the best interests...
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