Lehman Sheds Another Asset

Law360, New York (October 9, 2008, 12:00 AM EDT) -- Trying to become a leaner operation, Lehman Brothers Holdings Inc. is continuing to unload assets, this time offering up its 45 percent stake in hedge fund R3 Capital Partners.

On Wednesday, Lehman revealed the arrangement, which will allow the investment bank to recoup $250 million in cash and score a $250 million investment in another fund managed by R3, which invests mostly in corporate bonds and loans.

Lehman acquired the nonvoting minority stake back in May, before being forced to enter bankruptcy in September amid the...
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