Lehman Sells $4.2B In Claims Against Brokerage Unit

Law360, New York (May 22, 2013, 1:35 PM EDT) -- Collapsed investment bank Lehman Brothers Holdings Inc. on Wednesday said it has agreed to sell $4.22 billion of its general unsecured claims against brokerage affiliate Lehman Brothers Inc., for less than half of their face value.

Following the conclusion of a Dutch auction process, LBHI said the claims will be sold for 44.5 percent of their face value, for an aggregate purchase price of about $1.88 billion.

LBHI hinted at the move earlier this month, when it hired investment banking adviser Lazard Ltd. to explore the...
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