Sky Darkens For Lehman Brothers

Law360, New York (September 10, 2008, 12:00 AM EDT) -- The outlook for Lehman Brothers Holdings Inc. has gotten grimmer, with the investment bank admitting that it expects to suffer a loss of $3.9 billion in the third quarter as whispers of a potential bankruptcy grow louder.

On Wednesday, Lehman announced its preliminary third-quarter results, simultaneously revealing the billions-dollar shortfall and a plan for a “strategic restructuring” to get the company back on track.

“This is an extraordinary time for our industry, and one of the toughest periods in the firm’s history,” Chief Executive Richard S....
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