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Lehman Must Act Quickly: Bankruptcy Experts

Law360 (September 15, 2008, 12:00 AM EDT) -- Bankrupt Wall Street titan Lehman Brothers Holdings Inc. is now racing against the clock to preserve the value of its 158-year-old business.

In a Chapter 11 filing with the U.S. Bankruptcy Court for the Southern District of New York Monday, Lehman listed $639 billion in assets and $613 billion in debts, dwarfing former bankruptcy record holders WorldCom Inc., with $103.9 billion in assets, and Enron Corp., with $63.4 billion in assets.

Lehman Brothers, the fourth-largest investment bank in the United States, said in a statement that...
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