LEHMAN BROTHERS HOLDINGS INC. ANNOUNCES IT INTENDS TO FILE CHAPTER 11
BANKRUPTCY PETITION; NO OTHER LEHMAN BROTHERS' U.S. SUBSIDIARIES OR
AFFILIATES, INCLUDING ITS BROKER-DEALER AND INVESTMENT MANAGEMENT
SUBSIDIARIES, ARE INCLUDED IN THE FILING NEW YORK, September 15, 2008 –
Lehman Brothers Holdings Inc. ("LBHI") announced today that it intends
to file a petition under Chapter 11 of the U.S. Bankruptcy Code with
the United States Bankruptcy Court for the Southern District of New
York. None of the broker-dealer subsidiaries or other subsidiaries of
LBHI will be included in the Chapter 11 filing and all of the
broker-dealers will continue to operate. Customers of Lehman Brothers,
including customers of its wholly owned subsidiary, Neuberger Berman
Holdings, LLC, may continue to trade or take other actions with respect
to their accounts. The Board of Directors of LBHI authorized the filing
of the Chapter 11 petition in order to protect its assets and maximize
value. In conjunction with the filing, LBHI intends to file a variety
of first day motions that will allow it to continue to manage
operations in the ordinary course. Those motions include requests to
make wage and salary payments and continue other benefits to its
employees. LBHI is exploring the sale of its broker-dealer operations
and, as previously announced, is in advanced discussions with a number
of potential purchasers to sell its Investment Management Division
("IMD"). LBHI intends to pursue those discussions as well as a number
of other strategic alternatives. Neuberger Berman, LLC and Lehman
Brothers Asset Management will continue to conduct business as usual
and will not be subject to the bankruptcy case of its parent, and its
portfolio management, research and operating functions remain intact.
In addition, fully paid securities of customers of Neuberger Berman are
segregated from the assets of Lehman Brothers and are not subject to
the claims of Lehman Brothers Holdings' creditors. Lehman Brothers
(ticker symbol: LEH) is headquartered in New York, with regional
headquarters in London and Tokyo, and operates in a network of offices
around the world. For further information about Lehman Brothers, visit
the Firm's Web site at www.lehman.com .Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints. Nothing in this article is, or should be construed as, investment advice. __._,_.___ ***************************************** http://in.groups.yahoo.com/group/investwise/ INVESTMENTS IN INDIA We are low-risk, long-term investors. Stocks, mutual funds and the entire investment gamut. Only financing/investment avenues in India will be discussed. For any assistance, questions or improvement ideas, contact [EMAIL PROTECTED] **************************************************************** NEW! ==== Check our LINKS and FILES sections for a world of information. REGULARLY UPDATED. NEW! ==== Check "Tracklist" in Links and Files sections for Investment Ideas. **************************************************************** Your email settings: Individual Email|Traditional Change settings via the Web (Yahoo! ID required) Change settings via email: Switch delivery to Daily Digest | Switch to Fully Featured Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe __,_._,___ -- Posted By Ronald Chisley to Investor Forums at 9/15/2008 11:19:00 AM --~--~---------~--~----~------------~-------~--~----~ Get latest market updates & search internet right from your browser-download our toolbar here- http://investorline.ourtoolbar.com/ Visit our site at – http://investorline.co.in/ Newsroom: http://newsroom.investorline.co.in/ Learning Center- http://learning.investorline.co.in/ Mutual funds - http://mutualfunds.investorline.co.in/ Life Insurance - http://insurance.investorline.co.in/ Investor Journal - http://research.investorline.co.in/ Newscatcher- http://catcher.investorline.co.in/ Interested in Financial Planning-Let us Contact you- http://spreadsheets.google.com/viewform?key=pb_z4f1_zGMg4iBBFT3-SWQ&email=true If you like the site then promote it here- https://www.freetellafriend.com/tell/?url=http://investorline.co.in/blogs/news Create your own free blog on- http://investorline.co.in/blogger Visit this group at http://groups.google.com/group/india-investor -~----------~----~----~----~------~----~------~--~---
