Lehman Brothers Financial SA (LEHNQ)

[Joe Stocks]

'Exclusive: Lehman shelves asset management plan'

NEW YORK (Reuters) - Lehman Brothers Holdings Inc will not turn its asset management unit into a long-term business after creditors of the bankrupt investment bank objected.

LAMCO, or the Legacy Asset Management Co, instead will continue on its path to liquidate Lehman assets over the next few years to pay back creditors, and no longer will look for a partner to manage the business, Chief Executive Bryan Marsal said.

"Under the current governance, as long as it is in bankruptcy, a LAMCO partnership will not be pursued," said Marsal, who is overseeing the world's biggest bankruptcy.

https://www.foxbusiness.com/markets/exclusive-lehman-shelves-asset-management-plan