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.
6.2 LAMCO. At the discretion of the board of directors of LBHI following the Effective Date and subject to existing agreements, LAMCO may serve as asset manager for certain assets of each of the Debtors under the Plan. Ownership and ultimate decision making authority with respect to each of the Debtor’s assets after the Effective Date will be vested in the applicable Debtor.
About us LAMCO is a global asset management and advisory firm that provides tailored, solution-oriented services to our clients.The company is built upon the experience, talent and commitment of its people.
News 
Market Data 
Discover 
AI
