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Reuters Tokyo – Japan’s Nomura Holdings is to buy the Asian operations of Lehman Brothers, a source with direct knowledge of the deal said on Monday, outbidding other banks seeking to scoop up the bankrupt U.S. bank’s Asian assets.
The source did not say how much the deal was worth, nor did he say if certain Lehman units were excluded from the agreement.
Nomura and Britain’s Barclays Plc have also bid for parts of Lehman’s business in Europe, as administrators seek to save as many jobs and salvage as much business as possible from the wreckage of what was Wall Street’s fourth biggest investment bank.
Reuters Tokyo – Japan’s Nomura Holdings is to buy the Asian operations of Lehman Brothers, a source with direct knowledge of the deal said on Monday, outbidding other banks seeking to scoop up the bankrupt U.S. bank’s Asian assets.
The source did not say how much the deal was worth, nor did he say if certain Lehman units were excluded from the agreement.
Nomura and Britain’s Barclays Plc have also bid for parts of Lehman’s business in Europe, as administrators seek to save as many jobs and salvage as much business as possible from the wreckage of what was Wall Street’s fourth biggest investment bank.
Barclays is interested in Lehman’s European equities businesses, a person familiar with the matter said. That could include 1,000-1,500 bankers and support staff, mostly in London, out of Lehman’s European workforce of 6,000.
Reuters – A hedge fund that specializes in distressed investments has filed a notice of appeal in the Lehman Brothers Holdings Inc bankruptcy case, indicating it intends to challenge the court order approving the sale of Lehman’s core U.S. business to Barclays Plc.
The fund, Bay Harbour Management, did not disclose in the filing what it plans to argue in the appeal, but in court last week it filed an objection to the sale based on concerns about an $8 billion transfer from the investment bank’s European unit to its U.S. unit just before Lehman filed for bankruptcy protection.
Bloomberg – Lehman Brothers Holdings Inc., the U.S. investment bank holding company that filed the largest bankruptcy in history, faces objections to a proposed $1.75 billion sale of its broker-dealer unit to Barclays Plc.
Hedge fund Harbinger Capital Partners asked a U.S. bankruptcy judge to block the sale unless Lehman immediately discloses cash transfers it made just prior to its bankruptcy, including an alleged $5 billion transfer of cash from Lehman’s London office. Another two hedge funds, Bay Harbour Management LC and Amber Capital, filed papers alleging $8 billion was moved.
The objections continued to roll in as a hearing to approve the sale, scheduled for 4 p.m., was delayed as hundreds of participants and onlookers overcrowded a courtroom in U.S. Bankruptcy Court in Manhattan.
Lehman “must provide adequate information, and certify its accuracy, as to what cash has moved in and out of Lehman Brothers Inc. and debtor Lehman Brothers Holdings Inc.,” Harbinger said in court documents filed today with U.S. Bankruptcy Judge James Peck.
