Suitors come calling for Lehmans

PwC is in talks with suitors looking to buy the parts of Lehman Brothers
business which are still afloat.

The firm said it had received advances and is now in discussions with the
interested groups on a deal to buy LBAM (Europe) and Lehman Brothers Europe Ltd,
the asset management and corporate finance advisory businesses.

Joint administrator Tony Lomas said: ‘There have been expressions of interest
in LBAM (Europe) and Lehman Brothers Europe Ltd which are solvent and continue
to operate and we have begun discussions with interested parties.’

PwC said it had made arrangements to retain staff so that there could be an
orderly disposal of assets.

The firm is also trying to clear the backlog of trades that Lehman was
intending to make by passing them on to other investment banks.

‘The last 48 hours has seen a period of intense activity and we are grateful
for the continued support of the management and staff as we address the
complexities of the task,’ PwC added.

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