Rover veteran heads up Lehman Brothers administration

Lehman Brothers, the collapsed investment bank is now in the hands of Tony
Lomas, who oversaw the administration of MG Rover.

Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners from
PricewaterhouseCoopers were appointed as joint administrators to Lehman Brothers
International Europe at the end of last week.

Lehman Brothers Holdings Inc 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.

Lehman Brothers, the principal UK trading company in the Lehman group, was
placed into administration, together with three other group companies.

Lomas said: ‘Because the group managed its funding on a global basis the UK
trading operation found itself unable to meet its obligations when the flow of
funds dried up last night. Our priority now is to work with management and
trading counterparties to agree the manner in which the assets and liabilities
will be handled.’

‘I would also like to emphasise that a number of group companies remain
solvent and will continue to trade.’

Lehman’s subsidiary Neuberger Berman 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, Lehman Bros said in a statement today.

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