Lehman Brothers Holdings Inc. (LEHMQ) is still alive as a stock despite the company being dead. It turns out that there is actually a little asset value left here, as the company has filed a plan to wind down its remaining assets and to pay out what is left to creditors. To top it off, Lehman’s shares were up about 20% early this morning on the news that what is left of the company plans to create an asset management unit. This is being called LAMCO an asset manager, presumably Lehman Asset Management Co. Perhaps this one will be called “Lame-Co” on the street.
Effectively, this will allow the remaining remnants of the failed Lehman Bros. to live on outside of the Lehman bankruptcy. Lehman plans to form a company to oversee a portfolio of derivatives and investments in real estate, corporate debt, and other assets.
An SEC filing this morning showed that the debtors filed with the court a Chapter 11 plan of reorganization which did not file a disclosure statement for the plan. The Debtors have requested that their time to file a disclosure statement for the plan to be extended through April 14, 2010.
Passing on a father’s debt to children or a father’s punishment down to the children has been outlawed for centuries in most areas of the world. It is a term called “sins of thy father.” However, it seems that no matter what happens to the remaining part of Lehman or the old part of Lehman, sins of thy father may be a worry here.
JON C. OGG
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