Lehman said that no broker-dealer subsidiaries will be included in bankcruptcy filing. It added that it is exploring sale of its broker-dealer operations. It further said that it is in advanced talks with potential buyers for investment management division.
Lehman added that the customers of the company may continue to trade/take action with respect to their accounts.
The Saga of Lehman
Only a day ago, the head of Lehman Brothers, the beleaguered investment bank, sought to assure Wall Street that the firm could survive on its own.
But those assurances seemed empty on Thursday as Lehman’ share price went into another free-fall, declining 41 percent, to $4.22. Lehman, which had been negotiating to sell its prized investment management division, is now seeking to sell the entire company. Fed officials have hinted that they would be more receptive to a bank buying Lehman, rather than a private equity firm.
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