As bad as Hurricanes Harvey and Irma were/are there’s one approaching the East Coast whose destruction destruction eclipse both of them!
“You never want a serious crisis to go to waste. And what I mean by that is an opportunity to do things you think you could not do before.” — Raul Emanuel, Chief of Staff for Obama
The two affiliates, Lehman Brothers U.K. Holdings (Delaware) Inc and Lehman Pass-Through Securities Inc, were put into bankruptcy as part of a deal that will generate $485 million cash for the Lehman estate, according to court documents.
The affiliates own residential mortgage-backed securities, real estate and stock in First Data Corp (>> First Data Corp), which helps process credit card transactions, among other assets, according to papers filed in the U.S. bankruptcy court in Manhattan. Affiliates of Brookfield Asset Management Inc of Canada (>> Brookfield Asset Management Inc) are buying stakes in the Lehman affiliates, which were put into bankruptcy to carry out the deal.
Administrators have spent years winding down Lehman’s holdings and have distributed around $147 billion to creditors, according to court records.
Deadly Clear 