Lehman Brothers Is Ready To Start Anew

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Under the Chapter 11 reorganization plan proposed by the company, Lehman sought authority to create an asset manager business called LAMCO that would specialize in management of Lehman's commercial real estate, mortgages, principal investments, private equity, corporate debt and derivatives assets.

Lehman said LAMCO would provide management services to Lehman, administer its assets and offer long-term employment opportunities for the hundreds of Lehman employees working to liquidate the former investment bank's estate.

Lehman plans to end bankruptcy, create new company [Reuters]

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"We are proud to announce Lehman's exit from chapter 11 and entrance into the final stage of this process -- distributions to creditors. Our objective remains to provide the best results possible for creditors -- by continuing to strategically position assets to produce strong values, to pursue the resolution of disputed claims and other matters in litigation, and to manage expenses in line with the asset disposition process," said John Suckow, who is managing director with bankruptcy adviser Alvarez & Marsal and Lehman's president and COO. Suckow also thanked Lehman employees for working "diligently" since the bank's collapse in September 2008 to reach the milestone. [NYP]