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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Brookfield Asset Management    BAM.A   CA1125851040

BROOKFIELD ASSET MANAGEMENT (BAM.A)
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Nine years on, another Lehman Brothers bankruptcy

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09/01/2017 | 10:22pm CEST
FILE PHOTO: Lehman Brothers name moves across a news ticker in New York's Times Square

WILMINGTON, Del (Reuters) - Two affiliates of Lehman Brothers, the U.S. investment bank that collapsed in 2008 and fueled an economic crisis, filed for Chapter 11 bankruptcy late on Thursday, a reminder of the complexity of unwinding a global financial institution.

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.

More than 100 people still work for Lehman and the case remains one of the largest U.S. bankruptcies, even after the distributions to creditors. The estate holds $7 billion of assets, much of it cash, as it works through hundreds of remaining creditor claims and legal disputes.

Lehman is currently in the midst of a trial, already 42 days long, seeking $2 billion from Citigroup Inc (>> Citigroup) over disputed derivative claims. Citigroup has denied it owes the money to Lehman.

The memory of Lehman's dramatic failure has sparked regulatory efforts to prevent another damaging collapse. On Friday, the U.S. Federal Reserve finalized a rule aimed at making it easier to wind down large banks.

(Reporting by Tom Hals in Wilmington, Delaware; Editing by Steve Orlofsky)

By Tom Hals

Stocks treated in this article : Citigroup, Brookfield Asset Management Inc, First Data Corp
Stocks mentioned in the article
ChangeLast1st jan.
BROOKFIELD ASSET MANAGEMENT -0.14% 57.12 Delayed Quote.4.53%
CITIGROUP -0.42% 73.84 Delayed Quote.-0.35%
FIRST DATA CORP 0.99% 25.61 Delayed Quote.51.77%
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Financials ($)
Sales 2018 24 986 M
EBIT 2018 5 982 M
Net income 2018 -
Debt 2018 -
Yield 2018 1,36%
P/E ratio 2018 42,52
P/E ratio 2019 23,88
Capi. / Sales 2018 1,69x
Capi. / Sales 2019 1,40x
Capitalization 42 228 M
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Mean consensus OUTPERFORM
Number of Analysts 4
Average target price 45,8 $
Spread / Average Target 3,9%
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Managers
NameTitle
James Bruce Flatt Chief Executive Officer & Director
Frank J. McKenna Chairman
Lori Pearson Chief Operating Officer & Senior Managing Partner
Brian Douglas Lawson Chief Financial Officer & Senior Managing Partner
Jeffrey Miles Blidner Director & Vice Chairman
Sector and Competitors
1st jan.Capitalization (M$)
BROOKFIELD ASSET MANAGEMENT4.53%41 611
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BANK OF NEW YORK MELLON (THE)-2.77%53 387
STATE STREET CORPORATION-10.82%33 681
NORTHERN TRUST CORPORATION6.47%24 299
AMERIPRISE FINANCIAL-11.49%21 197