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

BROOKFIELD ASSET MANAGEMENT INC.

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

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09/01/2017 | 04:22pm EST
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 INC. -0.21% 81.98 Delayed Quote.8.38%
CITIGROUP INC. -1.73% 78.42 Delayed Quote.-1.84%
FIRST DATA CORPORATION 0.00%End-of-day quote.87.40%
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Financials (USD)
Sales 2019 63 753 M
EBIT 2019 13 014 M
Net income 2019 -
Debt 2019 -
Yield 2019 1,02%
P/E ratio 2019 29,0x
P/E ratio 2020 20,5x
Capi. / Sales2019 0,98x
Capi. / Sales2020 0,83x
Capitalization 62 780 M
Chart BROOKFIELD ASSET MANAGEMENT INC.
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Brookfield Asset Management Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends BROOKFIELD ASSET MANAGEMEN
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 52,59  $
Last Close Price 62,33  $
Spread / Highest target -15,6%
Spread / Average Target -15,6%
Spread / Lowest Target -15,6%
EPS Revisions
Managers
NameTitle
James Bruce Flatt CEO, Director & Senior Managing Partner
Frank J. McKenna Chairman
Lori A. Pearson Chief Operating Officer & Senior Managing Partner
Brian Douglas Lawson Chief financial Officer & Director
Dominic Dodds Managing Director-Technology
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