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    BAM.A   CA1125851040

BROOKFIELD ASSET MANAGEMENT INC.

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

09/01/2017 | 04:22pm EDT
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

ę Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
BROOKFIELD ASSET MANAGEMENT INC. -0.38% 70.87 Delayed Quote.34.93%
CITIGROUP INC. 0.42% 71.18 Delayed Quote.15.44%
LETS HOLDINGS GROUP CO., LTD. -3.83% 6.27 End-of-day quote.-19.41%
LOOK HOLDINGS INCORPORATED 3.86% 1427 End-of-day quote.49.11%
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Analyst Recommendations on BROOKFIELD ASSET MANAGEMENT INC.
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Financials (USD)
Sales 2021 34 370 M - -
Net income 2021 4 357 M - -
Net Debt 2021 133 B - -
P/E ratio 2021 -108x
Yield 2021 0,87%
Capitalization 87 755 M 87 549 M -
EV / Sales 2021 6,42x
EV / Sales 2022 9,33x
Nbr of Employees 150 000
Free-Float 80,3%
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 MANAGEMENT INC.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 56,17 $
Average target price 55,41 $
Spread / Average Target -1,35%
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Managers and Directors
James Bruce Flatt Chief Executive Officer & Director
Nicholas Goodman Chief Financial Officer & Senior Managing Partner
Frank J. McKenna Chairman
Dominic Dodds Managing Director-Technology
Lori A. Pearson Chief Operating Officer & Senior Managing Partner
Sector and Competitors