Lehman seeks to hire Neuberger to help sell $180 million ABS

By IBTimes Staff Reporter | December 28 2009 3:34 PM

Lehman Brothers Holdings Inc (LEHMQ.PK) has sought bankruptcy court approval to hire Neuberger Berman Fixed Income LLC to help it sell asset-backed securities worth $180 million, court filings show.

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Lehman said it owns 56 separate series of asset-backed securities issued by dozens of trusts that hold pools of mortgage loans and other obligations that originated in the UK, Italy, Korea, Australia and other countries.

As the market for these securities recovers, LBHI intends to take advantage of opportunities to monetize the securities for the benefit of its creditors, Lehman said in a filing last Wednesday.

Lehman holds 49 percent stake in Neuberger.

The case is In re: Lehman Brothers Holdings Inc, U.S. Bankruptcy Court, Southern District of New York, No. 08-13555.

(Reporting by Santosh Nadgir in Bangalore; Editing by Unnikrishnan Nair)

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