Alvarez & Marsal, the restructuring company carrying out the liquidation of the bankrupt financial institution, has recommended that the remaining 385 Lehman Brothers employees set up a new business.
Plans for the move have advanced to the stage that a new name, Lamco Holdings, has been agreed and trading may get underway from May 1st 2010, reports Bloomberg.
Alvarez & Marsal are now looking for investors in the new business, which would manage around $30 billion worth of assets previously held by Lehman Brothers.
"[Lehman Brothers] has built a going-concern asset management business that may be of substantial value, with capabilities that may endure beyond the administration of these Chapter 11 cases and generate revenues," it was said.
Last week, a report into the collapse of the bank criticized some of its executives for the use of an accounting gimmick that allowed them to keep $50 billion worth of debt off the company's balance sheets in the months leading up to its collapse.
By Gary Cooper