Lehman Brothers, whose bankruptcy in 2008 precipitated the acute phase of the banking crisis, has now emerged from Chapter 11 protection and will start paying off its creditors. The current iteration of the company is pretty literally a ghost of its former self with its main business operations already in the hands of Barclays and Nomura. What remains is a kind of shell asset management company that's selling off various Lehman possessions in a deliberate manner, a process that the creditors (wisely, it seems) agreed to in order to avoid fire-sale liquidation prices.
The creditors look set to get 18 cents on the dollar, which is not a great deal but means that some people who bought up distressed Lehman debt are going to be turning a profit.
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