Lehman to File for Bankruptcy (Chapter 11)

Hell freeze over yet

http://www.lehman.com/

Official, there is a press release on the website detailing the bankruptcy. I feel so bad to a few of my buddies as they just started working 2 months ago. I wonder what they'll do.

Yeah...I have a ton of friends there...jeez

Ok...yea here's the press release
http://www.lehman.com/press/pdf_2008/091508_lbhi_chapter11_announce.pdf
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So what do you do?
-I work for an investment banking firm.
Oh okay; you are like my brother, he works for Edward Jones.
-No, a college degree is required in my profession

...hmm interesting stuff.

LBHI is filing for Ch. 11 which is reorganization and protects it from paying off its creditors.

it seems that the subs are not involved and can continue trading. im sure there are layoffs and things to come. but its not like what was reported last night where lehman was going to file for ch. 7 and liquidate/cease operations.

..i assume based on the press release that the firm is going to continue to live and try to sell itself. any comments?

Yeah Lehman will try to live while attempting to sell its assets. There won't be a forced liquidation as in Chapter 7, but the selling of Lehman assets will take a long time.

i have a couple friends that might need jobs soon...

Has anyone heard any word on who's advising?

nvm