The Daily Docket: Lehman to Sell Neuberger Stake

Lehman Brothers Holdings Inc. will sell its 49% stake in asset manager Neuberger Berman to Neuberger’s employees for $1.5 billion, which would benefit Lehman’s creditors and put Neuberger on a path toward 100% employee ownership. Read the Daily Bankruptcy Review article here.

Evergreen Solar Inc. Thursday won bankruptcy court approval of $34.5 million worth of sales, product of Chapter 11 auctions that will put its wide-wafer technology into the hands of a Hong Kong joint venture. Click here to read the article in DBR Small Cap.

(The Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial to DBR, click here. For DBR SC, click here.)

Federal regulators looking for $600 million in client money that disappeared right before MF Global Holdings Ltd. filed for bankruptcy say they’re perplexed by poor record-keeping, The Wall Street Journal reports. Read the “money is missing” email via Deal Journal.

According to a Reuters analysis, Jefferson County, Ala.’s bankruptcy filing, the biggest Chapter 9 ever, likely won’t spawn other municipal filings.

Birmingham businesses worry that the bankruptcy filing will chill investments in Alabama’s biggest city, WSJ reports.

Businessman Sean Quinn, who once was thought to be Ireland’s wealthiest man, has filed for bankruptcy, BBC News reports.

According to WSJ, Republic Airways Holdings Inc.—which bought Frontier Airlines out of bankruptcy and assumed $1 billion in debt and leases—will either sell or spin off the money-losing operation.

Clawback suits may be on their way out of bankruptcy courts in cases of defunct law firms, Am Law Daily reports.

According to the Dallas Morning News, the NHL’s Dallas Stars’ sale hearing has been moved up to Nov. 18 from Nov 23.

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