Monday, Oct 24, 2016
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Lehman Brothers exits largest U.S. bankruptcy

NEW YORK -- Lehman Brothers, the investment house which suffered a spectacular bust that triggered the worst of the 2008 financial crisis, emerged from bankruptcy Tuesday and said it will begin unloading its stakes in properties including the Ritz-Carlton Kapalua hotel in Hawaii, a luxury ski resort in the Rockies, and a Manhattan boutique hotel.

It stands to raise $35 billion through the asset sales as it prepares to go out of existence.

Lehman’s $639 billion bankruptcy remains the largest in U.S. history. It went under on Sept. 15, 2008, the same week that the government rescued AIG and the $700 billion bailout for major banks was conceived.

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