Lehman objects to US plan

The administrators of Lehman Brothers' UK unit are objecting to a plan by the collapsed US investment bank to create an asset manager that would continue to oversee its illiquid assets post-bankruptcy. In a formal objection to Lehman's plans on Monday, the UK administrators of Lehman Brothers International (Europe) said it was "premature" for Lehman to create the unit without providing more information about its reorganisation and plans to repay creditors.