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Lehman's remaining assets set to rise from ashes as a spin off is considered

LEHMAN Brothers Holdings, which filed for bankruptcy last September, is now looking at spinning off its remaining assets.<br /><br />The assets, which include real-estate and private-equity holdings held in its Legacy Asset Management unit, are believed to currently be valued at around $45bn, but which at non-distressed prices could fetch up to $400bn according to internal Lehman calculations.<br /><br />A sale of the assets would be the most significant move yet to clean up the bankruptcy estate of the ex-investment bank.<br /><br />Lehman is hoping to legally separate the asset-holding company from the bankruptcy estate by the start of next year, before selling shares in the company.<br /><br />While the aim of the new venture will be in part to manage Lehman&rsquo;s legacy property holdings, Lehman is hoping that, once spun off, the company could eventually begin to actively invest in property again.<br /><br />&ldquo;It will take some time, but we hope this would turn into a real business that could also manage the assets of other businesses,&rdquo; Bryan Marsal, Lehman&rsquo;s chief restructuring officer and co-chief executive of the advisory firm Alvarez &amp; Marsal, was reported as saying yesterday.<br /><br />The plan, which remains at a preliminary stage, is dependent on the approval of Lehman&rsquo;s creditors, board and a US bankruptcy judge.