Lehman Brothers, a company that shared the 2010 Ig Nobel Prize in economics, has made a spectacular rise into imminent oblivion. A Reuters report in the Oman Daily Observer tells the new details:
Lehman escapes bankruptcy
NEW YORK — One-time financial powerhouse Lehman Brothers emerged from bankruptcy and is now a liquidating company whose main business in the coming years will be paying back its creditors and investors. Lehman, whose September 2008 collapse is often regarded as the height of the financial crisis, will start distributing what it expects to be a total of about $65 billion to creditors on April 17, it said in a statement…
The move is a legal milestone, but does not indicate the immediate end of Lehman Brothers. The company will continue to operate, in the same midtown Manhattan headquarters it was in before bankruptcy, albeit on fewer floors, as it sells off its remaining assets before finally closing up shop….
That 2010 Ig Nobel Prize was awarded to
The executives and directors of Goldman Sachs, AIG, Lehman Brothers, Bear Stearns, Merrill Lynch, and Magnetar for creating and promoting new ways to invest money — ways that maximize financial gain and minimize financial risk for the world economy, or for a portion thereof.