lehman-brothers-bankruptcy-would-be-biggest-18-years
The New York Times was reporting on Sunday that the bankruptcy of Wall Street investment firm, Lehman Brothers, was imminent and would likely be the biggest investment bank to fail in over 18 years.
In one the most extraordinary days in Wall Street's in history, Merrill Lynch is near an 11th-hour deal with Bank of America to avert a deepening financial crisis while another storied securities firm, Lehman Brothers, hurtled toward liquidation, according to people briefed on the deal.
Lehman Brothers was a 7/4 favorite to fail at online gambling websites offering these odds back in March.
Even before for impact of the write-off at Lehman had begun, the company, through its various Indian companies had started offloading its stocks. After all it wanted to garner as much funds as possible from all ends and given its exposure to India, it decided to offload its stakes here. This sell off was a clear indication was that the company was desperate to liquidate its assets and anything and everything worth anything was being sold.
Over the past few days, it has sold off its entire stake in Amtek Auto, Amtek India, Cranes Software International Fedders Lloyd Corporation, NIIT Ltd, Northgate Technologies, Mastek, Triveni Enineering and Prajay Engineers Syndicate. But what has been good news for India is that there have been buyers for every share it has sold. Its stake in Mastek and Triveni Engineering was purchased by Nalanda India Fund. It sold off its stake in Cranes Software, Fedders Lloyd and NIIT to Deutsche Securities Mauritius through block deals.
Though it managed to offload shares to the tune of almost Rs.175 crore over the past few days, it continues to hold stakes in some of the following companies:
Spice Communication – 1.33%
Spice Mobile – 4.41%
Edelweiss Capital – 1.80%
Dhampur Sugar – 4.32%
Emkay Global – 4.05%
Champagne Indane – 1.55%
Consolidated Construction Consortium – 1.36%
IOL Netcom – 3.60%
Tulip Telecom – 2.80%
Orbit Corporation – 4.82%
PSL Ltd – 2.30%
Pioneer Embroideries – 3.23%
Development Credit Bank – 3.04%
Anant Raj Industries – 1.82%
West Coast Paper Mills – 5.79%
Thanks lehman brothers, lehman brothers employees, lehman brothers sale, bank of america merrill lynch, wall street
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