Lehman Requests Expedited Sale For Neuberger Berman

Bankrupt Lehman Brothers Holdings has filed court papers requesting expedited sale procedures for its asset management unit, Neuberger Berman.

Lehman agreed last week to sell the division to private equity firms Bain Capital LLC and Hellman & Friedman LLC for $2.15 billion.

Lori Fife, a lawyer representing Lehman in the case, said in an affidavit that the sale of the division needed to go ahead quickly because employee departures remain a risk to the business and it “relies so heavily upon the confidence of its customers and clients.”

Elements of the sale process proposed in the court documents, indicated it would be slower than the one for Lehman’s North American brokerage business, which was sold to Barclays Capital in less than a week.

The sale includes Neuberger Berman, Lehman Brothers Asset Management, Alternative Investment groups and a portion of its private equity business, according to court papers.

The court has scheduled a hearing to establish sale procedures for the division on Oct. 16, according to court documents.

(Reporting by Emily Chasan; editing by Carol Bishop