Four months previous to it filed for bankruptcy, Lehman Brothers plunged off a jumble of risky marketable real estate (CRE) money owing at the Federal Reserve discount window in replace for cash, Debtwire news. That USD 1.7bn SASCO 2008 C2 securitization shifted back to Lehman when it entered Chapter 11 and the estate has been working it out – along with dozens of other CRE funds – ever since.
Lehman’s board of managers packed the senior bankers in charge for its real estate book in front of the bankruptcy filing, leaving the collection to a cadre of mid-level and junior employees and monetary adviser Alvarez & Marsal. Two years on, that team has come out as one of the most violent dealmakers in the post-crisis CRE scenery by capitalizing on historic information of the legacy staff and the obsolete bank’s unique status as a bankrupt entity.
“They have an chance to reinvest and create long-term value,” said Anthony Westreich, CEO at Monday possessions and a partner to a Lehman office property joint business enterprise that underwent a recapitalization in June.
Lehman’s board of managers packed the senior bankers in charge for its real estate book in front of the bankruptcy filing, leaving the collection to a cadre of mid-level and junior employees and monetary adviser Alvarez & Marsal. Two years on, that team has come out as one of the most violent dealmakers in the post-crisis CRE scenery by capitalizing on historic information of the legacy staff and the obsolete bank’s unique status as a bankrupt entity.
“They have an chance to reinvest and create long-term value,” said Anthony Westreich, CEO at Monday possessions and a partner to a Lehman office property joint business enterprise that underwent a recapitalization in June.
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