Reply #5: Lehman must convince Wall Street it can deliver

[ozymandius]

NEW YORK - Lehman Brothers Holdings Inc. has presented its rescue plan, now it has to convince Wall Street it can make good on its promises.

On Wednesday, the 158-year-old investment bank outlined a blueprint to sell off its well-respected investment management unit and spin off its commercial real estate assets. The strategy is part of a last-ditch effort to rescue the investment bank from bad bets on real estate-related holdings that have already laid low other storied Wall Street firms.

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The nation's fourth-largest investment bank plans to sell a 55 percent stake in its investment management division, which includes its prized Neuberger Berman asset management unit. Lehman said it is in advanced talks with several bidders, but refused to give a timeline about when a deal would take place.

http://news.yahoo.com/s/ap/20080911/ap_on_bi_ge/lehman_brothers