By PALLAVI GOGOI, Associated Press
NEW YORK (AP) — The Ritz-Carlton Kapalua hotel in Hawaii, a luxury ski resort in the Rockies and a Manhattan boutique hotel are among the last holdings of Lehman Brothers, the investment house whose spectacular bust triggered the worst of the 2008 financial crisis.
The bank said Tuesday that it will begin unloading its stakes in those properties in April as it prepares to exit Chapter 11 bankruptcy protection and finally meet its end.
Lehman's $639 billion bankruptcy remains the largest in U.S. history. It went under on Sept. 15, 2008, the same week that the government rescued AIG and the $700 billion bailout for majorbanks was conceived.
The bankruptcy marked the demise of a company that had survived the Civil War and the Depression.
Lehman has spent three and a half years in bankruptcy court, negotiating with the creditors who loaned it billions of dollars to make large bets on investments from apartment buildings, hotels and luxury resorts to complex financial instruments. Read more...
