Getting your player ready...
NEW YORK — A bankruptcy judge decided early Saturday that Lehman Brothers can sell its investment banking and trading businesses to Barclays, the first major step to wind down the nation’s fourth-largest investment bank.
U.S. Bankruptcy Judge James Peck gave his decision in a courtroom packed with lawyers at the end of an eight-hour hearing, which capped a week of financial turmoil.
The deal was said to be worth $1.75 billion earlier in the week, but the value was in flux after lawyers announced changes to the terms Friday. It may now be worth closer to $1.35 billion, which includes the $960 million price tag on Lehman’s Midtown Manhattan office tower.
