Lehman To Sell Its Wilton Holding
Lehman Brothers Holdings Inc. received US bankruptcy court approval last week to sell its stock holding in Bermuda’s Wilton Re Holdings Ltd. for $390.2 million.
Bermuda-based Wilton reinsures life insurance policies. Lehman invested $300 million in Wilton and owns about 5.66 million shares, representing 25 percent of the company’s stock, court papers showed.
With the bankruptcy court’s blessing, Wilton is purchasing Lehman’s holdings for $69 a share, a price Lehman described as above market.
Plaintiffs agreed to settle for $40 million in a Lehman securities class-action involving mortgage-backed securities.
The Lehman holding company filed under Chapter 11 in New York in September, 2008 and confirmed the Chapter 11 plan in December.
