by Calculated Risk on 9/10/2008 07:30:00 AM

Lehman cuts dividend, to sell majority stake in Neuberger, Spin-off CRE assets, report $3.9 Billion loss.

From Lehman: LEHMAN BROTHERS ANNOUNCES PRELIMINARY THIRD QUARTER RESULTS AND STRATEGIC RESTRUCTURING Excerpts:

Spin-off to Lehman Brothers’ Shareholders of Vast Majority of the Firm’s Commercial Real Estate Assets into a New, Separate Public Company
o Leaves Firm with Limited Commercial Real Estate Exposure
o Shareholders Retain Upside in Commercial Real Estate Portfolio
o Expected to be Completed in First Quarter of Fiscal 2009

Intention to Sell a Majority Interest in Investment Management Division
o Auction Process Highlights Value of Investment Management Business
o Expected to Result in Tangible Book Value Benefit of More Than $3.0 Billion
o Lehman Brothers Expects to Maintain the Majority of the Pre-Tax Income of the Investment Management Division
o Ongoing Strategic Relationship Maintained with Lehman Brothers

Much more in press release.