Every Dodgy Asset Chef Should Have One
BANZAI7 NEWS--In a court filing yesterday, Alvarez & Marsal LLC said it wants to place 70 of its members handling the bankruptcy and the remaining 385 Lehman employees in a new business called Lamco Holdings LLC (thats right only from Lamco!) and to solicit assets to manage for a fee from third parties. Alvarez Marsal also said it is seeking investors willing to acquire a limited number of available stakes in the new company. Lamco Holding is unrelated to Lam & Co.
The second step in the plan is to merge Lamco (not to be confused with Lamco Industries) into Ronco and change the company's name to Lame-O. Lame-O employees will collaborate with Ronco employees to design a much anticipated dodgy asset spinner to be branded the REPO 105. As you can see from the following document, Lamco's (not to be confused with Lamco's), former Lehman employees were experts at spinning and ramming dodgy assets. The court filing mentions that the originally intended name, "Lame-co", is already reserved for AIG."
Lehman Exotic Credit Derivatives
WB7: Its very hard to think this stuff up, no?