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Bankrupt Lehman to sell artworks

November 14, 2008|bloomberg news

Lehman Brothers Holdings Inc. said it planned to sell about $8 million of artworks warehoused in New York and Paris to help pay creditors.

Lehman, which filed the biggest U.S. bankruptcy Sept. 15 with liabilities of $613 billion, said in a court filing it had a "desire to monetize the art collection through sales, for the benefit of" creditors. It asked the court to allow it to pay $20,000 in overdue bills to art-handlers who would move artworks to and from the warehouses and display them to prospective purchasers.

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