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...Alvarez & Marsal, the restructuring firm charged with winding down the Lehman estate, took the relatively unusual step of injecting about $1.6bn worth of additional cash and liquidity into the two banks...
...Under the plan, Aurora, a Delaware-based mortgage lender and the US’s eighth largest mortgage servicer, would receive $871m in cash and securities....
...“Aurora would be perfect for a large foreign bank looking to enter the US market, like Banco Santander,” said Douglas Lambert, a managing director at restructuring firm Alvarez & Marsal and chief executive...
...Separately, Judge Peck approved a plan by Lehman to settle concerns with regulators about how it has capitalised two subsidiary depositary banks, Aurora Bank and Woodlands Commercial....
...The ResCap auction is taking place at the same time as the estate of the bankrupt Lehman Brothers investment bank is seeking a buyer for Aurora, its Delaware-based mortgage servicer....
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