Under a deal unveiled on Wednesday in a court filing, Lehman said it plans to redeem its preferred shares at par, then monetize its 49 percent stake in Neuberger's common equity over several years.

Bankruptcy Court in Manhattan. The plan is set for an approval hearing on Nov.

In addition to boosting creditor paybacks, the plan could allow Neuberger to become fully independent, the investment manager said in a statement. Lehman "has agreed to terms affording Neuberger Berman the opportunity to purchase the Lehman estate's remaining interests in the firm, creating a clear path to Neuberger becoming percent employee-owned," Neuberger said.

Neuberger was a pioneering mutual fund manager and one of the country's leading investment firms when it listed on the New York Stock Exchange in But the happy marriage fell apart in when Lehman succumbed to the credit crisis and filed the biggest bankruptcy in U.

Neuberger was among Lehman's most valuable and liquid assets and creditors tried to sell it to private investors. Lehman was left with 93 percent of Neuberger's preferred equity and 49 percent of its common stock.

Lehman's most recent bankruptcy exit plan, slated for a confirmation hearing before Judge Peck on Dec. The bankruptcy is In re Lehman Brothers Holdings Inc, U.

Market Place; Lehman to Buy Neuberger Berman For $ Billion - The New York Times

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Lehman to sell stake in Neuberger Berman | Reuters

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Lehman Is in Talks To Buy Neuberger - WSJ

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