Lehman looks to restrict stock transfers

By Caroline Salls

Pittsburgh, Oct. 24 - Lehman Brothers Holdings Inc. requested court approval to restrict some transfers of its stock, according to a company news release.

The company said the motion only applies to transactions made by holders of at least 4% of the outstanding shares of Lehman common stock or 4.5% of the outstanding shares of any series of Lehman convertible preferred stock.

Under the proposed order, any acquisition, disposition or other transfer made on or after Oct. 14 that violates the trading restrictions will be deemed null and void.

A hearing is scheduled for Nov. 5.

New York-based Lehman Brothers Holdings, the fourth-largest U.S. investment bank, filed for bankruptcy on Sept. 15 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 08-13555.

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