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Winners & Losers in US Bailout & Bankruptcy Deals has an interesting listing starting with the Warren Buffet-Goldman Sachs deal (winner) to Citigroup-Wachovia non-deal (loser, of course). Here are some selections from the Lehman Brothers bankruptcy-related listings:

Winners: Nomura

Japan's Nomura Holdings Inc. paid only $225 million for Lehman Brothers' Asia-Pacific operations a week after the investment bank declared bankruptcy. It would then go on to scoop up Lehman's European assets for $2 -- not per share, literally two bucks.

Losers: Lehman's creditors, KfW Bankengruppe

With $639 billion in assets and $613 billion in liabilities, Lehman dwarfed Enron to become the largest Chapter 11 filing in history. In the aftermath of the bank's fall, bidders have been able to buy the Wall Street bank's operations at flea market sale prices. KfW Bankengruppe was left looking foolish as it transferred €300 million ($426 million) to Lehman on the day that it filed for bankruptcy. The fallout included ridicule by German newspapers, a government inquiry and having to getting in line with other creditors to get a fraction of its money back.

Winner ("Close calls" category): Korea Development Bank

Lehman Brothers reportedly missed a chance to stop its slide into bankruptcy when it turned down a $44 billion ($6.40 a share) offer from Korea Development Bank in the weeks before its Chapter 11 filing. Who knows what would have happened had Lehman's management and board accepted the offer, which they considered shockingly low at the time?

Arun Natarajan is the Founder & CEO of Venture Intelligence, the leading provider of data and analysis on private equity, venture capital and M&A deals in India. View free samples of Venture Intelligence newsletters and reports. Email the author at

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