It has been reported that Lehman Brothers Holdings, the financial services firm, which has really been battered had gone ahead and submitted a proposal to resolve a Chapter 11 filing which is said to be the biggest ever in the history of Wall Street. The proposal was filed with U. S. Bankruptcy Court on Monday in the city of New York.

It seems that the firm is planning to place the remaining of its assets under the control of a new subsidiary, which is newly formed, called LAMCO and it seems that this new subsidiary would serve as their asset manager. This move will undoubtedly ensure that the debtors capitalize on the investment and the assets and the major things is that it would provide a shot at employment for all the employees of the debtors.

However, for all this to become material instead of just a plan, the firm needs the explicit approval of the bankruptcy court. The filing saw a huge slide of about 95 per cent in the stock price of the firm and this process in itself had cost the firm a whopping amount of about $642 million.