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lehman.com

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Investments

157

Portfolio Exits

57

Partners & Customers

6

About Lehman Brothers

Lehman Brothers consists of three businesses: Asset Management, Private Investment Management and Private Equity. Asset Management, which includes Neuberger Berman, offers proprietary products across traditional and alternative asset classes through a variety of distribution channels to individuals and institutions. Private Investment Management offers comprehensive investment, wealth advisory and capital markets execution services for high-net-worth individuals and businesses and leverages all of the resources of the Firm. Private Equity provides investment opportunities in privately negotiated transactions across a variety of asset classes for institutional and qualified individual investors. Since the end of 2003, assets under management (AUM) in Lehman Brothers' Investment Management Division have grown at a compound annual rate of approximately 20%. AUM totaled $273 billion as of August 31, 2008.

Lehman Brothers Headquarters Location

520 White Plains Road

Tarrytown, New York, 10591-5116,

United States

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Latest Lehman Brothers News

Using “Abandoned Trademarks” Is Whiskey Business

Aug 16, 2022

To embed, copy and paste the code into your website or blog: <iframe frameborder="1" height="620" scrolling="auto" src="//www.jdsupra.com/post/contentViewerEmbed.aspx?fid=762acdd5-493c-4e00-b457-419bab5a512e" style="border: 2px solid #ccc; overflow-x:hidden !important; overflow:hidden;" width="100%"></iframe> [author: Kristen Rovai] In June 2022, the U.S. Court of Appeals for the Federal Circuit rejected an application filed by Tiger Lily, a UK-based liquor company, for the use of LEHMAN BROTHERS on its whiskey bottles despite the trademark having been allowed to expire by its previous owner. The case serves as a reminder for companies looking to use expired trademarks: just because a trademark has expired does not mean that it has been abandoned. Before filing for bankruptcy in the wake of the 2008 financial crisis, Lehman Brothers Holdings Inc. (Lehman Brothers) was a premier investment banking institution with more than 25,000 employees and $1.5 billion in assets. The LEHMAN BROTHERS trademark eventually expired, but continued to be used by Barclays, which bought the Lehman Brothers’ assets, in winding down the business. Shortly after the LEHMAN BROTHERS trademark expired, the opportunistic Tiger Lily began selling three LEHMAN BROTHERS-branded whiskeys that, according to their website, “tell the tale of the rise and fall of the Lehman Brothers.” When Tiger Lily applied to register the trademark for use on alcohol bottles and for bar services, the USPTO granted Barclays’s opposition to the application. Tiger Lily then appealed, arguing that Barclays had abandoned the trademark and the use of the trademark for use on alcohol bottles and for bar services would not cause consumer confusion with the former banking giant. The Federal Circuit affirmed the USPTO ’s decision, rejecting both of Tiger Lily’s arguments. The Federal Circuit found that even though Barclays had allowed the trademark to expire, and the trademark was a source indicator for a bankrupt company that was soon to be nonexistent, the trademark was not abandoned. By continuing to use the trademark in the winding down of the business (e.g., in email signatures, web addresses, correspondence, regulatory filings, etc. ), Barclays successfully negated the nonuse element of a claim for abandonment . Such use, though limited and not directly related to the financial services Lehman Brothers once provided, was sufficient. Additionally, Tiger Lily could not prove an intent not to resume use, the second element of a claim for abandonment, because Barclays granted Lehman Brothers a perpetual license to use the trademark in connection with Lehman Brothers’ continuing business. Thus, the license provided the opportunity to continue use of the trademark at any point in the future, even after the bankruptcy proceedings. Finding that the trademark had not been abandoned, the Federal Circuit then determined that Tiger Lily’s use of the trademark in relation to alcohol bottles and bar services was likely to cause consumers to confuse the goods and services as being sold by Lehman Brothers. The LEHMAN BROTHERS trademark was famously associated with Lehman Brothers, and the trademark frequently appeared in movies , TV shows and music. The fame of the LEHMAN BROTHERS trademark in relation to Lehman Brothers was likely to create confusion among consumers, especially since Tiger Lily admitted that it intentionally sought to draw a connection between its whiskeys and Lehman Brothers. While the “goods and services [were] distinctly different, goods and services need not be identical or even competitive in nature to support a finding of likelihood of confusion,” the Circuit said in its decision. Finally, the Federal Circuit found that Lehman Brothers had distributed alcohol-related products—including decanters, wine gift sets, wine books, wine carriers and coasters—that were still being collected, sold and traded by the public at the time of Tiger Lily’s application, which further increased the likelihood of consumers confusing Tiger Lily’s products with Lehman Brothers’ products. Those wishing to use expired trademarks and those acquiring trademarks of bankrupt companies alike should reflect on their own trademark practices in the aftermath of this case. Companies that wish to use expired trademarks, especially famous trademarks, for their own products or services should be wary of the availability of the trademark. An assignment of the trademark or a licensing agreement with the company acquiring the trademark is strongly suggested prior to use. As for companies acquiring the trademarks of a bankrupt company, it would be wise to keep a diligent eye on the acquired trademarks and police unauthorized use of those trademarks thoroughly. This extra diligence will put an early stop to unwitting infringers who mistook the winding down of the bankrupt company for the abandonment of the acquired trademark.

Lehman Brothers Investments

157 Investments

Lehman Brothers has made 157 investments. Their latest investment was in Archstone as part of their Corporate Minority on January 1, 2012.

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Lehman Brothers Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

1/26/2012

Corporate Minority

Archstone

$1,325M

Yes

3

3/18/2011

Unattributed VC

Aerovance

$0.5M

No

2/16/2011

Unattributed VC

ExaGrid Systems

$10.6M

No

11/10/2010

Unattributed VC - V

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$99M

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0

4/12/2010

Series D

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$99M

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0

Date

1/26/2012

3/18/2011

2/16/2011

11/10/2010

4/12/2010

Round

Corporate Minority

Unattributed VC

Unattributed VC

Unattributed VC - V

Series D

Company

Archstone

Aerovance

ExaGrid Systems

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Amount

$1,325M

$0.5M

$10.6M

$99M

$99M

New?

Yes

No

No

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Co-Investors

Sources

3

0

0

Lehman Brothers Portfolio Exits

57 Portfolio Exits

Lehman Brothers has 57 portfolio exits. Their latest portfolio exit was TC Pipelines on March 03, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

3/3/2021

Acq - P2P

$99M

6

10/16/2020

Acquired

$99M

1

10/7/2020

Acq - Fin

$99M

2

11/1/2019

Take Private

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$99M

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10

4/4/2019

IPO

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$99M

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10

Date

3/3/2021

10/16/2020

10/7/2020

11/1/2019

4/4/2019

Exit

Acq - P2P

Acquired

Acq - Fin

Take Private

IPO

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

6

1

2

10

10

Lehman Brothers Acquisitions

10 Acquisitions

Lehman Brothers acquired 10 companies. Their latest acquisition was Archstone on May 27, 2012.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

5/27/2012

Other

$99M

$1,325M

Acquired

1

12/17/2007

Other Venture Capital

$99M

$79.85M

Acquired

10/22/2007

$99M

Take Private

5/17/2007

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$99M

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0

5/11/2007

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$99M

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0

Date

5/27/2012

12/17/2007

10/22/2007

5/17/2007

5/11/2007

Investment Stage

Other

Other Venture Capital

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

$1,325M

$79.85M

Note

Acquired

Acquired

Take Private

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Sources

1

0

0

Lehman Brothers Partners & Customers

6 Partners and customers

Lehman Brothers has 6 strategic partners and customers. Lehman Brothers recently partnered with First Data on October 10, 2015.

Date

Type

Business Partner

Country

News Snippet

Sources

10/23/2015

Partner

United States

Lehman Brothers returns in deal that led to First Data IPO: Reuters

According to a court filing , the money was spent on a `` pro-rata '' share of the private placement , indicating Lehman Brothers had a previous relationship with First Data Corp .

1

9/12/2014

Partner

United States

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10

9/14/2009

Vendor

United States

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10

6/26/2008

Partner

United Kingdom

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10

6/26/2008

Partner

United Kingdom

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10

Date

10/23/2015

9/12/2014

9/14/2009

6/26/2008

6/26/2008

Type

Partner

Partner

Vendor

Partner

Partner

Business Partner

Country

United States

United States

United States

United Kingdom

United Kingdom

News Snippet

Lehman Brothers returns in deal that led to First Data IPO: Reuters

According to a court filing , the money was spent on a `` pro-rata '' share of the private placement , indicating Lehman Brothers had a previous relationship with First Data Corp .

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Sources

1

10

10

10

10

Lehman Brothers Team

262 Team Members

Lehman Brothers has 262 team members, including former Chief Executive Officer, Alberto Castelli.

Name

Work History

Title

Status

Alberto Castelli

Chief Executive Officer

Former

Simon Hinshelwood

Chief Executive Officer, Managing Director

Former

Xavier Rolet

CQS, Bank of England, London Stock Exchange Group, Toyota - Europe, Dresdner Kleinwort, Credit Suisse, Goldman Sachs, and Columbia Business School Lang Fund

Chief Executive Officer

Former

Geoffrey Belsher

President

Former

Jim Fogarty

President, Chief Operating Officer

Former

Name

Alberto Castelli

Simon Hinshelwood

Xavier Rolet

Geoffrey Belsher

Jim Fogarty

Work History

CQS, Bank of England, London Stock Exchange Group, Toyota - Europe, Dresdner Kleinwort, Credit Suisse, Goldman Sachs, and Columbia Business School Lang Fund

Title

Chief Executive Officer

Chief Executive Officer, Managing Director

Chief Executive Officer

President

President, Chief Operating Officer

Status

Former

Former

Former

Former

Former

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