[ by Melanie Gretchen ] Lehman Brothers ended its 3-year-long journey through the bankruptcy process and has become a liquidating company, whose main business in the coming years will be paying back its creditors and investors.  All told, creditors have asserted more than $300bn in claims. Exiting from bankruptcy just after midnight early Tuesday morning, the former global finance services firm will begin distributing about $65 billion to creditors on 4/17/12 - under a reorganization plan confirmed in late December.

• The first group of payments to credits, many of whom lost money in the collapse 3-1/2 years ago, will be at least $10bn, Lehman said previously.
• The second payment is due in Septembers.
• Periodic distributions will follow thereafter as Lehman sells off its remaining holdings.

When Lehman Fell, Everybody Heard It. Following its 9/15/08 bankruptcy filing, the biggest Chapter 11 case in history, Lehman set off a chain of events that spread like wildfire throughout the financial system around the world.  Short-term debt markets nearly closed for even blue-chip stalwarts like General Electric; stronger investment banks like Goldman Sachs and Morgan Stanley faced perilous investor desertions.  Governments worldwide eventually were forced to step in with enormous rescue packages for the global financial system. Recovery. What's left is essentially a holding company that will sell off its remaining assets, including real estate and securities investments, over time.  To date, since entering bankruptcy protection, Lehman has sold off many of its assets.  Its core investment banking operation went to Barclays Capital, and its Neuberger Berman money management business has since been spun off. In addition, the estate "looks forward" to a number of legal battles with the likes of JPMorgan Chase to claw back money for creditors.  A separate proceeding continues for brokerage customers where the U.S. government is gathering funds to pay them back. Will MF Global investors have to wait 3 years, following that firm's bankruptcy?  We hope not. For further details, go to [Dealbook, 3/6/12] and [Reuters, 3/6/12].