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Updated from 8:16 a.m. EDT.
Lehman Brothers(LEH Quote) on Wednesday said it plans to sell a majority stake in its investment-management division and take other capital-preserving measures as it expects to report a $3.9 billion third-quarter loss next week.
Lehman also said it plans to spin off its commercial real-estate assets into a new publicly-traded company and cut its annual dividend to 5 cents a share from 68 cents.
Lehman Brothers, set to officially report results Sept. 18, issued the warning after its shares fell 45% Tuesday amid speculation a prospective deal with Korea Development Bank to raise capital hit a snag and concerns mounted the firm would default on its debt. ...
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