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You can find more stories like this in our "On the Brink" series.

The sale of

Lehman Brothers'

investment-management unit has been delayed because of wrangling over how to run the business and pay fund managers, according to a media report.

Lehman, which earlier this month filed for bankruptcy, wanted to announce the sale to

Bain Capital


Hellman & Friedman

by last week,


reports, citing people familiar with the talks.

Sticking points include the new company's management structure, compensation at the Neuberger Berman fund unit, and valuing Lehman's private-equity assets,



Bain and Hellman, which originally submitted separate bids, are now negotiating to buy the unit together, valuing the business at less than $4 billion,



This article was written by a staff member of