Lehman Brothers Holdings Inc. announced plans to spin off to its shareholders the "vast majority" of its commercial real-estate assets, sell about a 55% interest in its investment-management division and slash its dividend 93% as it also predicted a fiscal third-quarter loss of $3.9 billion.

The moves are part of Lehman's largest effort yet to dramatically reduce its exposure to commercial real estate and residential mortgages and generate additional capital.

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