Lehman Wins Nod For $5.2B Archstone Restructuring

Law360, New York (May 25, 2010, 6:18 PM EDT) -- A judge has allowed Lehman Brothers Holdings Inc. to enter into a $5.2 billion restructuring deal for struggling apartment investment firm Archstone-Smith Trust, in which the bankrupt investment bank acquired a stake through a 2007 leveraged buyout.

Judge James Peck granted Lehman’s request regarding the proposal on Tuesday in the U.S. Bankruptcy Court for the Southern District of New York, cautioning the parties against making any changes to the terms of the deal without prior approval from the court.

“I’ve only been burned once in this...
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