Lehman OK'd To Bid $255M On Office Tower Investment

Law360, New York (June 16, 2010, 7:03 PM EDT) -- A judge has allowed bankrupt Lehman Brothers Holdings Inc. to offer a bid on $255 million worth of defaulted debt interest in a Manhattan office tower in order to help protect the former investment bank's $437 million existing stake in the building.

Judge James M. Peck approved the request Wednesday in the U.S. Bankruptcy Court for the Southern District of New York, cautioning Lehman that it would be entering into an auction for the defaulted notes having already disclosed its bid.

The building at issue, 237...
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