Lehman Wins Approval To Sell NY Building For $161M

Law360, New York (June 15, 2011, 7:20 PM EDT) -- A New York bankruptcy judge on Wednesday approved a deal to sell Lehman Brothers Holdings Inc.'s interest in a condominium project for a minimum of $161.5 million, overruling an objection from bondholders who wanted to wait for a better price.

U.S. Bankruptcy Judge James M. Peck gave his blessing to the settlement, under which the property would be sold at auction with L&L Holding Co. LLC serving as a minimum bidder. The dispute over the building is just one of many loose ends on the table...
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