Lehman Sues To Keep Stake In $63M Foreclosed Hotel Loan

Law360, New York (June 26, 2012, 11:52 AM EDT) -- Lehman Brothers Holdings Inc. sued an Investcorp International Realty Inc. subsidiary on Friday, accusing the niche lender of failing to honor Lehman Brothers' minority stake in a foreclosed $62.5 million mezzanine loan to a hotel operator in breach of a joint lending agreement.

Lehman Brothers says IVC WH HG II LLC did not set up a joint operating company to house the joint interests, as required by the agreement between the two lenders, when it foreclosed on the loan in August. Lehman holds 30.9 percent and...
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