WL Ross Drops $110M For Majority Stake In Gas Shipping Co.

Law360, New York (August 10, 2012, 3:29 PM EDT) -- New York distressed debt investor WL Ross & Co. has increased its stake in maritime transportation firm Navigator Holdings Ltd. to more than 50 percent, acquiring 4.4 million shares from the trustee of bankrupt Lehman Brothers Inc. for $110 million, WL Ross said Friday.

The Lehman trustee, James W. Giddens, filed a motion to approve the purchase agreement in the former investment giant's Securities Investor Protection Act liquidation proceedings in federal bankruptcy court in New York. If the purchase is approved, WL Ross will gain control...
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