ING, Lehman Bros. Wrestle Over $145M Loan

Law360, New York (October 22, 2008, 12:00 AM EDT) -- ING Real Estate Finance LLC wants the automatic stay lifted in Lehman Brothers Holdings Inc.'s bankruptcy proceedings in order to take away the investment bank's control of a $145 million development loan for a Manhattan hotel and condominium project.

The loan is intended to cover acquisition and preconstruction costs for the development of the Shangri-La Hotel, New York, according to ING's motion, filed Tuesday in U.S. Bankruptcy Court for the Southern District of New York.

Designed by British architect Lord Norman Foster, the 64-story hotel is...
To view the full article, register now.