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Lehman Secures $200M Mortgage Deal

Law360 (June 8, 2009, 12:00 AM EDT) -- With approval from the bankruptcy court, a nondebtor subsidiary of Lehman Brothers Holdings Inc. is set to acquire hundreds of millions of dollars in mortgages to shore up a foundering Miami Beach real estate project Lehman largely funded.

On Friday, Judge James M. Peck of the U.S. Bankruptcy Court for the Southern District of New York allowed Lehman to purchase as much as $200 million of mortgages from Americor Mortgage Inc. to facilitate the successful sale of condominiums in the Canyon Ranch Living Miami Beach condominium...
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