Lehman Receives $224M Payout In Innkeepers Deal

Law360, New York (October 27, 2011, 7:42 PM EDT) -- An affiliate of Lehman Brothers Holdings Inc. has received a $224 million payout in connection with the sale of Innkeepers USA Trust's assets to Cerberus Series Four Holdings LLC and Chatham Lodging Trust, the bankrupt financial services firm announced Thursday.

Lehman ALI Inc. was Innkeepers' second-largest creditor after Midland Loan Services Inc., which has agreed to support the so-called modified fixed/floating plan — one of several plans in the bankruptcy — and to provide financing to Cerberus and Chatham to help pay for the property deal....
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