Lehman, Banks Face Off Over Zell's $1.3B Archstone Bid

Law360, New York (January 5, 2012, 7:42 PM EST) -- Bankrupt Lehman Brothers Holdings Inc. went head-to-head Thursday with Bank of America Corp. and Barclays PLC over the banks' attempts to sell part of their interest in Archstone to one of the apartment owner's biggest rivals, Sam Zell's Equity Residential, for $1.33 billion.

Lehman — which currently owns 47 percent of Archstone, with the banks owning the rest — argued that the banks violated an equity holders' agreement when they failed to tell Lehman that they had granted Equity an option to purchase half of their...
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