Lehman Wins Go-Ahead To Buy $1B Archstone Stake

Law360, New York (January 11, 2012, 1:54 PM EST) -- Lehman Brothers Holdings Inc. won bankruptcy court approval Wednesday to buy a $1.3 billion piece of Archstone, an apartment company it already co-owns, and keep the stake from falling into the hands of Archstone's biggest rival — for now.

U.S. Bankruptcy Judge James M. Peck signed off on Lehman's request to exercise its so-called right of first offer, which allows it to match a bid from real estate competitor Sam Zell's Equity Residential. Archstone is also co-owned by Bank of America Corp. and Barclays PLC, which...
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