Lehman Blasts Zell's New $1.5B Archstone Bid

Law360, New York (March 6, 2012, 1:12 PM EST) -- Lehman Brothers Holdings Inc. urged a New York bankruptcy judge Monday to foil what it called an "unconscionable" $1.5 billion bid by Sam Zell’s Equity Residential for Bank of America Corp. and Barclays PLC's stake in rival apartment company Archstone.

In an amended complaint, Lehman claimed Equity had unfairly increased its original $1.3 billion bid for the banks’ remaining 26.5 percent stake in Archstone. The new offer, announced Feb. 21, would unjustly enrich the banks at the expense of Lehman, which owns the other 73.5 percent...
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