Lehman Takes Ownership Of Calif. Land Portfolio

Law360, New York (April 30, 2012, 6:48 PM EDT) -- Lehman Brothers Holdings Inc. on Monday said it officially snagged rights to more than a dozen California properties in a bid to recoup debt from SunCal Cos., putting to rest a long-running legal battle triggered by Lehman's bankruptcy.

The settlement deal — which gives the bank ownership of 14 projects throughout California formerly owned by SunCal affiliates — took effect months after a California bankruptcy judge approved it in October. Before that, a New York bankruptcy judge in July signed off on the terms.

With the...
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