Equity Reaps $150M From Lehman's $1.6B Archstone Stake Buy

Law360, New York (June 7, 2012, 2:27 PM EDT) -- Equity Residential raked in $150 million in termination fees when competing bidder Lehman Bros. Holdings Inc. closed Wednesday on a $1.58 billion deal for the sole chunk of the Archstone residential real estate investment trust the New York investment bank did not already own.

Lehman and the former owners of the contested 26.5 percent Archstone stake — Bank of America Corp. and Barclays Bank PLC — owed the Chicago-headquartered Equity, owned by billionaire real estate mogul Sam Zell, under two preexisting agreements, according to a statement...
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