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Lehman Files Complaint about $1.5B Equity Bid

CHICAGO-The New York City-based firm, which exited bankruptcy today, has filed an amendment to its suit against two banks to prevent the sale of the remaining shares of Archstone to Sam Zell’s firm.

By Robert Carr | Updated on March 06, 2012

CHICAGO-Lehman Bros., which today exited its four-year bankruptcy saga, has also filed an amendment to its lawsuit designed to block the sale of the rest of Denver-based Archstone to locally based Equity Residential. After two banks sold half of their share in Archstone in January, Lehman now owns 73.5% of the company.

Lehman sued Bank of America and Barclays Bank in its bankruptcy court in New York during late last year to delay or prevent them from selling 26.5% of Archstone to Equity. In early January, the court judge ruled that the banks could offer the interest to Equity, and Lehman, which had owned 47% of Archstone, was forced to buy the 26.5% for $1.3 billion to keep it out of Equity’s hands. Lehman calls Equity, chaired by Sam Zell, Archstone’s “biggest competitor.”

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