January 24, 2012 8:07 PM
As Lehman’s Bankruptcy Bill Grows, Four Firms Advise On Estate’s Acquisition of Archstone Stake
Posted by Brian Baxter
Even as fresh regulatory filings showed fees for outside legal, financial, and accounting advisers in the Lehman Brothers bankruptcy hitting $1.5 billion in December, the defunct investment bank on Tuesday appeared to snatch away a $1.3 billion stake in apartment owner Archstone from Sam Zell’s Equity Residential.
The Am Law Daily reported in December on the three firms advising on Equity Residential’s offer to purchase a 26.5 percent stake in the real estate investment trust from Bank of America and Barclays. That proposed deal came four years after Lehman teamed with property developer Tishman Speyer to take Archstone private in a $22.2 billion leveraged buyout, with BoA and Barclays providing some of the financing.
When Lehman filed the largest Chapter 11 case in U.S. history in September 2008, Barclays acquired most of the investment bank’s North American assets in a fire sale. Lehman retained a 47 percent ownership stake in suburban Denver-based Archstone, which owns more than 425 communities and nearly 75,000 apartments throughout the U.S. and Europe; the remaining 53
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