Business

Lehman bankruptcy estate to bid on Archstone stake

NEW YORK – Lehman Brothers Holdings Inc.’s bankruptcy estate plans to ask the judge overseeing the company’s reorganization for permission to spend $1.33 billion to buy an increased share of apartment building owner Archstone, according to the Wall Street Journal.

Lehman’s estate owns 47 percent of Englewood, Colo.-based Archstone and wants to buy another 26.5 percent of the company, according to a story published in Saturday’s edition of the Journal.

Archstone owns nearly 49,000 apartment units and has more than 1,000 under construction.

Full story: Lehman bankruptcy estate to bid on Archstone stake – CNBC.