Two Archstone Owners Decide to Sell Their Stakes

By Mel Daris:Bank of America (BAC) elected to sell its stake in the apartment building owner Archstone to Lehman Brothers.

Bank of America Corp. and Barclays Bank PLC are selling their stake in apartment building owner Archstone to Lehman Brothers Holdings Inc.'s bankruptcy estate for $1.58 billion.

NEW YORK (AP) -- Bank of America Corp. and Barclays Bank PLC are selling their stake in apartment building owner Archstone to Lehman Brothers Holdings Inc.'s bankruptcy estate for $1.58 billion....

NEW YORK (Reuters) - Lehman Brothers Holdings Inc,

Lehman Brothers Holdings Inc., which is still selling assets after exiting bankruptcy last year, said it will pay US$14.2-billion to creditors and affiliates on April 4. Depending on available funds, the following payout will take place around Sept. 30, the defunct investment bank said in a statement Wednesday. Lehman, which filed the biggest bankruptcy in U.S. history in 2008, has so far paid creditors about 9 cents on the dollar, or half of what it expects to pay by about 2016. Its first payment was US$22.5-billion and its second distribution was about US$10.5-billion.

NEW YORK (Reuters) - Lehman Brothers Holdings Inc, one of three owners of Archstone, has reached a deal to buy the last portion of the apartment company it does not own for $1.58 billion, said a source familiar with the deal on Thursday. Lehman will buy the 26.5 percent of Archstone that it already does not own from Bank of America Corp and Barclays Plc . In January, Lehman bought half the banks' stake, or 26.5 percent of the Archstone, for $1.325 billion. That came after Barclays and Bank of America agreed to sell the 26.5 percent stake to Equity Residential , whose chairman is Sam Zell. ...

The Wall Street Journal is reporting that Lehman Brothers Holdings Inc.'s bankruptcy estate has reached a deal to acquire a bigger stake in apartment-building owner Archstone for $1.58 billion.

The estate of Lehman Brothers Holdings Inc. is planning this week to use $1.33 billion in cash to buy a 26.5% stake in apartment giant Archstone.