Lehman granted court OK to assume $6.25 million undeveloped land purchase agreement

By Caroline Salls

Pittsburgh, Nov. 18 - Lehman Brothers Holdings, Inc. obtained court approval to assume an agreement for the $6.25 million sale of 50 acres of undeveloped land in Hamilton Township, N.J., to Engel Group LLC, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

According to the motion, the property has been subdivided into 125 lots, mostly intended to be used for single-family homes.

Lehman said it foreclosed on the land in connection with a bank loan default.

The sale will be completed in two phases, with phase one to include 63 properties and phase two to include 62 properties.

The phase one sale is required to close by Nov. 20, and the phase two sale is expected to close by Sept. 1, 2010, unless the buyer exercises an option to extend the closing date to March 1, 2011.

New York-based Lehman Brothers Holdings, the fourth-largest U.S. investment bank, filed for bankruptcy on Sept. 15. Its Chapter 11 case number is 08-13555.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.