Lehman withdraws motion for approval of Heritage project settlement

By Caroline Salls

Pittsburgh, Sept. 20 - Lehman Brothers Holdings Inc. has withdrawn its motion for approval of a settlement agreement with Heritage Fields Property, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of New York.

According to the settlement motion, Lehman was looking to assign its debt interest with respect to the Heritage Fields project to State Street Bank and Trust Co. in exchange for a payment of about $125 million plus an additional consideration.

Lehman would have also purchased up to a $32 million senior participation interest in an existing first mortgage loan from El Toro LLC to Heritage Fields El Toro LLC, the filing said.

New York-based Lehman Brothers Holdings Inc. was the fourth-largest investment bank in the United States. The company filed for bankruptcy on Sept. 15, 2008. Its Chapter 11 case number is 08-13555.

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