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Lehman Mar 4

    Client Attorney Privileged/Attorney Work Product/At Request of Counsel

    Canyon Ranch

  1. Canyon Ranch Soothes Condo Owners' Ch. 11 Complaints

    Mar 3, 2015 | Law360

    By Andrew Scurria

    Lawyers for the Canyon Ranch condominium project backed by Lehman Brothers Holdings Inc. unveiled a settlement Tuesday of $341 million in damages claimed by condo unit holders who fought against the Miami development’s bankruptcy sale to private equity firm Z Capital Partners.

    2. Bonus Distribution

  2. Sleazy Lehman Bros. Only Paid $44 Million In Bonuses Last Year, Thanks Obama

    Mar 3, 2015 | Wonkette

    By Virginia Blue

    Pop quiz: What do you do if you’re the last vestige of Lehman Brothers, the banking and investment company whose demise was the biggest bankruptcy filing in U.S. history and now you’re in the post-bankruptcy process of slowly unraveling the clusterfuck that you caused in the world economy?

    3. Setai Hotel

  3. Miami Beach's Setai Hotel Sells for $90 Million

    Mar 3, 2015 | Bloomberg (in Daily business Review)

    Nakash Holdings, a closely held investment firm controlled by the founders of jeans company Jordache Enterprises, teamed with the von Furstenberg family to buy the Setai hotel in Miami Beach from Lehman Brothers Holdings Inc. Nakash and the von Furstenbergs bought the 120-room property for almost $90 million, or $750,000 per room...
  4. Nakash and Von Furstenberg Families Join Forces As New Owners of The Setai Miami Beach

    Mar 3, 2015 | Hotel News Resource

    ...Nakash Holdings purchased the hotel from a subsidiary of Lehman Brothers Holdings Inc. The sale closed on Friday, February 27. The new ownership is committed to maintaining the high levels of personalized service and luxury amenities that have defined the hotel and created loyalty with an affluent international clientele for the past ten years...

    5. Full Text of Stories Below

    Client Attorney Privileged/Attorney Work Product/At Request of Counsel

    Canyon Ranch

  1. Canyon Ranch Soothes Condo Owners' Ch. 11 Complaints

    Mar 3, 2015 | Law360

    By Andrew Scurria

    Lawyers for the Canyon Ranch condominium project backed by Lehman Brothers Holdings Inc. unveiled a settlement Tuesday of $341 million in damages claimed by condo unit holders who fought against the Miami development’s bankruptcy sale to private equity firm Z Capital Partners.

    The deal signals peace between former Canyon Ranch owner FL 6801 Spirits LLC and more than 500 condo buyers that have been vocal opponents throughout the mixed-use hotel and residential project's eight-month bankruptcy. The deal terms call for an immediate $1.6 million payment to the residents’ three condo associations, which agreed to walk away from claims that the property’s change in control would deprive them of the luxury lifestyle they paid for.

    ...Financed by Lehman before the financial crisis, Canyon Ranch entered bankruptcy sporting a $12 million offer from Montreal-based 360 Vox LLC.

    Z Capital bested that bid and, after a contested sale process, granted concessions to win support for the deal from North Carillon Beach Condominium Association Inc., Central Carillon Beach Condominium Association Inc. and South Carillon Beach Condominium Association Inc.

    Judge Chapman approved the sale to Z over a competing offer from a joint venture between two residents and an affiliate of Capella Hotel Group LLC that would have been consummated through a Chapter 11 plan instead of a bankruptcy sale.

    Representing some 580 unit owners, the associations worried that a sale to Z Capital would drain value from their units and hurt their chances of prevailing in the stayed state court litigation. Under the settlement reached over the weekend, the associations pledged not to seek payments for their efforts toward reaching a restructuring consensus.

    The deal also released Lehman and the Canyon Ranch management company from liability.

    Under the Z Capital deal, which has now closed, the buyer paid $500,000 to brokerage firm CBRE Group, with secured lender Pami Ali LLC getting first dibs on the remaining $21 million.

    The associations are represented by Hinshaw & Culbertson LLP, Tripp Scott, Bracewell & Giuliani LLP and Brown Rudnick LLP.

    For full story:

    http://www.law360.com/articles/627298/canyon-ranch-soothes-condo-owners-ch-11-complaints

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    2. Bonus Distribution

  2. Sleazy Lehman Bros. Only Paid $44 Million In Bonuses Last Year, Thanks Obama

    Mar 3, 2015 | Wonkette

    By Virginia Blue

    Pop quiz: What do you do if you’re the last vestige of Lehman Brothers, the banking and investment company whose demise was the biggest bankruptcy filing in U.S. history and now you’re in the post-bankruptcy process of slowly unraveling the clusterfuck that you caused in the world economy? Do you a) feel really sorry and promise never to be in charge of more than $15 of anyone else’s money for the entire rest of your life, or b) give your employees $44 million in bonuses, because even though they work for the remains of the company that started a global financial meltdown, they’re still swell! Yeah, this quiz was too easy, ugh, the answer is b. And we ask ourselves, once again, how is it that Occupy didn’t end up with heads on spikes?

    After filing for bankruptcy in 2008 and then exiting bankruptcy after being sold as a reorganized company with a new board of directors in 2012, Lehman Brothers Holdings (as the sad remainder of the company is called) is continuing to sell off its assets in order to pay back its creditors, a process that takes years. And during that time, employees keep getting bonuses. In 2013, the post-bankruptcy employees received $50 million in bonuses, while in 2014, they only received $44 million. Sadface.

    The Wall Street Journal reports:

    Lehman has previously said it expects to pay its postbankruptcy employees and other outside professionals about $1.1 billion over the next three-plus years.

    Meanwhile, the nine board members of Lehman Brothers Holdings:

    received $5.2 million in incentive payments, according to court papers. The incentive payments are based on a sliding scale linked to “value” distributed to unsecured creditors, the speed of the distributions and the reduction of claims against Lehman.

    Which is approximately $578,000 in “incentive payments” to each board member. Seriously, how can we get a job like this, getting an unbelievably sweet bonus while unraveling the transactions of the defunct bank that helped wreck the world economy?

    To be honest, while $44 million in bonuses paid among a few hundred employees (about $146,000 in bonuses each) is an extremely lovely amount of money to most normal people, you are probably aware that a Wall Street bank-type biz could act in a much, MUCH more egregious fashion. Let us even use Lehman Brothers as our example! In 2007, before the market collapsed, 50 of Lehman’s top employees made $700 million (an average of $14 million in total compensation each, with some receiving $8 million and some receiving $50 million). If you look at it that way, the ones who are getting $146,000 this year are probably sitting around crying. But here’s who’s really crying — the rest of us. The median household income in 2013 in U.S. America was $51,939, and most of us do NOT get $10 million or $146,ooo or even $1,000 in bonus money. Ever...

    For full story:

    http://wonkette.com/578193/sleazy-lehman-bros-only-paid-44-million-in-bonuses-last-year-thanks-obama


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    3. Setai Hotel

  3. Miami Beach's Setai Hotel Sells for $90 Million

    Mar 3, 2015 | Bloomberg (in Daily business Review)

    Nakash Holdings, a closely held investment firm controlled by the founders of jeans company Jordache Enterprises, teamed with the von Furstenberg family to buy the Setai hotel in Miami Beach from Lehman Brothers Holdings Inc.

    Nakash and the von Furstenbergs bought the 120-room property for almost $90 million, or $750,000 per room, according to Jonathan Bennett, managing director at New York-based Nakash. He declined to comment on the size of the ownership stakes. The purchase closed Friday, the buyers said in a statement.

    ...Kimberly Macleod, a Lehman spokeswoman, declined to comment on the deal.

    In 2013, a group including the Nakash family bought the former Versace mansion, also in Miami Beach, for $41.5 million. The home was previously owned by fashion designer Gianni Versace, who was murdered on the doorstep in 1997.

    For full story:

    http://www.dailybusinessreview.com/home/id=1202719439592/Miami-Beachs-Setai-Hotel-Sells-for-90-Million?mcode=1202617073880&curindex=1&slreturn=20150204032002

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  4. Nakash and Von Furstenberg Families Join Forces As New Owners of The Setai Miami Beach

    Mar 3, 2015 | Hotel News Resource

    The Setai Miami Beach announced today new ownership by Nakash Holdings and the von Furstenberg family. Nakash Holdings is a privately held investment company controlled by the founders of Jordache Enterprises, of designer jeans fame. Financier Alex von Furstenberg and family are partnering with the Nakash family in this venture.

    "Since opening in 2004, The Setai has defined luxury hospitality in Miami. We feel there is enormous opportunity for the brand and continued growth," stated Alex von Furstenberg.

    "Miami has become an oasis of glamour, energy and beauty and The Setai captures it all with an international luxury experience," said Diane von Furstenberg.

    Nakash Holdings purchased the hotel from a subsidiary of Lehman Brothers Holdings Inc. The sale closed on Friday, February 27. The new ownership is committed to maintaining the high levels of personalized service and luxury amenities that have defined the hotel and created loyalty with an affluent international clientele for the past ten years...

    For full story:

    http://www.hotelnewsresource.com/article82415.html

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