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Lehman Ap 21

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    Comment - AvalonBay

  1. AvalonBay Communities Inc: Building Growth From The Ground Up

    Apr 20, 2015 | Seeking Alpha

    By Reuben Gregg Brewer

    ...That early 2013 acquisition was the joint purchase of the Archstone apartment portfolio from Lehman Brothers Holdings, Inc. for $16 billion, including the assumption of debt, by AvalonBay and Equity Residential (NYSE:EQR). This wasn't just any old acquisition, however. It was two of the industry's largest and best positioned REITs taking...

    2. Ernst & Young

  2. E & Y Pays $10M Fine to New York State Over Lehman Brothers

    Apr 20, 2015 | The Global Legal Post

    Big Four accountancy giant Ernst & Young has agreed to pay a $10 million to New York state to settle a lawsuit involving Lehman Brothers, the defunct Wall Street bank. It is the latest settlement by the group which paid $99 million to investors in 2013. The scheme allowed Lehman to hide billions of dollars in bad deals.

    3. Full Text of Stories Below

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

    Comment - AvalonBay

  1. AvalonBay Communities Inc: Building Growth From The Ground Up

    Apr 20, 2015 | Seeking Alpha

    By Reuben Gregg Brewer

    AvalonBay Communities Inc (NYSE:AVB) is a leading apartment real estate investment trust, or REIT, in the United States. It tends to own desirable high-end properties in high barrier to entry markets. The interesting thing is that it has a long history of building its own apartments-something that was overshadowed by a complex acquisition in 2013.

    A giant deal
    That early 2013 acquisition was the joint purchase of the Archstone apartment portfolio from Lehman Brothers Holdings, Inc. for $16 billion, including the assumption of debt, by AvalonBay and Equity Residential (NYSE:EQR). This wasn't just any old acquisition, however. It was two of the industry's largest and best positioned REITs taking out a private competitor of similar size and scale that was working its way back into the public space.

    It's worth a brief sidebar here to explain that Archstone was bought out by Lehman Brothers in 2007. That $23.7 billion deal was one of the reasons that Lehman imploded in 2008, in the middle of the property led 2007 to 2009 recession. It's also another reason why the sale of Archstone made big headlines.

    AvalonBay took roughly 40% of the properties, with Equity Residential taking the rest. Overnight AvalonBay's portfolio expanded by roughly 35%. It was a big deal. In fact, the Archstone name has popped up in AvalonBay's earnings releases for the past two years as a way to help explain performance, both good and bad. Overall, it's been a very good deal for AvalonBay...

    For full story:

    http://seekingalpha.com/article/3083326-avalonbay-communities-inc-building-growth-from-the-ground-up

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    2. Ernst & Young

  2. E & Y Pays $10M Fine to New York State Over Lehman Brothers

    Apr 20, 2015 | The Global Legal Post

    Big Four accountancy giant Ernst & Young has agreed to pay a $10 million to New York state to settle a lawsuit involving Lehman Brothers, the defunct Wall Street bank. It is the latest settlement by the group which paid $99 million to investors in 2013. The scheme allowed Lehman to hide billions of dollars in bad deals.The firm overlooked a scheme which the bank was using to temporarily sell bad debts which they could repurchase a week or so later, leaving the bank's balance sheet looking more healthy than it should be.

    Not caused by accounting issues According to the accountancy firm, there is no finding of wrongdoing. 'Lehman's audited financial statements clearly portrayed Lehman as what it was - a highly leveraged entity operating in a risky and volatile industry; and Lehman's bankruptcy was not caused by any accounting issues,' Ernst & Young said in a statement...

    For full story:

    http://www.globallegalpost.com/big-stories/e--y-pays-$10m-fine-to-new-york-state-over-lehman-brothers-79605688/

    Return to headline | Return to top

    3. Full Text of Stories Below

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