NEW YORK CITY-A slew of news is breaking in the financialsector, all of it having at least some impact on the commercialreal estate industry.
Lehman Bros.’ management announced that the firm will file forChapter 11 bankruptcy protection. The move comes just after theinvestment bank put in place a restructuringplan that includes selling $25 billion to $30 billionof commercial real estate assets. You can view Lehman’s bankruptcystatement here.
On the acquisition front, Bank of America is buying the famousinvestment bank Merrill Lynch for $50 billion. According to thisWall Street Journal article,like Lehman, Merrill has tens of billions of dollars in assets thatwere devalued due to the credit crunch.
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