Investors who acquired bank note from Lehman Brothers ended up owning hotel

ASPEN REAL ESTATE – The bankruptcy of investment banking giant Lehman Brothers at the start of the recession ended up having major implications on the fate of Aspen’s stately Hotel Jerome, according to a trail of public records.The ownership of the iconic hotel quietly fell into the hands this winter of three Chicago investors who earlier outmaneuvered competitors to acquire the loan note on the Jerome. Jerome Ventures LLC placed a winning bid in August 2009 to buy the note from Lehman Brothers, according to records in a Pitkin Court District Court case. A source familiar with the sale said it technically wasn’t part of the ongoing liquidation of Lehman Brothers. The company made the largest bankruptcy filing in U.S. history in 2008, triggering panic on Wall Street and helping plunge the country further into recession.
By Scott Condon, March 19, 2010 Aspen Times

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