According to Rosslyn LB Syndication Partner, the US Real Estate Opportunities fund, which is run by Goldman Sachs, walked away from a deal to acquire a ten-office property portfolio in Virginia.
In the filing the Lehmans unit has called for $100 million in damages from Goldman and described the cancellation of the transaction as âunjustifiedâ.
The USREO/Rosslyn Investors fund is believed to have called off the deal two days before the closing date because Lehman failed to satisfy certain terms of the agreement.
Lehman alleged that the terms of the deal provided the firm with a 15 day extension in which any problems could be resolved but Goldman failed to adhere to this part of the agreement.
The proposed sale of its 78.5 per cent stake in the real estate was part of a strategy to offload its property assets and pay back funds owed to creditors.
Lehman filed what is thought to be the biggest bankruptcy in business history on 15 September 2008.
By Jim Ottewill