The Lehman Brothers Holdings Inc. estate wants to invest $1.3 billion to increase its stake in Archstone, its biggest real estate asset - just one week after a bankruptcy judge approved its wind-down plan. The acquisition would require bankruptcy court approval. If it gets the "green light," Lehman will be going against Chicago real-estate magnate, Sam Zell, whose Sam Zell Equity Residential earlier this month agreed to acquire a 26.5% stake in Archstone from BofA and Barclays.  Mr. Zell would like to take over Archstone, which owns stakes in more than 70,000 apartments concentrated in major U.S. cities. Lehman, which currently owns 47% of Archstone and has an option to buy ahead of an outside offer, reportedly plans on matching the Zell offer - and it will tell the judge the investment is needed to protect the estate's interest in the company. The purchase would be the first step in a Lehman plan to gain control of Englewood, CO-based Archstone.  The defunct securities firm ultimately would seek to sell or liquidate Archstone for at least $6bn. Lehman's strategy depends on taking over Archstone, and to that end, it's been in talks with the Blackstone Group, Brookfield Asset Management, and others about raising money. For more info, go to  [WSJournal,  12/12/11]