Ross: Price for Lehman Shipping Stake Is Fair

Billionaire Wilbur Ross said his company is paying a fair price for shares in a shipping company held by defunct brokerage Lehman Brothers Inc., after hedge fund Elliott Management Corp. said the price was too low.

Elliott, a creditor of the brokerage, said the 34 percent stake in gas-tanker operator Navigator Holdings Ltd. is being offered to WL Ross & Co. for about $110 million without a proper bidding process.

Trustee James Giddens would be letting Ross’s company, which already owns Navigator shares, raise its stake to 61 percent without paying a premium for control, Elliott said Monday in a bankruptcy court filing in Manhattan.

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