Billionaire Wilbur Ross won a judge’s approval to buy shares in a shipping company held by Lehman Brothers Inc., Bloomberg News reported yesterday. WL Ross & Co. offered about $110 million for the 34 percent stake in gas-tanker company Navigator Holdings Ltd. Hedge fund Elliott Management Corp., a creditor of the brokerage, objected that Ross’s company, which already owns Navigator shares, would gain a controlling stake without paying a premium for control. Ross answered yesterday in a bankruptcy court filing that it bought most of its Navigator shares last year for the same $25 each that Lehman will receive. The Lehman brokerage liquidation is Securities Investor Protection Corp. v. Lehman Brothers Inc., 08-01420, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
