Paulson Drops Learjet Acquisition Plan: The group...

Paulson Drops Learjet Acquisition Plan: The group that is acquiring Gulfstream Aerospace Corp. has let its $60-million agreement to buy Learjet Corp. expire, due to fears that the bankruptcy filing by Learjet’s parent, Integrated Resources Inc., could hamper the deal. A spokesman for Gulfstream said the company’s chairman, Allen E. Paulson, decided to drop plans to acquire the corporate jet maker out of concern that the bankruptcy case could lead to a bidding fight for Learjet. Integrated, a diversified holding company based in New York, filed for Chapter 11 bankruptcy protection from creditors on Feb. 13. That same day, a group led by Paulson and the investment firm Forstmann Little & Co. announced an agreement to buy Gulfstream for $825 million from Chrysler and a letter of intent to buy Learjet.