In re Lehman Brothers Holdings Inc.
Report of Court-Appointed Examiner (Volume 5)
SUMMARY: Earlier today, Anton Valukas, the court-appointed examiner in the bankruptcy cases of Lehman Brothers Holdings Inc. and its affiliates released his 2,200-page report. Mr. Valukas, a senior partner at the Chicago law firm of Jenner & Block, spent approximately a year investigating the circumstances surrounding Lehman's stunning collapse and September 15, 2008 bankruptcy filing.
While the court directed the examiner to investigate ten issues, the report groups those issues together into three substantive areas:
1. Why Did Lehman Fail? Are There Colorable Causes of Action That Arise From Its Financial Condition and Failure?
2. Are There Administrative Claims or Colorable Claims for Preferences or Voidable Transfers?
3. Are There Colorable Claims Arising Out of the Barclays Sale Transaction?
According to the report, "Lehman failed because it was unable to retain the confidence of its lenders and counterparties and because it did not have sufficient liquidity to meet its current obligations." While Mr. Valukas found that the "business decisions that brought Lehman to its crisis of confidence may have been in error but were largely within the business judgment rule," he also states that "the decision not to disclose the effects of those judgments does give rise to colorable claims against the senior officers who oversaw and certified misleading financial statements." He also states that there are colorable claims against Lehman’s external auditor Ernst & Young.
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DOCUMENT INFO
Doc Type:
Other
Filed: 3/11/2010- Hot Document!
See Related Docs
Legal Document Name:
In re Lehman Brothers Holdings Inc.
Report of Court-Appointed Examiner (Volume 5)
Case Number: 08-13555
Jurisdiction: Federal, 2nd Circuit, New York
Legal System: United States
Bankruptcy
Business Torts
Finance & Banking
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