News & Analysis as of

Chapter 11 Lehman Brothers Commercial Bankruptcy

Cadwalader, Wickersham & Taft LLP

Second Circuit’s Lehman Flip Clause Decision Continues the Expansion of the Bankruptcy Code Safe Harbors

On August 11, 2020, the United States Court of Appeals for the Second Circuit affirmed lower court decisions rejecting Lehman Brothers Special Financing Inc.’s (“LBSF”) attempt to recover nearly $1 billion in payments to...more

Orrick, Herrington & Sutcliffe LLP

Second Circuit Affirms Enforceability of Flip Provisions in Swap Agreements Under Bankruptcy Code Safe Harbor

For over a decade, Lehman Brothers Special Financing (“LBSF”) has been litigating the enforceability of so-called “flip clauses” in connection with the post-bankruptcy liquidation of swap agreements. These clauses, which are...more

Kramer Levin Naftalis & Frankel LLP

You’ve Got Contract: An Email Establishes Binding Settlement in the Second Circuit

In Shinhan Bank v. Lehman Brothers Holdings Inc. (In re Lehman Brothers Holdings Inc.), 17-2700 (2d Cir. July 17, 2018), the Second Circuit upheld the bankruptcy court’s and district court’s ruling that an email by...more

Kramer Levin Naftalis & Frankel LLP

Second Circuit: Reclassification of Claim as Equity Interest? Not Unless It Is Duplicative

The Second Circuit affirmed the bankruptcy and district courts’ decisions subordinating claims asserted against the Debtor by holders of restricted stock units. However, while the court agreed with the lower courts that the...more

Kramer Levin Naftalis & Frankel LLP

Debt Dialogue: February 2017 - Media Center

This month’s issue of Debt Dialogue addresses the Second Circuit’s recent Marblegate decision, the controversy generated by last year’s Cash American decision, and payment of indenture trustee fees in bankruptcy, as well as...more

A&O Shearman

Judge Chapman Flips the Script

A&O Shearman on

US Bankruptcy Court for the Southern District of NY Grants Noteholders’ Motion to Dismiss Based on Lehman’s Failure to State Claim With Respect to Flip-Clause Litigation - On June 28, 2016, in what essentially was a...more

Orrick, Herrington & Sutcliffe LLP

Distressed Download - March 2015

What Happens in Delaware Does Not Always Stay in Delaware: Caesars Victorious in Venue Battle - On Wednesday, January 28, the Bankruptcy Court for the District of Delaware transferred venue for the involuntary bankruptcy...more

Katten Muchin Rosenman LLP

UK Court Decision Demonstrates Importance of Compliance With ISDA Market Quotation Procedures

The High Court of England and Wales (Commercial Court) recently decided in favor of Lehman Brothers Finance S.A. (in liquidation) (LBF) against Sal. Oppenheim Jr. & Cie. KGAA (Oppenheim). The matter involved a dispute over...more

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