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Ipso Facto Clauses Lehman Brothers

Dechert LLP

Second Circuit Affirms Enforceability of Swaps’ Flip Provisions

Dechert LLP on

Swaps, together with repurchase agreements, forward contracts, securities contracts and commodities contracts receive special treatment under the bankruptcy code-they are largely exempt from the automatic stay, bankruptcy...more

Mayer Brown

Second Circuit: Lehman Brothers “Flip Clause” Payments Are Protected Settlement Payments and Not Void as Ipso Facto Bankruptcy...

Mayer Brown on

Almost 12 years after the commencement of the Lehman Brothers bankruptcy case, we now know the answer to one of that case’s most interesting questions—namely, whether so-called “flip clauses” are protected settlement payments...more

Alston & Bird

Bankruptcy Court Broadly Applies Safe Harbors and Rejects Singular Event Theory Precedent

Alston & Bird on

In a decision that parts ways with two prior decisions in the Lehman bankruptcy, Lehman Brothers Special Financing Inc. v. Bank of America National Association, No. 10-3547, Bankruptcy Court Judge Shelley Chapman (who is ...more

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