Bank Failure: Lessons from Lehman Brothers

The first book to analyse the legal, commercial, and economic issues to arise in the Lehman Brothers litigation written by key advisers on the case.

This new book analyses the legal and practical issues experienced during the Lehman Brothers litigation, the largest and most complex bankruptcy proceedings in history. By examining the issues the work provides a useful reference source for future large scale and cross-border bankruptcy proceedings of multinational groups.

The author team includes experts from the various jurisdictions in which Lehman Brothers was operative, many of whom were involved in the litigation. The authors set out practical solutions to the issues faced, concerning, for example, the use of existing payment and settlement systems for consent solicitation, and filing instructions and insolvency distributions. Economic challenges, such as the valuation of distressed financial instruments, are also considered. Additionally, the book provides a critique of the current law, analysis of the interpretation and scope of core legal principles and makes recommendations for regulatory reform and judicial cooperation.

In this book first-hand accounts by key parties in the insolvency proceedings with expertise on the main issues are complemented by the views of selected independent experts to provide the first complete work on this ground-breaking litigation.

Surely Bank Failure will become the definitive work of reference on this vexed subject ... This must be one of the few legal texts around that reads almost like a medieval cautionary tale, albeit a detailed and protracted one, based on thorough and detailed research and also the personal experience and familiarity with the Lehman Brothers matter on the part of the majority of the of the books twenty-two contributors who include main insiders and third party experts.

Auteur
Professor Dennis Faber is Professor of Private and Commercial Law at the Business & Law Research Centre, Radboud University of Nijmegen, Senior Adviser with Clifford Chance LLP, Amsterdam, Justice at the Hague Court of Appeal and Series editor of the Oxford International and Comparative Insolvency Law Series. Niels Vermunt is a Senior Researcher in Private and Commercial Law at the Business & Law Research Centre, Radboud University of Nijmegen, Adviser with Linklaters LLP, Amsterdam and Series Editor of the Oxford International and Comparative Insolvency Law Series. The proposed contributors are some of the leading scholars and practitioners in the field, and many have been involved directly in the Lehman case.

Contenu

• Part I: United States

• 1: Anton R. Valukas, Robert L. Byman, and Daniel Murray: The Rise and Fall of Lehman Brothers

• 2: Ken Caputo, James W. Giddens, and Christopher K. Kiplok: The Liquidation of the New York Brokerage of Lehman Brothers

• 3: Stephen J. Lubben: Safe Harbor Provisions and the Special Treatment of Financial Contracts

• 4: Thomas M. Mayer: Substantive Consolidation

• 5: Harrison L. Denman: Equitable Subordination in Cross-Border Bankruptcy Proceedings

• Part II: United Kingdom

• 6: Hamish Anderson: Extended Liens

• 7: David Ereira: Protection of Client Money in the UK

• 8: Simon Firth: Treatment of Derivatives, Repo and Stock Lending Positions in the Lehman Proceedings

• 9: Sarah Worthington: The Scope and Application of the Anti-Deprivation Rule

• 10: Joanna Benjamin: Reuse and Rehypothecation of Financial Collateral

• Part III: Europe

• 11: Dennis Faber, Niels Vermunt, Rutger Schimmelpenninck, and Frederic Verhoeven: Consent Solicitation and the Use of a Composition Plan as a Valuation and Distribution Framework

• 12: Gareth J. Davies, Mark Helmantel, Dennis Faber, and Niels Vermunt: Valuation of Distressed Financial Instruments

• 13: Francisco Garcimartín: Treatment of Derivative Claims in Cross-Border Insolvency Proceedings