In re Lehman Bros.
Jan
27
2014
Ruling
Claim by prime brokerage customer of debtor subordinated to claim of general unsecured creditors as arising from purchase or sale of securities.
Issue(s)
Should claim of a prime brokerage customer of Lehman Brothers for breach of contract damages due to failure to execute an order for the sale of Lehman Brothers Holding bonds placed days before the Lehman collapse be subordinated to claims of general unsecured creditors.
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Court
:
In re Plusfunds Group Inc.
May
13
2013
Ruling
Trust company could not reopen case to extend term of trust created under chapter 11 plan.
Procedural posture
Movant trust company filed a motion to reopen debtor corporation's chapter 11 bankruptcy case so it could obtain permission from the court to extend the term of a trust that was created pursuant to a provision in the debtor's chapter 11 bankruptcy plan. An individual and several investment entities that were named as defendants in a civil action the trust company filed opposed the motion.
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Court
:
- FRBP
In re Lehman Bros.
Apr
16
2013
Ruling
Settlement agreement providing for distribution of cash and securities to creditors in exchange for mutual releases approved.
Procedural posture
A liquidating trustee for a bankruptcy debtor and creditors entered into a settlement agreement which provided for a distribution of cash and securities to the creditors and a mutual release of claims. The trustee moved for approval of the settlement agreement.
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Court
:
- FRBP
In re Lehman Bros.
Apr
16
2013
Ruling
Settlement between debtor, individuals and European counterpart proposed by Securities Investor Protection Act liquidating trustee approved.
Procedural posture
The trustee for the liquidation of the business of debtor under the Securities Investor Protection Act, 15 U.S.C.S. § 78aaa et seq. filed a motion seeking entry of an order pursuant to Fed. R. Bankr. P. 9019 approving the settlement and compromise between debtor, certain individuals, and its European counterpart.
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Court
:
In re Kemsley
Mar
22
2013
Ruling
Recognition of foreign proceeding denied where debtor was domiciled in the U.S.
Procedural posture
Chapter 15 debtor brought a contested petition for the recognition of his bankruptcy case pending in London as a foreign main or nonmain proceeding for an individual debtor.
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Court
:
- 11 U.S.C.
In re Lehman Bros. Holdings Inc.
Feb
15
2013
Ruling
Attorneys' fees of individual members of unsecured creditors' committee could be approved pursuant to plan, if reasonable.
Procedural posture
Debtors, a financial services firm and affiliated businesses, declared chapter 11 bankruptcy and proposed a plan for resolving claims that were filed against their bankruptcy estates. Individual members of an Official Committee of Unsecured Creditors filed an application for payment of attorneys' fees they incurred, and the U.S. Trustee for Region 2 ("UST") filed an objection to the application. The court held a hearing on the application.
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Court
:
- 11 U.S.C.
Lehman Bros. Holdings v. JPMorgan Chase Bank (In re Lehman Bros. Holdings)
Apr
19
2012
Ruling
Preference period transfers to debtor's principal clearing bank were within safe harbor protection.
Procedural posture
Defendant commercial bank sought to dismiss an amended complaint by plaintiff debtors in which they sought to recover funds transferred to defendant in the period immediately prior to debtors' chapter 11 filings on the ground that those transfers were recoverable under 11 U.S.C. § 547, 11 U.S.C. § 548 or other like provisions. The central issue was the extent to which 11 U.S.C. § 546 immunized defendant against such liability.
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Court
:
- 11 U.S.C.
In re Lehman Bros. Inc.
Oct
04
2011
Ruling
Bank ordered to turn over collateral held under terminated swap agreement, which could not be used to satisfy debts owed to affiliate.
Procedural posture
Debtor declared chapter 11 bankruptcy, and a federal district court issued a liquidation order and approved the appointment of a trustee under the Securities Investor Protection Act of 1970, 15 U.S.C.S. § 78aaa et seq. The trustee sought an order requiring a bank to turn over collateral it held that belonged to the debtor, and the bank filed a cross-motion for an order enforcing an agreement it entered with the debtor.
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Court
:
- 11 U.S.C.
Lehman Bros. Special Fin. v. Ballyrock ABS CDO-2007-1 Ltd. (In re Lehman Bros. Holdings)
May
12
2011
Ruling
Swap agreement with entity related to debtor was improperly terminated pursuant to ipso facto clause.
Procedural posture
Plaintiff company, which was involved in a swap agreement with defendant company, filed an adversary proceeding against defendant when defendant took steps to terminate the swap after the debtor, which was related to plaintiff, filed a Chapter 11 petition. Defendant filed a motion to dismiss for failure to state a claim upon which relief could be granted.
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Court
:
- 11 U.S.C.
In re Lehman Bros. Holdings
Feb
22
2011
Ruling
Relief from order for sale of debtor's investment banking business denied where new information would not have changed outcome.
Procedural posture
Movants, including the Official Committee of Unsecured Creditors (Committee) and the Trustee of debtor under the Securities Investor Protection Act (the SIPA Trustee), sought relief under Fed. R. Civ. P. 60(b) from an order approving the sale of debtor's assets to a buyer. The buyer filed a related motion to secure delivery of certain disputed assets.
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Court
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