Judge Peck

In re Lehman Bros.

Ruling: 
Claim by prime brokerage customer of debtor subordinated to claim of general unsecured creditors as arising from purchase or sale of securities.
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Commercial case opionion summary, case decided on January 27,2014, LexisNexis #0214-083

In re Plusfunds Group Inc.

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.
Ruling: 
Trust company could not reopen case to extend term of trust created under chapter 11 plan.
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Commercial case opionion summary, case decided on May 13,2013, LexisNexis #0613-005

In re Lehman Bros.

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.
Ruling: 
Settlement agreement providing for distribution of cash and securities to creditors in exchange for mutual releases approved.
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Commercial case opionion summary, case decided on April 16,2013, LexisNexis #0513-104

In re Lehman Bros.

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.
Ruling: 
Settlement between debtor, individuals and European counterpart proposed by Securities Investor Protection Act liquidating trustee approved.
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Commercial case opionion summary, case decided on April 16,2013, LexisNexis #0513-102

In re Kemsley

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.
Ruling: 
Recognition of foreign proceeding denied where debtor was domiciled in the U.S.
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Consumer case opionion summary, case decided on March 22,2013, LexisNexis #0413-138

In re Lehman Bros. Holdings Inc.

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.
Ruling: 
Attorneys' fees of individual members of unsecured creditors' committee could be approved pursuant to plan, if reasonable.
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Commercial case opionion summary, case decided on February 15,2013, LexisNexis #0313-062

Lehman Bros. Holdings v. JPMorgan Chase Bank (In re Lehman Bros. Holdings)

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.
Ruling: 
Preference period transfers to debtor's principal clearing bank were within safe harbor protection.
ABI Membership is required to access the full summary of Lehman Bros. Holdings v. JPMorgan Chase Bank (In re Lehman Bros. Holdings). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on April 19,2012, LexisNexis #0512-087

In re Lehman Bros. Inc.

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.
Ruling: 
Bank ordered to turn over collateral held under terminated swap agreement, which could not be used to satisfy debts owed to affiliate.
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Commercial case opionion summary, case decided on October 04,2011, LexisNexis #1011-124

Lehman Bros. Special Fin. v. Ballyrock ABS CDO-2007-1 Ltd. (In re Lehman Bros. Holdings)

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.
Ruling: 
Swap agreement with entity related to debtor was improperly terminated pursuant to ipso facto clause.
ABI Membership is required to access the full summary of Lehman Bros. Special Fin. v. Ballyrock ABS CDO-2007-1 Ltd. (In re Lehman Bros. Holdings). Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Commercial case opionion summary, case decided on May 12,2011, LexisNexis #0611-043

In re Lehman Bros. Holdings

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.
Ruling: 
Relief from order for sale of debtor's investment banking business denied where new information would not have changed outcome.
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Commercial case opionion summary, case decided on February 22,2011, LexisNexis #0311-041

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