Bank Failure: Lessons from Lehman Brothers

Edited by Dennis Faber and Niels Vermunt

First book to analyse the legal, commercial and economic issues to arise in the Lehman Brothers litigation.
Provides practical solutions to the various legal issues faced during the case.
Expert author team comprised of key parties in the insolvency proceedings and leading independent experts.
Contributions from the key jurisdictions involved providing comparison of new concepts and best practices.
Provides a critique of the law and ideas for legal/regulatory reform.

Bank Failure: Lessons from Lehman Brothers

Edited by Dennis Faber and Niels Vermunt

Description

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.

Bank Failure: Lessons from Lehman Brothers

Edited by Dennis Faber and Niels Vermunt

Part I: United States, Dennis Faber and Niels Vermunt
1:The Rise and Fall of Lehman Brothers, Anton R. Valukas, Robert L. Byman, and Daniel Murray
2:The Liquidation of the New York Brokerage of Lehman Brothers, Ken Caputo, James W. Giddens, and Christopher K. Kiplok
3:Safe Harbor Provisions and the Special Treatment of Financial Contracts, Stephen J. Lubben
4:Substantive Consolidation, Thomas M. Mayer
5:Equitable Subordination in Cross-Border Bankruptcy Proceedings, Harrison L. Denman
Part II: United Kingdom
6:Extended Liens, Hamish Anderson
7:Protection of Client Money in the UK, David Ereira
8:Treatment of Derivatives, Repo and Stock Lending Positions in the Lehman Proceedings, Simon Firth
9:The Scope and Application of the Anti-Deprivation Rule, Sarah Worthington
10:Reuse and Rehypothecation of Financial Collateral, Joanna Benjamin
Part III: Europe
11:Consent Solicitation and the Use of a Composition Plan as a Valuation and Distribution Framework, Dennis Faber, Niels Vermunt, Rutger Schimmelpenninck, and Frederic Verhoeven
12:Valuation of Distressed Financial Instruments, Gareth J. Davies, Mark Helmantel, Dennis Faber, and Niels Vermunt
13:Treatment of Derivative Claims in Cross-Border Insolvency Proceedings, Francisco Garcimartín

Bank Failure: Lessons from Lehman Brothers

Edited by Dennis Faber and Niels Vermunt

Author Information

Edited by Dennis Faber, Professor of Private and Commercial Law, Business & Law Research Centre, Radboud University of Nijmegen, and Niels Vermunt, Senior Researcher in Private and Commercial Law, Business & Law Research Centre, Radboud University of Nijmegen

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.

Contributors:

Dennis Faber
Niels Vermunt
Anton R. Valukas
Robert L. Byman
Daniel Murray
Ken Caputo
James W. Giddens
Christopher K. Kiplok
Stephen J. Lubben
Thomas M. Mayer
Harrison L. Denman
Hamish Anderson
David Ereira
Simon Firth
Joanna Benjamin
Sarah Worthington
Richard Salter QC
Rutger Schimmelpenninck
Frederic Verhoeven
Gareth J. Davies
Mark Helmantel
Francisco Garcimartín

Bank Failure: Lessons from Lehman Brothers

Edited by Dennis Faber and Niels Vermunt

Reviews and Awards

"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." - Phillip Taylor MBE and Elizabeth Taylor, Richmond Green Chambers