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Lehman Alternative Dispute Resolution Procedures: A Path to Swap Monetization? |
October 16, 2009
Previously published on October 2009
On September 17, 2009 the United States Bankruptcy Court overseeing the Lehman Brothers bankruptcy proceedings entered an order (the "Order") establishing alternative dispute resolution ("ADR") procedures for certain derivative contracts. The Order affects counterparties who have interest rate swaps or other derivative transactions with Lehman entities and who either have not made all required payments or have "purportedly terminated" their agreements. Counterparties who have performed in accordance with their existing obligations or who have consensually terminated their swaps are not subject to the Order.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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