Court:
U.S. District Court (S.D.N.Y.)
Amicus Issue:
Whether “flip clauses” – which subordinate amounts payable to Lehman (in favor of collateralized debt obligation (CDO) noteholders) on the termination of credit default swaps backing synthetic CDOs – are enforceable, or whether such clauses are barred by the ipso facto doctrine of bankruptcy law.
Counsel of Record:
Orrick, Herrington & Sutcliffe LLP
Thomas C. Mitchell
Shaila R. Diwan
Law Office of Steven J. Fink PLLC
Steven J. Fink
Other Amici:
International Swaps and Derivatives Association