Lehman Brothers Special Financing v. BNY Corporate Trustee Services
Published on:
November 1, 2010
SIFMA has submitted an Amicus “Friend of the Court” Brief
Court:
U.S. District Court
(S.D.N.Y.)
Amicus Brief 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
51 West 52nd Street
New York, NY 10019
Steven J. Fink
Orrick, Herrington & Sutcliffe LLP
The Orrick Building
405 Howard Street
San Francisco, CA 94105
Thomas C. Mitchell