Bankruptcy
The Lehman flip clause flap
The decision of a US bankruptcy court to void contractual provisions that shield investors from the credit risk of swap counterparties in structured finance deals has put the legal systems of England and the US on a collision course. It also has…
Dubai: The legal issues highlighted by the crisis
Dubai World’s emergency debt restructure last year and the continuing debate over the integrity of sukuk products have rocked investor confidence in the Dubai International Financial Centre. Tricky structural work is needed to strengthen its legal…
Winding down Lehman
In an exclusive interview with Risk, the administrators of Lehman Brothers International (Europe) discuss their role in handling the largest bankruptcy in corporate history, revealing how the process has raised questions about prime brokerage agreements,…
US and English courts on potential collision course over Lehman structures
Legal battles over a series of collapsed structured finance transactions in which a subsidiary of Lehman Brothers was the swap counterparty could produce divergent opinions from US and English courts, causing far-reaching consequences for trustees and…
Irregularities mean that Keydata will not be sold as going concern, PwC
Keydata Investment Services Ltd (KIS) will not be sold as a going concern due to irregularities uncovered by insolvency administrator Pricewaterhouse Coopers (PwC).
UK Treasury releases investment bank insolvency report
Daily news headlines
Lehman Brothers files for bankruptcy
Daily news headlines
Tragedy or farce?
parmalat focus
A tissue of lies
american tissue
Back in the big league
bankruptcy
Creditors strike back
federal-mogul
The blame game
amerco
Crossed Swords
adelphia
Ultimate recoveries
Measuring recovery using the ultimate rate observed at emergence from bankruptcy may be conceptually desirable, but modelling it is difficult. Craig Friedman and Sven Sandow tackle the problem by maximising the creditor’s utility function, constructed…