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Court holds that a bankruptcy termination provision that subordinates an in-the-money debtor’s right to a distribution may be an unenforceable ipso facto provision

Alston & Bird LLP
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USA
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June 16 2011

In Lehman Brothers Special Financing, Inc. v. Ballyrock ABS CDO 2007-1 Limited (In re Lehman Brothers Holdings, Inc.), Adv. P. No. 09-01032 (JMP) (Bankr. S.D.N.Y. May 12, 2011) hereinafter “Ballyrock”, the United States Bankruptcy Court for the Southern District of New York held that a contractual provision that subordinates the priority of a termination payment owing under a credit default swap (CDS) to a debtor in bankruptcy, and which caps the amount of the termination payment, may be an unenforceable ipso facto clause under section 541(c)(1)(B

Republicans circulate substitute summary of Financial Regulatory Reform Bill; cloture motion on Senate bill fails for third time

Alston & Bird LLP
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USA
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April 28 2010

Yesterday, Senate Republicans circulated a brief summary of the Financial Regulatory Improvement and Taxpayer Protection Act, a Republican substitute to the Restoring American Financial Stability Act of 2010 (S.3217) previously passed by the Senate Banking Committee along party lines, and which has failed to reach the Senate floor for debate following three failed cloture motions by Senate Majority Leader Harry Reid (D-NV), including today's 56-42 rejection of the motion

ISDA will publish auction protocol for the settlement of credit derivatives referencing Smurfit-Stone Consolidated Enterprises, Inc.

Alston & Bird LLP
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Global
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January 27 2009

On Monday, the International Swaps and Derivatives Association, Inc. (ISDA) announced that it will issue a CDS auction protocol regarding the settlement of credit derivatives that reference Smurfit-Stone Consolidated Enterprises Inc

Lehman Brothers’ credit default swap settlement completed

Alston & Bird LLP
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USA
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October 23 2008

Yesterday, the Depository Trust & Clearing Corporation (DTCC) announced that its Trade Information Warehouse (TIW) successfully completed on October 21st settlement of the over-the-counter credit default swaps (CDS) related to the credit event of Lehman Brothers Holdings Inc

Search results

Court holds that a bankruptcy termination provision that subordinates an in-the-money debtor’s right to a distribution may be an unenforceable ipso facto provision

Republicans circulate substitute summary of Financial Regulatory Reform Bill; cloture motion on Senate bill fails for third time

ISDA will publish auction protocol for the settlement of credit derivatives referencing Smurfit-Stone Consolidated Enterprises, Inc.

Lehman Brothers’ credit default swap settlement completed

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