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Enforceability of subordination provisions in synthetic CDOs a Lehman perspective

  • Kramer Levin Naftalis & Frankel LLP
  • -
  • United Kingdom, USA
  • -
  • February 3 2010

On January 25, 2010, the U.S. Bankruptcy Judge Peck struck down a provision that used the bankruptcy of Lehman Brothers Holdings, Inc. (“LBHI”) to trigger subordination of a Lehman subsidiary’s swap claim against a securitization vehicle in the United Kingdom