For over a decade, Lehman Brothers Special Financing (“LBSF”) has been litigating the enforceability of so-called “flip clauses” in connection with the post-bankruptcy liquidation of swap agreements. These clauses, which are...more
As noted in our Financial Industry Alert published on January 17, 2020, one of the most daunting challenges for the forthcoming transition from LIBOR to an alternative reference rate has to be the impact of the prospective...more
2/7/2020
/ Alternative Reference Rates Committee (ARRC) ,
Benchmarks ,
Constitutional Challenges ,
Consumer Lenders ,
Contract Terms ,
Contracts Clause ,
Due Process ,
Financial Services Industry ,
Interest Rates ,
ISDA ,
Libor ,
Opt-Outs ,
Secured Overnight Funding Rate (SOFR) ,
Sveen v Melin ,
UK
In a March 19, 2019 summary order, the U.S. Court of Appeals for the Second Circuit affirmed the district court’s dismissal of a purported shareholder’s appeal challenging the chapter 15 recognition of a Cayman Islands...more
4/2/2019
/ Appeals ,
Bankruptcy Code ,
Cayman Islands ,
Chapter 15 ,
COMI ,
Commercial Bankruptcy ,
Debt Restructuring ,
Debtors ,
Dismissals ,
Jurisdiction ,
Liquidation ,
Reaffirmation ,
Shareholder Litigation ,
Standing
In an April 6, 2018 memorandum opinion and order, U.S. District Judge John G. Koeltl dismissed an appeal challenging the Chapter 15 recognition of a Cayman Islands restructuring of an offshore drilling contractor, holding...more
4/17/2018
/ Appeals ,
Article III ,
Chapter 15 ,
Commercial Bankruptcy ,
Dismissals ,
Distressed Debt ,
Equitable Mootness ,
Offshore Drilling ,
Oil & Gas ,
Shareholders ,
Standing