Lehman Brothers - The Week That Was.
updated October 2009
Lehman Brothers Holdings Inc (“LBHI”) filed a petition (case number 08-13555) in the United States Bankruptcy Court for the Southern District of New York seeking relief under Chapter 11 of the United States Bankruptcy Code (“Chapter 11”).
Lehman Brothers Special Finance Inc filed Chapter 11 petition on 3 October 2008.
UK court made four orders providing for the appointment of Dan Schwarzmann,
Anthony Lomas, Steven Pearson and Michael Jervis, all partners of PricewaterhouseCoopers LLP,
as Joint Administrators of the following UK companies:
- Lehman Brothers Holdings Plc
- Lehman Brothers International (Europe) (“LBIE”)
- LB UK RE Holdings Ltd
- Lehman Brothers Ltd
The following actions were taken against these European entities:
- Moratorium imposed on Lehman Brothers Bankhaus AG by Federal Financial Supervisory Authority of Germany (BaFin)
- Administrator appointed by Commission Bancaire in respect of Banque Lehman Brothers SA and LBIE (French branch)
The Japan Financial Services Agency issued administration orders against Lehman Brothers Japan Inc (“LBJ”)
LB 745 LLC filed for Chapter 11 (case number 08-13600).
LBJ and Lehman Brothers Holdings Japan Inc applied to the Tokyo District Court to commence civil rehabilitation under Japanese Civil Rehabilitation Law (民事再生法)and the order was granted on the same day.
Regulatory restrictions imposed on these Hong Kong entities:
- Lehman Brothers Securities Asia Limited (“LB Securities”)
- Lehman Brothers Futures Asia Limited (“LB Futures”)
- Lehman Brothers Asia Limited (“LB Asia”)
- Lehman Brothers Asset Management Asia Limited
Provisional Liquidators appointed in respect of LB Securities and LB Futures.
Provisional Liquidators appointed in respect of the following Hong Kong entities:
- LB Asia
- Lehman Brothers Commercial Corporation Asia Limited
- Lehman Brothers Asia Holdings Limited
The Bankruptcy Court approved the sale of certain assets of LBHI to Barclays Capital Inc.
22 September 2008
Nomura Holdings, Inc announced its agreement to acquire Lehman Brothers?f franchise in Asia Pacific region including Japan and Australia.
September 23, 2008
Nomura announced it had reached an agreement to acquire the European and Middle Eastern equities and investment banking operations of Lehman Brothers.
Lehman Brothers Creditors' website
Lehman Brothers Court Proceedings
- Application for direction made by the administrators of LBIE to the court under paragraph 63 of Schedule B1 to the Insolvency Act 1986 (as to the treatment of cash converted from securities).
- Application made by LBIE UK administrators pursuant to paragraphs 63 and 68(2) of schedule B1 to the Insolvency Act 1986 (by way of a Part 8 claim form) to ask the court to sanction a scheme of arrangement under Part 26 of the Companies Act 2006 between LBIE and certain "scheme creditors".
- Application to release securities trapped in LBIE
- Amended Agenda for 24 June 2009 hearing.
- Court Order relating to the settlement and transfer of “Prepetition” Derivatives Contracts (16 December 2008).
Other Lehman Distractions
- Nomura Sued Over Fees for Lehman Banker Recruitment (Bloomberg, 19 August 2009)
- Headhunter Hogarth cites Nomura phone calls in court claim (Timesonline, 20 August 2009).
Last updated July 2009^