ISDA proposes amendments to 2014 Credit Derivatives Definitions relating to narrowly tailored credit events

Introduction

Filed under:
USA, Derivatives, Insolvency & Restructuring, A&O Shearman, Credit default swap, Commodity Futures Trading Commission (USA), International Swaps and Derivatives Association
Authors:
Donna M. Parisi , Geoffrey Goldman , Azam H. Aziz , Jennifer Oosterbaan
Location:
USA
Firm:
A&O Shearman
The United States Bankruptcy Court for the Southern District of New York deals loss to Lehman in interpreting loss under ISDA Master Agreement

In a blow to the Lehman Chapter 11 estates, the United States Bankruptcy Court for the Southern District of New York held on September 16, 2015 that Intel Corporation’s Loss calculation resulting from a failed transaction under an ISDA Master Agreement was appropriate.1 The decision is significant both because of the dearth of judicial interpretation of the ISDA mechanics regarding the calculation of early termination amounts, and because it affirms the general market understanding that a non-defaulting party has broad discretion in calculating “Loss,” so long as its

Filed under:
USA, New York, Derivatives, Insolvency & Restructuring, Litigation, A&O Shearman, Fair market value, Intel, Lehman Brothers, United States bankruptcy court
Authors:
Azam H. Aziz , Douglas P. Bartner , Bjorn Bjerke , Geoffrey Goldman , Joel Moss , Solomon J. Noh
Location:
USA
Firm:
A&O Shearman