Clients who desire to participate in the International Swaps and Derivatives Association, Inc. (“ISDA”) 2008 Lehman Brothers Holdings Inc. (“Lehman”) Credit Default Swap (“CDS”) Settlement Protocol (the “Settlement Protocol”) must do so by Wednesday, October 8, 2008 at 5:00 p.m. (New York time). The period to join the Settlement Protocol opens on Monday, October 6, 2008; accordingly, there is a relatively narrow window for clients to elect to participate.

Debtors operating under Chapter 11 bankruptcy protection routinely sell some or all of their assets during the course of their bankruptcy case. As part of a bankruptcy court approved sale process, debtors often request that the court exempt such transfers from stamp taxes1 pursuant to Bankruptcy Code § 1146(a). The exemption generally reduces obligations encumbering a debtor’s property and allows for a greater portion of sale proceeds to be available for distribution to creditors.