Bankruptcy Court Hearing Regarding Sale of Lehman’s Investment Management Division
Today, after an extended auction, the OTS closed BankUnited, FSB, headquartered in Coral Gables, Florida and named theFDIC as receiver.
This past Monday, in the wake of last month's termination of TCW Group, Inc.
In the current market turmoil, several banking and insurance names have already had to be rescued by government-brokered packages. It is therefore timely to review what rights institutional investors have in the event of counterparty insolvency. Unfortunately, the picture is complicated, not just because the question of how pension fund investors can get their money back may have an international dimension, but also because governments keep moving the goalposts on the availability and adequacy of compensation schemes.
Where does the claim arise?
As well as issuing claims in mistake and restitution in the BVI Commercial Court and the US State Supreme Court, the liquidators of Fairfield Sentry Limited (“the Fund”) also petitioned for and, on 22 July 2010 obtained, Chapter 15 recognition in the United States Bankruptcy Court for the Southern District of New York.
European Union
This past Monday, in the wake of last month's termination of TCW Group, Inc.
Today, after an extended auction, the OTS closed BankUnited, FSB, headquartered in Coral Gables, Florida and named theFDIC as receiver.
Bankruptcy Court Hearing Regarding Sale of Lehman’s Investment Management Division
On September 15, 2008, Lehman Brothers Holdings Inc. ("Lehman Holdings") filed for Chapter 11 in the United States Bankruptcy Court for the Southern District of New York (Case No. 08-13555). None of Lehman Holdings’ U.S. subsidiaries have filed for bankruptcy at this point. In addition, while Lehman Holdings has certain subsidiaries that are regulated entities (e.g., banks, insurance companies, etc.), none of those entities has yet been placed into any kind of insolvency proceeding by the applicable regulators.