Since the collapse of Lehman Brothers and the ensuing global financial crisis, policymakers, central banks and regulators have introduced a raft of new measures designed to assist the resolution and recovery of systemically important financial institutions.

In an article for International Corporate Rescue, Andrew WilkinsonAlex Wood and Paul Bagon evaluate legislative and market efforts to impose temporary stays on closing-out OtC transactions, including under the European Bank Recovery and Resolution Directive and the new ISDA protocol.  The authors consider the impact of these measures on the authorities’ powers to implement an effective and timely resolution of distressed financial institutions and debate whether the possibility of “another Lehman Brothers” has now been consigned to the history books.

This article first appeared in Volume 12, Issue 3 of International Corporate Rescue and is reprinted with the permission of Chase Cambria Publishing –

What the Future Holds for Make-Whole Claims in Bankruptcy: Examining the Energy Future Holdings EFIH First Lien Make-Whole Decision – Part 2

May 28, 2015

Today, we follow up on our earlier post where we reviewed the United States Bankruptcy Court for the District of Delaware’s decision in Energy Future Holdings, focusing on the contractual interpretation issues implicated in a make-whole analysis. As promised, today’s post focuses on the automatic stay issues raised in the bankruptcy court’s decision. The bankruptcy […]

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Well Well Wellness: The Supreme Court’s Most Recent Decision Regarding Stern v. Marshall and its Progeny

May 27, 2015

Yesterday, the Supreme Court issued its decision in the much-anticipated Wellness International Network, Ltd. v. Sharif.  And yesterday, we gave you the highlights of the decision.   Today, as promised, we bring you our more complete analysis on Wellness and its implications for bankruptcy matters moving forward. 

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BREAKING NEWS: Some Guidance from SCOTUS on Stern v. Marshall! (And What You Really Need to Know)

May 26, 2015

This morning, the Supreme Court issued its decision in the much-anticipated Wellness International Network, Ltd. v. Sharif.  And finally, the various opinions of the Court have offered some meaningful guidance on some of the key issues raised in the wake of Stern v. Marshall.  Although the majority opinion did not directly address the first question […]

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Fake It ‘til You Make It — or at Least Keep the Frivolous to a De Minimis

May 22, 2015

What does Memorial Day weekend mean to you?  Perhaps it means having a nice long weekend with family and friends?  Or spending hours sitting in traffic with all the people who are getting away from it all for the weekend?  Or maybe you are a traditionalist and will spend the weekend getting all of your […]

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Deprizio, Shmeprizio: A Waiver of Indemnification Can Shield an Insider Guarantor from Liability (at Least in the Ninth Circuit)

May 21, 2015

Can a waiver of rights ever be beneficial to the person granting the waiver?  Yes.  In In re Adamson Apparel, the Court of Appeals for the Ninth Circuit held, in a 2-1 opinion, that waiving a right to indemnification on a guaranty may shield an insider guarantor from preference liability, when the insider guarantor “has […]

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UK Court of Appeal judgment in Lehman Waterfall I appeal

May 20, 2015

Contributed by Mark Lawford and Tom Laidler The Court of Appeal in London recently gave judgment in the Waterfall I Appeal, a dispute as to the distribution of the estimated £7 billion surplus of assets in the main Lehman operating company in Europe, Lehman Brothers International (Europe) (LBIE). Continue reading

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