Bankruptcy Court Issues Order Requested by Lehman for the Assignment or Settlement of Derivative Contracts – Teigland-Hunt LLP Client AlertDec 17, 2008
A summary of the key resolutions that were incorporated into the revised order to establish procedures for assigning and settling various “Derivative Contracts” are set forth in the attached client alert.
Numerous Objections Filed in Response to Lehman Motion on Derivative Contracts – Teigland-Hunt LLP Client AlertDec 01, 2008
Since the filing by Lehman Brothers Holdings Inc. (LBHI) and certain of its affiliated debtors of a motion to establish procedures for assigning and settling various “Derivative Contracts”, more than 80 parties have filed objections to the motion with the relevant bankruptcy court in New York. The deadline for objections was Friday, November 28, 2008. A hearing on the LBHI motion is scheduled to take place on Wednesday, December 3, 2008 at 10 a.m. (EST). A summary of the objections filed is provided in the attached client alert.
The new ISDA oil annex, which is expected to be published in spring 2008 and will be based on the LEAP agreement’s terms, will allow, for the first time, market participants to capture transactions in physical crude oil and refined oil products delivered via U.S. pipelines under the ISDA Master Agreement.
The ban on P-Notes based on futures contracts was particularly troublesome for U.S. investors seeking to invest in Indian equity futures contracts because these instruments represented one of the few ways that U.S. investors could invest in such contracts.