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November 29, 2011

Misconceptions About Lehman Brothers’ Bankruptcy and the Role Derivatives Played

by Kimberly Summe
Lecturer in Law, Stanford Law School
General Counsel, Partner Fund Management, L.P.
Former Managing Director, Lehman Brothers

"On November 4, 2011, Lehman Brothers’ creditors voted on Lehman Brothers’ liquidation plan, with approval from the bankruptcy court to follow on December 6, 2011. In the three years since the bankruptcy of Lehman Brothers, which was the largest bankruptcy filing in U.S. history, Congress enacted the Dodd-Frank Act to prevent the failure of another systemically important financial institution. Lehman Brothers’ bankruptcy offered a unique opportunity to understand the linkages among financial institutions and the broader economy, but few policymakers delved into the actual causes of the bank’s collapse. Most instead pointed to derivatives as the cause. This Article offers a brief overview of some of the most persistent misconceptions regarding Lehman Brothers’ bankruptcy and the role that derivatives played in it."

Continue reading here.

November 29, 2011 | Permalink | Comments (1) | TrackBack

November 28, 2011

UPDATE -- Stern v. Marshall Amicus Briefs

Thank you to the Hon. Scott Clarkson for forwarding us the Order re extension of time to file Stern v. Marshall amicus briefs:

Read the Order here.

November 28, 2011 | Permalink | Comments (0) | TrackBack

T-Boz: CrazySexyBankrupt

"T-Boz ain't too proud to beg -- just like TLC sang back in the 90s -- because she's filed for bankruptcy.

According to docs filed last month in U.S. Bankruptcy Court, T-Boz (real name Tionne Watkins) found herself owing creditors $768,642.99 -- mostly from mortgages on her $1.2 million house.

The docs don't paint a picture of exorbitant spending -- she takes in $11,700/month in income, with monthly expenses totaling $8,821."

Read more here.

November 28, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack

Louis Freeh, Former FBI Director, Appointed Trustee In MF Global Bankruptcy Case

"Former FBI director Louis Freeh was appointed trustee in the MF Global (MFGLQ.PK) bankruptcy case on Friday, days after he was hired to lead an independent probe into a sex abuse scandal at Penn State University.

Freeh, also a former judge, was appointed by the United States trustee for the region, according to a court document. The move is subject to court approval.

MF Global filed for bankruptcy protection on October 31, after $6.3 billion in risky bets on European sovereign debt spooked investors and an attempt to sell the firm failed."

Read more here.

November 28, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack

Tobey Maguire, others settle over poker winnings

"Tobey Maguire has decided to fold 'em and settle a lawsuit over his winnings from a convicted con man during high-stakes Hollywood poker games.

The 'Spider-Man' star agreed to pay $80,000 to settle the lawsuit filed over more than $311,000 he was paid by a convicted Ponzi scheme operator in Texas Hold 'Em matches that included celebrities, businessmen and others, court documents state.

If approved by a judge next month, Maguire will pay the money to a bankruptcy trustee who is trying to recoup money that former hedge fund operator Bradley Ruderman bilked from investors to finance his lavish lifestyle."

Read more here.

November 28, 2011 in Current Affairs | Permalink | Comments (0) | TrackBack