LEHMAN BROTHERS QUARTO ATTO

[duetto]

Citibank Defends Trade Valuations To Open $2B Lehman Suit

April 25, 2017

Lawyers for Citibank NA came out swinging Tuesday to open a bankruptcy court trial over the nearly $2 billion valuation of about 30,000 derivatives trades that went into default after Lehman Brothers’ 2008 collapse, saying Citibank used proper methods to determine the cost of replacing those trades.

On the first day of a multiweek bench trial in front of U.S. Bankruptcy Judge Shelley C. Chapman, attorney Jay Cohen of Paul Weiss Rifkind Wharton & Garrison LLP delivered opening arguments for Citibank, in which he meticulously walked.

Citibank Defends Trade Valuations To Open $2B Lehman Suit - Law360

 

[duetto]

Honorable Shelley C. Chapman

Wednesday, April 26, 2017



09:30 AM
08-13555-scc Lehman Brothers Holdings Inc. Ch. 11
Adversary proceeding: 12-01044-scc Lehman Brothers Holdings Inc. et al v. CITIBANK, N.A. et al
LBHI v. Citibank Trial

Oggi si discute con gli avvocati di Citibank: una vertenza tanto complessa da richiedere molti giorni consecutivi di trattazione!

 

[duetto]

Il ruolo di Citibank nella bancarotta Lehman Brothers.

JP Morgan and Citigroup contributed to Lehman's collapse, says US examiner

Il ruolo di Citibank nel fallimento LBHI non è stato mai completamente accertato. Certo non è secondario a quello di JPM!

A dirlo fu lo stesso Anton Valukas, the US Trustee-appointed examiner, autore di una inchiesta di oltre un milione di pagine sulle ragioni del ricorso al chapter 11 LBHI.

Accertata la responsabilità di JPM e Citi nella circostanza, Valukas continua:

“The demands for collateral by Lehman’s lenders had direct impact on Lehman’s liquidity pool,” he said. “Lehman’s available liquidity is central to the question of why Lehman failed.”

Ai margini di questa inchiesta Goldman Sachs, la cui posizione non è mai stata compiutamente vagliata: volutamente!

 

[duetto]

Novità da Amsterdam.

Proposed distribution commencing on 4 May 2017 : FX Rates

EUR 0.91525 WM Fixing on 25 April 2017 (rate per 1 US Dollar)


EUR 0.91488 Actual transaction rate on 25 April 2017 (rate per 1 US Dollar)

 

[duetto]

2nd Circ. Axes First Bank's 2nd Shot At $62M Lehman Claim

April 26, 2017

The Second Circuit on Wednesday told FirstBank Puerto Rico it can't recover $62 million in securities from the estate of Lehman Brothers Inc., finding the bank was not a customer of the bankrupt brokerage.


In a summary order, a Second Circuit panel found that both the bankruptcy court and the district court correctly ruled FirstBank had not "entrusted" the securities to LBI and therefore did not qualify as a customer entitled to make a claim under the Securities Investor Protection Act.

2nd Circ. Axes First Bank's 2nd Shot At $62M Lehman Claim - Law360

 

[duetto]

Honorable Shelley C. Chapman

Thursday, April 27, 2017



10:00 AM
08-13555-scc Lehman Brothers Holdings Inc. Ch. 11
Adversary proceeding: 08-01420-scc Lehman Brothers Inc.
Doc #14173 Twenty-Second Application of Hughes Hubbard & Reed LLP for Allowance of Interim Compensation and Reimbursement of Actual and Necessary Expenses



Adversary proceeding: 15-01426-scc Lehman Brothers Holdings Inc. v. iFreedom Direct Corporation (f/k/a New Freedom Mor
Doc #31 MOTION OF LEHMAN BROTHERS HOLDINGS INC. TO BIND iFREEDOM DIRECT CORPORATION (F/K/A NEW FREEDOM MORTGAGE CORPORATION) TO THE EXISTING CASE MANAGEMENT ORDER AND ADMINISTRATIVELY COORDINATE ADVERSARY PROCEEDING DOCKETS



Adversary proceeding: 13-01676-scc Lehman Brothers Holdings Inc. et al v. Credit Suisse AG et al
Pre-trial Conference
Adjourned

 

[duetto]

Per gli obbligazionisti LBT appuntamento al 4 Maggio per la prossima distribuzione.

 

[duetto]

Lehman Suit Seeks Return of $2 Billion in 'Phantom' Citi Fees



29 aprile 2017

The trial, before U.S. bankruptcy Judge Shelley Chapman, is expected to run until May 17, according to court papers. Lathrop is expected to testify Monday.

The adversary suit is Lehman Brothers Holdings Inc., et al v. Citibank N.A., 12-01044, U.S. Bankruptcy Court, Southern District of New York.

Lehman Suit Seeks Return of $2 Billion in 'Phantom' Citi Fees

 

[duetto]

Ecco le ragioni di LBHI:

Lehman claims that in the days, and even months after its bankruptcy, Citigroup concocted an inflated claim, which it eventually filed in September 2009. Lawyers for Lehman said in court Wednesday that traders at Citigroup were instructed to stray from convention in valuing their positions. Instead of pricing trades at the mid-point of bid and offer prices, the bank marked the trades on one side or the other, depending on which was to their advantage.

“Citi cherry-picked the valuation curve,” said Andrew Rossman, a lawyer for Lehman, while showing a crowded courtroom slide after slide of charts and Citigroup derivatives trades.

In pratica, secondo LBHI, Citibank non solo ha gonfiato il suo credito ma ha anche agito in modo incoerente, barcamenandosi ora a destra, ora a manca, secondo il proprio interesse.

Certo è che, se LBHI dovesse spuntarla......

 

[wcipri]

Lehman goes to court to recoup US$2b from old derivatives partner Citigroup

Monday, May 1, 2017 - 05:50

Lehman goes to court to recoup US$2b from old derivatives partner Citigroup

PressReader.com - Journaux du Monde Entier