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  • Lehman bankruptcy court sets a September 22, 2009 bar date for all claims, issues new proof of claim form, and orders derivatives and guarantee creditors to file supplemental questionnaires by October 22, 2009

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Lehman bankruptcy court sets a September 22, 2009 bar date for all claims, issues new proof of claim form, and orders derivatives and guarantee creditors to file supplemental questionnaires by October 22, 2009

Client Advisory

July 13, 2009

On July 2, 2009, the New York bankruptcy court issued an order fixing a September 22, 2009 bar date for filing proofs of claim against Lehman Brothers Holdings Inc. and its affiliates that filed chapter 11 cases in the U.S. The order requires additional action by creditors who have previously filed proofs of claim based on Lehman ISDA contracts and other derivatives contracts with LBHI and its debtor affiliates and on guarantees by LBHI and its debtor affiliates of securities issued by others. These creditors are required to complete questionnaires, in addition to the proofs of claim, no later than October 22, 2009.

The order also presents a new proof of claim form, which now includes tick boxes to designate that the claim is based on a derivative contract or guarantee (or both), and requires that all proofs of claim must substantially conform to this new form and be filed by September 22, 2009. 

For example, a person who was a party to an ISDA contract that was guaranteed by LBHI, and who terminated the contract on the basis of the bankruptcy of LBHI and filed a proof of claim against LBHI, should take the following steps:

  • File an amendment to their proof of claim with the court, using the form attached to the order, no later than September 22, 2009, ticking both the “derivative contract” and “guarantee” boxes.
  • File both a completed “Derivative Questionnaire” and a completed “Guarantee Questionnaire,” and supporting documents, including master agreement, schedules, credit support agreement, termination notice and valuation statement, with the court by October 22, 2009. 

Information provided in or with the questionnaires will become part of the proof of claim. These questionnaires must be completed online, by logging on to http://www.lehman-claims.com. The new proof of claim form, and templates of the questionnaires, are attached to the order as exhibits. To view the order and the questionnaires, go to http://chap11.epiqsystems.com and click on Lehman Brothers Holdings Inc.

The order also provides for separate treatment of claims based on securities issued by LBHI and its debtor affiliates, claims based on rejection of executory contracts and leases and securities issued by Lehman affiliates outside of the United States.


If you have questions about the new proof of claim form or questionnaires for derivatives and guarantee claims and the rules applicable to other categories of claims, please contact James Gadsden (212-238-8607, gadsden@clm.com) or Andris Vizbaras (212-238-8698, vizbaras@clm.com).



Carter Ledyard & Milburn LLP uses Client Advisories to inform clients and other interested parties of noteworthy issues, decisions and legislation which may affect them or their businesses. A Client Advisory does not constitute legal advice or an opinion. This document was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. © 2017 Carter Ledyard & Milburn LLP.
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