Lehman Update

Over the last several weeks corporate partner John J. Hanley and associates Ann Batchelor Pace and Jayun Koo negotiated the successful acquisition of over $115 million of Lehman claims on behalf of firm clients. The claims arise from terminated ISDA Master Agreements and related guarantees. This was accomplished by closing seven separate transactions involving thirteen counterparties. The firm is actively working on the acquisition of approximately $70 million of additional Lehman claims and related guarantees which will close shortly by four separate transactions involving twenty counterparties. On March 6, 2012 the Modified Third Amended Joint Chapter 11 Plan of Lehman Brothers Holdings, Inc. that was approved by the bankruptcy court on December 6, 2012 went effective. The initial distribution date is expected to be on or around April 17, 2012.

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