Linklaters advises on Lehman Brothers administration
Call in the lawyers The banks are calling in the lawyers to sweep up the mess after Lehman Brothers devastation on the 15th September, which will probably be marked in the banking history as a Black Monday. Linklaters; to the envy of many firms have caught the bouquet on this one. They will be advising four PricewaterhouseCoopers partners on the administration of Lehman Brothers International Europe. New York based Weil Gotshal & Manges …
Call in the lawyers
The banks are calling in the lawyers to sweep up the mess after Lehman Brothers devastation on the 15th September, which will probably be marked in the banking history as a Black Monday.
Linklaters; to the envy of many firms have caught the bouquet on this one.
They will be advising four PricewaterhouseCoopers partners on the administration of Lehman Brothers International Europe. New York based Weil Gotshal & Manges has been appointed to deal with Lehman Brother’s Chapter 11 bankruptcy in the USA.
The banks in general are calling on the legal advisors to shed light on the ripple effects that the downfall of Lehman Brothers may have. Bankers are interest to know whether they can terminate various credit derivative contracts in which Lehman Brothers is acting as counter party.
It is too often the case that lawyers are kept out of the circle and on a need to know bases, as their extensively analytical, careful and thorough approach is often not appreciated by bullish banks who want to make quick and/or risky deals.
But when the s**t hits the fan, here we come like knights on white horse to save; perhaps not the day, but most certainly a few bucks and butts.
September 16, 2008
Thats right.
Whether the markets up, or down.
Us Law folk will always be needed.
poetic justice.
September 16, 2008
Well It was a very intreaguing article!
I have many things to ponder now…. but did you know, in wake of the american crash…. i actually need a poo?
September 16, 2008
One wonders about the ripple effect of this situation and it is enough to bring a shiver to your spine. It is difficult to imagine how other businesses, that lent money or “set up tab” for Lehman Brother’s, are going to react. The image of various organisations toppling over as one larger organisation falls enforces the meaning of the domino effect in everyone’s mind. In addition to that image you will have the lawyer (in white armour of course) preventing the falling of each organisation. Looks like there is going to be a lot of work for us lawyers/white knights (preferred expression) over the next couple of years.
Very informative article. Brought a light to a subject that has been neglected over the discussion of how “bullish banks” are going to survive