September 15, 2008

Although I practice bankruptcy law, the type of filing that Lehman Brothers initiated this morning is way out of my league. Although Chapter 11 filings have become more popular for individuals in recent years, mainly due to the archaic secured debt limitations of Chapter 13 cases, there tends to be very little overlap between practitioners of consumer and business bankruptcies. Business bankruptcies are almost always filed by large, corporate law firms with a huge support staff, whilst consumer cases are typically handled by humble country lawyers like myself.

For those of you who are interested, here is a copy of the Voluntary Petition filed by Lehman, and the supporting affidavit by its CFO describing how Lehman got into this position. More to come....


Anonymous said...

The fact that the whole country can ignore this crisis and still be supporting McCain can only indicate one of two things:

1. How truly undereducated (stupid?) this country is or
2. What a lousy campaign the Dems are running - what is up with that?

Ian smith said...

The move comes as the U.S. parent company--Lehman Brothers Holdings Inc.--announced it intended to file for bankruptcy. The 158-year-old Lehman was crippled by $60 billion in soured real-estate holdings and unable to find an investment partner to throw it a lifeline.