Jackson Walker Energy e-Alert: Bankruptcy Court Rejects Triangular Setoff Rights in ISDA Agreement.


On October 4, 2011, in the case of In re Lehman Brothers Inc., the Bankruptcy Court in the Southern District of New York (the "Court") held that a cross-affiliate setoff provision contained in a swap agreement was not enforceable under the provisions of the U.S. Bankruptcy Code (the "Code").  #curtmlangley

http://images.jw.com/ealert/energy/2011/1021sm.html