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Orderly Liquidation of Lehman Brothers Holdings Inc. under the Dodd-Frank Act
This report examines how the the Fed. Deposit Insurance Corp. (FDIC) could have structured an orderly resolution of Lehman Brothers Holdings Inc. under the orderly liquidation authority of Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act had that law been in effect in advance of Lehmanäó»s failure. The report concludes that the powers provided to the FDIC under the Dodd-Frank Act to act decisively to preserve asset value and structure a transaction to sell Lehmanäó»s valuable operations to interested buyers -- which are drawn from those long used by the FDIC in resolving failing banks -- could have promoted systemic stability and made the shareholders and creditors, not taxpayers, bear the losses. The report also concludes that, due to the powers to preserve valuable assets and operations in the Dodd-Frank Act, the FDIC liquidation of Lehman would recover substantially more for creditors than the bankruptcy proceedings -- and at no cost to taxpayers. It estimates that given the substantial equity and subordinated debt of Lehman in Sept. 2008 and the power for the FDIC to implement a prompt structured sale while providing short-term liquidity to continue value-adding operations, general unsecured creditors of the parent company could have recovered more than 90 cents on every dollar of claims compared to the approx. 20 cents on claims estimated in the most recent bankruptcy plan of reorganization. This is a print on demand report.
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