Legal Opinion

Lehman Bros. Special Financing Inc. v. Bank of America National Ass'n (In re Lehman Bros. Holdings Inc.)

United States Bankruptcy Court, S.D. New York

Decided July 8, 2016No. Case No. 08-13555 (SCC) (Jointly Administered); Adversary Proceeding No. 10-03547 (SCC)PublishedCited by 6 opinions

1Opinion of the Court

MEMORANDUM DECISION ON OMNIBUS MOTION OF THE NOTE-HOLDER DEFENDANTS TO DISMISS THE FOURTH AMENDED COMPLAINT

SHELLEY C. CHAPMAN, UNITED STATES BANKRUPTCY JUDGE

TABLE OF CONTENTS

BACKGROUND ...482

A. Structure of the Transactions ...483

B. The Transaction Documents and the Priority Provisions .. .484

C. The Bankruptcy Cases and Termination of the Transactions ... 486

D. The BNY and Ballyrock Decisions ...487

E. The Adversary Proceeding ... 489 DISCUSSION .. .490

A. Motion to Dismiss Standard ...490

*481B. Analysis of the Priority Provisions ...491

1. The Priority Provisions in Type 1 Transactions Modify…

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