Publications

Wrapping Up Lehman: The Implications of PwC’s Scheme of Arrangement

August 2009
The Hedge Fund Journal

At 7:56 am (London time) on 15th September 2008 administration proceedings were commenced for Lehman Brothers International (Europe) (LBIE). Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, all partners at PricewaterhouseCoopers LLP, were promptly appointed to be the joint administrators for LBIE and its affiliated entities in administration and have since served in that role. Since the commencement of LBIE’s administration proceedings, virtually all of the billions of dollars in assets belonging to LBIE’s prime brokerage customers have been trapped at LBIE. Now, nearly 10 months later, there appears finally to be a potential end in sight to this all too injurious freeze on customer assets.