January 30, 2014

On January 30, 2014, Jenner & Block Chairman Anton R. Valukas, assisted by Partners Daniel R. Murray, Patrick J. Trostle, and Andrew J. Olejnik, repeated their Harvard Business School appearance from last year and taught three classes – approximately 300 students – regarding the collapse of Lehman Brothers.  Their presentation focused on why Lehman Brothers failed, why Chapter 11 bankruptcy was not a strong option for Lehman, and what lessons can be learned from the events transpiring before and after Lehman’s failure.  In particular, the team discussed leadership, risk, leverage, and valuation, as well as the impact of the Bankruptcy Code’s safe harbor provisions on Lehman’s financial contracts.  The classes involved interactive discussion with the students and were part of a course taught by Professor Stuart Gilson and Senior Lecturer Kristin Mugford at the Harvard Business School titled “Creating Value through Corporate Restructuring.” 

Tony was the court-appointed examiner in the Lehman Brothers Holdings bankruptcy - the largest bankruptcy in U.S. history.  Together with his team of attorneys at Jenner & Block, he produced a 2,200-page account, coined by the press as the “Valukas Report,” which was universally applauded for its clarity and usefulness in determining what brought about the demise of Lehman Brothers, an event many commentators point to as the precipitating event triggering the global economic crisis of 2008.

Dan chairs the firm’s Bankruptcy, Workout and Corporate Reorganization Practice, as well as the Commercial Law and Uniform Commercial Code Practice.  He has been involved in numerous high-profile matters, including representing General Motors Corporation in its Chapter 11 bankruptcy and Chairman Anton R. Valukas in his role as the court-appointed examiner in the Lehman Brothers bankruptcy case.

Patrick is a member of the firm’s Bankruptcy, Workout, and Corporate Reorganization, and Bankruptcy Litigation Practices. Heserved as a team leader in the representation of Chairman Anton R. Valukas as the court-appointed examiner in the Lehman Brothers bankruptcy case.

Drew represents clients in complex insolvency and restructuring cases and is a member of the Bankruptcy, Workout and Corporate Reorganization practice.  He has represented a broad range of clients in bankruptcy-related and non-bankruptcy financial restructuring/workout matters, including hedge funds, secured creditors, creditors’ committees, equity committees, Chapter 11 trustees and examiners, liquidating trusts, debtors’ parent corporations and borrowers.  He served on the team that helped coordinate the examination.