[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 184 Introduced in House (IH)]

111th CONGRESS
  1st Session
H. CON. RES. 184

Expressing the sense of the Congress that the bankruptcy proceedings of 
    Lehman Brothers Holding Inc. and Lehman Brothers Europe Inc. be 
  resolved in an equitable and expeditious process between the United 
States and United Kingdom, and that the interests of American investors 
   be given due consideration and be treated with urgency throughout.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 14, 2009

 Mr. Meeks of New York submitted the following concurrent resolution; 
   which was referred to the Committee on Financial Services, and in 
addition to the Committees on Foreign Affairs and the Judiciary, for a 
 period to be subsequently determined by the Speaker, in each case for 
consideration of such provisions as fall within the jurisdiction of the 
                          committee concerned

_______________________________________________________________________

                         CONCURRENT RESOLUTION


 
Expressing the sense of the Congress that the bankruptcy proceedings of 
    Lehman Brothers Holding Inc. and Lehman Brothers Europe Inc. be 
  resolved in an equitable and expeditious process between the United 
States and United Kingdom, and that the interests of American investors 
   be given due consideration and be treated with urgency throughout.

Whereas Lehman Brothers Holding Inc. filed for Chapter 11 bankruptcy protection 
        on September 15, 2008;
Whereas Lehman Brothers Holding Inc. had over $700,000,000,000 in derivatives 
        contracts at the time of its bankruptcy filing;
Whereas the bankruptcy filing in the Southern District of New York shows that 
        Lehman Brothers Holding Inc. has more than 100,000 creditors and 
        $150,000,000,000 in bond debt;
Whereas Lehman Brothers Holding Inc. was an international firm with assets in 
        both the United States and the United Kingdom, as well as the rest of 
        the world;
Whereas customer assets in excess of $50,000,000,000 are still being held in 
        Lehman Brothers Europe Inc.'s prime brokerage unit;
Whereas these customer assets which represent the assets of public and private 
        pension funds, endowments and other large United States institutions 
        whose beneficiaries are United States citizens continue to be at risk as 
        we approach the one year anniversary of the bankruptcy filing;
Whereas bankruptcy laws are not uniform in the United States and the United 
        Kingdom regarding Lehman Brothers Holding Inc. and Lehman Brothers 
        Europe Inc. international assets, liabilities, and equity;
Whereas historically, international bankruptcy protocols have been used in the 
        United States and United Kingdom to resolve international bankruptcies 
        in an equitable and expeditious manner;
Whereas a lack of international coordination among the United States and the 
        United Kingdom regarding the Lehman Brothers Holding Inc. and Lehman 
        Brothers Europe Inc. bankruptcies may result in American creditors 
        receiving less than an optimal amount of assets they would with an 
        international bankruptcy protocol;
Whereas a lack of international coordination among the United States and United 
        Kingdom regarding the Lehman Brothers Holding Inc. and Lehman Brothers 
        Europe Inc. bankruptcy will result in creditors in the company receiving 
        the amount they are owed in more time than they optimally would with an 
        international bankruptcy protocol;
Whereas no international framework has yet been established for international 
        bankruptcy cooperation among the United States and the United Kingdom 
        regarding the bankruptcy filing of Lehman Brothers Holding Inc. and 
        Lehman Brothers Europe Inc.;
Whereas the lack of cooperation and coordination between Lehman Brothers 
        Holdings Inc. and Lehman Brothers Europe Inc. and their respective 
        administrators has significantly delayed the return of customer assets; 
        and
Whereas the personal liability imposed by United Kingdom law on the Lehman 
        Brothers Europe Inc. administrators has acted as an impediment to the 
        swift return of customer assets and therefore the appropriate regulatory 
        authorities in the United Kingdom should consider providing relief to 
        the Lehman Brothers Europe Inc. administrators with respect to their 
        personal liability: Now, therefore, be it
    Resolved by the House of Representatives (the Senate concurring), 
That it is the sense of Congress that--
            (1) Lehman Brothers Holding Inc. and Lehman Brothers Europe 
        Inc. bankruptcy administrators in the United States and United 
        Kingdom should establish an international framework for 
        coordinating bankruptcy proceedings among the business holdings 
        and operations in each country;
            (2) the Securities and Exchange Commission should dedicate 
        sufficient resources to the matter so as to ensure an expedited 
        resolution serving the interest of American investors in an 
        equitable manner; and
            (3) there should be increased cooperation among the various 
        Lehman Brothers entities as well as the respective United 
        States and United Kingdom regulatory agencies to insure the 
        swift return of customer assets held in Lehman Brothers Europe 
        Inc.'s prime brokerage unit.
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