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Gregory P. Bufithis, Esq. Valukas was appointed examiner by the U. Note: Examiners in bankruptcy cases are appointed to investigate accusations of wrongdoing or misconduct. Their job is to determine whether creditors can recover more money in these cases, and their findings often serve as guides for more lawsuits and even regulatory action. Mr Valukas is a Jenner and Block lawyer who specializes in criminal law and business litigation. Lehman used the cash from the Repo transaction to pay down other liabilities, thereby reducing both the total liabilities and the total assets reported on its balance sheet and lowering its leverage ratios.

Lehman never publicly disclosed its use of Repo transactions, or its accounting treatment for these transactions. You can see why Repo would be a tempting thing in the midst of a brewing financial crisis. Leverage had become a focus of the ratings agencies and was widely thought to be an indicator of bank risk, which meant Lehman would have been hell-bent on reducing its leverage — at least publicly.

One catch. According to Valukas, no American law firm would sign off on its use. The second challenge was more daunting.

At the time of its bankruptcy filing, Lehman maintained a patchwork of over 2, software systems and applications. Valukas smoothes way to legal action. March 20, Uncategorized. By: Gregory P. But there was a catch … One catch. Valukus carefully selected a group of document custodians and search terms designed to cull out the most promising subset of Lehman electronic materials for review. In addition, Valukus requested and received hard copy documents from Lehman and both electronic and hard copy documents from numerous third parties and government agencies.

In total, the Examiner collected in excess of five million documents, estimated to comprise more than 40,, pages. All of these documents have been converted to electronic form and are maintained on two computerized databases, Stratify and CaseLogistix. Documents were reviewed on at least two levels. First level review was conducted by lawyers trained to identify documents of possible interest and to code the substantive areas to which the documents pertained; those so identified were subjected to further and more careful review by lawyers or financial advisors especially immersed in the earmarked subjects.

Valukus estimates that he has reviewed approximately 34,, pages of documents in the course of his investigation. Approximately , of the CaseLogistix documents — roughly eight million pages — have been reviewed. Although a large number of the CaseLogistix documents were not reviewed, that database is fully searchable, and Valukus is reasonably confident that the repeated and focused searches applied against that database have discovered most if not all of the most relevant documents.

In most cases, documents were produced to Valukus under stipulated protective orders, which are described in Appendix 5 of the report. Subject to those orders, the document databases created remain a resource for the bankruptcy estate and the parties.

The database includes computerized tagging which will allow persons interested in making their own searches to narrow and focus search requests. All Rights Reserved.


Report of Anton R. Valukas

The Report of Anton R. Valukas is an examination into the demise of Lehman Brothers , a formerly dominant global financial institution, that collapsed into bankruptcy during the Financial crisis of With fellow authors, he produced a page document detailing their views on the inner workings of Lehman Brothers, and possible avenues for proceedings against culpable directors and shareholders. The Valukas Report was made public following applications to the court on March 11,


Valukas Report


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