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Lehman Brothers Inc., through its subsidiaries, was one of the largest investment banking firms in the world that provided various financial services to corporations, governments and municipalities, institutions, and high-net-worth individuals worldwide. The firm operated in three segments: Capital Markets, Investment Banking, and Investment Management.
On September 15, 2008, Lehman Brothers Holdings, Inc, along with its affiliates, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of New York (Manhattan). The bankruptcy filing of Lehman Brothers and its parent Company, Lehman Brothers Holdings, ranks as the largest bankruptcy in U.S. history. Cypress is acting as financial advisor to the Trustee for the SIPA Liquidation of Lehman Brothers Inc. in the Company’s Chapter 11 proceeding.
The Trustee for the SIPA Liquidation of Lehman Brothers Inc. engaged Cypress to assist in its evaluation of financial alternatives in connection with its $65.0 million of Invicta Capital’s Auction Rate Notes position. Cypress had a series of discussions with Invicta Capital (“Issuer”) that culminated in the Issuer submitting a proposal for the acquisition of the Notes. In evaluating the offer, Cypress undertook due diligence and analytics, considered similar securities as well as market bids on similar debt securities from major broker-dealers of the issuer structured debt securities trading desks. In conjunction with its evaluation, Cypress conducted a Market Check process whereby a number of qualified institutional investors were contacted to ascertain interest in acquiring the Notes. Through subsequent discussions with the Issuer along with bids received from third parties, Cypress successfully negotiated ultimate consideration in excess of 4 times what was proposed in the initial offer.