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IN RE LEHMAN BROTHERS HOLDINGS INC.

No. 08-13555(JMP).

404 B.R. 752 (2009)

In re LEHMAN BROTHERS HOLDINGS INC., et al. Debtors.

United States Bankruptcy Court, S.D. New York.

May 12, 2009.

Attorney(s) appearing for the Case

Richard P. Krasnow, Esq., Weil, Gotshal & Manges LLP, New York, NY, Attorneys for Debtors and Debtors in Possession.

J. Christopher Shore, Esq., Gerard Uzzi, Esq., White & Case LLP, New York, NY, Attorneys for DnB NOR Bank ASA.

Dennis F. Dunne, Esq., Milbank, Tweed, Hadley & McCloy LLP, New York, NY, Attorneys for Official Committee of Unsecured Creditors.

MEMORANDUM DECISION DENYING RELIEF FROM THE AUTOMATIC STAY TO EFFECTUATE SETOFF UNDER 11 U.S.C. § 553(a)

JAMES M. PECK, Bankruptcy Judge.

Introduction

This case raises issues relating to the right to setoff at a time when funds often move from one bank account to another at the speed of light. Despite this ability to move funds instantly, the fact pattern presents the challenge of determining rights when there is a delay between...

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