Jenner & Block LLP
353 N. Clark Street
Chicago, IL 60654‐3456
312‐222‐9350

919 Third Avenue
37th Floor
New York, NY  10022‐3908
212‐891‐1600  

VOLUME 1

  Introduction, Sections I & II:  Executive Summary & Procedural Background

Introduction...................................................................................................................................2
I.  Executive Summary of The Examiner’s Conclusions......................................................15
A. Why Did Lehman Fail?  Are There Colorable Causes of Action That Arise
From Its Financial Condition and Failure?..................................................................15
B.  Are There Administrative Claims or Colorable Claims For Preferences or
Voidable Transfers?........................................................................................................24
C.  Do Colorable Claims Arise From Transfers of LBHI Affiliate Assets to Barclays, or From the Lehman ALI Transaction?.......................................................26
II.  Procedural Background and Nature of the Examination................................................28
A. The Examiner’s Authority.............................................................................................28
B.  Document Collection and Review................................................................................30
C.  Systems Access................................................................................................................33
D. Witness Interview Process.............................................................................................35
E.  Cooperation and Coordination With the Government and Parties........................37
  Section III.A.1:  Risk

III. Examiner’s Conclusions.......................................................................................................43
A. Why Did Lehman Fail?  Are There Colorable Causes of Action That Arise
From Its Financial Condition and Failure?..................................................................43
1.  Business and Risk Management.............................................................................43
a)  Executive Summary............................................................................................43
(1) The Examiner Does Not Find Colorable Claims That Lehman’s
Senior Officers Breached Their Fiduciary Duty of Care by
Failing to Observe Lehman’s Risk Management Policies and
Procedures......................................................................................................47