i
EXAMINER’S
REPORT
TABLE
OF
CONTENTS
(SHORT
‐
FORM)
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