Managing Partner Martin Cornish Quoted in The Banker on Lehman Assets

Martin Cornish, the firm’s Managing Partner, was quoted in an article in The Banker on recovering assets from Lehman Brothers. Under the UK regulatory framework, assets belong to prime brokerages such as Lehman Brothers International Europe (LBIE), leaving clients with only unsecured claims against those assets. In the article, Mr. Cornish says that the US operates a special regime for broker bankruptcies, which can effect a faster return of client assets and would have protected funds in the US. However, some of those funds may have been moved over to LBIE, and therefore US hedge fund clients are not immune from the fall-out. (“Picking over the Lehman carcass,” 1 December 2008)