Lehman Case Tests Judicial Nullification

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May 9 (Bloomberg) -- Although Lehman Brothers Holdings Inc. is out of bankruptcy a year, the case continues to make law. As Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle discuss on their video, Lehman is becoming a test case to decide whether a prohibition in one specific provision in bankruptcy law can be sidestepped by reliance on a general provision. Oreck Corp., the vacuum manufacturer, is in Chapter 11 in Tennessee hoping to save U.S. manufacturing jobs. Also, this month Rochelle is more firmly of the view that bankruptcy filings hit rock bottom and are rising, albeit slowly. The video closes with discussion of an opinion from the U.S. Court of Appeals in San Francisco creating a split among appeals courts on whether debt can be recharacterized as equity under general equitable powers or only under state law.

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