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IN RE LEHMAN BROS. INC.

No. 08-01420 (JMP) (SIPA).

458 B.R. 134 (2011)

In re LEHMAN BROTHERS INC., Debtor.

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

October 4, 2011.

Attorney(s) appearing for the Case

Hughes Hubbard & Reed LLP, James B. Kobak, Jr., Esq. , James C. Fitzpatrick, Esq. , Meaghan C. Gragg, Esq. , Christopher K. Kiplok, Esq. , New York, NY, for James W. Giddens, as Trustee for the SIPA Liquidation of Lehman Brothers Inc.

Bingham McCutchen LLP, Joshua Dorchak, Esq. , Edwin E. Smith, Esq. , Joseph L. Kociubes, Esq. , New York, NY, for UBS, AG.

MEMORANDUM DECISION ENFORCING THE AUTOMATIC STAY AND COMPELLING PAYMENT BY UBS AG

JAMES M. PECK, Bankruptcy Judge.

Introduction

The question presented in this contested matter is whether an agreement to set off amounts owed to affiliates of a counterparty (a so-called triangular setoff) is enforceable in a case brought under the Securities Investor Protection Act of 1970 ("SIPA"), 15 U.S.C. §§ 78aaa et seq.

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