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IN RE LEHMAN BROS. HOLDINGS INC.

Docket Nos. 12-2322-bk(L), 12-2933-bk(XAP).

761 F.3d 303 (2014)

In re LEHMAN BROTHERS HOLDINGS INC., Debtor. Barclays Capital Inc., Barclays Bank PLC, Appellees-Cross-Appellants, v. James W. Giddens, as Trustee for the Sipa Liquidation of Lehman Brothers Inc., Appellant-Cross-Appellee, and Securities and Exchange Commission, Securities Investor Protection Corporation, Statutory Intervenors pursuant to Securities Investor Protection Act, 15 U.S.C. § 78eee(c) & (d), Intervenors.

United States Court of Appeals, Second Circuit.

Decided: August 5, 2014.

Attorney(s) appearing for the Case

William R. Maguire ( Seth D. Rothman , Neil J. Oxford , Samuel C. McCoubrey , Hughes Hubbard & Reed LLP, New York, NY, William R. Stein , Hughes Hubbard & Reed LLP, Washington, DC, Kenneth E. Lee & Scott B. Klugman , Levine Lee LLP, New York, NY, on the brief) Hughes Hubbard & Reed LLP, New York, NY, for Appellant-Cross-Appellee.

Kenneth J. Caputo ( Josephine Wang , on the brief) Securities Investor Protection Corporation, Washington, DC, for Intervenor Securities Investor Protection Corporation.

David Boies ( Jonathan D. Schiller , Boies, Schiller & Flexner LLP, New York, NY, Hamish P.M. Hume & Jonathan M. Shaw , Boies, Schiller & Flexner LLP, Washington, DC, on the brief) Boies, Schiller & Flexner LLP, New York, NY, for Appellees-Cross-Appellants.

Michael A. Conley , Jacob H. Stillman , Tracey A. Hardin , Benjamin M. Vetter , Securities and Exchange Commission, Washington, DC, for Intervenor Securities and Exchange Commission.

Sigmund S. Wissner-Gross , Brown Rudnick LLP, New York, NY, Steven D. Pohl , Brown Rudnick LLP, Boston, MA, for Amicus Curiae Managed Funds Association.

Before: WINTER, HALL, and LYNCH, Circuit Judges.

WINTER, Circuit Judge:

Appellant James W. Giddens is the Trustee appointed pursuant to the Securities Investor Protection Act ("SIPA") to protect public customers and creditors in the liquidation of Lehman Brothers, Inc. ("LBI"). This appeal involves a dispute between the Trustee and the appellee purchasers of LBI's assets over the entitlement to two sets of LBI assets: (i) the "Margin Assets," i.e., cash and cash equivalents held by third parties to secure...

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