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In re Lehman Bros. Holdings, Inc.

United States District Court, S.D. New York

May 12, 2014

IN RE LEHMAN BROTHERS HOLDINGS INC., ET AL., Debtors.
v.
INTEL CORP., Defendant LEHMAN BROTHERS HOLDINGS INC., ET AL., Plaintiffs,

Decided: May 10, 2014.

For Lehman Brothers Holdings Inc., Plaintiff: Mahesh Venkatakrishnan, Robert W. Gaffey, Jones Day (NYC), New York, NY.

For Lehman Brothers OTC Derivatives Inc., Defendant: Mahesh Venkatakrishnan, Robert W. Gaffey, Jones Day (NYC), New York, NY.

For Intel Corp., Defendant: Craig Goldblatt, Wilmer, Cutler & Pickering, Washington, DC; James Harris Weingarten, PRO HAC VICE, David Simon Kurtzer-Ellenbogen, Williams & Connolly LLP, Washington, DC; John J. Buckley, Jr., Williams & Connolly, Washington, DC.[Pg Craig Goldblatt, Wilmer, Cutler & Pickering, Washington, DC; James Harris Weingarten, PRO HAC VICE, David Simon Kurtzer-Ellenbogen, Williams & Connolly LLP, Washington, DC; John J. Buckley, Jr., Williams & Connolly, Washington, DC.

OPINION

Page 554

OPINION AND ORDER

John G. Koeltl, United States District Judge.

Plaintiffs Lehman Brothers Holdings Inc. (" LBHI" ) and Lehman Brothers OTC Derivatives Inc. (" LOTC" ) brought this action for damages stemming from the termination of a swap agreement. The case

Page 555

was automatically referred to the Bankruptcy Court for the Southern District of New York pursuant to this District's January 31, 2012 Amended Standing Order of Reference for Title 11 cases (the " Standing Order" ). On December 19, 2013, the Bankruptcy Court dismissed two of the plaintiffs' three claims and ruled that the remaining claim was " non-core." Lehman Bros. Holdings Inc. v. Intel Corp. (In re Lehman Bros. Holdings Inc.), 502 B.R. 376, 381-82, 383 (Bankr. S.D.N.Y. 2013). Defendant Intel Corp. (" Intel" ) has now moved pursuant to 28 U.S.C. § 157(d) for withdrawal of the reference of this action to the Bankruptcy Court. For the reasons that follow, Intel's motion is denied.

I.

The following facts, as alleged in the Complaint and set forth in the declarations and exhibits submitted by the parties, are undisputed unless otherwise noted.

A.

The plaintiffs are both Delaware corporations with their principal places of business in New York. (Compl. ¶ 12.) Plaintiff LBHI filed for bankruptcy under Chapter 11 of the Bankruptcy Code, 11 U.S.C. § § 1101 et seq., on September 15, 2008, and Plaintiff LOTC filed for bankruptcy under Chapter 11 on October 3, 2008. (Compl. ¶ 12.)

Defendant Intel is a Delaware corporation with its principal place of business in Santa Clara, ...


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