~TEDSTATESBANKRUPTCYCOURT
SOUTHERN DISTRICT OF NEW YORK
------------------------------------------------------------- x
Inre Chapter 11
Case No. 01-16034 (AJG)
ENRON CORP., et aI.,
Jointly Administered
Debtors.
------------------------------------------------------------- x
ENRON CORP.,
Plaintiff, Adv. Pro. No. 03-93373 (AJG)
v.
UBSAG
and
Defendants.
------------------------------------------------------------- x
MEMORANDUM OF LAW OF INTERNATIONAL SWAPS AND DERIVATIVES
ASSOCIATION, INC., SECURITIES INDUSTRY ASSOCIATION, AND THE BOND
MARKET ASSOCIATION AS AMICI CURIAE IN SUPPORT OF DEFENDANTS'
MOTION FOR SUM:MARY JUDGMENT
TABLE OF CONTENTS
Page
TABLE OF AUTHORITIES ii
PRELIMINARY STATEMENT 1
STArnMENTOFIN'TEREST 2
CONCLUSION 27
, I
TABLE OF AUTHORITmS
CASES
Page(s)
Bessette v. Avco Financial Services, Inc., 230 F.3d 439 (lst Crr. 2000) 25
Bevill, Bresler & Schulman Asset Management Corp. v. Spencer Savings & Loan
Ass'n, 878 F.2d 742 (3d Cir. 1989) 7,8,16
CentulY Glove, Inc. v. Iselin (In re Century Glove), 151 B.R. 327 (Bankr. D. Del.
1993) 25
Cox v. Zale Delaware. Inc., 239 F.3d 910 (7th Cir. 2001) 25
In re Hamilton Taft & Co., 176 B.R. 895 (Bankr. N.D. Cal.), ajfJd, 196 B.R. 532
(N.D. Cal. 1995), affd, 114 F.3d 991 (9th Cir. 1997) 15, 18
In re Hechinger Investment Co. ofDelaware, 274 B.R. 71 (D. Del. 2002) 16-17, 24,25,26
In re Olympic Natural Gas Co., 294 F.3d 737 (5th Cir. 2002) 14
Kaiser Steel Corp. v. Charles Schwab & Co., 913 F.2d 846 (lOth Cir. 1990) 6, 16, 17
Kaiser Steel Corp. v. Pearl Brewing Co., 952 F.2d 1230 (10th Cir. 1991) 16
MSR Exploration, Ltd. v. Meridian Oil, Inc., 74 F.3d 910 (9th Crr. 1996) 25
Penn Terra Ltd. v. Department ofEnvironmental Resources, 733 F.2d 267 (3d
Cir. 1984) 24
Pereira v. First North American National Bank, 223 B.R. 28 (N.D. Ga. 1998) 25
ii
Pertuso v. Ford Motor Credit Co., 233 F.3d 417 (6th Cir. 2000) 25
Thrifty Oil Co. v. Bank ofAmerica National Trust & Savings Ass tn, 322 F.3d
1039 (9th CiT. 2003) 9
Chicago Bd. Options Exchange, SEC No-Action Letter, Fed. Sec. L. Rep. CJI
79,665 (Feb. 22, 1991) 20
Goldman, Sachs & Co., SEC No-Action Letter, 2003 WL 22358822 (Oct. 9,
2003) 4 ••••••••••••••••••••••••••••••••••••••••• 20
Goldman, Sachs & Co., SEC No-Action Letter, 1999 WL 1244018 (Dec. 20,
1999) 20
STATUTES
7 U.S.C. § la(4) 14
11 U.S.C. § 101(51A) 13
11 U.S.C. § 547 5
11 U.S.C. § 548 5, 13
11 U.S.C. § 550 5
11 U.S.C. § 741(8) 16
11 U.S.C. § 761(8) 14
iii
William J. Perlstein (WP 1073)
Craig Goldblatt (CG 6793)
Jonathan E. Pallin (JP 7599)
Caroline Rogus (CR 6931)
WlLMER CUTLER PICKERING LLP
2445 M Stree~ N.W.
Washington, DC 20037
Telephone: (202) 663-6000
Facsimile: (202) 663-6363
~TEDSTATESBANKRUPTCYCOURT
SOUTHERN DISTRICT OF NEW YORK
------------------------------------------------------------- l(
lore Chapter 11
Case No. 01-16034 (AJG)
ENRON CORP., et al.,
Jointly Administered
Debtors.
------------------------------------------------------------- ~
ENRON CORP., Adv. No. 03-93383 (AJG)
Plaintiff,
v.
LEHMAN BROTHERS FINANCE S.A., et aI.,
Defendants.
------------------------------------------------------------- x
MEMORANDUM OF LAW OF INTERNATIONAL SWAPS AND DERIVATIVES
ASSOCIATION, INC., SECURITIES INDUSTRY ASSOCIATION, AND THE BOND
MARKET ASSOCIATION AS Al\flCUS CURIAE IN SUPPORT OF DISMISSAL OF
ADVERSARY PROCEEDING
1982 Amendments to Bankruptcy Code, Pub. L. No. 97-222, 96 Stat. 235 7, 13
1990 Bankruptcy: Swap Agreements and Forward Contracts, Pub. L. No. 101-
311,104 Stat. 267 11
Commodity Futures Modernization Act of 2000, Pub. L. No. 106-554, 114 Stat.
2763 21-22
LEGISLATIVE MATERIALS
Financial Contract Netting Improvement Act of2001 , H.R. 11, 107th Congo
(2001) ; 22
MISCELLANEOUS
iv
Pertuso v. Ford Motor Credit Co., 233 F.3d 417 (6th Cir. 2000) 25-26
Thrifty Oil Co. v. Bank ofAmerica National Trust & Savings Ass'n, 322 F.3d
1039 (9th Crr. 2003) 9, 10
Chicago Bd. Options Exchange. SEC No-Action Letter, Fed. Sec. L. Rep. <][
79,665 (Feb. 22, 1991) 20, 21
Goldman, Sachs & Co., SEC No-Action Letter, 2003 WL 22358822 (Oct. 9,
2003) 20
Goldman, Sachs & Co., SEC No-Action Letter, 1999 WL 1244018 (Dec. 20,
1999) 20
STATUTES
7 U.S.C. § la(4) 15
11 U.S.C. § 101(51A) 14
11 U.S.C. § 547 5
11 U.S.C. § 548 ~ 5
11 U.S.C. § 548(a)(I)(A) 13
11 U.S.C. § 550 5
11 U.S.C. § 741(8) 17
11 U.S.C. § 761(8) 15
15 U.S.C. § 78 et seq 6, 22
iii