The Tri-Point Nature of a Bankruptcy - reaching out on the Lehman Proceedings (to Consider Assets), observation of a separate case that never went to Court and the Case for Legal Representation, Accounting and Financial Reporting

Any Bankruptcy Case in Court has a "Tri-Point" nature - The Trustee, the Debtor and the Creditor and an underlying commonality - it's about Revenues, Expenses, Employees, Assets, Liabilities, Negative Net Equity or the "inability" to meet current expenses as they come due. In the case of the Lehman proceedings it's about the Estate and a Full Accounting of Assets in what is the Largest Corporate Bankruptcy Proceeding the Nation has known. The Fallout from the near collapse of the US Banking System that was prevented by the bailout and more.

Lehman:

A brief history of the overall Lehman Entity (that has not been vetted for accuracy by us.. can be found at http://en.wikipedia.org/wiki/Lehman_Brothers) if we find a better source we will update...it provides a general overview of what was once a key bank and is now a key challenge to Legal Professionals.

The Lehman docket has been posted online at http://www.lehman-docket.com/

Parties to the Lehman Case (beyond Lehman itself):

In rough overview (this is not complete but is roughly and approximately correct at present) the respected parties are The Trustee Firm is Attorney Firm Hughes-Hubbard's under  Trustee James W. Giddens, The Debtor lead Attorney Firm Weil, Gotshal & Manges and their representative on non-legal operations / accounting workflow  is Alvarez- Marsal ( a global professional services firm) and the Creditor Attorney Firm is Millbank.

The Presiding Judge in NY Bankruptcy Court is the Honorable Judge James M. Peck.

Assets in the Estate:

In a subtle (and certainly non-distractive) way I was hoping to contact the parties to the Lehman Case discuss the completeness of the Assets under Accounting in the Case. I was hoping to connect with representatives from the Tri-Point group  (Trustee - Debtor - Creditor) to see who I may engage on this, but I am as of yet awaiting a call back. This open manner of communication may be effective in encouraging a call back to better discuss Assets. My interest is focused on an opportunity for discussion of additional Assets expectedly not captured in the Estate at present. In Full Disclosure: The Assets in consideration are non-estimable in their current format - but seem relevant to Creditor's interests in the proceedings of the Bankruptcy Estate.

The proceeding is a Bankruptcy under USC Title 11 Bankruptcy for Chapter 11 (Reorganization) where a key event is (expectedly) an Accounting for the Assets of the Bankruptcy Estate. From my own perspective, and if I were a Creditor in the Lehman Case, I would want to know that the Bankruptcy Estate was completely Accounting for Assets - it's a consideration that is worth covering.

Learning through Observing and Supporting:

From my own interest and the greater interest of supporting Attorneys on Bankruptcy Cases for Accounting of Assets or Tax Returns or other needs...it is always interesting to see the other end of the Corporate spectrum when a company is in Insolvency. It makes an important case for Risk Management, Cash Flows Analysis and On-Balance Sheet Accounting of Risk. We can study what went wrong in this Landmark case and grow from the experience to better protect and monitor future Businesses to hopefully avoid the same heavy consequence.

The unfortunate Reality is that Bankruptcy is a consistent element of the Business environment and a real and pressing case for Our Public Awareness of the importance of Good Financial Management practices in Business Finance.

A Case for Accounting and Finance support:

Your Accounting, Reporting, Taxes, Budgeting / Forecasting and Cash Flows Management along with Revenues, Expenses, Profitability and Cost Management are ALL elements that can help you avoid Bankruptcy a place that we hope your Business never goes - but a place we can help you at.

Seeing is Believing, a Case that never went to Court aka Why you do need Legal Representation in Bankruptcy:

Cases like Bankruptcy allow you to realize how thin the support network is when it reaches to individuals. I will always recall the real life and tragic experience of seeing a neighbor, a small business owner  (who we had no business involvement with at a time when we had no knowledge to assist) - lose it all on a venture to the extent of being removed from her building - it was a rough case of a bad outcome through Insolvency. It brings a sense of the importance of working with Small Business owners to better help them avoid consequences of a similar direction.

The point is not to scare or alarm Entrepreneurs but it does exist as a real life case of Business Risk at the extreme.

Recommendation:

Prepare your Business for Challenges, look at the road ahead and use as much Accounting and Finance preparation as you can for your Accounting, Financials, Budgets/ Forecasts, Cash Flow Analysis and Projections. Call us at http://www.dcarsoncpa.com/ to strengthen your Accounting and Finances in the best case or if you need support in Bankruptcy proceedings for an Accounting of Assets or your Taxes for Business and Individual needs. We care about Businesses and Individuals and we work smart to protect your financial well being with Accounting Insight and Comprehensive Management and Financial Reporting.

Note: the term "Tri-Point" was created here to note the three parties to Bankruptcy and bears no relevancy in the greater discussion of Bankruptcy, we just went with it as a descriptor.

Key Note: DCarsonCPA is NOT a Law Practice,  we are a CPA Practice with a strong interest in supporting Clients including Attorneys on needs for Accounting, Analysis, Financial and Tax Reporting, Valuation, Discovery and more. Some of these needs may include but are not limited to Bankruptcy Cases and other required Case support. You can learn more at http://www.dcarsoncpa.com/ .