Present

Ken Scott, John Taylor, Tom Jackson, Darrell Duffie, Kimberly Summe, Johannes Stroebel, Bill Kroener (by phone)

Summary

The Resolution Project met to work out in more detail the group’s Chapter 11F proposal. Issues addressed were DIP financing, coverage, initiation, and treatment of QFCs. In addition the first steps of a counterfactual were discussed including how the “Lehman weekend” of September 12-14 would have played out if a Chapter 11F had already been the law. The next step is to draft in ‘near legislative’ language the specifics of the Chapter 11F proposal for discussion inside and outside the Resolution Project.