On January 25, the U.S. Bankruptcy Court for the Southern District of New York granted summary judgment to Lehman Brothers Special Financing Inc. (LBSF) in a dispute arising out of a credit-linked note program known as Dante.  The court found that the document provisions related to the subordination of a swap counterparty’s rights to a swap early termination payment when the swap counterparty or one of its close affiliates goes into bankruptcy were unenforceable.  Orrick Client Alert.