Lee C. Buchheit

Partner

New York
T: +1 212 225 2810
F: +1 212 225 3999
lbuchheit@cgsh.com

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Publications


Books and Pamphlets


Sovereign Debt Management (Oxford University Press, 2013) (co-editor with Rosa M. Lastra)

How to Negotiate Eurocurrency Loan Agreements (Euromoney Publications, 1995; Second Edition 2000)

Secession: The Legitimacy of Self‑Determination (Yale University Press, 1978)

The Role of the Lawyer in External Debt Management (United Nations Institute for Training and Research, Document No. 5, December 1995)

Sovereign Debtors and Their Bondholders (UNITAR Training Programs on Foreign Economic Relations, Document No. 1, Feb. 2000)

Responsible Sovereign Lending and Borrowing (United Nations Conference on Trade and Development, No. 198, April 2010) (with G. Mitu Gulati)

Chapters and Articles

“Sovereign Debt and the Light of Eternity,” Sovereign Debt Management (Oxford University Press, 2013)
 
“Minimising Hold Out Creditors: Sticks,” and “Minimising Hold Out Creditors: Carrots,” Sovereign Debt Management (Oxford University Press, 2013) (with Elena Daly)

“Sovereign Contingent Liabilities,” Sovereign Debt Management (Oxford University Press, 2013) (with G. Mitu Gulati) 

“Restructuring a Nation’s Debt,” 29 Int’l Fin. L. Rev. 46 (June 2010) (with G. Mitu Gulati)

“The Use of Creditor Committees in Sovereign Debt Workouts,” 10 Bus. Law Int’l 205 (2009)

“The Coroner’s Inquest,” 28 Int’l Fin. L. Rev. 22 (Sept. 2009) (with G. Mitu Gulati)

“Odious Debts and Nation-Building: When the Incubus Departs,” 60 Maine Law Rev. 478 (2008) (with G. Mitu Gulati)

“The Absence of Sufficient Temptation,” Latin Finance (May 2008) at 111

“Did We Make Things Too Complicated?” 27 Int’l Fin. L. Rev. 24 (March 2008)

“Law, Ethics and International Finance,” 70 Law and Contemporary Problems 1 (Summer 2007)

“Lending Into Arrears -- A Policy Adrift,” 41 Int’l Lawyer 939 (2007) (with R. Lastra)

“Belize’s Innovations,” 22 Int’l Banking and Fin. Law 278 (May 2007) (with Elizabeth Karpinski)

“The Dilemma of Odious Debts,” 56 Duke L. Journal 1201 (March 2007) (with G. Mitu Gulati and Robert B. Thompson)

“Supermajority Control Wins Out,” Int’l Fin. L. Rev. 2 (April 2007)

“Grenada’s Innovations,” J. Int’l Banking and Regulation (Issue 4, 2006) 227 (with Elizabeth Karpinski)

“The Role of the Official Sector in Sovereign Debt Workouts,” 6 Chicago J. Int’l L. 333 (Summer 2005)

“A Quarter Century of Sovereign Debt Management: An Overview,” 35 Georgetown J. Int’l L. 637 (Summer 2004)

“The Pari Passu Clause in Sovereign Debt Instruments,” Int’l Fin. L. Rev. (February and March, 2004); 53 Emory Law Journal 869 (with Jeremiah S. Pam)

“Uruguay’s Innovations,” 19 J. Int’l Banking L. and Reg. 28 (2004) (with Jeremiah S. Pam); Spanish language version printed in La Ley (Supplement, “Default y Reestructuración de la Deuda Externa”, Nov. 2003)

“Sovereign Bonds and the Collective Will,” 51 Emory Law Journal 1317 (Fall 2002) (with G. Mitu Gulati); reprinted in Fixing Financial Crises in the Twenty-first Century (A.G. Haldane ed., Routledge, 2004)

“The Search for Intercreditor Parity,” Law and Bus. Rev. of the Americas (Winter/Spring 2002); reprinted in International Monetary and Financial Law Upon Entering the New Millennium (J. Norton, M. Andenas eds.) 203 (2002)

“How Ecuador Beat the Brady Bond Trap,” 19 Int’l Fin. L. Rev. 17 (Dec. 2000)

“Exit Consents in Sovereign Bond Exchanges,” 48 UCLA Law Review 59 (Oct. 2000) (with G. Mitu Gulati)

“A Lawyer’s Perspective on the New International Financial Architecture,” 14 J. Int’l Banking L. 225 (July 1999); reprinted in The Reform of the International Financial Architecture (R. Lastra ed., Kluwer Law Int’l, 2001)

“Why Has the FCPA Prospered?” 18 Northwestern J. Int’l L. & Bus. 263 (1998) (with R. Reisner)

“The Debt Rescheduling Process: Pitfalls and Hazards,” in Current Legal Issues Affecting Central Banks (R. Effros, ed., 1998)

“The Collective Representation Clause,” 17 Int’l Fin. L. Rev. 9 (Sept. 1998)

“Majority Action Clauses May Help Resolve Debt Crises,” 17 Int’l Fin. L. Rev. 17 (July 1998)

“Changing Bond Documentation: The Sharing Clause,” 17 Int’l Fin. L. Rev. 9 (August 1998)

“U.S. Cases Put Immunity of Second Tier State Entities in Doubt,” 16 Int’l Fin. L. Rev. 30 (June 1997)

“Choice of Law Clauses and Regulatory Statutes,” 15 Int’l Fin. L. Rev. 12 (March 1996)

“Breaking the Sovereign Borrowing Cycle,” 15 Int’l Fin. L. Rev. 41 (Feb. 1996)

“The Sovereign Client,” 48 Journal of International Affairs 527 (Winter 1995)

Preface to International Borrowing: Negotiating and Structuring International Debt Transactions, 3d. ed. (D. Bradlow ed., 1994)

“The Next Wave of Cross-Border Lending,” in Conference Meredith 1993, Les Transactions Transfrontalières (McGill U., 1994); revised and reprinted as “Cross-Border Lending: What’s Different This Time?”, 16 Northwestern J. Int’l L. & Bus. 44 (Fall 1995)

“Legal Aspects of Assignments of Interests in Commercial Bank Loans,” in Handbook of Commercial Bank Loan Sales (J. Lederman, L. Feinne eds., Spring, 1991)

“Overview of Four Debt Reduction Programs,” in Latin American Sovereign Debt Management (R. Reisner, E. Cardenas, A. Mendes eds., Inter-American Development Bank, 1990)

“When Is a Loan Not a Loan?” 9 International Financial Law Review 29 (1990)

“The Philippines,” in Swaps Under the Brady Umbrella, (S. Rubin ed., The Economist Publications, 1989)

“Alternative Techniques in Sovereign Debt Restructuring,” University of Illinois Law Review, Volume 1988 at 371, (1988); reprinted in Latin American Sovereign Debt Management (R. Reisner, E. Cardenas, A. Mendes eds., Inter-American Development Bank, 1990)

“The Capitalization of Sovereign Debt: An Introduction,” University of Illinois Law Review, Volume 1988 at 401, (1988); reprinted in Latin American Sovereign Debt Management (R. Reisner, E. Cardenas, A. Mendes eds., Inter-American Development Bank, 1990)

“The Effect of the Sovereign Debt Restructuring Process on Inter-Creditor Relationships,” University of Illinois Law Review, Volume 1988 at 493 (1988), with R. Reisner; reprinted in Latin American Sovereign Debt Management (R. Reisner, E. Cardenas, A. Mendes eds., Inter-American Development Bank, 1990)

“Debt Equity Conversion Programs from the Debtor Country’s Perspective,” in A Guide to Debt Equity Swaps (S. Rubin ed., The Economist Publications, 1987)

“The Changing Tactics of Sovereign Debt Restructuring,” 6 Int’l Financial L. Rev. 35 (1987)

“Act of State and Comity: Recent Developments,” in Judicial Enforcement of International Debt Obligations (D. Sassoon and D. Bradlow, eds., 1987); reprinted in Latin American Sovereign Debt Management (R. Reisner, E. Cardenas, A. Mendes eds., Inter-American Development Bank, 1990)

“Converting Sovereign Debt Into Equity Investments,” 5 Int’l Financial L. Rev. 10 (1986)

“Legal Issues in Trading Sovereign Debt,” 5 Int’l Financial L. Rev. 17 (1986)

“The State of the Loan Sub‑participation,” 8 Comparative Bus. & Capital Market Law 149 (1986); reprinted in Drafting Commercial Bank Loan Agreements (H. Cohen, M. Ross eds., Harcourt Brace Jovanovich, 1985)

“Is Syndicated Lending a Joint Venture?” 4 Int’l Financial L. Rev. 12 (1985)

“Legal Issues in the Restructuring of Commercial Bank Loans to Sovereign Borrowers,” in Sovereign Lending: Managing Legal Risk, with M. Walker (M. Gruson, R. Reisner eds., Euromoney Publications, 1984)

“How to Make the Other Fellow Happy, or the Technique of the Phoney Deal,” Euromoney, April 1982 at 117

“The Use of Nonviolent Coercion: A Study in Legality Under Article 2(4) of the Charter of the United Nations,” in Economic Coercion and the New International Economic Order (R. Lillich ed., Michie Co., 1976)

Columns

Between 1989 and 1992, Mr. Buchheit contributed a monthly column on sovereign debt management topics to the International Financial Law Review, as follows:

Unseating Free Riders (September 1989),

The Background to Brady’s Initiative (April 1990),

The Securitization of LDC Debt (May 1990),

The Role of the United States Government in Sovereign Debt Negotiations
(June 1990),

Negative Pledge Clauses (July 1990),

The Role of Lawyers in Sovereign Debt Restructuring (September 1990),

The Sharing Clause as a Litigation Shield (October 1990),

Whatever Became of Old New Money? (December 1990),

Advisory Committees (January 1991),

Making Amends for Amendments (February 1991),

Debt Restructuring Jargon (March 1991),

Moral Hazards and Other Delights (April 1991),

Exchanging Places (May 1991),

Of Creditors, Preferred and Otherwise (June 1991),

But What Do We Do About All Those Interbank Lines? (July 1991),

What Price Secondary Debt? (August 1991),

No Easy Route to Recovering Value (September 1991),

Blessed Are They Who Offer Advice (November 1991),

The Pari Passu Clause Sub Specie Aeternitatis (December 1991),

Déjà Vu All Over Again (January 1992),

Banking on Immunity (February 1992),

Apocalypse Tomorrow? (March 1992),

You’ll Never Eat Lunch in this Conference Room Again (April 1992),

To Sue is Human, To Levy is Sublime (May 1992),

Ninnie-the-Sue, Niglet and the Legal Opinion (June 1992),

The Schedule B Alternative (July 1992),

The Evolution of Debt Restructuring Techniques (August 1992).

Between 1992 and 1994, Mr. Buchheit contributed a monthly column to the International Financial Law Review dealing with the negotiation of standard clauses in international financial documentation. These columns have included:

Introduction to Eurocurrency Loan Agreements (October 1992),

Lost Innocence in the Euromarkets (November 1992),

How to Negotiate the Negative Pledge Clause (December 1992),

How to Negotiate Permissible Liens (January 1993),

How to Negotiate the Assignment Clause (February 1993),

How to Negotiate the Capital Adequacy Indemnity Clause (March 1993),

How to Negotiate the Increased Costs Clause (April 1993),

How to Negotiate the Waiver of Immunities Clause (May 1993),

How to Negotiate the LIBOR Definition (June 1993),

How to Negotiate the Sharing Clause (July 1993),

How to Negotiate the Cross-Default Clause (August 1993),

How to Negotiate the Tax Gross-Up Clause (September 1993),

How to Negotiate the Submission to Jurisdiction Clause (November 1993),

How to Negotiate the Definition of Indebtedness (December 1993),

How to Negotiate the Expense Reimbursement Clause (January 1994),

How to Negotiate the Payment Default Clause (February 1994),

How to Negotiate the Material Adverse Change Clause (March 1994),

How to Negotiate the Broken Funding Indemnity Clause (April 1994),

How to Negotiate the Currency Indemnity Clause (May 1994),

How to Negotiate the Illegality Clause (June 1994),

How to Negotiate the Governing Law Clause (July 1994),

How to Negotiate the Eurodollar Disaster Clause (August 1994),

The Lawyer in Negotiation (September 1994),

The Lawyer in Negotiation (Continued) (October 1994).

Between May 1983 and April 1987, Mr. Buchheit wrote a regular column for the Business Law Review entitled “American Newsletter” dealing with U.S. legal developments.

Book Reviews

Review of R. Plan, External Debt Rescheduling, 1 J. Int’l Banking L. 63 (1986)

Review of R. Buckley, Emerging Markets Debt: An Analysis of the Secondary Market, 15 J. Int’l Banking L. 174 (2000)

Op/Ed

“Some Bankruptcies Are Worth It,” N.Y. Times, May 19, 2009 (with David A. Skeel, Jr.)