Davis Polk advised Quadrant Structured Products Co., Ltd. (Quadrant) in connection with its offer to purchase 80,000 shares of its Class A stock from the bankruptcy estates of Lehman Brothers Holdings Inc. (LBHI) and Lehman Commercial Paper Inc. for $90 million in cash. On March 24, 2011, the U.S. Bankruptcy Court for the Southern District of New York entered an order approving the share purchase transaction as agreed to by Quadrant and the Lehman sellers.

Quadrant was formed in October 2007 as a joint venture between Magnetar MQ Ltd. and LBHI to sell credit protection in the form of credit default swaps. As a result of the credit crisis at the end of 2008, Quadrant changed its business strategy from selling credit default swaps to acquiring and managing the credit default swap portfolios of third parties.

The Davis Polk team included partners Juliet Cain and Timothy Graulich and associates Paul Denley Hodgdon, Saswat Bohidar and Darren Mahone. All members of the Davis Polk team work in the New York office.