Reports that Matter

About this edition

Report of Anton R. Valukas, Examiner, In re Lehman Brothers Holdings Inc., et al. — Volumes 1 and 3

How the text was made, and where it falls short

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How the text on Reports that Matter was made from the published PDF, and where it still falls short of the printed page. The text is a machine reading of a PDF. Nothing has been rewritten, but a reading can be wrong, and where we know it is, this page says so.

Last reviewed 9 October 2026, built with @rtm/ingest v0.24.0 plus the passes in ingest PR (burn1-1009: holdNoteSequence).

The edition

  • Source: Report of Anton R. Valukas, Examiner, In re Lehman Brothers Holdings Inc., et al., filed with the U.S. Bankruptcy Court for the Southern District of New York (Chapter 11 Case No. 08-13555 (JMP)) on 11 March 2010, hosted by Jenner & Block LLP, counsel to the Examiner. A U.S. court record. Its copyright status is not established (the Examiner and his counsel were not federal employees); see LICENSE. The PDF is kept in the report's repository and pinned by SHA-256 (ff68a50a…a402d).
  • Covers: Volumes 1 and 3 of 9. Volume 1: Sections I and II (Introduction; Executive Summary of the Examiner's Conclusions; Procedural Background and Nature of the Examination) and Section III.A.1 (Risk: Business and Risk Management). Volume 3: Section III.A.4, Repo 105, the Examiner's dedicated analysis of the accounting device this report is best known for (printed pages 732-1053), from the official Jenner & Block PDF pinned by SHA-256 (59134669…6fd249). The other seven volumes (valuation and survival; secured lenders and government communications; avoidance actions and the Barclays sale; the appendices) are not included.
  • Size: Volume 1: the official PDF is 239 pages, of which the first 43 are a cover page and the master contents of the nine-volume report; this site's text is pages 44-239, 196 pages, roughly 34,500 words in the body and 690 footnotes. Volume 3: the official PDF is 336 pages; its first 9 are a cover, the short-form contents of all nine volumes and a repeated cover; this site's text is pages 10-336, 327 pages, Volume 3's own contents (five pages) and 322 pages of body, roughly 62,000 words in the body and 1,094 footnotes (numbered 2847-3951). The whole text is about 523 pages and 96,000 words of body, with 85,000 more in the notes.
  • Page numbers on this site are the report's own printed page numbers. Volume 1: they match the PDF's own page count at the start of the volume (PDF page 44 = printed page 1) and run one higher by the end (PDF page 239 = printed page 195) — one page in the volume prints no number of its own. Volume 3 continues the whole report's pagination (its contents are printed pages 727-731, its body 732-1053; PDF page 10 = printed 727, PDF page 336 = printed 1053), so the two volumes' page numbers never collide.
  • Human corrections applied: none.
  • Flagged for human review: 41 places where a digit sits inside a word (page and section cross-references such as "2nd Quarter", "1Q 07", statute citations such as "15c3-1e") or where "rn"/"m" could be confused — all checked, none is a misreading.

How the text was read

  • Structure. Each volume's own contents (Volume 1: page 1 of this edition; Volume 3: its first five pages, printed 727-731) lists every heading and subheading it contains; a body line matching an entry, letter for letter across its wrapped lines, is read as that heading. Volume 3's contents labels its main sections "a)" to "j)", which needed a one-character extension to the shared contentsOutline pass (ingest PR #25); 96 of its 98 listed entries are recovered as headings. Numbered and lettered lines that are not listed (this report quotes emails, deposition transcripts and board minutes at length) stay as text. The headings are one flat level under each section: the site shows no nesting below "Repo 105".
  • Footnotes. Volume 1 has 690 notes, Volume 3 has 1,094, each printed at the foot of the page it is cited on and numbered continuously through the whole report (the volumes' numbers never overlap). Volume 3's four-digit markers needed the same pass extension.
  • Figures. Volume 1 has no embedded images. Volume 3 has 13 (the Repo 105 illustrations on printed pages 768, 788, 790, 842 and 875, and two sets of small table images on pages 920 and 1001); they are not shown, and their captions and any text in them are read as ordinary text where the PDF has a text layer. The stock-price chart in Volume 1's Introduction extracts as a loose run of axis labels and dollar figures, and is left as printed.
  • Volume numbers in the review queue. fidelity.md numbers volumes by their position in this edition: its "Vol 2" is the Examiner's Volume 3.

Known limitations

  • Footnote markers are linked from the PDF's layout. The PDF prints each marker as a raised number flush against the word or figure before it, and layoutMarkers links each to its note on the same page; no marker is left as a plain digit (pnpm quality report counts 0). In the net-leverage tables a marker printed against a figure is linked as a marker ("16.1" then note 72), not read as part of the figure.
  • A few note numbers appear twice. Notes 1-3 exist both as Volume 1's opening notes and as the notes to a table in its Risk section (printed page 177), so a marker "1" there can open the wrong one. The table's notes do not move the number the next page expects (holdNoteSequence), so notes 655-660 on the pages after it are read as notes.
  • About 5 sentences are split across a page break into two paragraphs, each with its own link (Volume 3, printed pages 740, 784, 857, 879 and 974), and about 10 more begin a paragraph on a capital after an unfinished line. The text is complete and unchanged; only where it is broken for citation is affected. Declaring the report double-spaced (doubleSpaced) rejoined the other 17 that the line spacing had broken.
  • One page of Volume 3 is garbled in the PDF itself. On printed page 916, note 3508 runs to nearly the whole page, and its first lines run into the body text above it ("Lehman created the Daily Balance Sheet and Disclosure Scorecard in April billion ongoing program..."); it reads as one long paragraph.
  • One heading is not recovered. The Volume 3 contents splits the entry "Board and His Superiors of Lehman's Repo 105 Practice" across a page break, so that heading, on printed page 1009, stays as text.
  • Volumes 2, 4-9 are not yet on this site, including the appendices (Volumes 6-9, the Examiner's exhibits and interview memoranda).

Reporting a problem

If the text here differs from the printed report, the PDF is the authority. Open an issue on the report's repository with the page number and the passage. A confirmed fix is recorded as a correction, which is applied on every rebuild.