In one of the first responses by a law firm to the bankruptcy filing by Lehman Brothers Holdings Inc. (Lehman Holdings), Willkie Farr & Gallagher LLP produced a memorandum highlighting some of the salient questions raised by the filing, including questions relating to the following topics: prime brokerage arrangements with Lehman Holdings subsidiaries; Lehman Holdings subsidiaries serving as lenders or administrative agents under credit facilities; Lehman Holdings subsidiaries as swap counterparties; and Lehman securitizations, participations and repurchase agreements. The memorandum, included in this issue of the Hedge Fund Law Report, should help hedge fund lawyers and managers ask the right questions as they evaluate their counterparty risk exposure in light of the Lehman situation.