Friday 23 February 2018

Lehman Brothers racks up $642m in advisers bills

The headquarters of Lehman Brothers in New York
The headquarters of Lehman Brothers in New York

Lehman Brothers , the investment bank liquidating in bankruptcy, paid its lawyers and other advisers $641.9m (€470.6m) in 16 months since September 2008, a regulatory filing reveals.

The restructuring firm Alvarez & Marsal, which provided Lehman with its current ceo, Bryan Marsal, led the payments with $233m in fees for "interim management" through to January, according to the filing with the US Securities and Exchange Commission.

Weil Gotshal & Manges of New York collected $149.5m for acting as the investment bank's lead bankruptcy law firm, while Milbank Tweed Hadley & McCloy got $42.4m for advising its creditors' committee.

Lehman and its affiliates reported cash holdings of $17.6bn on January 31, up from $17.2bn a month earlier.

Lehman, once the world's fourth-biggest investment bank, is liquidating in bankruptcy to pay creditors including UBS, the New York Giants and Abu Dhabi Investment Authority.

Irish Independent

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